Stocks Mixed After Data; PG, ADM, Qwest Earnings Rise
The major indices opened higher, but pulled back after mixed
economic data was released this morning. The ISM manufacturing report
showed expanding manufacturing activity, while the Pending Home Sales report for
March showed a decrease of 4.9%.
Dow component Proctor & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) reported a 14%
rise in earnings on higher sales of health products and razors. Archer
Daniels Midland
(
ADM |
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Chart |
News |
PowerRating) reported a 4% gain in quarterly profits as
rising ethanol and sweetener prices help raise earnings. S&P 500 Index member
Qwest Communications
(
Q |
Quote |
Chart |
News |
PowerRating) nearly tripled first-quarter profit to $240
million as company cut costs and saw a rise in demand for their internet and
data services.
Sirius Satellite Radio
(
SIRI |
Quote |
Chart |
News |
PowerRating) reported a narrower
loss of $144.7 million versus $458.5 million for the same quarter a year ago.
For more stocks
to watch, see
TradingMarkets 7 Trading Ideas for Today.
Today‘s
PowerRatings Heat Map is starting to become more bullish after yesterday’s
slight selloff. The divergence of high PowerRating stocks versus low
PowerRatings stocks continues to play out in the Drug sector.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
Reminder: We are in no
way recommending the purchase or short sale of these stocks. This article is
intended for education purposes only. Trading should be based on your own
understanding of market conditions, price patterns and risk; our information is
designed to contribute to your understanding.