Here’s Why ADBE Is Trading Lower Today
Stocks are
down on lower volume today. Blue chips
are up after IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) and Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) received
favorable findings from analysts. JP Morgan upgraded Intel to overweight on
laptop demand and expectations for a stronger-than-expected fourth quarter while
Barrons noted that IBM is trading at a discount. In merger news, R.R.
Donnelley & Sons
(
DNY |
Quote |
Chart |
News |
PowerRating) agreed to purchase Moore Wallace
(
MWI |
Quote |
Chart |
News |
PowerRating)
for $2.8 billion, creating the largest printing company in America.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is down -0.04% at 9769.64. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is down -0.41% at 1048.21. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is down -0.84% at
1954.20.
The day’s leading sectors are
Amex Gold Bugs
(
$HUI.X |
Quote |
Chart |
News |
PowerRating), 1.38%, Gold and Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating),
+1.05%, S&P Insurance Index
(
$IUX.X |
Quote |
Chart |
News |
PowerRating), +0.63%, Natural Gas Index
(
$XNG.X |
Quote |
Chart |
News |
PowerRating), +0.17%. and NYSE Utility Index
(
$NNA.X |
Quote |
Chart |
News |
PowerRating),
+0.15%.
Weak today are Semiconductor
Sector [SOX.X|SOX.X] -2.25%,
Disk Drive
(
$DDX.X |
Quote |
Chart |
News |
PowerRating), -2.13% and
Biotech Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), -1.74%.
No Economic news releases
today
10-year Notes are -85
at 111 310.
The dollar
is -.20 at 93.00.
Gold is +0.34 at 386.80.
Crude Oil is +0.13 at
30.98.
Volume is 479,000,000 on
the NYSE, and 765,000,000 on the Nasdaq.
Market breadth is Negative,
with NYSE advancing issues over declining issues by 1.92 and down over up volume
by 2.25; Nasdaq issues advancing over declining issues at 1.94, and down volume
over up volume at 2.41.
Top Dow stocks are:
IBM |IBM|IBM],
1.83% at 89.85, SBC Comm [SBC|SBC],
+1.61% at 23.32, Du Pont
(
DD |
Quote |
Chart |
News |
PowerRating), +0.97% at 40.47, and AT&T [T|T],
+0.47% at 19.02,
Stocks in the news:
Adobe
(
ADBE |
Quote |
Chart |
News |
PowerRating) fell
3% after the latest edition of Barron’s cited valuations concerns and a
downgrade from JP Morgan. The Barron’s article complained that the 40 PE
ratio is too high.
Tyson Foods
(
TSN |
Quote |
Chart |
News |
PowerRating) is
up after beating Wall Street estimates for their third quarter. Operating income
reached $308 million, up from $188 million a year ago the same period. Beef,
pork and chicken sales rose 14% to $6.57 billion
Energy producer Reliant
Resources
(
RRI |
Quote |
Chart |
News |
PowerRating) jumped to an early lead in morning trading after
posting an adjusted profit of 74 cents a share for the third quarter, well ahead
of the 41 consensus. Revenue was down to $3.79 billion from $5.18 a year ago.
Movie Theater operator Imax
(
IMAX |
Quote |
Chart |
News |
PowerRating) shed 10% after reporting lower-than-expected earnings. Losses
totaled $2.85 million on $21.4 million revenue. It also lowered 2004 earnings to
be in the range of 25 to 35 cents a share, down from the previous forecast of 36
cents a share.