This IPO Gained 66% Today!
Stocks were lower on higher oil and inflation fears.
It was the biggest decline in the Dow since February 22. Interest rate sensitive
stocks fell on higher rates and tech stocks were cushioned slightly by a bullish
outlook from a chipmaker. The ten year note hit a 7-month high.
Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating) raised Q4 sales guidance, saying sales would be
5%-8% higher.
KMart
(
KMRT |
Quote |
Chart |
News |
PowerRating) reported $2.59 vs a $2.80 estimate; revenues were
higher. Same store sales fell 4.5%. The company will complete the purchase of
Sears within a month.
Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) co-founder Sergey Brin sold $49 million worth of
stock recently.
International Securities Exchange (ISE) is now trading–10.05 million
shares were priced at $18, above the original $14-$16–to close at 30.37.
It is the largest equity options exchange–all electronic. Margins are good and
options business has grown 40% in the last year alone. The company will list on
the NYSE under the symbol “ISE.” Bear Stearns and Morgan are the underwriters.Â
Competitors are: the Pacific Stock Exchange, CBOE, AMEX, Philadelphia and Boston
Stock Exchanges.
Delta
(
DAL |
Quote |
Chart |
News |
PowerRating) will no longer sell food on flights and raised prices
on alcoholic beverages, from $4 to $5.
The Nikkei made an 11-month high; the CRB made a 20-year high.
Strong sectors were: Networkers Â
(
NWX.X |
Quote |
Chart |
News |
PowerRating)
+1.19%Â Â Â Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) +0.81%Â Â Â
Gold
(
$HUI.X |
Quote |
Chart |
News |
PowerRating) +0.54%Â
Weak sectors were:Â Oil ServicesÂ
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) -2.78% Â Â Oil Â
(
$XOI.X |
Quote |
Chart |
News |
PowerRating) -2.62%Â
 Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) -2.21%
| Dow | -107.00 | 10,805.62 |
| Nasdaq | -12.26 | 2061.29 |
| S&P 500 | -12.41 | 1207.02 |
The dollar was -0.36 at
81.62
Crude Oil was +0.06 at
54.65
Gold was +0.40 to 440.30
1.86 billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 723 | Up Vol 345 |
| Declining | 2639 | Down Vol 2060 |
| 3.65 | 5.97 | |
| Nasdaq |
||
| Advancing | 1047 | Up Vol 562 |
| Declining | 2060 | Down Vol 1151 |
| 1.96 | 2.04 |
Stocks in the News
Kerr McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) said it will spin off its chemical business,
announced a $1 billion stock buyback and rebuffed Carl Icahn’s proposal.
Crompton
(
CK |
Quote |
Chart |
News |
PowerRating) and Great Lakes Chemical
(
GLK |
Quote |
Chart |
News |
PowerRating) are
merging; the $1.5 billion deal will create the nation’s third largest specialty
chemical company.
China.com
(
CHINA |
Quote |
Chart |
News |
PowerRating) said its Q4 loss widened; the company’s CEO
also resigned.
Noranda
(
NRD |
Quote |
Chart |
News |
PowerRating) offered to buy the rest of Falconbridge.
Brice Wightman