Stocks Rise On PPI Report; AMGN Down on Multiple Downgrades
U.S. stocks rise in early trading after the Labor Department’s
PPI report matched expectations and showed that inflation is moderating.Â
This raises investor’s hopes of a rate cut later this year.
Drug-maker Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating) shares are down after the
FDA voted to expand warnings on the company’s anemia treatment drug, Aranesp.Â
Amgen also received several downgrades this morning from HSBC Securities, JP
Morgan, Citigroup, and Lazard Capital.
On the earnings front, Swedish truckmaker Volvo
(
VOLV |
Quote |
Chart |
News |
PowerRating)
reported a 5.7% drop in first-quarter earnings. Volvo reported quarterly
profits of $550.55 million. Telecom giant Alcatel-Lucent
(
ALU |
Quote |
Chart |
News |
PowerRating)
posted a $10.8 million Q1 loss this morning. Shares are trading higher due
to promises of a stronger Q2 and full year 2007. ALU was upgraded this morning
by Credit Suisse from Neutral to Outperform.
For more stocks
to watch, see
TradingMarkets 7 Trading Ideas for Today.
Today’s
PowerRatings Heat Map has started to show more bullish signals after
yesterday’s selloff. Here is a snapshot of our Drug sector heat map, which
is one of the strongest today:
Today’s featured
list comes from our
PowerRatings
Preferred Stock List. The PowerRatings Preferred List is comprised of
momentum stocks with high PowerRatings (7-10) that have historically been widely
held by major mutual funds, hedge funds, and momentum investors. Because these
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it,
click here.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
Reminder: We are in no
way recommending the purchase or short sale of these stocks. This article is
intended for education purposes only. Trading should be based on your own
understanding of market conditions, price patterns and risk; our information is
designed to contribute to your understanding.
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