The Earnings Factor…
The markets slipped today on more anthrax news.
The Nasdaq gapped up over its 50-day moving average before settling back. The
S&P was also repelled by the 50-day MA.
The
Dow fell -36.95 to close at 9340.08 on volume of 1.3 billion. The
Nasdaq closed -3.69 at 1704.39 on volume of 1.8 billion. S&P 500
dipped -5.90, closing at 1084.00.
Strong sectors were Transportation
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PowerRating)
up 2.88%, oil
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PowerRating), up 3.86%.
Weak sectors were health care
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down 1.44%, and pharmaceuticals
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PowerRating), down 1.57%.
AT&T
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PowerRating) reported .04 vs. .04 estimate. T closed at 17.70, down .60.
Lucent
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loss of $8.8B, or 2.59 per share, after jobs cuts. This loss is almost three
times what the company raised in its 1996 IPO. The company’s shares have lost
90% of their value in the past two years. LU closed at 6.64, down .26.
Hilton Hotels
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fell by 2/3, and forecast a breakeven for next quarter. HLT rose .58 to
8.98.
In the biggest IPO since Kraft
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PowerRating) in June,
Principal Financial Group
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PowerRating) priced 100 million shares at $18.50; the
stock rose 2.50 to close at 21. The 401(k) and insurance provider converted
ownership from policyholders to stockholders.
After reporting its fifth straight quarterly
loss, Xerox’s
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closed at 7.30, down .02.
Railway operator CSX Corp.
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after reporting a 69% rise in Q3 earnings. CSX rose to 35.19, up 2.45%.
Exxon Mobil
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PowerRating) posted a 22.6 drop in
earnings, and the stock fell .25 to 40.87.
Amazon, Compaq, QLogic report tonight.
With more than half of the S&P 500 reporting,
First Call reports that 54% have beat estimates, and another 32% matched.