The End Of An Era…
Stocks fell Friday on a
weaker-than-expected jobs report and higher oil. The market started
to fade just as oil hit $53. Non-farm payrolls were 96,000; unemployment was
5.4%, in-line. THis is the last report before the presidential election.
Oil closed above $53, at $53.31. Oil tanker lease
rates are at a 30-year high
For the week, the Dow fell -1.4%, the Russell
lost -1.5%, and the Nasdaq down -1.2%.
Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) reported 0.34, in-line, on lower revenues. General
Electric
(
GE |
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Chart |
News |
PowerRating) reported 0.38, in-line.
Financial news legend Louis Rukeyser will
not return to broadcasting. Wall Street Week has been hosted by various
CNBC anchors for some time. A
letter from Mr. Rukeyser will be read on the show tonight. The show lasted
32 years; the last program will air December 31.
Drug companies continue to be in focus:
Johnson & Johnson
(
JNJ |
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PowerRating) warned doctors that patients taking Remicade–an
arthritis drug–may have a higher risk of lymphoma. Remicade is a tumor necrosis
blocker.
Who profits from the debates? Not the networks.
Independent research analyst Jack Myers estimates that because of the 90-minute
uninterrupted coverage, the major networks will collectively lose between $40
and $50 million–on each debate.
Copper made a 9-year high and copper producer Phelps Dodge
(
PD |
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Chart |
News |
PowerRating) is
making new highs. Winners this week are commodity stocks.
Martha Stewart reported to a minimum
security prison at Alderson, West Virginia early this morning to begin serving a
5-month sentence.
Two NYSE leases changed hands today for $66,000,
the lowest price in many years.
Next week, look for PPI, as well as earnings from
Intel and Yahoo (Tuesday), Apple and Lam Research (Wednesday), and Sun Micro and
Juniper (Thursday).
| Dow | -70.20 | 10055.20 |
| S&P 500 | -8.51 | 1122.14 |
| Nasdaq | -28.55 | 1919.97 |
Strong sectors were:Â Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +2.08%, Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +0.24%, Utilities
(
UTY.X |
Quote |
Chart |
News |
PowerRating) +0.45%.
Weak sectors were: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -3.43%, Cyclicals
(
CYC.X |
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Chart |
News |
PowerRating) -1.10%, Computer Tech
(
XCI.X |
Quote |
Chart |
News |
PowerRating) -1.63%.
10-year Notes were +255 at 112 185
The dollar
was -0.89 at 87.47
Gold was +5.00 at 422.70
Crude Oil was +0.73 at 53.40
1.66 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1618 | Up Vol 347 |
| Declining | 1664 | Down Vol 855 |
| Ratio | 1.02 | 2.46 |
| Nasdaq |
||
| Advancing | 952 | Up Vol 259 |
| Declining | 2089 | Down Vol 1346 |
| Ratio | 2.19 | 5.19 |
Stocks in the News
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating) reported 0.12, in-line. Sales rose 30%.
Digi International
(
DGII |
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Chart |
News |
PowerRating) guided higher for Q4 and 2004.
Manhattan Associates
(
MANH |
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Chart |
News |
PowerRating) reported Q3 below consensus.
Genentech
(
DNA |
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Chart |
News |
PowerRating) was ugraded at Credit Suisse, to ‘outperform’ from
‘neutral.’
Starbucks
(
SBUX |
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Chart |
News |
PowerRating) was upgraded at UBS, to ‘buy’ from ‘neutral.’
UTStarcom
(
UTSI |
Quote |
Chart |
News |
PowerRating) was downgraded at Goldman, from ‘outperform’ to
‘in-line.’
Abercrombie & Fitch
(
ANF |
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Chart |
News |
PowerRating) was upgraded from a ‘sell’ to a ‘hold’ at
Wells Fargo.
MedImmune
(
MEDI |
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Chart |
News |
PowerRating) said it will provide one to two million doses of
FluMist during the 2004-2005 flu season.
Brice Wightman