Stocks Snap Losing Streak
Stocks snapped a four-day losing streak, but
still lost lost steam in the afternoon, a pattern that has become familiar
this week. Transports soared to record high levels.
Gold traded to a one-month low. and crude oil rose slightly.
GDP rose 4.1% in Q3, less than expected. Treasurys were lower,
at 4.48%.
David Briggs, Head of Global Equity Trading at
Federated Investors, said "We had another faded rally attempt much like
yesterday’s, so it’s disappointing and it makes you wonder how many days we’re
going to try to bid them up in the morning only to see them roll over in the
afternoon. It’s a sign that the Santa Claus rally is tired and it’s getting
late in the game. Also, people have some anxiety coming up over what might
happen in January."
After the close, Red Hat
(
RHAT |
Quote |
Chart |
News |
PowerRating)
beat by .03 on higher than expected revenues of $73.1 million. 3Com
(
COMS |
Quote |
Chart |
News |
PowerRating)
missed by a penny, ex-items. Paychex
(
PAYX |
Quote |
Chart |
News |
PowerRating)
beat by a penny and reaffirmed guidance.
Tibco
(
TIBX |
Quote |
Chart |
News |
PowerRating)
beat by 0.04, ex-items and announced a $100 million stock buyback program.
Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) reported 0.71
non-GAAP on revenue of $560 million.
Nike
(
NKE |
Quote |
Chart |
News |
PowerRating)
reported $1.14.
NKE’s
PowerRating is 6.
Allergan []AGN|AGN]
will pay $3 billion for Inamed
(
IMDC |
Quote |
Chart |
News |
PowerRating).
Seagate
(
SEG |
Quote |
Chart |
News |
PowerRating) will acquire
Maxtor
(
MXO |
Quote |
Chart |
News |
PowerRating) for $7.25/share {$1.9 billion). STX gained 3% and it carries a
PowerRating of 3.
FedEx
(
FDX |
Quote |
Chart |
News |
PowerRating) reported $1.53, beating estimates by 0.13. The stock gained 5%. FDX’s
PowerRating is 6.
UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) gained 1.8% in sympathy with FDX. UPS‘s
PowerRating is 6.
Strong sectors were: Disk Drives
(
DDX |
Quote |
Chart |
News |
PowerRating) +7.56% Gold
(
XAU |
Quote |
Chart |
News |
PowerRating)
+2.48% Biotech
(
BTK |
Quote |
Chart |
News |
PowerRating) +1.84%
Weak sectors were:
Utilities
(
UTY |
Quote |
Chart |
News |
PowerRating) -1.23% Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating) -0.33%
Semis
(
SOX |
Quote |
Chart |
News |
PowerRating) -0.33%
|
|
+28.18 | 10,833.73 |
| +9.24 | 2231.66 | |
| +3.17 | 1262.79 | |
|
Oil |
+0.51 | 58.60 |
More stocks on the move:
Jabil Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating)
beat by 0.02 at $0.44 and guided to the higher end of consensus.
Q1 profit rose 38%. JBL’s
PowerRating is 6.
Palm Inc.
(
PALM |
Quote |
Chart |
News |
PowerRating) beat by $0.03 and guided higher. Quarterly profit rose
ten-fold. PALM rose 3%. PALM’s
PowerRating is 5.
Electronic Arts
(
ERTS |
Quote |
Chart |
News |
PowerRating)
said it expects Q3 and Q4 as well as fiscal 2006 guidance to be below previous
guidance. The stock was halted after hours.
ERTS’s
PowerRating is 5.
Brice Wightman