Intel, Yahoo Weigh In–Here Are The Results
Stocks were lower on
higher oil and downbeat news on the chip sector. Trading was choppy;
a late day swoon in oil led to a modest rally. Phillips
(
PHG |
Quote |
Chart |
News |
PowerRating) said it
expects flat Q4 chip sales. Semis are weak as global chip sales fell 29% in
August month/month. The big question traders are asking is: Is the semi (and
tech) cycle deeper and longer than anticipated? And, is the sentiment too
bearish?
Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) beat by a penny at $0.93; profits fell 8%, reduced by investment
banking revenues, which fell 22% year/year. MER closed +1.48 at 52.48.
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) reported a higher Q3 profit of 0.78, beating by 0.02.
Dreamworks (“Shrek 2,” “Shark Tale”)
announced an IPO for its animation division–29 million shares to be priced
between $23-$25; the stock will trade on the NYSE under the symbol DWA.
The USDA reported orange production fell 28% in
Florida after the recent hurricanes.
Commodity stocks, strong of late, were weaker
today; Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating) is down 2 days in a row.
After
the close, Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) reported $0.26 vs. $0.27 estimate, in-line,
after a tax benefit. Revenues were $8.5 billion Gross margins were 55.7%.
The stock traded higher after hours.
Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating)
was in-line at 0.09 and guided in-line. Revenue was $655 million, slightly
higher than consensus. The stock traded lower after hours. GOOG, EBAY, ASKJ and
FWHT also traded lower after hours.
Starbucks CEO Orin Smith will retire in
March 2005 and will be succeeded by Jim Donald.
California Amplifier
(
CAMP |
Quote |
Chart |
News |
PowerRating) missed by
0.03 and guided in-line. PEC Solutions
(
PES |
Quote |
Chart |
News |
PowerRating) won a $6 million
contract with the Department of Education. NABI Biopharma
(
NABI |
Quote |
Chart |
News |
PowerRating)
received a fast track designation for StaphVAX®.
| Dow | -4.79 | 10077.18 |
| S&P 500 | -2.55 | 1121.84 |
| Nasdaq | -3.59 | 1925.17 |
Strong sectors were: Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating) +0.76%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +0.49%
Weak sectors were:Â Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
-2.73%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -1.32%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.45%.
10-year notes were: +080
at 112 265
The dollar
was +0.55 at 88.09
Gold was -6.90 at 414.90
Crude Oil was -1.13 at 52.51
1.50 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1557 | Up Vol 437 |
| Declining | 1751 | Down Vol 783 |
| Ratio | 1.12 | 1.79 |
| Nasdaq |
||
| Advancing | 1315 | Up Vol 611 |
| Declining | 1751 | Down Vol 836 |
| Ratio | 1.33 | 1.36 |
Stocks in the News
State Street
(
STT |
Quote |
Chart |
News |
PowerRating) missed, reporting a lower quarterly profit for Q3;
net income fell 12%. The company said it will cut 425 jobs.
Helen of Troy
(
HELE |
Quote |
Chart |
News |
PowerRating) beat by 0.04, reporting 0.57.
Travelzoo’s
(
TZOO |
Quote |
Chart |
News |
PowerRating) earnings more than tripled and revenues rose
99% year/year.
Gannett
(
GCI |
Quote |
Chart |
News |
PowerRating) reported $1.18, missing by a penny, citing the
hurricanes.
St. Jude Medical
(STJ)
announced a 2:1 stock split to shareholders of record on November 1, payable
November 22.
Sonic Automotive
(
SAH |
Quote |
Chart |
News |
PowerRating) guided lower, citing the hurricanes.
C-Cor
(
CCBL |
Quote |
Chart |
News |
PowerRating) warned its Q1 sales and earnings would miss.
Churchill Downs
(
CHDN |
Quote |
Chart |
News |
PowerRating) guided lower for Q3.
Brice Wightman