Here’s Who Got Upgraded After The Close
Stocks were lower
Thursday, with the Dow making a new closing low and the Nasdaq flirting with
1-year lows.
ORCL, INTC AMAT and KLAC all hit 52-week lows. Hewlett Packard
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pre-announced, saying earnings will be weaker than expected; weakness in servers
and storage; the company announced layoffs. Q3 tech estimates are coming down,
according to Thomson, to 35% from 38% on July 1.
Dell reported 0.31 for Q2, in-line.
Revenues were $11.71 billion, also in line. Net was $799 million. Profits were
up 29% from a year ago. Smith Barney upgraded the stock with a target of $39.
Crude closed over $45, at $45.50.
The Insurance Index
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IUX.X |
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PowerRating) fell
1.80% as hurricanes Bonnie and Charley threaten the East coast.
Retail sales in July rose 0.7%, a disappointment;
ex-auto was +0.2%, also less than expected. Import prices July rose 0.2%; export
prices were up 0.4%. Jobless claims fell 4000 to 333,000, better than expected;
the 4-week moving average fell 4250 to 339,250.
China CPI in July rose 5.3%, the biggest year
over year jump since 1997. South Korea unexpectedly cuts rates to a record low
of 3.5%, citing weak consumer demand.
Google said it would announce the pricing of its
IPO next week.
Tomorrow before the open, ook for the PPI;
analysts are looking for -0.1% and 0.2% for Core PPI.
| Dow | -123.73 | 9814.59 |
| S&P 500 | -12.56 | 1063.23 |
| Nasdaq | -29.93 | 1752.49 |
Weak were: Cyclicals
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CYC.X |
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-2.14%, Semis
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SOX.X |
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PowerRating) -1.99% and Insurance
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IUX.X |
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PowerRating)
-1.80%.
10-year Notes were +060 at 112 140
The dollar
was -0.08 at 88.77
Gold was -1.80 at 394
Crude Oil was +0.70 at
45.50
Volume was 1.4 billion
on the NYSE and 1.4 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 971 | Up Vol 166 |
| Declining | 2304 | Down Vol 1103 |
| Ratio | 2.37 | 6.64 |
| Nasdaq |
||
| Advancing | 828 | Up Vol 235 |
| Declining | 2249 | Down Vol 1361 |
| Ratio | 2.71 | 5.79 |
Stocks in the News
Target
(
TGT |
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PowerRating) jump in Q2 earnings, in
part due to sale of Marshall Fields unit. The company eared $1.54, up from 0.39
a year ago.
Dell
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DELL |
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PowerRating) will report tonight
after the close, estimates are 0.31; the company raised guidance just 2 weeks
ago.
Wal-Mart {WMT|WMT] beat by a penny
and said it is on track for another record year. The CEO said he was
“optimistic” about consumer spending.
ASML
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ASML |
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PowerRating) fell after Deutsche took
the stock off its focus list because of slowing earnings momentum.
Pep Boys missed by 0.29. With higher gas
prices, people are driving less, causing les swear and tear on their cars.
The FDA refused to approve Cyberonics‘
pacemaker-like device; CYBX fell 40%.
IBM said it will add 18,800 workers in
2004, making its work force the biggest since 1991; the company cited growth in
key areas.
KMart
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KMRT |
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PowerRating) will be added to the NDX,
replacing PanAm Satellite
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SPOT |
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PowerRating).
Tiffany’s
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TIF |
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PowerRating) missed by 0.04; net
was down 11%; the company cut its 2005 view
Brice Wightman