Major Averages Extend Losses
Wall Street begins the week on
a down note with all the major averages trading lower.
The major averages have added to their early losses
with a further decline in the past hour. The Dow and Nasdaq are both posting
losses of 0.7%. The Dow has all but reversed Friday’s rally. The Nasdaq is
holding a small portion of the gains it posted on the last day of last week.
The airline sector has added to its early losses
and has now effectively reversed Friday’s advance. Trucking stocks are weak as
well. In technology, semiconductor stocks are among the worst performers, though
down less than 1%.
Commodity stocks continue to be the main
standouts to the upside, most notably gold and energy-related shares. The gold
sector is posting yet another substantial gain, adding to the advances posted
through the final 3 sessions of last week. The sector, which is up 2.8% in the
early going, has climbed 14% since the close last Tuesday. Energy stocks are
rising sharply in the early going as well, including a 2.2% advance in the
natural gas and oil service sectors.
Centennial Communications
(
CYCL |
Quote |
Chart |
News |
PowerRating) is
one of the most notable gainers in the early going on news that it has engaged
Lehman Brothers and Evercore Partners to help evaluate possible strategic and
financial alternatives. CYCL is currently up $2.20, or 18%.
Industrial Services Of America
(
IDSA |
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Chart |
News |
PowerRating)
is among the morning’s biggest percentage decliners on news that Home Depot
(
HD |
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PowerRating) has allowed its management contract with the company to expire. IDSA is
now down $1.50, or 27%.
Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) is trading higher after
announcing first quarter net income of $432.3
million or $1.61 per share, higher than the $326.8 million or $1.21 per share
reported in the same period last year. Revenues for the quarter rose 8% to $3.9
billion from $3.6 billion a year-ago. Wall Street, on average, was expecting
earnings of $1.42 per share on revenues of $3.81 billion. NKE is now up $5.29,
or 6.74%.
While it has spent the past half hour coming off
its lows for the day, GM
(
GM |
Quote |
Chart |
News |
PowerRating) is the worst performing Dow component,
dropping below a recent range with a decline of 2.3%. With Monday’s decline, the
stock has moved to its lowest level since June. Honeywell
(
HON |
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Chart |
News |
PowerRating),
Pfizer
(
PFE |
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Chart |
News |
PowerRating) and Boeing
(
BA |
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News |
PowerRating) are each down more than 1.5%.
With oil prices sharply higher in the first 2 hours of trading, Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating) is the best performing Dow component, with a gain of 1.7%. The advance
adds to Friday’s rally and takes the stock to a new 52-week high.
Hewlett-Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) is another notable gainer, extending its peak with
a 1.2% advance.
Biggest Risers And Fallers
S&P 500:
Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) +6.74%, BJ Services
(
BJS |
Quote |
Chart |
News |
PowerRating)
+5.21% and Kerr McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) +4.92%.
Delphi Corp.
(
DPH |
Quote |
Chart |
News |
PowerRating) -8.80%,
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) -6.85% and Goodrich Corp
(
GR |
Quote |
Chart |
News |
PowerRating) -4.10%.
Nasdaq 100:
Patterson-UTI Energy
(
PTEN |
Quote |
Chart |
News |
PowerRating)
+4.19%, Tellabs
(
TLAB |
Quote |
Chart |
News |
PowerRating) +2.92%
and Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating) +2.66%.
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) -6.85%,
JDS Uniphase
(
JDSU |
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Chart |
News |
PowerRating) -4.13% and Citrix Systems
(
CTXS |
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Chart |
News |
PowerRating) -2.90%.
Strongest Sectors
Oil Service
(
OSX |
Quote |
Chart |
News |
PowerRating) +3.14%, Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating) +2.63%
and Gold and Silver
(
XAU |
Quote |
Chart |
News |
PowerRating) +1.82%.
Weakest Sectors
Airlines
(
XAL |
Quote |
Chart |
News |
PowerRating) -2.46%, Semiconductors
(
SOX |
Quote |
Chart |
News |
PowerRating) -1.57% and
Retail
(
RLX |
Quote |
Chart |
News |
PowerRating) -1.49%.
| Dow | -79.53 | 10,562.41 |
| Nasdaq | -15.72 | 2144.63 |
| S&P 500 | -7.16 | 1230.75 |
| NYSE | Nasdaq | |
| Volume | 812,092,000 | 684,931,000 |
| Up Volume | 281 (32%) | 206 (32%) |
| Down Volume | 434 (62%) | 409 (65%) |
| Advances | 1048 | 1048 |
| Declines | 2013 | 1747 |
Ashton Dorkins