Markets Pull Back in Early Trading

  • May 24, 2007
  • Darren Wong

U.S. stocks pulled back from an early rally off of
a surprising increase in new home sales.  The report showed a
16% jump in new home sales. Homebuilders are mostly higher this
morning.

June crude futures lost 1% to $65.09 per barrel
despite threats to supply in Nigeria. 
June gold futures also moved lower this morning by 1% to $656.20
an ounce.

Around Asia, Shanghai’s Composite
Index fell 0.5% to finish at 4,151.13, Hong Kong’s Hang Seng lost
0.2% to 20,798.97, and Tokyo’s Nikkei fell fractionally to
17,696.97.

Today’s

PowerRatings Heat Map continues to show price action that has historically
led to lower prices.  If you are an aggressive trader, there are many
potential short positions for you to investigate in our Heat Maps.

Our

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



Stocks in
Motion

Toll Brothers’
(
TOL |
Quote |
Chart |
News |
PowerRating) Earnings Fall on Housing
Slowdown (full
story).  TOL shares rise by 0.75%.

Jabil
Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating) Q2 Profit Falls 80% On Higher Costs,
One-time Charges; Core EPS Miss Street View; Revenue Rises 27%; Backs Q3
Forecast (full
story).  JBL shares lose 1.7%.

Mylan Labs
(
MYL |
Quote |
Chart |
News |
PowerRating) Slides To Loss In Q4 On Expense Write-offs; Adj. EPS Increases;
Revenues Up 53% (full
story).  MYL shares fall by 3%.

Limited Brands
(
LTD |
Quote |
Chart |
News |
PowerRating) Q1
Profit Plummets 47%; EPS, Revenue Match Consensus; Same-store Sales Up 4%;
Slashes FY07 EPS Outlook; Announces $500Mln Share Buyback (full
story).  LTD shares fall 1%.

Gymboree
(
GYMB |
Quote |
Chart |
News |
PowerRating) Q1 Earnings Rise; Gives Q2 View; Lifts FY08 EPS View (full
story).  GYMB shares jump nearly 8%.

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

Market Snapshot

Dow

 -17.96 13,507.69

NASDAQ

 -26.41 2,550.64

S&P 500

 -7.48 1,514.58

 

 NYSE NASDAQ

Volume

 1,361,899,000 969,289,000

Advances

 889 768

Declines

 2154 2088

Up Volume

 421 129

Down Volume

 756 730

New Highs

 115 87

New Lows

 30 40


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Morgan Stanley Healthcare Payors Index (HMO) Computer Hardware Index (HWI)
GSTI Services Index (GSV) Amex Gold Bugs Index (HUI)
PHLX/KBW Bank Sector Index (BKX) GSTI Software Index (GSO)


Economic
News

New Home Sales 981K
vs 860K consensus; 16.2% m/m

Durable Orders +0.6% vs
+0.9% consensus

Initial Claims K 311K vs 305K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com