The House Blocks CNOOC Bid. So Why Are We Opening An Energy Office In China?
Stocks are higher Friday on good economic data but
volume is light in pre-holiday trading.
The ISM Manufacturing Index was 53.8, better than expected. Construction
Spending for May fell -0.9%, weaker than expected. The University of Michigan
Consumer Sentiment Index was 96 in June vs. 86.9 in May.
Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating) slashed Q2 guidance to 0.10/share from 0.15. The
company cited slower video sales for “The Incredibles.” The stock is lower
pre-open.
3M
(
MMM |
Quote |
Chart |
News |
PowerRating) guided Q2 and full-year lower, saying it will take a $75
million charge related to the repatriation of foreign earnings.
Unocal
(
UCL |
Quote |
Chart |
News |
PowerRating) guided Q2 higher, to 1.65 – 1.70. Thomson First Call
had it at 1.37.
Red Hat
(
RHAT |
Quote |
Chart |
News |
PowerRating) beat by 0.02, reporting an almost 45% gain in Q1
met income. The company guided slightly lower for the current quarter. CSFB
upgraded the stock to outperform.
Taser
(
TASR |
Quote |
Chart |
News |
PowerRating) is suing Gannett–the parent of USA Today–for
libel and misrepresentation. Taser claims the newspaper said their guns
overstated the charge of its gun by a million times–that its punch was as
strong as an electric chair.
At the end of the first half, the SPX is off 1.70%, the
Dow is off 4.86% and the Nasdaq is off 5.57%.
Among newsletter writers, 55.1% are bullish, the highest level since
March. Bears are 19.1%, the lowest figure since December.
Trader talk: last summer was tough trading. What’s in store for this
summer? Specifically, traders are hoping Q3 this year will be better than Q3
last year.
AAA said this could be the biggest driving weekend–ever. This, despite higher gasoline prices.
Thomson Financial predicts the growth rate for the
S&P 500 for Q2 will be 7.1%. Most companies report mid-July.
Here is the YTD performance of selected foreign markets:
France:Â Â Â Â Â +11.2%
Germany   +8.2%
U.K.          +6.5%
Hang Seng -0.2%
Strong sectors are:Â Â Oil
(
$XOI.X |
Quote |
Chart |
News |
PowerRating)
+1.70%Â Â Â Natural Gas Â
(
$XNG.X.X |
Quote |
Chart |
News |
PowerRating)
+1.62%Â Â Â Â Â Â Â
    Â
Weak sectors are: Â Gold
(
XAUI.X |
Quote |
Chart |
News |
PowerRating)
-2.44%Â Â Â Â Â Â Â Airlines Â
(
$XAL.X.X |
Quote |
Chart |
News |
PowerRating)
-1.18%Â Â Â Â Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) -1.03%Â Â Â
Â
| Dow | +37.69 | 10,312.66 |
| Nasdaq | +2.07 | 2059.03 |
| S&P 500 | +3.49 | 1194.82 |
The dollar is +0.91 at
90.02
Crude Oil is +1.00 at
57.50
Gold is 434.50
522 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1871 | Up Vol 345 |
| Declining | 1185 | Down Vol 224 |
| 1.57 | 1.54 | |
| Nasdaq |
||
| Advancing | 1470 | Up Vol 281 |
| Declining | 1318 | Down Vol 182 |
| 1.11 | 1.54 |
Stocks in the News
Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) is canceling two new drugs after trials showed
limited benefits.
Automakers report sales today:
(
GM |
Quote |
Chart |
News |
PowerRating),
(
F |
Quote |
Chart |
News |
PowerRating),
(
DCX |
Quote |
Chart |
News |
PowerRating).
UBS downgraded Pepsi
(
PEP |
Quote |
Chart |
News |
PowerRating) and Pepsi Bottling
(
PBG |
Quote |
Chart |
News |
PowerRating),
citing higher energy costs.
Morgan Stanley upgraded Host Marriot.
Brice Wightman