Market Falls, But These 2 Stocks Soar
Stocks were lower on higher
interest rates and inflation worries.
The Dow and S&P closed at 2-week lows and the
10-year note closed at 4.5%. Greenspan–before Congress–said that rising
deficits pose a threat to economic expansion. Oil rose above $55.
Retail sales for February
rose +0.5%; ex auto, +0.4%, lower than expected. U.S. chain store retail sales
rose 0.6% in the week ended March 12, compared with a 0.4% decline the previous
week. Manufacturing in New York expanded; the Empire State Index rose to 19.6
from 19.2 in February.
The Tivo service
(
TIVO |
Quote |
Chart |
News |
PowerRating) will be available to Comcast customers in
many markets. TIVO gained almost 75% on the day.
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) said Avastin was proven effective in lung cancer
patients when used in conjunction with chemotherapy. The stock was upgraded at
CSFB and Jeffries raised estimates.
Lehman Bros.
(
LEH |
Quote |
Chart |
News |
PowerRating) beat by 0.71 on record investment banking and
capital markets revenue. LEH closed up 3% at 96.19.
Merrill Lynch said it expects the SOX to
be range-bound this year.
Former Woldcom CEO Bernie Ebbers was found
guilty on all 9 charges, including conspiracy, false filings and securities
fraud. Sentencing will be on June 13; maximum is 85 years. The verdict,
according to observers, does not bode well for former Enron CEO Ken Lay,
who faces trial soon.
Strong sectors were: Healthcare Providers
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
+0.39% Brokers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) +0.33%
Weak sectors were: Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating)
-2.46% Semis
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
-2.13% Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) -1.45%
| Dow | -59.12 | 10,745.39 |
| Nasdaq | -16.06 | 2034.987 |
| S&P 500 | -9.03 | 1197.80 |
The dollar was +0.26 at
82.14
Crude Oil was flat at
55.65
Gold was -0.50 at 440.10
billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1137 | Up Vol 370 |
| Declining | 2181 | Down Vol 949 |
| 1.91 | 2.56 | |
| Nasdaq |
||
| Advancing | 1135 | Up Vol 563 |
| Declining | 2000 | Down Vol 1079 |
| 1.76 | 1.91 |
Stocks in the News
Will Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) renew its talks with Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating)now
that Bob Iger is taking over?
LSI Logic
(
LSI |
Quote |
Chart |
News |
PowerRating) boosted its Q1 revenue target, citing strong
demand for chips used in DVD recorders and iPods.
AOL
(
TWX |
Quote |
Chart |
News |
PowerRating) said it expects ad revenue to grow 20-25% this year,
higher than previously estimated.
Astrazeneca
(
AZN |
Quote |
Chart |
News |
PowerRating) said a petition to remove Crestor from the
marketplace was denied yesterday by the FDA.
Brice Wightman