Money Still Pouring Into Hedge Funds–Here Is The Latest Data
Stocks were higher Thursday, powered by
strong earnings reports. The market broke out on good volume, with
the SPX and Nasdaq making 4-year closing highs. The SPX is up +4.4% in July, the
strongest performance since 12/03. 70% of S&P companies this quarter beat
expectations and Q3 guidance has been mostly in-line. Q3 is expected to be
the ninth quarter of double digit growth. Volume so far this summer is ahead of
last year’s pace. In July, the Nasdaq is up +6%, semis +13% and Internet +9%.
ExxonMobil
(
XOM |
Quote |
Chart |
News |
PowerRating) was in-line at 1.23; net income was $7.8 billion.
Dow Chemical
(
DOW |
Quote |
Chart |
News |
PowerRating) missed by 0.02.
Northrup Grumman
(
NOC |
Quote |
Chart |
News |
PowerRating)Â beat by 0.12; sales rose 7% to $8
billion.
Morgan Stanley
(
MWD |
Quote |
Chart |
News |
PowerRating) said will cut 10% of its brokerage workforce.
Daimler-Chrysler’s
(
DCX |
Quote |
Chart |
News |
PowerRating) CEO Jurgen Schrempp will step down. The
announcement sent shares of DCX up 10%. Schrempp will be replaced by Chrysler
chief Dieter Zeitsche.
Jobless claims for the week of 7/23 rose 5,000 to 310,000.
Hedge funds pulled in nearly $11 billion in assets in Q2. This,
according to Hedge Fund Research. In the same period last year, the figure was
$7.5 billion. Assets placed at hedge funds are estimated at over $1 trillion.
Strong sectors were:Â Â Â Â Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating)
+1.51%Â Â Â Healthcare
(
$IHCX.X |
Quote |
Chart |
News |
PowerRating) +0.91%
 Internet
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) +0.98%Â Â
Weak sectors were: Â Â Â Â Computer Hardware
(
$HWI.X |
Quote |
Chart |
News |
PowerRating) -0.36% Â Â Â Â Gold
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) -0.17%Â Â Â
| Dow | +70.06 | 10,707.15 |
| Nasdaq | +12.24 | 2198.46 |
| S&P 500 | +7.13 | 1243.92 |
The dollar was -0.40 at 89.32
Crude Oil was
+0.79 at 59.90
Gold was +3.30
at 427.60
1.70 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2374 | Up Vol 1265 |
| Declining | 915 | Down Vol 519 |
| 2.59 | 2.43 | |
| Nasdaq |
||
| Advancing | 1879 | Up Vol 920 |
| Declining | 1184 | Down Vol 649 |
| 1.58 | 1.41 |
Stocks in the News
Starbucks (SBUX)
reported earnings that beat by a penny.
Bristol Meyers
(
BMY |
Quote |
Chart |
News |
PowerRating) beat by 0.14.
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) beat by 0.45.
Pulte Homes
(
PHM |
Quote |
Chart |
News |
PowerRating) beat estimates; revenues rose 32%. The company
announced a 2:1 stock split and increased its dividend.
Express Scripts
(ESRX)
beat by 0.03.
Computer Associates’
(CA)
profit more than doubled; the company also announced cut jobs.
ESS Tech (ESST)
beat by 0.13, beat on revenues but issued downside guidance.
Skechers (SKX)
beat by 0.13.
Brice Wightman