Stem Cell Stocks Get A Lift, Plus, Look At These Stats For July
Stocks were lower after traders were disappointed
with Q2 growth. Stem cell stocks got a lift from Washington.
For the month of July, The Dow gained 3.6%, its best month since Nov 2004.
The S&P also gained 3.7% for the month. It was the best month for the Nasdaq, up
6.3%, since December 2003. Oil rose 11%, retail +10.4%, homebuilders +8.5%,
technology +6.2% and financials +1.8%. Internet stocks and semis rose 12%, and
transportation rose 8.8% in July.
Q2 advanced GDP rose 3.4%, in-line. The Chicago PMI was 63.5 in July vs. 53.6
in June.
ChevronTexaco
(
CVX |
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PowerRating) reported 1.76, beating by 0.07. Net income was
$3.7 billion.
Unocal
(
UCL |
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PowerRating) reported 1.77 vs a 1.63 estimate.
Wendy’s
(
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PowerRating) is in focus after it said it would sell 10% of its
Horton’s chain in an IPO. The company also boosted dividend by 25% and increased
its stock buyback plans.
Stem cell stocks rallied after Senator Bill Frist called for
more federal funding for embryonic stem cell research. Gainers include:
Aastrom Bioscience
(
ASTM |
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PowerRating), Geron
(
GERN |
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PowerRating), ViaCell
(
VIAC |
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PowerRating)
and StemCells
(
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PowerRating). Frist’s comments put him at odds with
President Bush, who opposes stem cell research and will likely veto the bill.
The $14.5 billion energy bill, which became law today, is considered
good for big oil. In particular, these companies may stand to benefit the most:
ExxonMobil, ConocoPhillips – The bill’s incentive to promote
drilling are mostly in the Gulf of Mexico, and these two companies have a strong
presence there.
Schlumberger, Halliburton: oil service companies are needed to support
drilling rigs and platforms.
Peabody Energy: with ANWR and California off limits, coal could
get a boost.
Strong sectors were:Â Â Â Airlines
(
$XAL.X |
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PowerRating) +1.05%Â Â Â Semis
(
$SOX.X |
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PowerRating) +0.06%Â Â Â Â Telecom
(
$XTC.X |
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PowerRating) +0.31%
Â
Weak sectors were: Â Â Â Â Brokers
(
$XBD.X |
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PowerRating) -1.30%Â Â Â Internet
(
$GIN.X |
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PowerRating) -1.04%Â
Software
(
$GSO.X |
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PowerRating) -1.18%
| Dow | -61.30 | 10,644.25 |
| Nasdaq | -13.61 | 2184.83 |
| S&P 500 | -9.24 | 1234.48 |
The dollar is -0.02 at 89.32
Crude Oil was
+0.66 at 60.60
Gold was +1.90
at 429.40
1.56 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1290 | Up Vol 510 |
| Declining | 1947 | Down Vol 990 |
| 1.51 | 1.94 | |
| Nasdaq |
||
| Advancing | 1312 | Up Vol 453 |
| Declining | 1722 | Down Vol 924 |
| 1.31 | 2.03 |
Stocks in the News
Microstrategy
(
MSTR |
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PowerRating) beat estimates and announced a stock
buyback.
Mentor
(
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PowerRating) received an FDA approvable letter for its MemoryGel
silicon breast implants. The company reported earnings and missed estimates by a
penny.
Archer Daniels Midland
(
ADM |
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PowerRating) beat by 0.02.
Eastman Chemical
(
EMN |
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PowerRating) beat by 0.86.
EDS
(
EDS |
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PowerRating) raised Q2 and 2005 guidance.
Brice Wightman