These Sectors Are Outperforming
Stocks are higher even
after oil prices hit a record $50.
Consumer confidence fell unexpectedly in September, to 96.8 from 98.7 in August.
Economists surveyed expected an increase to 99.0.
On the Nasdaq, semis and airlines are weak, and the SOX is testing its 373/374
support level.
Gold is up 10% from its May lows. Commodity and
mining stocks are moving, such as Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating), making a 52-week
high and BHP Billiton
(
BHP |
Quote |
Chart |
News |
PowerRating), making an all-time high. In the coal
group, Massey Energy
(
MEE |
Quote |
Chart |
News |
PowerRating) is hitting a multi-year high.
The $50 bill has a new look–red, blue and yellow
will be added to the traditional grey. The Treasury Department says the new
colors make it tougher to counterfeit.
| Dow | +54.71 | 10043.69 |
| S&P 500 | +4.26 | 1107.78 |
| Nasdaq | +4.59 | 1864.49 |
Strong sectors are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +2.78%, Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+1.94%, Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
+1.43%.
Weak are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating)
-1.20%,
Homebuilders
(
HGX.X |
Quote |
Chart |
News |
PowerRating) -0.65% and Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) -0.08%.
10-year Notes are -045 at 113 095
The dollar
is -0.06 at 88.23
Gold is +2.40 at 411.60
Crude Oil is +0.21 at 49.85
755 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1198 | Up Vol 353 |
| Declining | 1145 | Down Vol 254 |
| Ratio | 1.04 | 1.38 |
| Nasdaq |
||
| Advancing | 1591 | Up Vol 354 |
| Declining | 1286 | Down Vol 352 |
| Ratio | 1.23 | 1.00 |
Stocks in the News
AtheroGenix
(
AGIX |
Quote |
Chart |
News |
PowerRating) reported positive results for its anti-atherosclerosis
drug.
Valero
(
VLO |
Quote |
Chart |
News |
PowerRating) guided higher for Q3.
Impax Labs
(
IPXL |
Quote |
Chart |
News |
PowerRating) said the FDA gave final approval for its
generic version of OxyContin.
Nabi Biopharmaceuticals
(
NABI |
Quote |
Chart |
News |
PowerRating) announced positive Phase II
results for NicVax, used to treat nicotine addiction.
Starbucks
(
SBUX |
Quote |
Chart |
News |
PowerRating) will raise prices 11 cents a cup, on average,
beginning October 6.
Pepsi Bottling
(
PBG |
Quote |
Chart |
News |
PowerRating) beat by a penny.
Lowe’s
(
LOW |
Quote |
Chart |
News |
PowerRating) said Q3 should beat forecasts.
CSFB started coverage on Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) with a $145 price target.
Snap On
(
SNA |
Quote |
Chart |
News |
PowerRating) warned for Q3 and full year.
Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) will cut 1000 jobs and take charges of up to $50
million.
Devon Energy
(
DVN |
Quote |
Chart |
News |
PowerRating) will split its shares 2:1 and will buy back up
to 10% of its stock.
Drexler Technologies
(
DRXR |
Quote |
Chart |
News |
PowerRating) received a $5 million order from the
Dept. of Homeland Security for its LaserCard optical memory cards.
Dell
(
DELL |
Quote |
Chart |
News |
PowerRating) said it saw no reason to change its Q3 guidance.
Solectron
(
SLR |
Quote |
Chart |
News |
PowerRating) will report after the bell; estimates are 0.04.
Brice Wightman