Is This Cause For Concern?
Stocks are lower, with the Nasdaq just off a 3 1/2
year high and the SOX at its 200-day moving average.
Standard & Poor’s said that 1/2 the companies in the S&P 500 are
expected to raise their dividends in 2005. Among the likely candidates are: MMM,
ABT, CB, and LLY.
The EIA reported that crude inventories fell by 800,000 barrels;
distillates fell by the same amount. Gasoline inventories rose 900,000.
Existing home sales rose a better-than-expected +2.7% to an annual rate of
6.9 million units.
Seven insiders at Martha Stewart Living have sold 4 million shares
recently for $90 million; Martha herself sold about $8 million.
Investor’s Intelligence reports that bulls are
62.9%–an 18-year high. Bears are 19.6%, the first time since July the figure
has been below 20. At the August lows, the AAII bearish reading was 40%–now
27%.
Strong sectors are:Â Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +1.26%,
Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +0.89%, Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) +0.42%
Weak sectors are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -0.79%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating)
-0.72%, Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) -0.43%.
Â
| Dow | -44.19 | 10,810.35 |
| S&P 500 | +1.58 | 1211.94 |
| Nasdaq | -1.17 | 2,176.02 |
The dollar is +0.29 at
81.01
Crude Oil is +0.33 at
42.10
Gold is -8.5 to 434.80
789 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1660 | Up Vol 215 |
| Declining | 1478 | Down Vol 188 |
| Ratio | 1.12 | 1.14 |
| Nasdaq |
||
| Advancing | 1342 | Up Vol 439 |
| Declining | 1650 | Down Vol 313 |
| Ratio | 1.22 | 1.40 |
Stocks in the News
Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating) had a new childhood leukemia drug, Clolar,
approved.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) may see some weakness on a report that China doesn’t
plan on approving new airline purchases next year, attempting to slow growth in
the aviation sector.
Wet Seal
(
WTSLA |
Quote |
Chart |
News |
PowerRating) will close 150 (25%) underperforming stores and
lay off 2000 employees.
Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating) will be in focus as the Pentagon plans to
cut back the FA-22 fighter jet program.
Plato Learning
(
TUTR |
Quote |
Chart |
News |
PowerRating) announced a $2.15 million agreement with
the Salt Lake City School District.
Kongzhong
(
KONG |
Quote |
Chart |
News |
PowerRating) will invest $500,000 in eFriendsNet.
This Day in History
1862Â bowling ball invented
1867Â first telegraph ticker used by brokerage houseÂ
1972Â Life Magazine stopped weekly publication
Brice Wightman