Markets Consolidate After Recent Run

  • May 22, 2007
  • Darren Wong

The major indices are trading fractionally lower
this morning. Deal news continues to buoy the markets as
Kirk Kerkorian’s Tracinda Group announced that it is interested in
buying MGM Mirage’s Bellagio and other properties.  MGM
shares are up 27% in early trading.

June crude futures are lower by 1.6%
to $65.21 per barrel. 
June gold futures also fell this morning by 0.4% to $661.30
an ounce.

Around Asia, Shanghai’s Comosite Index
rose 0.9% to finish at another record high of 4,110.38. 
Tokyo’s Nikkei Index rose 0.7% to 17,680.05 and Hong Kong’s Hang
Seng fell 0.4% to 20,843.92.

Today’s

PowerRatings Heat Map is showing price action that is widely bearish across
all sectors.  Our

Research Archives can give you ideas to take advantage of
pullbacks in the overall markets as well as in individual stocks. 


Click here to see our new list of indicators that includes

Gaps Down 5% or More,

2-Period RSI Below 2,

Stocks Up 10% or More.  Historically proven edges make
these a great place to start making a watch list. 


Stocks in
Motion

Tracinda Wants To Buy Bellagio Hotel, City Center From MGM
Mirage
(
MGM |
Quote |
Chart |
News |
PowerRating); Stock Surges (full
story).  MGM shares jump 27%.


American Eagle Outfitters
(
AEOS |
Quote |
Chart |
News |
PowerRating) Q1 Profit Rises 23% On Strong Top Line
Growth, 6% Rise In Same-store Sales; Guides Q2; Authorizes Addl. 23 Mln Share
Buyback (full
story).  AEO shares drop 3.3%.

Higher
Sales Drive Staples’
(
SPLS |
Quote |
Chart |
News |
PowerRating) Q1 Profit Up 12%; EPS Matches Estimate;
Acquires American Identity; Lowers Q2, FY07 EPS Growth View (full
story).  SPLS shares fall 3.5%.


AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating) Q3 Profit Up 5%; EPS Tops Consensus; Sales Grew 15% (full
story).  AZO shares lose 1.8%.

For more stories as they happen, go to our
Breaking News section.

Market Snapshot

Dow

 -8.54 13,534.34

NASDAQ

 -1.66 2,577.02

S&P 500

 -2.42 1,522.68

 

 NYSE NASDAQ

Volume

 1,173,072,000 797,408,000

Advances

 1571 1533

Declines

 1472 1306

Up Volume

 542 363

Down Volume

 488 355

New Highs

 176 139

New Lows

 14 29


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Airline Index (XAL) CBOE Internet Index (INX)
Dow Jones Equity REIT Index (DJR) Amex Gold Bugs Index (HUI)
Morgan Stanley Healthcare Payors Index (HMO) S&P Retail Index (RLX)


Economic
News

No economic reports
released today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com