IBM, MER Lift Stocks
Stocks are higher on a good earnings report from
IBM. Merrill Lynch helped the financials.
New home construction in June was unchanged at an annual rate of 2.004
million units. Building permits for new housing rose 2.4%. Housing starts have
been over 2 million in 8 of the past 12 months.
IBM reported 1.12 vs. 1.03, better than expected. Revenues beat
estimates at 22.3 billion. Gross margins were 39.4%.
Merrill Lynch
(
MER |
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PowerRating) beat estimates, reporting 1.14 vs 1.08
estimate.
Strong sectors are: Â Brokers
(
$XBD.X |
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PowerRating) +1.47% Â Â Computer Technology
(
$XCI.X |
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PowerRating)
+1.47% Â Â Â Â Â Â Internet Index
(
$DOT.X |
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PowerRating) +1.44%
Weak sectors are: Â Healthcare Providers
(
$HMO.X |
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PowerRating) -1.58%Â Â Â Pharmaceuticals
(
$DRG.X |
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PowerRating) -0.33% Â Â Banks
(
$BKXX |
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PowerRating) -0.08
| Dow | -51.03 | 10,626.02 |
| Nasdaq | -19.27 | 2164.14 |
| S&P 500 | -4.37 | 1225.50 |
The dollar is +0.53 at 90.17
Crude Oil is
-0.12 at 58.30
Gold is -3.00
at 418.70
710,929,000
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1923 | Up Vol 452 |
| Declining | 1140 | Down Vol 307 |
| 1.69 | 1.47 | |
| Nasdaq |
||
| Advancing | 1770 | Up Vol 487 |
| Declining | 1074 | Down Vol 158 |
| 1.65 | 3.08 |
Stocks in the News
Hewlett Packard
(
HPQ |
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PowerRating) is cutting over 14,000 jobs–10% of its
workforce.
Wells Fargo
(
WFC |
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PowerRating) missed by a penny.
Ford
(
F |
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PowerRating) reported 0.47 vs 0.33. Profits fell 19%.
Biogen
(
BIIB |
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PowerRating) said that its Sentinal Tysabry-Avonex trial achieved its
primary endpoint.
Avon
(
AVP |
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PowerRating) was inline but warned for Q3 and 2005.
Radio Shack
(
RSH |
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PowerRating) missed by a penny.
Brice Wightman