Stocks Gain Ground
Stocks gained ground Monday after crude
under $59 sparked an afternoon rally. Crude fell to
a three-month low as higher-than-normal temperatures in the Northeast reduced
demand. Gas prices are back to pre-Katrina levels.
Buybacks have been on the rise. TXU Corp.
(
TXU |
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PowerRating)
announced a buyback and said it is splitting 2:1. Northrup Grumman
(
NOC |
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PowerRating)
and Qualcomm
(
QCOM |
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PowerRating) also announced buybacks. According to
TrimTabs, stock buybacks are shrinking total stock float by about 4% per year.
Dividends, buybacks and cash for mergers are up 49% this year.
Guidant
(
GDT |
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PowerRating) is suing Johnson & Johnson
(
JNJ |
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PowerRating)
to complete its proposed acquisition. GST is the subject of an SEC
investigation.
A report in today’s Wall Street Journal
says Google
(
GOOG |
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News |
PowerRating) is close to a roll out of new wireless services (more).
Apple Computer
(
AAPL |
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PowerRating) was downgraded from a “Buy” to a
“Hold” by Needham & Co. (more).
Genzyme
(
GENZ |
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PowerRating) was downgraded by Bear
Stearns (more).
After the close, Alopharma
(
ALO |
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PowerRating) beat
by 0.17. Quest Software
(
QSFT |
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PowerRating) beat by 0.04.
Strong sectors were:Â Â Â Banks
(
BKX |
Quote |
Chart |
News |
PowerRating) +0.94%Â Â Â Â Â
Internet
(
DOT |
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Chart |
News |
PowerRating) +0.78%Â Â Â Â Â Retail
(
RLX |
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Chart |
News |
PowerRating) +0.73%Â Â Â Â Â Â
Weak sectors were:Â
Natural Gas
(
XNG |
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PowerRating) -2.61%Â Â Â Â Â Oil
(
XOI |
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PowerRating) -1.84%Â Â Â Â Â Â
|
|
+54.59 | 10,585.35 |
| +8.73 | 2178.16 | |
| +2.61 | 1222.75 |
More stocks on the move:
Yum! Brands
(
YUM |
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PowerRating) reported Same Store Sales up 6% (more).
TiVo
(
TIVO |
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PowerRating) and Yahoo!
(
YHOO |
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Chart |
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PowerRating) said that they will
collaborate to offer TiVo’s online scheduling features on Yahoo! TV (more).
Level 3 Communications
(
LVLT |
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Chart |
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PowerRating) announced that it has
entered into a multi-year contract to provide voice services to The Washington
Post’s cable broadcasting division (more).
Brice Wightman
Â