Nice Pop For This IPO!
Stocks are
higher on volume as investors looked to position themselves during
“quadruple-witching” where four different
types of futures and options contracts expire.
Viacom
(
VIA |
Quote |
Chart |
News |
PowerRating) said its
split-off of Blockbuster
(
BBI |
Quote |
Chart |
News |
PowerRating) would yield $738 million in cash;
Blockbuster is expected to pay $5 per share to all shareholders. The US current
account deficit widened more than expected, increasing to $144.9 billion — $4
billion higher than the consensus; setting a new record.
Red Hat
(
RHAT |
Quote |
Chart |
News |
PowerRating)
reported a seven-fold increase in profit on a 50% gain in sales that missed
revenue expectations. Revenue was $41.6 million with income at $10.7 million.
Oil workers from Norway initiated a strike. Global oil output is expected to be
reduced by 10%. Crude prices hit a 10-day high, trading at $38 a barrel.
Blackboard, Inc. (BBBB)
was priced at $14 and is trading at $21. The company provides online learning
software to colleges and universities.
| Dow | +37.45 | 10415.21 |
| S&P 500 | +4.50 | 1136.58 |
| Nasdaq | +7.53 | 1991.24 |
Strong today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +2.98%, Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +2.68%,
Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) +1.54%, BiotechsÂ
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +1.40%.
Weak today are Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -0.60%, Techs
(
TXX.X |
Quote |
Chart |
News |
PowerRating) -0.07%.
Economic news release today
include: a higher current account deficit at $144.9 billion.
10-year Notes are -15 at
108 135
The dollar
is -0.46 at 89.49
Gold is +7.00 at 389.50
Crude Oil is -0.11 at
38.35
Volume is 701,000
million on the NYSE, and 888,000 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1826 | Up Vol 484 |
| Declining | 1263 | Down Vol 207 |
| Ratio | 1.45 | 2.34 |
| Nasdaq |
||
| Advancing | 1461 | Up Vol 535 |
| Declining | 1442 | Down Vol 326 |
| Ratio | 1.01 | 1.64 |
Top Dow stocks are:
Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating), +2.75%,
Du Pont
(
DD |
Quote |
Chart |
News |
PowerRating) +1.36% Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating), +1.34%, 3M
(
MMM |
Quote |
Chart |
News |
PowerRating),
+1.32%.
Stocks in the news:
Adobe Systems
(
ADBE |
Quote |
Chart |
News |
PowerRating)
reported earnings that rose 70% at $109.4 million, but said for Q3 its operating
margin is expected to be around 30%. Revenue rose to $410.1 million with
strength from Acrobat and Creative Suites software.
Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) was higher after
bullish comments from Goldman Sachs citing strong data points to positive
fundamentals for the aluminum market.
Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) was downgraded by
Morgan Stanley with a lower price target of $20 a share.
American Healthways
(
AMHC |
Quote |
Chart |
News |
PowerRating)
rallied after reporting a 64% gain in income and raised 2004 outlook. Earnings
reached $7.5 million.
Brice Wightman
bricew@tradingmarkets.com