Rally On Wall Street
Stocks rallied Thursday, on a strong bond
auction and lower crude. At 1:00, a successful
bond auction triggered a rally in stocks. Crude made its weakest close in five
months.
The trade deficit widened to a new record in
September$ 66.1 billion. $59 billion August Jobless claims rose 2,000–more
than expected–to 326,000.
After the close, Dell
(
DELL |
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PowerRating) reported 0.39,
in-line. Kohl’s
(
KSS |
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PowerRating) reported 0.45, in-line. Pacific Sunwear
(
PSUN |
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PowerRating) was in-line at 0.54.
Intel
(
INTC |
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PowerRating) is boosting its dividend 25% to
0.10/quarter and authorized a $25 billion stock buyback.
Man Financial is buying Refco’s futures business for
$282 million. Refco filed for bankruptcy last month; the company was once the
largest independent U.S. futures and commodities brokerage.
Cisco
(
CSCO |
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PowerRating) beat by a penny.
Target
(
TGT |
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PowerRating) beat by 0.04.
General Motors
(
GM |
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PowerRating) will restate earnings for
2001; the company said it overstated profit by as much as $400 million. GM is
trading at a 13-year low.
Whole Foods
(
WFMI |
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PowerRating) beat by
0.04, raised guidance, announced a 2:1 split, a four-year, $200 million stock
buyback program, and a special $4.00 dividend.
Strong sectors were: Airlines
(
XAL |
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PowerRating) +4.17%
Healthcare
(
HMO |
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PowerRating) +2.30%
Retail
(
RLX |
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PowerRating) +2.15%
Weak sectors were:
Oil
(
XOI |
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PowerRating) -3.37% Oil Services
(
OSX |
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PowerRating) -3.92% Natural Gas
(
XNG |
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PowerRating) -2.44%
|
|
+93.89 | 10,640.10 |
| +20.87 | 2196.68 | |
| +10.33 | 1230.97 |
More stocks on the move:
NVidia
(
NVDA |
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PowerRating) beat by 0.06, ex-items, and beat on
revenues. Q3 profit more than doubled.
Urban Outfitters
(
URBN |
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PowerRating) was in-line at 0.22 and
the company said November sales were good.
JDS Uniphase
(
JDSU |
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PowerRating) also beat by a penny, but
its net loss nearly doubled for Q1.
Brice Wightman