Tech Leads the Indices Lower

  • May 9, 2007
  • Darren Wong

The major indices are being led to the downside by
the Nasdaq this morning, currently down 0.4%.  Cisco
Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) is seeing some major selling after
reporting earnings.  CSCO shares are currently down 6.5%.

June crude futures rose 1.3% to
close at $62.26 per barrel after attacks by militants in Nigeria
shut down 3 pipelines. 
June gold futures declined 0.4% to $687.40 an ounce.

Around Asia, Shanghai’s Composite
added 1.6% to close at 4,013.08, Hong Kong’s Hang Seng Index added
0.7% to 20,844.78, and Tokyo’s Nikkei gained 0.5% to 17,748.12.

Our

PowerRatings Heat Map remains on the bearish side as the market continues to
hold near highs.  Taking long positions at this point may hold more risk.  The
weakest sectors today are Transportation, Metals/Mining, Manufacturing, and
Energy.


Click here to see our new list of indicators that includes

Gaps Down 5% or More,

2-Period RSI Below 2,

Stocks Up 10% or More.  Historically proven edges make
these a great place to start making a watch list. 


Stocks in
Motion

Toll Brothers
(
TOL |
Quote |
Chart |
News |
PowerRating) Q2 Home Building Revenues Drop
19% Hammered By Poor Market Conditions; Withdraws FY07 Outlook (full
story).  TOL shares lose 0.9%.

Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating)
Q3 Earnings Rise, Top Estimate; Sees Q4 Sales Up 15-16% (full
story).  CSCO shares drop 6.5%.

Electronic
Arts
(
ERTS |
Quote |
Chart |
News |
PowerRating) Q4 Loss Widens, Excl. Charges Adj. EPS Misses Consensus,
Revenue Fell 4%; Expects Q1 Non-GAAP Loss Per Share Wider Than Analysts’ View (full
story).  ERTS shares lose 4.5%.

Dendreon
(
DNDN |
Quote |
Chart |
News |
PowerRating) Shares Plunge After FDA Further Data on the Company’s Provenge
cancer vaccine.  DNDN shares fall 58%.

Rio Tinto
(
RTP |
Quote |
Chart |
News |
PowerRating) Shares Surge on BHP
(
BHP |
Quote |
Chart |
News |
PowerRating) Buyout Speculation.  RTP
shares add 12%, while BHP shares rise 4.3%.

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

Market Snapshot

Dow

 -2.03 13,307.04

NASDAQ

 -8.23 2,563.52

S&P 500

 -0.89 1,506.83

 

 NYSE NASDAQ

Volume

 1,092,242,000 859,182,000

Advances

 1623 1196

Declines

 1415 1645

Up Volume

 550 316

Down Volume

 406 466

New Highs

 159 98

New Lows

 12 40


   



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Dow Jones Equity REIT Index (DJR) Nasdaq Telecom Index (IXTC)
Amex Airline Index (XAL) Amex Natural Gas Index (XNG)
GSTI Semiconductor Index (GSM) Deutsche Bank Energy Index (DXE)


Economic
News

Energy Department
reports U.S. crude supply up 5.6 million barrels last week

Darren Wong

Associate Editor

darrenw@tradingmarkets.com