Like Dividends? This Blue Chip Pays 6.9%
Stocks fell–with the Dow down
triple digits–weighed down by a GM warning and record high oil prices.
A daily trendline on the SPX was broken.
Crude rallied over $56 after inventories fell by
almost 3 million barrels. This comes after OPEC said they would increase
production quotas in April.
Housing starts for February rose 0.5% to an
annualized 2.19 million units–better than expected and the highest since
February 1984; building permits fell 2.7%. January’s figure was revised to 6.2%
from 4.7%.
The current account deficit widened to $187
billion, more than expected.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) lowered guidance for Q1 and 2005 and now sees a
loss of $1.50 vs breakeven for the year. The new forecast is 80% below the prior
forecast. Standard & Poor’s revised its outlook on GM to negative, which may
indicate a possible downgrade to junk status. GM slumped to a 13-year low, now
yielding 6.9%.
Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) will pay $450 million to NTP Inc. to
settle a lawsuit. RIMM is trading up over 12 points.
The NYSE reported revenues of $1.07 billion; net income was $24.6 million,
the lowest since 1991.
Viacom
(
VIA |
Quote |
Chart |
News |
PowerRating) is considering about separating its cable and film
division from its broadcast, TV and radio division. The stock rallied sharply at
the close on the news.
The FDA and Biogen Idec
(
BIIB |
Quote |
Chart |
News |
PowerRating) warned that Avanex could cause
liver damage.
Strong sectors were:Â Â Gold
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) +0.81%Â Â Â Â
Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) +0.13%Â Â Oil
(
$OIX.X |
Quote |
Chart |
News |
PowerRating)
+0.15%
Weak sectors were:Â Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating)
-1.56%Â Â Â Â Utilities
(
$UTY.X |
Quote |
Chart |
News |
PowerRating) -1.40%Â Â Â Â Healthcare Providers Â
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
+0.39%
| Dow | -112.03 | 10,633.07 |
| Nasdaq | -19.23 | 2015.75 |
| S&P 500 | -9.68 | 1188.07 |
The dollar was -0.50 at
81.59
Crude Oil was +1.60 at
57.25
Gold was +3.00 at 443.20
billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 922 | Up Vol 429 |
| Declining | 2407 | Down Vol 1199 |
| 2.61 | 2.79 | |
| Nasdaq |
||
| Advancing | 1107 | Up Vol 404 |
| Declining | 2004 | Down Vol 1559 |
| 1.81 | 3.85 |
Stocks in the News
Toys R Us
(
TOY |
Quote |
Chart |
News |
PowerRating) will evaluate bids from two private equity firms
today.
Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating) reported 2.64 vs 2.34, beating by 0.30.
Opnet
(
OPNT |
Quote |
Chart |
News |
PowerRating) announced a distribution agreement with Cisco.
AIG’s board may sever all ties with Hank Greenberg.
CSFB and Deutsche Bank upgraded Campbell’s Soup
(
CPB |
Quote |
Chart |
News |
PowerRating) to a ‘buy.’
Brice Wightman