Stocks Pullback From Intraday Highs
Stocks started the day
positive but have drifted back from the intraday highs as traders await the FOMC
announcement.
Technology stocks remain strong, led by a 1.6%
advance in the networking space. Railroad stocks are also strong, including a
4.6% rise in Norfolk Southern
(
NSC |
Quote |
Chart |
News |
PowerRating). The insurance and paper products
sectors are showing notable gains as well.
Energy stocks have been drifting lower through
the morning, giving back a portion of Monday’s advance. The oil service space is
the worst performer in the group, down about 1.4%. Housing stocks are also weak,
with the sector showing a modest decline.
The Dow is being buoyed by gains in a number of
its components. Hewlett-Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) is extending its rally of the
last few days, adding to its 52-week high with a gain of 1.5%. Procter &
Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) is also up 1.5%, advancing on reaffirmed quarterly earnings
guidance. AIG
(
AIG |
Quote |
Chart |
News |
PowerRating) is another notable gainer among the blue chips,
rising by about 1.6%.
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) is the worst performing
Dow component, adding to its recent drift lower with a 1% decline. IBM
(
IBM |
Quote |
Chart |
News |
PowerRating)
and Coca-Cola
(
KO |
Quote |
Chart |
News |
PowerRating) are showing modest losses.
Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating) is further extending its
rally of the last couple days, moving to yet another 52-week high. Goldman
Sachs
(
GS |
Quote |
Chart |
News |
PowerRating) has climbed to a new peak as well, rising on its
better-than-expected earnings report. UnumProvident
(
UNM |
Quote |
Chart |
News |
PowerRating) and Red
Hat
(
RHAT |
Quote |
Chart |
News |
PowerRating) are among the other notable stocks reaching fresh highs.
Estee Lauder
(
EL |
Quote |
Chart |
News |
PowerRating) has dropped to a new
52-week low on revised guidance for the first half of 2006. Guidance is also
sending Brunswick
(
BC |
Quote |
Chart |
News |
PowerRating) to a fresh nadir. Delphi (DPH | charts | news |
discuss it) has set a new low as well, adding to a decline that began in late
August and moving below support levels.
Federated Department Stores
(
FD |
Quote |
Chart |
News |
PowerRating)
revealed a restructuring plan aimed at building its Macy’s and Bloomingdale’s
brands and at reducing costs. As part of the program, the company said all
Marshall Field’s stores will convert to the Macy’s nameplate in fall 2006. The
company also announced a division realignment that will impact about 4,500
divisional headquarters employees, as well as a phasing out of operations at May
corporate headquarters and May Merchandising Corp. offices, which employ about
1,700 people.
Biggest Risers And Fallers
S&P 500:
Circuit City
(
CC |
Quote |
Chart |
News |
PowerRating) +5.41%, MedImmune
(
MEDI |
Quote |
Chart |
News |
PowerRating)
+5.06% and Norfolk Southern
(
NSC |
Quote |
Chart |
News |
PowerRating) +4.64%.
Delphi Corp.
(
DPH |
Quote |
Chart |
News |
PowerRating) -16.32%,
Brunswick Corp
(
BC |
Quote |
Chart |
News |
PowerRating) -10.30% and Leggett Platt
(
LEG |
Quote |
Chart |
News |
PowerRating) -7.58%.
Nasdaq 100:
MedImmune
(
MEDI |
Quote |
Chart |
News |
PowerRating)
+5.06%, Ciena
(
CIEN |
Quote |
Chart |
News |
PowerRating) +4.22%
and QUALCOMM
(
QCOM |
Quote |
Chart |
News |
PowerRating) +3.25%.
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) -2.61%,
Patterson-UTI Energy
(
PTEN |
Quote |
Chart |
News |
PowerRating)
-1.52% and Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating) -0.99%.
Strongest Sectors
Biotech
(
BTK |
Quote |
Chart |
News |
PowerRating) +1.49%, Networking
(
NWX |
Quote |
Chart |
News |
PowerRating) +1.43%
and Insurance
(
IUX |
Quote |
Chart |
News |
PowerRating) +1.23%.
Weakest Sectors
Oil Service
(
OSX |
Quote |
Chart |
News |
PowerRating) -1.55%, Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating) -0.54%
and Gold and Silver
(
XAU |
Quote |
Chart |
News |
PowerRating) -0.37%.
| Dow | +23.97 | 10,581.60 |
| Nasdaq | +12.02 | 2157.28 |
| S&P 500 | +2.49 | 1233.51 |
| NYSE | Nasdaq | |
| Volume | 978,704,000 | 831,894,000 |
| Up Volume | 456 (50%) | 581 (72%) |
| Down Volume | 431 (47%) | 187 (23%) |
| Advances | 1765 | 1681 |
| Declines | 1370 | 1163 |
Ashton Dorkins