This IPO May Be Worth Watching
Stocks were mixed
Friday.
Durable goods orders fell 0.5% in August; ex transportation, they rose 2.3%.
Existing home sales in August fell -2.7%. The median price for an existing home
was $190,000, up 7% from a year ago.
The DOE will loan out small quantities of oil
from the Strategic Petroleum Reserve, but traders said that quantities were too
small to make a difference, and oil remained firm. Rebels in Nigeria are
threatening attacks on oil wells.
For Q3 so far, the Dow is -3.7%, S&P -2.8%, and
the Nasdaq, -7.8% For the week, the Dow fell 2.3%.
Money has flowed out of technology for 30 of the
last 31 weeks; year-to-date, $3.06 billion in outflows.
Oil stocks are making new highs: MRO, XTO, APC,
SUN, CAM. Oil tanker stocks are also making new highs, including TK, FRO, OSG
and GMR. Airlines and chemicals are weaker on higher oil.
IPOs today include Scudder Global Commodity
Fund
(
GCS |
Quote |
Chart |
News |
PowerRating) and Cogent
(
COGT |
Quote |
Chart |
News |
PowerRating). COGT was priced at $12, the
high end of the range; it is one of three IPOs this quarter priced above its
range. The company makes fingerprinting systems. The stock rose 50% to close at
18.00.
Morningstar faces an SEC civil suit over
publishing incorrect total return data. the company received a Wells Notice. The
company is cooperating with the SEC.
California regulators approved new rules to cut
vehicle emissions.Â
Martha Stewart signed a 5-year contract
with producer Mark Burnett for a new television show.
(
MSO |
Quote |
Chart |
News |
PowerRating) traded 6%
higher.
| Dow | +13.67 | 10052.57 |
| S&P 500 | +1.75 | 1110.11 |
| Nasdaq | -3.61 | 1882.82 |
Strong sectors were: Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating)
+1.02%,Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +0.95%, Â Healtchcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +0.77%,
Weak were: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -3.08% and Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
-2.69%, Computer Technology
(
XCI.X |
Quote |
Chart |
News |
PowerRating) -0.76%.
10-year Notes were -015 at 113 060
The dollar
was -0.04 at 88.40
Gold was -0.90 at 407.70
Crude Oil is +0.44 at 48.90
1.35 billion on the Nasdaq.
Market breadth was mixed.
| NYSE | Issues | |
| Advancing | 1815 | Up Vol 670 |
| Declining | 1454 | Down Vol 567 |
| Ratio | 1.24 | 1.18 |
| Nasdaq |
||
| Advancing | 1465 | Up Vol 391 |
| Declining | 1556 | Down Vol 929 |
| Ratio | 1.06 | 2.37 |
Stocks in the News
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) backed its earnings forecast, saying it was less
optimistic than Airbus.
US Airways
(
UAIR |
Quote |
Chart |
News |
PowerRating) will seek a 23% union pay cut.
Electro Scientific
(ESIO)
missed by 0.10 and guided lower.
Donald Trump is trying to negotiate a deal that would grant
bondholders an equity stake
(
DJTC |
Quote |
Chart |
News |
PowerRating).
PalmSource (PRSC)
beat by 0.07, ex-items.
Freddie Mac
(
FRE |
Quote |
Chart |
News |
PowerRating) will restate 03 profits. A class action lawsuit
was filed against Fannie Mae
(
FNM |
Quote |
Chart |
News |
PowerRating) charging that officials lied
about results to prop up the stock price.
Marathon Oil
(
MRO |
Quote |
Chart |
News |
PowerRating) got a boost to “buy” at Smith Barney; target:
$45.
Cirrus Logic
(
CRUS |
Quote |
Chart |
News |
PowerRating) slashed its outlook.
Manugistics
(
MANU |
Quote |
Chart |
News |
PowerRating) missed estimates.
Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating) was downgraded at Morgan Stanley to “equal
weight.”
Starbucks
(
SBUX |
Quote |
Chart |
News |
PowerRating) will buy back 9 million more shares.
The EU will rule on Oracle’s bid for Peoplesoft.
Brice Wightman