Tape Positive In Indices
Greg Che is on vacation this week and will return
on Monday, July 16. In his absence this column will be written by TradersWire’s
Duke Heberlein.
Shares of Comverse Technology
(
CMVT |
Quote |
Chart |
News |
PowerRating) plummeted on the
announcement of slower-than-expected sales that will quite possibly continue
over the next two quarters. Shedding more than 2 billion dollars in market
capitalization Wednesday, CMVT stock had dropped nearly 20 points over the last
six days leading up to today’s bloodletting. CMVT ended the session down 13.07
at 25.95.
Internet issues Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) and DoubleClick
(
DCLK |
Quote |
Chart |
News |
PowerRating) took
a hit on release of a statement from DoubleClick CFO Stephen Collins, who
predicted a continued decline in online ad sales. The Sunnyvale, Calif. company receives the majority of its revenues from web advertising sales. YHOO
ended down 0.80 at 17.03 and DCLK dropped 1.93 to 10.09.
The indices managed to forge somewhat constructive action in the second half
of trading, as all three recovered some of their earlier losses in spite of
financial worries coming out of South America. Argentine economic minister
Domingo Cavallo was quoted as stating his country needed to find a way to cut
spending or run the risk of defaulting on over 100 billion dollars in debt. The
specter hung over the market in spite of the recovery as worries of a spillage
into the economies of Brazil and Chile were a concern of several economists. An
effect of the Argentine situation on neighboring economies in South America
would most likely lower U.S. imports to that region. The Dow Industrials ended
in the green by 65.45 at 10241.09, the Nasdaq Composite gained 9.21 to 1972 and
the S&P had a slight loss of 1.34 to close at 1180.18.
Investors Financial Services
(
IFIN |
Quote |
Chart |
News |
PowerRating) followed through after a
momentum gap to the upside, closing near its high, up 6.07 at 74.33. 38% growth
in second quarter earnings and an analyst upgrade added fuel to Wednesday’s
action.
Astropower
(
APWR |
Quote |
Chart |
News |
PowerRating) attempted to recover some of the losses it
sustained over the last few trading sessions, gaining 3.68 to close at 48.80.
AdvancePCS
(
ADVP |
Quote |
Chart |
News |
PowerRating) had a large expansion of its daily price range,
opening negative but managing to grind out a gain of 3.65 to end trading at
59.00.
Emerson Electric
(
EMR |
Quote |
Chart |
News |
PowerRating) and Macrovision
(
MVSN |
Quote |
Chart |
News |
PowerRating) were the
biggest point losers following CMVT. EMR was down 8.48 to 52.93 and MVSN lost
8.31 to 62.64.
Looking ahead to Thursday, three economic reports are due for release: chain
store sales, jobless claims and import and export prices.