Large Pop After Hours For This Chip Stock
Stocks plummeted, with the Dow down near triple
digits and the Nasdaq giving back all its December gains.
November factory orders grew at the fastest rate in four months, at +1.2%.
Economists polled were expecting 1%.
The Fed minutes were released, and traders read it that the Fed will keep
tightening.
General Motors
(
GM |
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Chart |
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PowerRating) posted a 6% decline in December sales.
Copper and aluminum were lower on stronger dollar and concerns that China’s
economy is slowing.
Krispy Kreme
(
KKD |
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PowerRating) was in focus after a lawsuit alleges the company knew sales were slowing long
before a May 2004 profit warning and knowingly padded sales. The company
said it would restate earnings for 2004 and part of 2005 and said it has credit
problems. The stock fell 14%.
Smith Barney cut Amazon
(
AMZN |
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News |
PowerRating) to a sell from hold, citing weak
year-end sales.
Ford will offer Sirius Satellite
(
SIRI |
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Chart |
News |
PowerRating) as a factory installed
option in 21 vehicle lines beginning this summer.
After the close, LSI Logic
(
LSI |
Quote |
Chart |
News |
PowerRating) guided higher, with revenues
going to $415-$420 million from $360-$490 million. The stock traded up 13%.
Weak sectors were: Â Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -6.78%. Internet
(
GIN.X |
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Chart |
News |
PowerRating)
-3.91%, Semis
(
SOX.X |
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Chart |
News |
PowerRating) -3.27%.
Â
| Dow | -98.65 | 10,630.78 |
| S&P 500 | -14.03 | 1188.05 |
| Nasdaq | -44.29 | 2,107.86 |
The dollar was +1.11 at
82.41
Crude Oil was +0.85 at
42.98
Gold was -2.20 to 429.90
2.6 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 819 | Up Vol 191 |
| Declining | 2547 | Down Vol 1479 |
| 3.10 | 1.51 | 7.74 |
| Nasdaq |
||
| Advancing | 783 | Up Vol 531 |
| Declining | 2399 | Down Vol 2146 |
| 2.18 | 3.06 | 4.04 |
Stocks in the News
Deutsche Bank cut its rating on Genentech
(
DNA |
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Chart |
News |
PowerRating) to hold from buy, while upgrading Chiron
(
CHIR |
Quote |
Chart |
News |
PowerRating) to buy
from hold.
YUM Brands
(
YUM |
Quote |
Chart |
News |
PowerRating) same store sales rose
3%.
Brice Wightman