Stocks Higher Ahead Of The Fed
Stocks are higher ahead of the Fed.
The FOMC is expected to raise rates by 1/4 point for a tenth time later
today.
Productivity decelerated to a 2.2% annual rate in the first
quarter. Unit labor costs rose 1.3% in Q2, down from 3.6% in Q1.
Ruth’s Chris Steakhouse
(RUTH) priced its IPO at $18, above the range, and increased size to 13 million
shares. The stock is trading at 20.90.
Elan (ELN)
is in focus after an encouraging safety evaluation and on speculation Tysabri
will return to the market. ELN is trading up 15% and partner Biogen-Idec
(
BIIB |
Quote |
Chart |
News |
PowerRating) is trading up over 9%.
Advanced Micro Devices
(AMD)
was upgraded to overweight at Lehman Bros.
Gap Inc
(
GPS |
Quote |
Chart |
News |
PowerRating) is higher on rumors that the company may be
considering a leveraged buyout. The
Retail Sector is up 1.0% on the news.
Oil is up 48% since the beginning of the year.
Strong sectors are: Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) +1.33% Semis
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) +1.26% Brokers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) +1.13%
Weak sectors are: Gold
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) -0.77% Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) -0.74%
| Dow | +70.39 | 10,607.31 |
| Nasdaq | +11.43 | 2175.82 |
| S&P 500 | +7.83 | 1230.96 |
Stocks in the news:
Blockbuster (BBI)
missed by 0.12 and withdrew its previous guidance.
LoJack (LOJN)
beat by 0.08 and guided FY 2005 higher.
PG&E (PCG)
was upgraded to buy from hold at Jeffries, who have a $40 price target.
Edison (EIX)
beat by 0.10.
King Pharmaceuticals
(KG)
beat by 0.22% revenues rose 68% year over year.
Faro Tech (FARO)
missed by 0.04 and guided to the low end of the range.
Brice Wightman