Look Whose IPO Is Pricing Tonight…
Stocks are lower
Wednesday,
with
the Nasdaq bouncing off 1-year lows. Cisco
(
CSCO |
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PowerRating) beat by a penny
after the close yesterday, but cautious comments sent the stock — and the
market — lower this morning. Cisco said that inventories were rising and also
guided sales lower and that was enough to send the stock down 10%. National
Semiconductor
(
NSM |
Quote |
Chart |
News |
PowerRating) said the decrease in orders in August was greater
than expected; the stocks was downgraded by Smith Barney.
The Saudi Arabian oil minister said the country will pump an additional 1.3
million bpd in an effort to slow rising oil prices. The Kingdom is the only
country with spare capacity. Russian oil company Yukos received a default notice
on a $1.6 billion loan. Iraq has been pumping oil at the rate of 1 million bpd.
Production was disrupted after recent attacks but is expected to be back on line
later today or tomorrow.
Mortgage applications fell during the week of August 6, even as rates fell to
4-month lows. Refinancings, however, rose slightly.
Toys R Us
(
TOY |
Quote |
Chart |
News |
PowerRating) is considering selling
its global toy business and spinning off its Babies R Us unit. The company has
faced stiff competition from discounters such as Wal-Mart.
Archipelago is pricing its IPO tonight —
11 mil shares between $13.25 and $15.25. The stock will trade on the Pacific
Stock Exchange under the symbol AX.
| Dow | -52 | 9892 |
| S&P 500 | -8 | 1070 |
| Nasdaq | -38 | 1770 |
Strong today are: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+2.04%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +1.37% and Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating)
+0.71%.
Weak are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating)
-6.16%, Computer Technology
(
XCI.X |
Quote |
Chart |
News |
PowerRating) -3.50%, Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
-2.11% and Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -1.44%.
10-year Notes are +005 at 112 045
The dollar
is flat at 88.79
Gold is -2.30 at 393.90
Crude Oil is +0.13 at
44.65
Volume is 707 million on
the NYSE and 980 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 904 | Up Vol 728 |
| Declining | 2234 | Down Vol 2196 |
| Ratio | 2.47 | 3.01 |
| Nasdaq |
||
| Advancing | 147 | Up Vol 115 |
| Declining | 513 | Down Vol 827 |
| Ratio | 3.48 | 7.10 |
Brice Wightman