Stocks Pull Back from Historical Highs

• April 23, 2007
• Darren Wong

Higher crude prices curbed investor enthusiasm
despite major M&A activity and more positive earnings reports. 
The major indices fell back off historical highs.

June crude added $1.72 per
barrel to close at $65.83 per barrel as violence over Nigerian
presidential elections continued.  Traders fear that
continuing violence could threaten supply from Africa’s top crude
producing country. 
June gold futures lost $1.40 to
$694.40.

Around Europe, Britain’s FTSE 100
Index led with a gain of 0.6% to close at 6,479.70.  France’s
CAC 40 Index fell 0.4% to 5,917.32 and Germany’s DAX Index fell
fractionally to 7,335.62.

Today’s
PowerRatings
Heat
Map
is starting to show a divergence in the Drug sector with several
high PowerRatings stocks as well as several low PowerRatings
stocks.  The best performing high PowerRating drug stock was
Dendreon
(
DNDN |
Quote |
Chart |
News |
PowerRating), which added 11%.  The worst
performing low PowerRating stock was AtheroGenics
(
AGIX |
Quote |
Chart |
News |
PowerRating),
which lost 16%. 

Click here for a free trial to our PowerRatings Heat Maps.

Stocks in Motion

Barclays ( BCS | Quote | Chart | News | PowerRating) and ABN Amro ( ABN | Quote | Chart | News | PowerRating) Agree to $91bln Merger.  BCS shares fell 1.75%, while ABN shares fell 1.2%. Genesco ( GCO | Quote | Chart | News | PowerRating) Rejects Foot Locker’s ( FL | Quote | Chart | News | PowerRating) Takeover Offer (full story).  GCO shares added 1.2%, while FL shares fell 1.2%. Arch Coal ( ACI | Quote | Chart | News | PowerRating) Q1 Profit Drops, Yet Tops Estimates; Backs FY07 EPS View (full story).  ACI shares jumped over 4%. Hasbro ( HAS | Quote | Chart | News | PowerRating) Turns To Profit In Q1 On 34% Top Line Growth (full story).  HAS shares gained 7.7%. Beazer ( BZH | Quote | Chart | News | PowerRating) Taps Move Inc. Executive As CFO (full story).  BZH shares lost 0.5%. Kimberly-Clark ( KMB | Quote | Chart | News | PowerRating) Q1 Profit Rises; Adj. EPS Tops Consensus; Guides Q2, Backs FY07 Adj. EPS Outlook (full story).  KMB shares fell 1.2%. Founder Sweetens Bid For ACS ( ACS | Quote | Chart | News | PowerRating) To $62 Per Share Cash; Shares Up (full story).  ACS shares rose 3.2%. For more stories as they happen, go to our Breaking News section.

Market Snapshot

Dow -42.58 12,919.40 NASDAQ -2.72 2,523.67 S&P 500 -3.42 1,480.93   NYSE NASDAQ Volume 2,518,500,000 1,928,200,000 Advances 1548 1295 Declines 1681 1751 Up Volume 1056 884 Down Volume 1310 964 New Highs 304 167 New Lows 14 57

Strongest/Weakest Sectors

Strongest Sectors Weakest Sectors Morgan Stanley Healthcare Products Index (RXP) CBOE Dow Ten Index (MUT) GSTI Hardware Index (GHA) Amex Pharmaceutical Index (DRG) Computer Hardware Index (HWI) S&P Banking Index (BIX)

Economic News

No economic reports released today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com