Technology Leads to the Upside

  • February 7, 2007
  • Darren Wong

After moving higher U.S.
stock markets have given back some ground over the course of the
session.  The Dow and S&P 500 have moved back to even
territory, while the Nasdaq has been able to maintain its early
gains. 

Notable gainers in the Nasdaq 100
include Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) and Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating).  APOL shares
jump 9.5%, while BRCM shares gain 4.6%.

After failing to sustain an
early upward move, the price of oil pulled back sharply over the
course of the trading session on Wednesday. Crude for March
delivery closed down $1.17 at $57.71 a barrel after reaching a
high of $59.85 a barrel.

Along with crude, gold futures were
not able to hold onto an early rise giving back $1.40 to close at
$657.30 an ounce.



Our PowerRatings
Heat Maps*
from Tuesday’s close continue to show anticipated market weakness. 
The sectors that traders should be most wary about are energy and
electronics. 

Click here for a free trial to PowerRatings Heat Maps.


Stocks in
Motion

Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) Q2 Earnings Surge, Top
Estimate; Sees Q3 Sales Up 19-20% (full
story).  CSCO shares move higher by 3%.

Vornado Realty
(
VNO |
Quote |
Chart |
News |
PowerRating) Terminates Proposal
To Acquire Equity Office
(
EOP |
Quote |
Chart |
News |
PowerRating); Equity Office Shareholders Approve
$23 Billion All-cash Buyout Offer From Blackstone (full
story).  VNO shares rise by 6.7%, while  EOP shares lose 1%.

Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) Q1 Net Income
Declines Despite Higher Revenues; Says Certain Accounting Adjustments May
Adversely Impact Prior Results (full
story).  APOL shares jump 9.5%.

News Corp.
(
NWS |
Quote |
Chart |
News |
PowerRating) Q2 Profit Declines 24%, Revenue Up 18% (full
story).  NWS shares rise by 2%.

Subscriber Gains Lift DirecTV
(
DTV |
Quote |
Chart |
News |
PowerRating) Q4
Profit Up, Revenues Rise 16% (full
story).  DTV shares rise by 5.7%.

Nabors
(
NBR |
Quote |
Chart |
News |
PowerRating) Q4 Profit Rises On Higher
Revenues; Misses Estimates (full
story).  NBR shares finish lower by 2.4%.

Nortel
(
NT |
Quote |
Chart |
News |
PowerRating) To Cut About 2900 Jobs, Sees
8.8% Growth In Q4 Revenues (full
story).  NT shares gain 9%.

Polo Ralph Lauren
(
RL |
Quote |
Chart |
News |
PowerRating) Q3 EPS Rises; Tops
Estimate; Guides FY07, 08 (full
story).  RL shares fall by 1.7%.

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

Market Snapshot

Dow

 +0.56 12,666.87

NASDAQ

 +19.01 2,490.50

S&P 500

 +2.02 1,450.02

 

 NYSE NASDAQ

Volume

 2,505,819,000 2,161,919,000

Advances

 1860 1836

Declines

 1396 1207

Up Volume

 1116 1524

Down Volume

 1128 527

New Highs

 416 204

New Lows

 8 40



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
CBOE Internet Index (INX) Amex Airline Index (XAL)
Amex Networking Index (NWX) Amex Gold Bugs Index (HUI)
GSTI Multimedia Index (GIP) Deutsche Bank Energy Index (DXE)


Economic
News

Consumer Credit
+$6.0 bln vs +$6.5 bln consensus

The E.I.A. reports that crude oil inventories had a draw 449K barrels

Productivity-prelim +3.0% vs +2.0% consensus,
prior +0.2%

Darren Wong

Associate Editor

darrenw@tradingmarkets.com