This IPO Should Get Some Attention
Stocks are lower on
higher oil and downbeat news on the chip sector. Phillips
(
PHG |
Quote |
Chart |
News |
PowerRating)
said it expects flat Q4 chip sales. Semis are weak as global chip sales fell 29%
in August month/month. The big question traders are asking is: Is the semi (and
tech) cycle deeper and longer than anticipated?
Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) beat by a penny at $0.93; profits fell 8%, reduced by investment
banking revenues, which fell 22% year/year.
State Street
(
STT |
Quote |
Chart |
News |
PowerRating) missed, reporting a lower quarterly profit for Q3;
net income fell 12%. The company said it will cut 425 jobs.
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) reported a higher Q3 profit of 0.78, beating by 0.02.
Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating)
reports after the close; the estimate is  0.09. Analysts are looking
for comments on the search unit. Analysts will be looking at revenue from paid
search and ad revenue
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
reports after the close; the estimate is 0.27. Analysts will be looking for
excess inventory and pricing pressure.
Dreamworks (“Shrek 2,” “Shark
Tale”) announced an IPO for its animation division–29 million shares to be
priced between $23-$25; the stock will trade on the NYSE under the symbol DWA.
The USDA reported orange production fell 28% in
Florida after the recent hurricanes.
Commodity stocks, strong of late, are weaker
today; Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating) is down 2 days in a row.
It is the sixth straight day of oil gains, with
oil topping $54.
| Dow | -43.88 | 10038.09 |
| S&P 500 | -6.44 | 1117.95 |
| Nasdaq | -13.78 | 1914.98 |
Weak sectors are:Â Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
-2.54%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -2.10%, Cyclicals
(
CYC.X |
Quote |
Chart |
News |
PowerRating) -1.25%.
There are no green sectors.
10-year notes are: +125
at 112 310
The dollar
is +0.55 at 88.09
Gold is -8.30 at 413.50
Crude Oil is -0.44 at 52.90
723 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1203 | Up Vol 121 |
| Declining | 1874 | Down Vol 429 |
| Ratio | 1.55 | 3.54 |
| Nasdaq |
||
| Advancing | 1012 | Up Vol 198 |
| Declining | 1805 | Down Vol 471 |
| Ratio | 1.78 | 2.37 |
Stocks in the News
Helen of Troy
(
HELE |
Quote |
Chart |
News |
PowerRating) beat by 0.04, reporting 0.57.
Travelzoo’s
(
TZOO |
Quote |
Chart |
News |
PowerRating) earnings more than tripled and revenues rose
99% year/year.
Gannett
(
GCI |
Quote |
Chart |
News |
PowerRating) reported $1.18, missing by a penny, citing the
hurricanes.
St. Jude Medical
(STJ)
announced a 2:1 stock split to shareholders of record on November 1, payable
November 22.
Sonic Automotive
(
SAH |
Quote |
Chart |
News |
PowerRating) guided lower, citing the hurricanes.
C-Cor
(
CCBL |
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Chart |
News |
PowerRating) warned its Q1 sales and earnings would miss.
Churchill Downs
(
CHDN |
Quote |
Chart |
News |
PowerRating) guided lower for Q3.
Brice Wightman