Stocks Fall on Lower New Home Construction Data

  • June 19, 2007
  • Darren Wong

The major indices are all lower this morning after a missed
earnings report from electronics retailer Best Buy and a drop in
new home construction for May. The Nasdaq is leading the indices
lower with a loss of 0.3%.

Crude oil futures for July delivery are lower
today after reaching a 9-month high yesterday. Crude futures are
currently down 0.4% to $68.79 per barrel. Gold futures for August delivery
are lower this morning by 0.3% to $658.20 an ounce. 


Around Asia, Shanghai’s Composite Index rose 0.4% to 4,269.52,
Hong Kong’s Hang Seng Index added 2.7% to 21,582.89, and Tokyo’s
Nikkei Index rose 0.1% to 18,163.61.



Today’s

PowerRatings Heat Map continues to show widespread price action that has led to lower
prices in the short term.  The most weakness can be seen in
the Drug and Electronics sectors. 

Click here to view all 33 Heat Map sectors.   


Our

Daily Market Bias page has been updated with new indicators to
determine if there is a strong bias for the market to move higher
(or lower) the following day. These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days.

Click here for more information on our Daily Market Bias
indicators.



Stocks in
Motion

Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) Co-Founder Yang Replaces Semel As CEO (full
story). YHOO shares are down 1.4% in early trading.

Best Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) Q1 Profit Falls 18%; EPS Misses Street View;
Revenue Rises 14%, Comp. Up 3%; Trims FY08 EPS View (full
story). BBY shares lose 4.7%.

FactSet Research
(
FDS |
Quote |
Chart |
News |
PowerRating) Q3 Profit Rises On Higher Tax Benefits, Top
Line; Sees Q4 Revenue Above Street View (full
story). FDS shares rise by 6.5%.

Progress Software
(
PRGS |
Quote |
Chart |
News |
PowerRating) Q2 Profit Increases; Non-GAAP EPS
Matches Consensus; Guides Q3; Narrows FY07 Non-GAAP EPS Outlook (full
story). PRGS shares add 3.5%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 -14.30 13,598.68

NASDAQ

 -7.61 2,618.99

S&P 500

 -3.16 1,527.89

 

 NYSE NASDAQ

Volume

 951,338,000 717,453,000

Advances

 1440 1199

Declines

 1614 1629

Up Volume

 444 224

Down Volume

 494 411

New Highs

 137 93

New Lows

 37 39


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Disk Drive Index (DDX) S&P Retail Index (RLX)
GSTI Internet Index (GIN) GSTI Multimedia Networking Index (GIP)
S&P Chemicals Index (CEX) Amex Securities Broker/Dealer Index (XBD)


 


Economic
News

Housing Starts 1474K vs 1475K
consensus, prior 1506K revised from 1528K

Building Permits 1501K vs 1470K
consensus, prior 1457K

Darren Wong

Associate Editor

darrenw@tradingmarkets.com