Looking Ahead To DELL For Thursday
Stocks fell Wednesday,
with
the Nasdaq bouncing off 1-year lows. Across the board, semis fell, with the $SOX
down over 5%. Cisco
(
CSCO |
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PowerRating) beat by a penny after the close
yesterday, but cautious comments sent the stock down 10% — and the market
lower. Cisco said that inventories were rising and also guided sales lower and
that was enough to send the stock down 10%. National Semiconductor
(
NSM |
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PowerRating)
said the decrease in orders in August was greater than expected; the stocks was
downgraded by Smith Barney.
Oil closed near its highs but the market didn’t
move down, which was a bit of a switch from recent action. Is this a new trend?
Too early to say, but worth noting. 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 |
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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.
Tomorrow after the close, Dell reports; estimates
are for 0.31.
| Dow | -6.42 | 9938.25 |
| S&P 500 | -3.24 | 1075.80 |
| Nasdaq | -26.28 | 1782.42 |
Strong today are: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+2.21%, Biotech
(
BTK.X |
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PowerRating) +1.98% and Pharmaceuticals
(
DRG.X |
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Chart |
News |
PowerRating)
+0.96%.
Weak are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating)
-5.16%, Computer Technology
(
XCI.X |
Quote |
Chart |
News |
PowerRating) -3.03%, Gold
(
XAU.X |
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Chart |
News |
PowerRating)
-1.80% and Internet
(
GIN.X |
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Chart |
News |
PowerRating) -0.88%.
10-year Notes were +040 at 112 080
The dollar
was +0.09 at 88.85
Gold was -1.00 at 395.20
Crude Oil was +0.30 at
44.82
Volume was 1.4 billion
on the NYSE and 1.78 billion on the Nasdaq.
Market breadth was negative.
Â
| NYSE | Issues | |
| Advancing | 1355 | Up Vol 406 |
| Declining | 1906 | Down Vol 848 |
| Ratio | 1.40 | 2.08 |
| Nasdaq |
||
| Advancing | 1065 | Up Vol 310 |
| Declining | 2010 | Down Vol 1363 |
| Ratio | 1.88 | 4.39 |
Brice Wightman