Stocks close slightly higher
Stocks ended slightly
higher after an early Rita relief rally. After
opening higher in the morning, stocks gave back gains as crude prices rose later
in the session after reports that damaged refineries may be shut longer than
expected. Valero said its Port Arthur refinery may be shut two to four
weeks. Also pressuring stocks were interest rates, as the ten year yield moved
up to a near 6-week high.
Existing home sales in August unexpectedly
rose 2%, the second highest rate on record.
Greenspan warned that speculative home buying
may be driving prices higher and presents a risk for homeowners with interest
only mortgages.
After the close, Jabil Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating) beat
by a penny and issued in-line guidance.
Boeing
(
BA |
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PowerRating)
agreed to a new contract with machinists, ending a three-week strike.
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating) was the subject of a positive article in Barron’s, who said the
stock could be $50 in two years.
Strong Sectors were:Â Â
GoldÂ
(
XAU |
Quote |
Chart |
News |
PowerRating) +2.12%Â Â Â Â Â Oil Services
(
OSX |
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Chart |
News |
PowerRating)
+2.45%Â Â Â Â Â Â Â Natural GasÂ
(
XNG |
Quote |
Chart |
News |
PowerRating)
+1.54%Â Â Â Â
Weak sectors were:Â Â
Chemicals
(
CEX |
Quote |
Chart |
News |
PowerRating)
-0.53%Â Â Â Â Â Â Biotech BTKI|BTK] -0.10%Â Â Â Â Â Â Â
Banks Â
(
BKX |
Quote |
Chart |
News |
PowerRating) -0.50%Â
|
|
+25.39 | 10,445.98 |
| +4.66 | 2121.50 | |
| +0.43 | 1215.72 |
Stocks in the news:
Walgreen
(
WAG |
Quote |
Chart |
News |
PowerRating) missed by 0.05 and missed on revenues. Q4 earnings
include a $54.7 million charge for Katrina.
Valero
(
VLO |
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Chart |
News |
PowerRating)
reported significant damage to its Port Arthur refinery and said it may take two
weeks to restart. The refinery produces 250,000 barrels per day. Many other Gulf
refineries escaped major damage.
KLA-Tencor
(
KLAC |
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Chart |
News |
PowerRating) was upgraded to a buy at Merrill Lynch.
Women’s Wear Daily said that Wal-Mart
(
WMT |
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News |
PowerRating) might be a bidder
for Tommy Hilfiger
(
TOM |
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Chart |
News |
PowerRating).
Hologic
(
HOLX |
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Chart |
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PowerRating) will split 2:1. The spilt is payable November 30
to shareholders of record on November 15.
Freescale
(
FSL |
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Chart |
News |
PowerRating)
board approved a stock buyback of up to $500 million.
Brice Wightman
Â