Stocks Lower, Pressured By Warnings
Stocks fell on Tuesday as
the Dow saw its worst day
since Katrina. A disappointing forecast
from Best Buy
(
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PowerRating) started the session lower. The company guided Q3
to 0.28 – 0.32, down from the 0.34 average analyst estimate, and raised concern
about a weaker Fall season for retailers.
Economic news was mainly better-than-expected
but offered little help to the indices.
Wholesale prices rose less than expected in August and the U.S. trade gap
narrowed in July. The PPI rose 0.6% in August, less than the 0.7% expected. The
August data did not include information about the effect of Katrina. The trade
deficit narrowed to $57.9 billion.
After the close, OSI Pharmaceuticals
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OSIP |
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PowerRating)
said an FDA panel will recommend Tarceva for approval.
Before the open on Wednesday, look for earnings
from Lehman Brothers
(
LEH |
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PowerRating); 2.37 is the estimate.
Ebay
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EBAY |
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PowerRating)
was downgraded to sector perform at CIBC World Markets on concerns of challenges
related to the Skyle acquisition.
Nokia
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NOK |
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PowerRating)
raised Q3 sales and earnings guidance.
Knight Ridder
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KRI |
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PowerRating) expects earnings to be about 20% lower in Q3 from the same period last
year.
Strong Sectors were: Semis
(
SOX |
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PowerRating)
+0.23% Oil Services
(
OSX |
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PowerRating) +0.21%
Weak sectors were: Airlines
(
XAL |
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PowerRating) -5.97% Healthcare
(
HMO |
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PowerRating)
-2.36%
|
|
-85.50 | 10,597.44 |
| -11.08 | 2171.75 | |
| -9.36 | 1231.20 |
Stocks in the news:
Ford
(
F |
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PowerRating) is
selling Hertz for $15 billion.
Taser
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TASR |
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PowerRating)
received $775,000 in new orders.
Georgia Pacific
(
GP |
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PowerRating) was raised to a Buy at Bank of America.
Monster Worldwide
(
MNST |
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PowerRating) was upgraded to overweight at J.P. Morgan
Brice Wightman