Market Showing Signs Of Life?
Greg Che is out of the office this afternoon. In
his absence, today’s recap is being written by Duke Heberlein.
The equity indices ran up early in today’s trading, only to succumb to
selling pressure on extremely light pre-holiday trading. The Dow Jones
Industrials
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INDU |
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PowerRating) rose more than 150 points off its intraday low, but
staggered into the close, managing to end up only 35.08 points higher at 9954.04
and failing to recapture the 10,000 benchmark. The Nasdaq Composite
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COMPX |
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PowerRating)
performed a little better, managing to gain back some ground into the close,
finishing up 13.76 at 1805.44. The S&P 500
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SPX.X |
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PowerRating) closed up
4.78 points higher at 1133.81.
Volume in the session was of the lightest of the year, with volume on the
NYSE only reaching 814 million shares. The Nasdaq barely made it over 1 billion
shares, trading 1.09 billion over the course of the day.
Corinthian Colleges
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COCO |
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Chart |
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PowerRating) was hammered amid a next-quarter
warning that the California-based manager of 30 U.S. colleges would miss analysts
estimates. COCO gave back four months of hard-earned gains, plummeting 13.50 to
close at 39.35. The activity of COCO also affected other educational-related
stocks, dragging the majority of them down as well. Career Education Corp.
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CECO |
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PowerRating)
fell 8.49 to 57.76 and Strayer Education
(
STRA |
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PowerRating) lost 3.86 to
finish at 48.50.
Roxio
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ROXI |
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PowerRating) staged it second consecutive expansion breakout,
rising 2.84 on five times average volume, closing on its high at 18.15.
PrimeSource
(
PSRC |
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PowerRating) nearly doubled in value after agreeing to be
acquired by Fuji Photo Film, U.S.A. The stock jumped 4.18 to 9.78 in Friday’s
session.
Electonics Boutique Holdings
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ELBO |
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Chart |
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PowerRating) hit a new 52-week high,
closing just off it at 41.65, up 1.65.
With the markets closed on Monday for Labor Day, economic reports that may
affect the markets out Tuesday include the NAPM report for August, construction
spending numbers and the Chicago Fed Activity Index.