Stocks Sell Off for Third Straight Day

  • June 7, 2007
  • Darren Wong

The stock market continued its downward slide in
Thursday’s session with the Dow giving up another triple-digit
loss. Rising bond yields and increasing crude prices further
brought in sellers.

July crude futures closed higher by
1.5% to $66.94 per barrel
after a government report showed that refinery outages cut U.S.
gas supplies. Gold
futures for August delivery fell 1.4% to $665.20 an ounce.

Around Europe, France’s CAC 40 Index
fell 1.5% to finish at 5,890.49, Germany’s DAX Index lost 1.4% to
7,618.61, and Britain’s FTSE 100 fell 0.3% to 6,505.10.

Today’s

PowerRatings Heat Map has become less bearish after yesterday’s harsh
selloff. Some bullish opportunities are showing up in the Drug and
Internet sectors.
Click here for a free trial to see all
33 market sectors.



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Gaps Down 5% or More,

2-Period RSI Below 2,

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these a great place to start making a watch list. 


Stocks in
Motion

Target
(
TGT |
Quote |
Chart |
News |
PowerRating) May Net Sales Rise 10.1%, Comps. Up
5.8%; Sees June Comps. Growth In 3-5% Range (full
story). TGT shares lost 2.5%.

Shuffle Master
(
SHFL |
Quote |
Chart |
News |
PowerRating) Swings To Q2 Profit (full
story). SHFL shares fell 10%.

Wal-Mart Stores
(
WMT |
Quote |
Chart |
News |
PowerRating) May Net Sales Rise 7.7%;
Comps. Up 1.1%, Ex. Fuel; Sees June Comp. Of Flat-2% (full
story). WMT shares dropped 2%.

Agilent Technologies
(
A |
Quote |
Chart |
News |
PowerRating) Completes Stratagene
Acquisition; Raises Q3 Revenue Outlook (full
story). A shares lost 2.8%.

UTi Worldwide
(
UTIW |
Quote |
Chart |
News |
PowerRating) Q1 Profit Declines 6% On
Higher Expenses; Gross Revenue Up 22%; Announces New, Five-year Strategic Plan;
Backs FY08 EPS Outlook (full
story). UTIW shares gained 3%.

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

Market Snapshot

Dow

 -198.94 13,266.73

NASDAQ

 -45.80 2,541.38

S&P 500

 -26.66 1,490.72

 

 NYSE NASDAQ

Volume

 2,723,907,000 2,327,819,000

Advances

 294 655

Declines

 2991 2367

Up Volume

 183 302

Down Volume

 2321 1927

New Highs

 40 80

New Lows

 103 84



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Morgan Stanley Healthcare Payors Index (HMO) Nasdaq Other Finance Index (OFINX)
Morgan Stanley Healthcare Providers Index (RXH) Amex Airline Index (XAL)
Amex Disk Drive Index (DDX) Dow Jones Equity REIT Index (DJR)

 


Economic
News

Initial Claims 309K
vs 312K consensus, 310K prior

Wholesale Inventories
+0.3% vs +0.3% consensus, prior +0.4%

Consumer Credit $2.6 bln vs $6.0 bln consensus, prior
revised to $14 bln from $13 bln

Darren Wong

Associate Editor

darrenw@tradingmarkets.com