Stocks Mixed On Mixed Data
Stocks
continue to drift downward on higher core CPI prices — up 0.3% vs. the 0.2%
consensus. CPI was 0.2% vs 0.3% expected. Industrial production rose
by 0.8% with production capacity up at its highest level since 2001, to 76.9%.
The Michigan Sentiment Index remained unchanged at 94.2, below market
expectations. Oil prices hit a 21-year high with US light crude trading above
$41 a barrel, the highest level that it has ever been on the NYMEX.
BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating)
tumbled after reporting a lower-than-expected licensing revenue of $120.2
million. Total revenue was up 11% to $262.6 million with net income at $25.3
million. Nortel
(
NT |
Quote |
Chart |
News |
PowerRating) said they received a federal grand jury subpoena
for financial statements and related records.
| Dow | -9.35 | 10001.34 |
| S&P 500 | -0.96 | 1095.47 |
| Nasdaq | -19.07 | 1906.41 |
Strong today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +1.83%, Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +1.61% Oil
Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +1.50%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +1.41%.
Weak today are Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) -3.55% Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) -2.53%.
Economic news releases today:
Inventories that rose sharply to 0.7%, CPI that was at 0.2%, with the Core CPI
at a strong 0.3%. Industrial Production levels exceeded expectations at a 0.8%
increase and Capacity Utilization at 76.9%. Michigan Sentiment Index remained
unchanged at 94.2.
10-year Notes are +185
at 108 250
The dollar
is +0.37 at 91.78
Gold is +2.20 at 377.10
Crude Oil is +0.30 at
41.30
Volume is 633,000,000 on
the NYSE, and 766,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1630 | Up Vol 256 |
| Declining | 1519 | Down Vol 331 |
| Ratio | 1.07 | 1.27 |
| Nasdaq |
||
| Advancing | 951 | Up Vol 130 |
| Declining | 1965 | Down Vol 600 |
| Ratio | 2.06 | 4.61 |
Top Dow stocks are:
Altria
(
MO |
Quote |
Chart |
News |
PowerRating), +2.19%
at 49.93, Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating), +1.15% at 43.20, Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) +0.71% at 106.02, Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating), +0.54% at 35.42.
Stocks in the news:
Merix
(
MERX |
Quote |
Chart |
News |
PowerRating)
lowered its fourth-quarter earnings forecasts from 19 cents to a loss of 3 cents
on weak demand from a major customer.
Cisco’s
(
CSCO |
Quote |
Chart |
News |
PowerRating) board has
authorized a $5 billion stock buyback, bringing the program to $25 billion.
Analog Devices
(
ADI |
Quote |
Chart |
News |
PowerRating) reported earnings of $152.6 million on revenue of
$678.5 million on strong demand for chips for consumer electronics.
Chinadotcom
(
CHINA |
Quote |
Chart |
News |
PowerRating) is lower after
it reported earnings that missed by a penny and extended its deadline to
complete its merger with Ross
(
ROSS |
Quote |
Chart |
News |
PowerRating).
Brice Wightman
bricew@tradingmarkets.com