Look Who Guided Higher After The Close
Stocks closed higher for
the second straight session. Declining oil prices and positive
economic data pushed stocks higher. Crude oil backed off from the $50
level after the American Petroleum Institute and the Energy Department reported
a surprising drop in oil inventories. Analysts had expected oil
inventories to fall by 3.8 million barrels, but oil supplies actually rose by
3.4 million barrels. A ceasefire by Nigerian rebel leader Mujahid
Dokuo-Asari also added to crude’s slide.Â
The final revision of the second quarter GDP came
in better than expected at an annualized 3.3% versus an expected 2.8%.Â
Boeing
(
BA |
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Chart |
News |
PowerRating) is weighing on the Dow after downgrade at Bank of America.
US GDP for Q2 expanded at a revised rate of 3.3%.
IBM said it created the world’s fastest computer,
the Blue Gene/L. It is 8 times faster than today’s fastest computers and uses 28
times less power.
After the close, Flextronics
(
FLEX |
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Chart |
News |
PowerRating)
guided 2005 above consensus and now sees EPS at 0.72. Talbots
(
TLB |
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Chart |
News |
PowerRating)
guided Q3 lower. Intuit
(
INTU |
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Chart |
News |
PowerRating) affirmed fiscal year 2005
guidance. 8X8
(
EGHT |
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Chart |
News |
PowerRating) will sell 3.5 million shares to an
institutional investor at $3.42/share. Red Hat
(
RHAT |
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Chart |
News |
PowerRating) will
repurchase up to $100 of its stock.Â
| Dow | +58.84 | 10136.24 |
| S&P 500 | +4.74 | 1114.80 |
| Nasdaq | +24.07 | 1893.94 |
Strong sectors are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +3.16%, Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +2.91%, Internets
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +2.32%.
Weak are: Oil
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.50% and Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) -0.68%.
10-year Notes was -190 at 112 250
The dollar
was +0.02 at 88.29
Gold was +0.50 at 414.70
Crude Oil was -0.39 at 49.51
1.6 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 1753 | Up Vol 1040 |
| Declining | 1464 | Down Vol 685 |
| Ratio | 1.19 | 1.52 |
| Nasdaq |
||
| Advancing | 1973 | Up Vol 1235 |
| Declining | 1044 | Down Vol 360 |
| Ratio | 1.89 | 3.43 |
Stocks in the News
Computer Associates
(
CA |
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Chart |
News |
PowerRating) will cut 5% of its workforce.
Cendant
(
CD |
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Chart |
News |
PowerRating) is near a deal to buy Orbitz
(
ORBZ |
Quote |
Chart |
News |
PowerRating).
American Greetings
(
AM |
Quote |
Chart |
News |
PowerRating) reversed a year earlier loss and posted a
quarterly profit.
Tractor Supply
(
TSCO |
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Chart |
News |
PowerRating) said Q3 earnings would miss estimates.
Harris Corp.
(
HRS |
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Chart |
News |
PowerRating) won a $275 million contract to modify the FAA’s
data infrastructure.
Goodyear
(
GT |
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Chart |
News |
PowerRating) was cut to neutral at JP Morgan.
Avici Systems
(
AVCI |
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Chart |
News |
PowerRating) was downgraded to underweight from equal weight
at Lehman.
International Paper
(
IP |
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Chart |
News |
PowerRating) was upgraded from neutral weight from
underweight at Prudential.
ConocoPhillips
(
COP |
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Chart |
News |
PowerRating) is seeking a 20% stake in Russia’s LUKOIL.
Brice Wightman