NYSE Traders Couldn’t Hear The Opening Bell This Morning! Here’s Why
Stocks are lower
despite good earnings from Cisco last night. The trade deficit for March narrowed unexpectedly
to $55 billion, far less than the $61 billion consensus. It was the biggest drop
in three years. Some analysts speculate that the trade figures may mean
consumers are spending less and will slow the economy. Crude inventories saw a 2.7 million barrel build; the gas build was 200K.
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) reported 0.23, a penny ahead; revenues were $6.2
billion, also ahead of the $6.15 billion estimate; net income rose 16%.Â
Raymond James upgraded the stock to ‘strong buy’ from ‘market perform.’
CNET reports that Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) will announce a new music service
this week, hoping to capture some of Apple’s market.
The Warner Music IPO (WMG) was priced at $17, well below the original
$22-$24; the offering size was also reduced. Led Zeppelin guitarist
Jimmy Page played
“Whole Lotta Love” at the opening bell to mark the occasion. Many traders could
not hear the opening bell over the
Marshall stacks. WMG is trading at 16.10.
Dreamworks
(
DWA |
Quote |
Chart |
News |
PowerRating) reported 0.44 vs. a 0.58 estimate. The company also cut
its outlook.
Strong sectors are: Â Brokers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) +0.37%Â Â
Natural GasÂ
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) +0.03%Â Â Â
Weak sectors are:Â Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) -2.62%Â Â
Healthcare Providers
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) -1.90% Â Â Internet
(
$GIN.X |
Quote |
Chart |
News |
PowerRating)
-1.24%
| Dow | -57.63 | 10,223.48 |
| Nasdaq | -11.71 | 1951.06 |
| S&P 500 | -4.35 | 1161.87 |
The dollar is +0.38 at
84.83
Crude Oil is +0.62 at
51.45
Gold is -0.10 at 427.10
million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1135 | Up Vol 186 |
| Declining | 1926 | Down Vol 436 |
| 1.69 | 2.34 | |
| Nasdaq |
||
| Advancing | 969 | Up Vol 231 |
| Declining | 1853 | Down Vol 453 |
| 1.91 | 1.96 |
Stocks In The News
Kohl’s
(
KSS |
Quote |
Chart |
News |
PowerRating) was upgraded at Prudential to ‘overweight.’
Federated
(
FD |
Quote |
Chart |
News |
PowerRating) beat, reporting 0.71 vs a 0.67 estimate. The company
sees Q2 EPS of 0.80 – 0.85.
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) will expand MSN Search into China.
Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) should outperform this year, says SG Cowan,
which views the shares as ‘attractive.’
Brice Wightman
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