Hollywood Mega-Merger — Here’s Who’s Involved
Stocks were higher
Monday, with technology leading the way. This, even though chipmaker
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) warned. BRCM gained 9%. The Nasdaq crossed over 1900
for the first time in two months. The Semiconductor Index rose almost 2.5%.
Sony
(
SNE |
Quote |
Chart |
News |
PowerRating) agreed to buy MGM for $5
billion – $12 per share. Time Warner
(
TWX |
Quote |
Chart |
News |
PowerRating) withdrew its offer..
Remember, this is quadruple witching week, which
often brings additional volatility to the market.
Fears that Hurricane Ivan may impact the
Gulf of Mexico oilfields sent crude oil higher. The Gulf accounts for
one-quarter of US crude and natural gas supply.
Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating) said it will refocus in
its personal computer business. The company had lost market share to competitors
after several years of selling TVs and digital cameras.
Navistar
(
NAV |
Quote |
Chart |
News |
PowerRating) will make a giant
pickup that dwarfs both the Hummer and the F-350. The new CXT (Commercial
Extreme Truck) uses the same frame as a tow truck or cement mixer and will sell
for between $93,000 and $115,000.
After the close, LSI Logic
(
LSI |
Quote |
Chart |
News |
PowerRating)
lowered its Q3 outlook. The company sees revenues of $370-$400 million.
Tomorrow, retail will be in focus as the retail
sales number is due to be released. Also, Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating) has its
mid-quarter update.
| Dow | +1.69 | 10314.76 |
| S&P 500 | +1.90 | 1125.82 |
| Nasdaq | +16.07 | 1910.38 |
Strong today were: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +2.39%,
Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +2.20%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +2.13%.
Weak were: REITs
(
RMS.X.X |
Quote |
Chart |
News |
PowerRating) -0.87%, Utilities
(
UTY.X |
Quote |
Chart |
News |
PowerRating)
-0.77%.
10-year Notes were +065 at 112 155
The dollar
was +0.16 at 88.56
Gold was +2.60 at 403.80
Crude Oil was +1.07 at 43.88
Volume was 630 million
on the NYSE and 1.7 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2024 | Up Vol 785 |
| Declining | 1296 | Down Vol 467 |
| Ratio | 1.56 | 1.68 |
| Nasdaq |
||
| Advancing | 1881 | Up Vol 1315 |
| Declining | 1188 | Down Vol 380 |
| Ratio | 1.58 | 3.46 |
Stocks in the News
US Airways
(
UAIR |
Quote |
Chart |
News |
PowerRating) filed for bankruptcy protection Sunday — the
second time in 2 years.
Spectrum Pharmaceuicals
(
SPPI |
Quote |
Chart |
News |
PowerRating) said the FDA approved its generic
version of Cipro; one of its partners added a $750,000 investment in the
company.
Astrazeneca’s
(
AZN |
Quote |
Chart |
News |
PowerRating) application to sell Exanta was rejected on
Friday.
WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating) maintained its sales view.
CKE Restaurants
(
CKE |
Quote |
Chart |
News |
PowerRating) posted a Q2 loss.
Brice Wightman