Stocks Trounced
Stocks were trounced Thursday
in a triple-digit selloff after several large cap stocks came in with
worse-than-expected earnings. Trading
curbs were in effect near the close. Not even lower crude, which fell for a
third straight day, could help bolster stocks. Crude oil fell below $60 intraday
and closed at $61.03, the lowest level since July.
Pfizer
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beat by 0.03, but guided below consensus and withdrew its 2006-2007 guidance. (story)
Ford
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F |
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missed by a penny. (story)
Not all the earnings news was gloomy, though.
Amgen (AMGN)
beat by 0.03 and reaffirmed FY 2005 $3.10 – $3.20. Eli Lilly
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LLY |
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guided lower. (story) Coca-Cola
(
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rose 37% to $1.28 billion. McDonald’s
(
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in-line. (story)
EBay
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After the close, Google
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reported 1.51, beating by 0.16 and beat on revenues at $1.08 billion. This was
the first time the company provided pro-forma numbers. Xilinx
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beat by 0.02. Revenues were lighter than expected at. Genesis Microchip
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GNSS |
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beat by 0.10. Cohu
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COHU |
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by 012. Cree Research
(
CREE |
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Devices
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Scientific Atlanta
(
SFA |
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There was a large block traded on
ChevronTexaco
(
CVX |
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ExxonMobil went off at on Tuesday.
On the economic front, jobless claims for the week of 10/15 fell
35,000 to 355,000. The Fed’s Guynn said that the Fed would continue to
raise rates. The Philly Fed said that manufacturers were passing cost
increases onto customers.
Strong sectors were: Semis
(
SOX |
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+0.09%
Weak sectors were: Airlines
(
XAL |
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-5.75% Oil
(
OIX |
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-4.33%
|
|
-133.67 | 10,280.46 |
| -23.11 | 2068.13 | |
| -17.91 | 1177.85 |
More stocks on the move:
Nucor
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NUE |
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rose.
Jet Blue
(
JBLU |
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The company sees a Q4 and FY 2005 loss.
Earthlink
(
ELNK |
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Brice Wightman