This Chart Was Looking Good — Until Today
Stocks are
mixed today.
The ISM non-manufacturing index fell to 58.6, as traders pushed
stocks lower at the open as they were concerned of a slower pace of expansion.
U.S. factory orders also fell by 1.4% in November, meeting analysts
expectations.
Computer maker Gateway
(
GTW |
Quote |
Chart |
News |
PowerRating)
warned of lower revenues for the next quarter due to increased competition. The
daily chart of GTW looked pretty good until this morning. Revenue forecasts were
lowered to $880 million. Starbucks reported an 11% increase in same-store
sales and raised full year earnings targets to 84 cents a share as its stock hit
a 52-wk high. Giant retailer Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) said it would buy back up
to $7 billion of its own stock. This is a $2 billion increase from its original
planned $5 billion buyback.
| Dow | -37.84 |
10506.21 |
| S&P 500 | -2.07 | 1120.13 |
| Nasdaq | +1.41 | 2048.78 |
The day’s leading sectors are
Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) +1.61%, Disk Drive
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +1.50%,
Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) +2.80%,
Hardware
(
GHA.X |
Quote |
Chart |
News |
PowerRating) +0.68%, and Healthcare [HMO.X|HMO.X]
+0.64%.
Weak today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -1.41%, and Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) -1.32%.
Economic news releases included
Factory orders that dropped 1.4%, and ISM numbers that came in at 58.6.
10-year Notes are +220
at 112 000
The dollar
is -0.43 at 85.92
Gold is -0.40 at 425.50
Crude Oil is +0.24 at
33.25
Volume is 705,000,000 on
the NYSE, and 1,171,000,000 on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing | 1516 | Up Vol 297 |
| Declining | 1615 | Down Vol 367 |
| Ratio | 1.97 | 2.30 |
| Nasdaq | ||
| Advancing | 1554 | Up Vol 623 |
| Declining | 1474 | Down Vol 467 |
| Ratio | 1.72 | 2.17 |
Top Dow stocks are:
JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating), +2.56% at 37.50,
Eastman Kodak [EK|EK],
+2.43% at 31.38, Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating),
+1.81% at 26.11, and McDonalds [MCD|MCD],
+1.30% at 25.38.
Stocks in the news:
Tweeter Home Entertainment
(
TWTR |
Quote |
Chart |
News |
PowerRating)
shed 8% after warning investors it may miss first-quarter earnings. It expects
to earn 18 cents, down from the 22-cent consensus. Same-store sales for the
holidays were lower but overall revenue is up 2%.
The US Army granted Halliburton
(
HAL |
Quote |
Chart |
News |
PowerRating)
the right to continue supplying fuel for its divisions in Iraq, despite Pentagon
audits that found Halliburton responsible for overcharging for fuel.
Sun Microsystems
(
SUNW |
Quote |
Chart |
News |
PowerRating) won a
multiyear contract with Office Depot
(
OD |
Quote |
Chart |
News |
PowerRating) to sell computer servers and
store equipment.
In a move that was highly anticipated by Wall
Street analysts, Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) will stop using Google’s search
technology as it prepares for a larger battle once Google launches its IPO.
bricew@tradingmarkets.com