Stocks Rally Ahead of Major Earnings

  • July 11, 2007
  • Darren Wong

Wall Street bounced back Wednesday after Tuesday’s sharp decline.
Investors were optimistic on new acquisition activity. Genentech
beat earnings announcing $0.78 EPS over an expected $0.71 EPS.

Crude oil futures for August delivery fell 0.4%
to $72.54 per barrel after today’s Energy Department report showed
that crude stockpiles dropped 1.4 million barrels.  Gold
futures for August delivery closed lower by 0.4% to $662.10 an ounce.


Around Europe, Germany’s DAX lost 0.8%
to close at 7,898.54, France’s CAC 40 index lost 0.3% to 6,001.09,
and Britain’s FTSE 100 fell 0.24% to 6,615.10.

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Stocks in
Motion

Gerdau Ameristeel To Acquire Chaparral Steel For US$86 Per
Share In Cash (full
story). CHAP shares jumped 10.5%.

Sealy Q2 Profit Soars On Higher International Sales (full
story). ZZ shares lost 5%.

Ryland Sees Loss In Q2 (full
story). RYL shares fell 0.6%.

Liz Claiborne To Review Strategic Options For 16 Brands; To Cut 600-
800 Jobs In 2007; Tightens FY07 Adj. EPS View (full
story). LIZ shares added 0.9%.

Ventana Medical Systems Rejects Roche’s $3 Bln. Offer (full
story). VMSI shares rose 3%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 +76.17 13,577.87

NASDAQ

 +12.63 2,651.79

S&P 500

 +8.64 1,518.76

 

 NYSE NASDAQ

Volume

 2,985,597,000 1,948,475,000

Advances

 1707 1592

Declines

 1524 1431

Up Volume

 1737 1192

Down Volume

 1100 680

New Highs

 106 130

New Lows

 106 127


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Nasdaq Telecom Index (IXTCX) Disk Drive Index (DDX)
North American
Telecom Index (XTC)		 Airline Index (XAL)
Networking Index (NWX) CBOE DJ REIT

Index (DJR)


 


Economic
News

Energy Department reports a drop
in crude supplies by 1.4 mln barrels

Darren Wong

Associate Editor

darrenw@tradingmarkets.com