Loser Loans, Markets Mixed, Service Sector Improves

News of Bank of America holding over $7 billion dollars of losing loans combined with overall earning nervousness sent stocks to a mixed close. Good news from the service sector indicating less of a contraction than expected kept shares from sliding deep into the red. Fortunately, for the bulls, bargain hunters entered the market late day pushing the DJIA higher by +44.13 to 8324.87, the Nasdaq fell -9.12 to 1787.40 and the broad based S&P 500 eased ahead by +2.30 to 898.72.

American Express
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– Led the DJIA higher after climbing 5.30% or 1.18 to $23.25/share on an upgrade from Stifel Nicolaus.

Matrixx Initiatives
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– Continues to get hit as a class action lawsuit was filed due to its cold remedies supposedly causing a loss in the sense of smell. Shares fell 7.41% or 48 cents to $6.00 on the news.

Regis Corp
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– The owner of Super Cuts hair salons fell hard on a decline in fiscal fourth quarter revenue dropping 20.94% or $3.57 to $13.48/share.

Citrix Systems
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– Oppenheimer downgraded the software maker to perform sending shares lower by 2.21% or 69 cents to $30.47.

Oil fell $1.58 to $64.36, Gold got hit $6.70 falling to $924.30 and the fear index VIX spike higher 3.76% to 29.00.

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Market Snapshot

Dow

+44.13 8324.87

NASDAQ

-9.12 1787.40

S&P 500

+2.30 898.72

Economic
News

ISM Service (Jun): Consensus: 46.0, Prior: 44.0

Crude Inventories (07/03): Consensus: NA, Prior: -3.66M

Consumer Credit (May): Consensus: -$7.5B, Prior: -$15.7B

Initial Claims (07/04): Consensus: NA, Prior: 614K

Wholesale Inventories (May): Consensus: -1.0%, Prior: -1.4%

Export Prices ex-ag. (Jun): Consensus: NA, Prior: 0.3%

Import Prices ex-oil (Jun): Consensus: NA, Prior: 0.2%

Trade Balance (May): Consensus: -$30.0B, Prior: -$29.2B

Mich Sentiment-Prel (Jul): Consensus: 71.0, Prior: 70.8