Stocks Extend Losses
The broader started
Wednesday as they ended yesterday, by continuing to the downside. All
3 of the major US equity indices are now showing declines of approximately 0.5%.
The chemical sector experienced a sharp decline
in early trading. The sector is now down about 2.4% on the day, reaching its
lowest level since last October.
The airline sector is falling sharply on the
prospect of higher fuel prices, reaching a new 2-year low with a 2.2% decline.
Retail stocks are also weak, adding to losses posted over the past week and a
half.
As Hurricane Rita drives oil prices sharply
higher, energy stocks are among the best performers in the early going. The
natural sector is higher by 2% and the oil service sector is rising by 1.4%,
with each moving to new multi-year highs. The gold sector is also strong in the
early going, rising by 2.2%. The gold sector rallied sharply at the end of last
week, but gave back a portion of those gains over the past couple days.
The Dow Transportation Index is up about 1.1%,
despite the drag of the airline stocks. The sector is receiving a significant
boost from FedEx
(
FDX |
Quote |
Chart |
News |
PowerRating) earnings-inspired 6.5% advance. Competitor
UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) is higher by 2.7%.
INAMED
(
IMDC |
Quote |
Chart |
News |
PowerRating) is one of the most
notable gainers in the early going after it received an approvable letter from
the FDA concerning its responsive silicone gel breast implants. The stock is
currently up $5.80, or 8%.
Ultralife Batteries
(
ULBI |
Quote |
Chart |
News |
PowerRating) is among
the morning’s worst performers after it lowered its revenue guidance for the
second half of the year. The stock is currently posting a loss of $1.70, or 13%.
Biggest Risers And Fallers
S&P 500:
Delphi Corp.
(
DPH |
Quote |
Chart |
News |
PowerRating) +11.92%, FedEx
(
FDX |
Quote |
Chart |
News |
PowerRating) +6.48% and Symbol Tech
(
SBL |
Quote |
Chart |
News |
PowerRating)
+4.97%.
Avon Products
(
AVP |
Quote |
Chart |
News |
PowerRating) -11.43%, Calpine
(
CPN |
Quote |
Chart |
News |
PowerRating) -8.25% and New York Times
(
NYT |
Quote |
Chart |
News |
PowerRating) -6.97%.
Nasdaq 100:
Biomet
(
BMET |
Quote |
Chart |
News |
PowerRating)
+2.83%, Express Scripts
(
ESRX |
Quote |
Chart |
News |
PowerRating) +1.74%
and
Patterson-UTI Energy
(
PTEN |
Quote |
Chart |
News |
PowerRating)
+1.47%.
PETsMART
(
PETM |
Quote |
Chart |
News |
PowerRating) -4.04%,
American Power Conversion
(
APCC |
Quote |
Chart |
News |
PowerRating)
-3.11% and Verisign
(
VRSN |
Quote |
Chart |
News |
PowerRating) -3.08%.
Strongest Sectors
Gold and Silver
(
XAU |
Quote |
Chart |
News |
PowerRating) +2.29%, Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating) +1.84%
and Oil
(
XOI |
Quote |
Chart |
News |
PowerRating) +1.15%.
Weakest Sectors
Chemical Index
(
CEX |
Quote |
Chart |
News |
PowerRating) -2.42%, Airline
(
XAL |
Quote |
Chart |
News |
PowerRating) -2.19% and
Computer Hardware
(
HWI |
Quote |
Chart |
News |
PowerRating) -1.48%.
| Dow | -61.71 | 10,419.81 |
| Nasdaq | -14.44 | 2116.89 |
| S&P 500 | -6.30 | 1215.04 |
| NYSE | Nasdaq | |
| Volume | 1,073,767,000 | 777,223,000 |
| Up Volume | 316 (32%) | 188 (25%) |
| Down Volume | 640 (66%) | 527 (72%) |
| Advances | 1177 | 806 |
| Declines | 1896 | 2016 |
Ashton Dorkins