Stocks Move Off Session Lows

Stocks are trading off their lows after crude oil
prices backed off below $64. The EIA reported better-than-expected
inventory data, sending crude lower. Gasoline inventories fell for a tenth
straight week. (full
story) On the economic front, jobless claims fell by 1,000 to 319,000 last
week. (full
story) The Labor Department said last week’s data would possibly be revised
upward.  The 4-week moving average rose 2,000 to 318,500–the highest level
in seven weeks.

Hovnanian
(
HOV |
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PowerRating) missed by 0.02. Earnings rose 32% from a year ago.
HOV is off over $4. The homebuilders are weak today, with KB Homes
(
KBH |
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down $2.40, Toll Brothers
(
TOL |
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(
BZH |
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off $2.59.

Sears Holdings’
(
SHLD |
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revenues; the 0.98 reported was not comparable to the $1.36 estimate. (full
story)

Strong Sectors are:   Gold 

(
XAU |
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+1.55%    
 Semis
(
SOX |
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Gas 

(
XNG |
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+0.67%    

Weak sectors are:    Retail 
(
RLX |
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-0.99%      Insurance 

(
IUX |
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-0.67%     Pharmaceuticals

(
DRG |
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PowerRating) -0.52%

Comverse Technology
(
CMVT |
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revenues. (full
story)

Cooper Companies
(
COO |
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story)

Take Two Interactive
(
TTWO |
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loss doubled from the same period last year. Citigroup reiterated its bullish
outlook on the stock.

Barr Pharmaceuticals
(
BRL |
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PowerRating) beat by 0.05, ex-items. (full
story)

The New York Post reports eBay
(
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Skype for about $5 billion. EBAY is trading off 1.39 to 39.06.

Brice Wightman