Rally On Wall Street
Stocks rose Wednesday, with the Nasdaq
making a one-month high. Lower crude oil prices
helped as crude made a three-month low.
Crude inventories rose 2.73 million barrels, more than the
2.5 million consensus; gasoline inventories rose 1.03 million barrels,
more than the expected 700K, and distillate inventories fell much less
than expected.
Software stocks were weak after two earnings reports. Symantec
(
SYMC |
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PowerRating) swung to a Q2 loss after
expenses related to its Veritas acquisition. The stock had several downgrades. Sun Microsystems
(
SUNW |
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PowerRating) reported (0.02) vs the
(0.01) consensus, missing by a penny. The company also missed on revenues.
After the close, Prudential
(
PRU |
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PowerRating) beat by 0.30,
beat on revenues and guided higher. Qualcomm
(
QCOM |
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PowerRating) missed by a
penny but guided higher. The stock traded higher after hours.
Electronic Arts
(
ERTS |
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PowerRating) beat by 0.10, beat on
revenues and guided lower for Q3 and in-line for fiscal 2006. Q2 profit ,
though, fell 47% from a year aho.
Beazer Homes
(
BZH |
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PowerRating) reported $3.52, beating by
0.41, and issued upside guidance for fiscal 2006.
Strong sectors were: Airlines
(
XAL |
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Chart |
News |
PowerRating) +3.42% Disk Drives
(
DDX |
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PowerRating)
+3.34% Semis
(
SOX |
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PowerRating) +2.95%
Weak sectors were:
Software
(
GSO |
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PowerRating) -1.82% Healthcare
(
HMO |
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PowerRating) -0.67% Internet
(
DOT |
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PowerRating) -0.32%
|
|
+65.24 | 10,472.01 |
| +30.24 | 2144.29 | |
| +11.97 | 1214.73 |
More stocks on the move:
Time Warner
(
TWX |
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PowerRating) beat by
0.02, reaffirmed fiscal 2005 guidance and upped their stock buyback by $7.5
billion.
Dean Foods
(
DF |
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PowerRating) missed by a
penny and gave downside guidance.
Electronic Data
(
EDS |
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PowerRating) beat by 0.05.
Brice Wightman