Record Oil Sinks Stocks
Stocks fell Friday on disappointing
guidance from Dell, a wider-than-expected trade deficit and record
high oil prices. Oil crossed the $67 mark
intraday and gasoline futures topped $2/gallon.
Crude rose 7.3% this week. Airline
stocks were hit on the higher energy news.
The trade deficit for June widened to $58.8 billion in June vs $55.35
billion in May.
Dell (DELL)
reported record Q2 earnings, in-line at 0.38/share. Net income was $1.02
billion. Revenue was $13.4 billion, slightly lower than expected. The stock
traded lower after hours. Goldman downgraded the stock to in-line.
Dreamworks
(
DWA |
Quote |
Chart |
News |
PowerRating) swung to a Q2 loss
and reaffirmed its lowered 2005 earnings forecast.
Kohl’s
(
KSS |
Quote |
Chart |
News |
PowerRating) beat by 0.02. Revenue
rose 16%.
Murphy Oil
(
MUR |
Quote |
Chart |
News |
PowerRating) was added to the S&P 500 after the close,
replacing Nextel
(
NXTL |
Quote |
Chart |
News |
PowerRating). Next Thursday marks the 1-year anniversary
of Google’s
(
GOOG |
Quote |
Chart |
News |
PowerRating) IPO; many speculate it will be added to the S&P
500 after its mandatory 1-year listing eligibility.
Strong sectors were: Gold
(
XAU |
Quote |
Chart |
News |
PowerRating) +0.50%
Weak sectors were: Computer Tech
(
XCI |
Quote |
Chart |
News |
PowerRating) -1.47% Semis
(
SOX |
Quote |
Chart |
News |
PowerRating)
-1.32% Airlines
(
XAL |
Quote |
Chart |
News |
PowerRating)
-1.16%
| Dow | -84.79 | 10,601.10 |
| Nasdaq | -17.65 | 2156.90 |
| S&P 500 | -7.36 | 1230.45 |
Stocks in the news:
Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating) missed by 0.06.
Same store revenues fell in urban and rural markets.
Nvidia
(
NVDA |
Quote |
Chart |
News |
PowerRating)
beat by 0.07.
Jamdat Mobile
(
JMDT |
Quote |
Chart |
News |
PowerRating) guided lower for Q3.
Emulex
(
ELX |
Quote |
Chart |
News |
PowerRating) beat by 0.06.
An Arizona court dismissed a wrongful death suit against Taser
(
TASR |
Quote |
Chart |
News |
PowerRating).
Brice Wightman