Here’s Why You Should Watch The XAL
Stocks sold
off amid geopolitical fears in Taiwan and the Middle East.
Chinese stocks such as Taiwan Semiconductor
(
TSM |
Quote |
Chart |
News |
PowerRating), United
Microelectronics
(
UMC |
Quote |
Chart |
News |
PowerRating), and Sinopec
(
SNP |
Quote |
Chart |
News |
PowerRating) are all down 6%
over the Taiwanese election results. President Chen Shui-bian scored a
razor-thin victory and his opponent Lien Chan is demanding a recount.
Over the past month, the
Airline Index
(
XAL.X |
Quote |
Chart |
News |
PowerRating) has dropped 15% as a result of continued rising
jet fuel costs. Delta Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating) is at a 52-week low. Lehman
Brothers said that there is just too much capacity growth in the industry.
Ten-year treasuries fell to a record low of 3.3%, the lowest since the Reagan
administration. Boston Scientific’s
(
BSX |
Quote |
Chart |
News |
PowerRating) Taxus drug-coated stents
sales from March 8 to March 19 reached $42 million with analysts estimating
between $52 million and $75 million for the entire month. Boeing
(
BA |
Quote |
Chart |
News |
PowerRating)
was downgraded by Credit Suisse First Boston to neutral.
Looking ahead, Applied
Material’s
(
AMAT |
Quote |
Chart |
News |
PowerRating) annual meeting is scheduled for Wednesday;
PeopleSoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) and Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating) also have shareholder
meetings this Thursday.
| Dow | -112.04 |
10074.30 |
| S&P 500 |
-13.50 |
1096.30 |
| Nasdaq | -30.30 |
1909.95 |
The day’s leading sectors are
Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +1.40%, Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+0.34%, Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) +0.07%.
Weak today are Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -3.13%, Internet
(
ECM.X |
Quote |
Chart |
News |
PowerRating) -2.80%, Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating)
-2.38%.
No Economic news releases
today.
10-year Notes are +100
at 117 095
The dollar
is -0.54 at 88.03
Gold is +5.20 at 417.90
Crude Oil is -0.58 at
37.50
The euro
is -0.95 at 122.49
Volume is 650,000,000 on
the NYSE, and 955,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 733 | Up Vol 63 |
| Declining | 2376 | Down Vol 503 |
| Ratio | 3.28 | 7.98 |
| Nasdaq | ||
| Advancing | 659 | Up Vol 123 |
| Declining | 2399 | Down Vol 718 |
| Ratio | 3.63 | 5.84 |
Top Dow stocks are:
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating)
+0.53% at 28.25,
Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) +0.47% at 104.52,
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) +0.34% at 43.92, and
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) +0.06% at 45.13.
Stocks in the news:
US Oncology
(
USON |
Quote |
Chart |
News |
PowerRating) was bought
out by investment group Welsh, Carson, Anderson & Stowe which will investors
$15.05 a share, or a 18.5% premium over Friday’s closing price.
Global Crossing
(
GLBC |
Quote |
Chart |
News |
PowerRating) drew some
interest after the announcement that telecom mogul Carlos Slim acquired a 9.1%
stake of its common stock.
Walgreens
(
WAG |
Quote |
Chart |
News |
PowerRating)
posted a profit of $433.5 million with revenue up 16% at 9.78 billion with
strong prescription growth accounting for 60% of its sales.
Cruise company Carnival
(
CCL |
Quote |
Chart |
News |
PowerRating) reported
a 60% increase in earnings and net income of $203 million with revenue that
reached $2 billion on gains of its P&O Princess Cruises merger.