Here’s What Traders Are Saying About The Proposed New NYSE Hours

  • January 28, 2005
  • Brice Wightman

Stocks were lower on economic growth concerns as well as caution ahead of
the Iraqi election this weekend.  M&A
activity has increased in the past few months and twenty new stock buybacks have
been announced this week.

The US economy grew at a 3.1% pace in Q4, the slowest since early 2003. For
the year, however, the economy grew at 4.4%, the fastest since 199’s 4.5%.

Microsoft
(
MSFT |
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0.33 consensus, missing by a penny. Revenues were $10.8 billion, above
estimates. The company guide din-line for next quarter.

Proctor & Gamble
(
PG |
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PowerRating) is buying Gillette
(
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billion stock swap–one of the largest deals of all time. The deal is expected
to bring in $150 million in fees to Goldman Sachs and Merrill Lynch.

A US court of appeals
ruled that Merck’s
(
MRK |
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instead of 2018. Fosamax is Merck’s second biggest drug at $2.5 billion in
sales. Teva
(
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PowerRating) and Barr Labs
(
BRL |
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MRK was lower by 7%.

The S&P 500 has fallen 3.1% in January. The Nasdaq has fallen almost 7% this
year.

The NYSE is discussing the possibility of
opening an hour earlier. The NYSE board and the SEC must approve all changes. In
a CNBC interview, NYSE CEO John Thain seemed to indicate that any change would
not take effect until May. Traders are asking: will it increase liquidity, or
just spread it out? Skeptics say they can trade before the open already. Traders
want to know how it will benefit them, not just the NYSE. Gus Sauter at
Vanguard said “We are not going to trade one extra share because of
that.” Jay Indovino,
head of trading at SunGard Institutional Brokerage, said “I need more sleep to
begin with.”

The Iraq elections are on Sunday, and OPEC meets then as well. Next week,
look for the FOMC and the State of the Union address.

Strong sectors were: Homebuilders
(
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+0.83%   Chemicals
(
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(
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+0.47%.

Weak were: Oil Services
(
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-1.86%  Biotech
(
BTK.X |
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(
DRG.X |
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-1.14%

Dow -40.12 10,427.28
S&P 500 -3.20 1171.35
Nasdaq -11.32 2035.83

The dollar was +0.05 at
83.47

Crude Oil was -1.66 at
47.15

Gold was -0.20 to 426.20

ce=”Arial” size=”2″ face=”Arial”>Volume was 1.6 billion on the NYSE and 2 billion on the Nasdaq.

Market breadth was negative.

NYSE Issues
Advancing 1496 Up Vol 562
Declining 1802 Down Vol 881
1.20 1.56
Nasdaq
Advancing 1242 Up Vol 663
Declining 1781 Down Vol 1166
1.43 1.75

Brice Wightman