Stocks Are Turning Around…Here’s Why
Stocks are moderately higher today despite poor economic data and a weak
report by Amazon.com. Equities were sharply lower but managed
to stage a sharp turnaround after the weekly oil inventory report.
March durable goods orders fell -2.8%, more than expected. It was the largest
drop since September 2002. Ex-transportation, it fell 1%.
The weekly 10:30 oil inventory report showed a 5.5
million barrel build in crude supplies and a 300,000 barrel drawdown in gas .
Analysts were expecting a 650K rise in crude and a 1 million barrel drawdown in
gas.
Amazon
(
AMZN |
Quote |
Chart |
News |
PowerRating) reported 0.22, after charges, missing by a penny,
missing on margins. The company raised revenue guidance by 1% but some analysts
were looking for higher guidance and the stock traded lower by 4% after the
close.
Boeing’s
(
BA |
Quote |
Chart |
News |
PowerRating) profits rose, beating the street, but revenues were
lighter than expected.
Verizon
(
VZ |
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Chart |
News |
PowerRating) beat by 0.03; revenue rose 6.5%. Results were strong
in wireless.
Infospace
(
INSP |
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Chart |
News |
PowerRating) guided lower.
Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating) missed by 0.18.
Amerada Hess
(
AHC |
Quote |
Chart |
News |
PowerRating) beat by 0.07, at $2.12/share.
Kerr-McGee’s
(
KMG |
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Chart |
News |
PowerRating) beat by 0.22; earnings more than doubled.
Conoco-Phillips
(
CEP |
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Chart |
News |
PowerRating) beat by a wide margin.
Phelps Dodge
(
PD |
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Chart |
News |
PowerRating) beat estimates, reporting $3.83.
Strong sectors are : Healthcare
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) +2.29%Â Â
Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) +1.62%Â Banks
(
$BIX.X |
Quote |
Chart |
News |
PowerRating) 0.99%
Weak sectors are: Â Gold & Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
-4.28% Â Gold Bugs
(
$HUI.X |
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Chart |
News |
PowerRating) -2.60%Â Â Internets
(
$INX.X |
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Chart |
News |
PowerRating)
-2.62%
Dow | +24.97 | 10,175.96 |
Nasdaq | +2.81 | 1930.25 |
S&P 500 | +3.41 | 1155.15 |
The dollar is +0.11 at
84.05
Crude Oil is -1.65 at
52.25
Gold is -1.90 at 434.10
ce=”Arial” size=”2″ face=”Arial”>Volume is 812 million on the NYSE and
936 million on the Nasdaq.
Market breadth is negative.
NYSE | Issues | |
Advancing | 1577 | Up Vol 371 |
Declining | 1556 | Down Vol 429 |
1.01 | 0.86 | |
Nasdaq |
||
Advancing | 1274 | Up Vol 459 |
Declining | 1611 | Down Vol 467 |
0.79 | 0.98 |
Stocks in the News
Corinthian Colleges
(
COCO |
Quote |
Chart |
News |
PowerRating) was in-line but guided lower.
XM Satellite Radio
(
XMSR |
Quote |
Chart |
News |
PowerRating) posted a narrower than expected loss,
beating by 0.12.
Engelhard
(
EC |
Quote |
Chart |
News |
PowerRating) beat by 0.07.
Wellpoint
(
WLP |
Quote |
Chart |
News |
PowerRating) beat by 0.05 and raised Q2 guidance. The company
announced a 2:1 split payable to shareholders of record May 13.
Constellation Energy
(
CEG |
Quote |
Chart |
News |
PowerRating) beat by 0.07.
Brice Wightman