Stocks Sustain Heavy Losses

  • June 20, 2007
  • Darren Wong

U.S. stocks sustained heavy losses in Wednesday’s session. Bond
yields continued to rise luring money away from equities, despite
falling oil, positive earnings from Morgan Stanley, and a $22.5
billion share repurchase program initiated by Home Depot.

Crude oil futures for July delivery dropped
0.9% to $68.50 a barrel after the Energy Department’s crude
inventory report showed a build of 6.9 million barrels. Gold futures for August delivery
fell 0.7%  $666.00 an ounce. 


Around Europe, Germany’s DAX Index rose 0.7% to 8,090.49, France’s
CAC 40 Index added 0.4% to 6,093.29, and Britain’s FTSE 100 Index
closed flat at 6,649.30.



Today’s

PowerRatings Heat Map continues to show widespread price action that has led to lower
prices in the short term.  The sectors to avoid are Drugs, Electronics,
Metals/Mining, and Manufacturing. 

Click here to view all 33 Heat Map sectors.   


Each day TradingMarkets will be giving free open access to one
of our stock indicator lists. The stocks on these lists all have
historically backed data (covering over 7 million trades) to
quantify their trading edge. 
Click here
for today’s free list of stocks making

5+ Consecutive Lower Lows.



Stocks in
Motion

Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) To Sell Supply Unit To Private Equity
Group For $10.3 Bln; Boosts Share Buyback Program By $22.5 Bln (full
story). HD shares jumped 4.7%.

MGM Mirage
(
MGM |
Quote |
Chart |
News |
PowerRating) Says Tracinda Calls Off Talks To Buy Bellagio,
CityCenter Properties (full
story). MGM shares lost 6.4%.

Morgan Stanley
(
MS |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 40% On Higher Top Line Results;
EPS From Cont. Ops Beats Estimate (full
story). MS shares fell fractionally.

Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) Agrees With Department Of Justice To Change
Windows Vista Desktop Search Function (full
story). MSFT shares lost 1.4%.

FedEx
(
FDX |
Quote |
Chart |
News |
PowerRating) Q4 Profit Rises On One-time Gain, Higher Top Line;
Gives Q1, FY08 EPS View (full
story). FDX shares rose by 1.6%.

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


Market Snapshot

Dow

 -146.00 13,489.42

NASDAQ

 -26.80 2,599.96

S&P 500

 -20.86 1,512.84

 

 NYSE NASDAQ

Volume

 3,221,598,000 1,979,875,000

Advances

 740 850

Declines

 2517 2182

Up Volume

 731 427

Down Volume

 2271 1505

New Highs

 225 151

New Lows

 51 67


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
GSTI Internet Index (GIN) Dow Jones Equity REIT Index (DJR)
Nasdaq Transportation Index (TRANX) Amex Oil Index (XOI)
Amex Interactive Week Internet Index (IIX) CBOE Oil Index (OIX)


 


Economic
News

Crude inventories showed a build
of 6.9 million barrels

Darren Wong

Associate Editor

darrenw@tradingmarkets.com