Stocks Blast Off After FOMC Minutes

Stocks were higher, staging a massive late-day rally
when the FOMC minutes were released.  The market was red in the
morning, with the international trade deficit for March–higher than expected at
$61 billion and a new record–putting a damper on things. Then at 2:00 ET, the
FOMC minutes were released and the market shot up.

Genentech (DNA)
reported Q1 of 0.29 (non-GAAP) vs. a 0.25 estimate. Herceptin sales were $129.6
million. Avastin sales were 202.9 million. Tarceva sales were $47.6 million.
Bank of America reiterated its ‘buy’ on the stock.

Black & Decker
(
BDK |
Quote |
Chart |
News |
PowerRating) is bucking the trend today. The company
guided higher and now sees 1.33 -1.35 in the current quarter from 1.05 – 1.10.
Power tool sales were strong. BDK is trading up 8% and Stanley Works
(
SWK |
Quote |
Chart |
News |
PowerRating)
is up 2% in sympathy.

Northwest Airlines ordered 18 Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) Dreamliners.

Abbott Labs
(
ABT |
Quote |
Chart |
News |
PowerRating) earnings met expectations and forecast in-line.

CSFB told clients to lower their exposure to energy stocks.

Fifteen current and former NYSE specialists were charged with fraud.

This week, 31 S&P 500 companies will report, including two Dow stocks. Here
are some highlights (including estimates):

Wednesday

Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating)  0.02

Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating)  0.24

Thursday

Southwest
(
LUV |
Quote |
Chart |
News |
PowerRating)  0.05

Sun Micro
(
SUNW |
Quote |
Chart |
News |
PowerRating)  0.00

Pepsi
(
PEP |
Quote |
Chart |
News |
PowerRating)  0.51

Friday

Citigroup [C|C]  1.02 

General Electric
(
GE |
Quote |
Chart |
News |
PowerRating)  0.37

Strong sectors were:  Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) +2.69%  
Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) +1.57%   Banks
(
$BIX.X |
Quote |
Chart |
News |
PowerRating)
+1.24%

Weak sectors were:   Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) -1.92%   
Oil
(
$XOI.X$ |
Quote |
Chart |
News |
PowerRating) -1.46%   Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -1.36%    

Stocks in the News

Ameritrade
(
AMTD |
Quote |
Chart |
News |
PowerRating) beat by a penny; net income fell 12%.

Pepsi Bottling
(
PBG |
Quote |
Chart |
News |
PowerRating) beat by 0.02.

Alliance Capital
(
AC |
Quote |
Chart |
News |
PowerRating) guided lower, citing lower investment
advisory fees and higher legal costs.