Tech Disappoints, Citigroup Surprises, Fed Hawkish Words

  • July 18, 2008
  • David Goodboy

Stock Indexes closed mixed today due to disappointing tech earnings, Citibank
beating estimates, and hawkish interest rate comments from Fed’s Gary
Stern. The DJIA closed up +46.16 to 11492.82, the
Nasdaq closed down +29.52 to 2282.78 and the broad
based S&P500 advanced +.09 ending the session
at 1260.51.

Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) jumped 9.13% or $1.64 to $19.62/share, leading
the DJIA higher after surprising the market with a lower than expected loss
due to job cuts, lower borrowing costs, and other factors.

Barr Pharma Inc
(
BRL |
Quote |
Chart |
News |
PowerRating) soared 11.02% or $6.26 to $63.44
on a more than 7 billion dollar buy out announcement from Teva.

Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) plummeted 9.72% or $51.86 to $481.58/share
after missing earning estimates for the fourth time and a pending suit from
YouTube.

Mattel
(
MAT |
Quote |
Chart |
News |
PowerRating) advanced 12.91% or $2.36 to $20.64 after
the toymaker won a jury verdict on the source of Bratz dolls and beating analyst’s
estimates.

Gold fell another $12.70 to $958/oz, oil gave back $0.34 to $128.95 and the
VIX dropped 3.84% to 24.05.

Market Snapshot

Dow

 +46.16 11492.82

NASDAQ

 +29.52 2282.78

S&P 500

 +.09 1260.51

Economic
News

NY Empire State Index (Jul): Consensus -8.0, Consensus -8.7

Retail Sales (Jun): Consensus 0.4%, Prior 0.8%

Retail Sales ex-auto (Jun): Consensus 0.9%, Prior 0.8%

PPI (Jun): Consensus 1.3%, Prior 1.4%

Core PPI (Jun): Consensus 0.3%, Prior 0.2%

Business Inventories (May): Consensus 0.5%, Prior 0.5%

Core CPI (Jun): Consensus 0.2%, Prior 0.2%

CPI (Jun): Consensus 0.7%, Prior 0.6%

Net Foreign Purchases (May): Consensus $65.0B, Prior $115.1B

Capacity Utilization (Jun): Consensus 79.4%, Prior 79.4%

Industrial Production (Jun): Consensus 0.0%, Prior -0.2%

Crude Inventories (07/12): Consensus NA, Prior -5840K

FOMC Minutes (Jun 25)

Building Permits (Jun): Consensus 965K, Prior 969K

Housing Starts (Jun): Consensus 960K, Prior 975K

Initial Claims (07/12): Consensus 380K, Prior 346K

Philadelphia Fed (Jun): Consensus -15.0, Prior -17.1

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