How Rising Gas Prices Are Impacting This NYSE Stock
Stocks are
lower on a widening trade balance, worry
about tomorrow’s PPI number and
hawkish comments from Atlanta Fed President Jack Guynn.
 Record
gasoline prices propelled May retail sales to a seasonally adjusted $335.8
billion, a 1.2% increase. Gasoline sales rose 4% despite record level prices.
According to Lundberg Research, gasoline prices at the the pump fell for the
first time since December, although down a mere 3 cents. The US trade deficit
widened on a weakened dollar to $48.3 billion with oil prices at the highest
levels in 21 years, to a record $142.3 billion.Â
MGM Mirage
(
MGG |
Quote |
Chart |
News |
PowerRating)
raised its offer to acquire Mandalay Resort
(
MBG |
Quote |
Chart |
News |
PowerRating) to $71 a share.
Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating) cut its planned launch of 100 new games for N-Gage gaming
phones from 100 to 40 as it continues to lose market share to its competitors.
Atrix Laboratories
(
ATRX |
Quote |
Chart |
News |
PowerRating) rose 12% after it agreed to be acquired by
QLT
(
QLTI |
Quote |
Chart |
News |
PowerRating) for $855 million in a stock and cash transaction.
Bank of America reduced its
weighting in equities by 5% to 60%.
| Dow | -80.33 | 10330.50 |
| S&P 500 | -11.69 | 1125.67 |
| Nasdaq | -29.55 | 1970.86 |
Strong today is Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +0.30%.
Weak today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -4.31%, Â Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -3.70%.
Economic news release today
included a widening trade deficit at $48.3 Billion, Retail sales that met
consensus of a 1.2% increase, excluding autos sales rose by 0.7%.
10-year Notes are -95 at
107 105
The dollar
is +1.07 at 90.21
Gold is -2.10 at 384.50
Crude Oil is -0.25 at
38.20
Volume is 500,000
million on the NYSE, and 625,000 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 583 | Up Vol 72 |
| Declining | 2604 | Down Vol 413 |
| Ratio | 4.48 | 5.74 |
| Nasdaq |
||
| Advancing | 754 | Up Vol 133 |
| Declining | 2237 | Down Vol 476 |
| Ratio | 2.97 | 3.57 |
Top Dow stocks are:
Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating),
+0.72%, Altria
(
MO |
Quote |
Chart |
News |
PowerRating), +0.29%, Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) +0.18%,
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating), +0.07%.
Stocks in the news:
OSI Pharmaceuticals
(
OSIP |
Quote |
Chart |
News |
PowerRating)
announced that its Phase III study of combining its Aptosyn and Taxotere
medication for treatment of advanced non-small lung cancer did not have a
significant impact.
Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) said it
is being investigated by Taiwanese trade regulators as part of a patent dispute
with Jusung Engineering.
99 Cents Only Store
(
NDN |
Quote |
Chart |
News |
PowerRating) fell after
warning it will miss second-quarter earnings and sales would be below
expectations. The company cited rising fuel costs, among other things.
Brice Wightman
bricew@tradingmarkets.com