Potentially Bullish Data From The NYSE…
Stocks were lower, with the Dow making a 7-week low
intraday; the S&P has traded down
7 of last 10 trading days. The Nasdaq bounced off its 200-day moving average.
Investors were focused on higher oil prices and stayed cautious ahead of the
Fed. Oil continues higher under the threat of another strike in Nigeria.
The Fed is poised to raise rates for a seventh time when it meets tomorrow; a
quarter point rise is expected.
Financial stocks led the blue chips lower ahead of the Fed, with AIG down
over 3% and Citigroup down over 2%.
8.4 billion shares are short at the NYSE; it’s a record, and potentially
bullish.
Medecis
(
MRX |
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Chart |
News |
PowerRating) is buying Inamed
(
IMD |
Quote |
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PowerRating). Inamed
shareholders will receive 1.4205 shares of Medecis stock and $30 in cash.Â
Interactive Corp
(
IACI |
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Chart |
News |
PowerRating) may be near a deal to buy Ask Jeeves
(
ASKJ |
Quote |
Chart |
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PowerRating) for $1.85 billion.
Sungard Data Systems
(
SDS |
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Chart |
News |
PowerRating) is in talks for a leveraged buyout.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) will cut up to 28% of its white collar work
force. Just last week the company sharply cut its 2005 forecast.
Lazard filed to sell $287.5 million in equity security units.
Strong sectors were: Â Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) +1.82%Â Â Â
Internet
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) +1.12%Â Â Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating)
+0.37%
Weak sectors were:Â Gold Â
(
$HUI.X |
Quote |
Chart |
News |
PowerRating) -2.89%Â Â
Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) -1.21%Â Â Natural Gas
(
$XNG.X |
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Chart |
News |
PowerRating)
-0.91% Â
| Dow | -64.21 | 10,565.46 |
| Nasdaq | -0.28 | 2007.51 |
| S&P 500 | -5.86 | 1183.76 |
The dollar was +0.76 at
82.89
Crude Oil was +0.21 at
57.45
Gold was -6.10 at 430.70
1.59 billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 949 | Up Vol 521 |
| Declining | 2335 | Down Vol 1077 |
| 2.46 | 2.06 | |
| Nasdaq |
||
| Advancing | 1328 | Up Vol 848 |
| Declining | 1755 | Down Vol 613 |
| 1.32 | 1.38 |
Stocks in the News
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) and Imclone
(
IMCL |
Quote |
Chart |
News |
PowerRating) are in focus
after Novartis and Schering AG announced they would delay plans to market their
experimental cancer drug.
Rambus
(
RMBS |
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Chart |
News |
PowerRating) settled a patent suit with Infineon
(
IFX |
Quote |
Chart |
News |
PowerRating).
The SEC is charging Time Warner
(
TWX |
Quote |
Chart |
News |
PowerRating) with fraud.
The Financial Times reports that Oracle
(
ORCL |
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Chart |
News |
PowerRating) may be
interested in BEA Systems
(
BEAS |
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Chart |
News |
PowerRating).
Barron’s mentioned eResearch
(
ERES |
Quote |
Chart |
News |
PowerRating) as a possible short.
Brice Wightman