This Is How Closely NYSE Traders Watch Oil
Stocks rose Tuesday, with the market making its high at 2:30 ET, when the
crude oil market closed. Â This shows just how closely traders
are watching the oil markets. Fed chief Alan Greenspan talked tougher on
inflation, hinting rates may increase more steeply than originally thought.
Greenspan said the recovery of US business profits pointed to “the restoration
of a significant degree of pricing power.” He said there were signs of
accelerating core inflation, but competitive pressures would limit the ability
of business to pass along higher costs to consumers. Greenspan also said that
the Fed would do whatever is required to keep inflation in check and monetary
policy would proceed at a measured pace.
Apple
(
AAPL |
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PowerRating) revealed a mobile wireless base station that allows
users to play music from their iTunes music libraries. The product will be in
stores in July for $129. Novartis
(
NVS |
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News |
PowerRating) reported that its Femara
tablet showed it cuts breast cancer growth rate by 40%. In a separate news
release, NVS also agreed to acquire Sabex, a Canadian generic drug-marker for
$565 million in cash.
Looking past Iraq, traders
are hoping for lower oil prices and will be watching the upcoming confessional
season. The oil chart is breaking down, with crude closing at 37.15. The
average price for a gallon of gas fell for the second week in a row, to $2.03.
Direct TV said it sold
its 3.45 million share stake in TiVo
(
TIVO |
Quote |
Chart |
News |
PowerRating) which closed at 6.41,
down 1.09.
Homebuilders were weak after Dominion Homes
(
DHOM |
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Chart |
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PowerRating) said sales for
April and May were well below last year.
| Dow | +41.44 | 10432.52 |
| S&P 500 | +1.70 | 1142.12 |
| Nasdaq | +2.91 | 2023.53 |
Strong today were Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +2.49%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +0.69% Retail
(
RTH |
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Chart |
News |
PowerRating)
+0.62%.
Weak today were Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
-0.88%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -0.88%, Energy
(
DXE.X |
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Chart |
News |
PowerRating)
-0.80.
10-year Notes closed at 107 235
The dollar
was +0.27 at 88.54
Gold was -2.90 at
390.80
Crude Oil was -1.51 at
37.15
Volume was 1.19
billion on the NYSE, and 1.44 billion on the Nasdaq.
Market breadth was
negative.
| NYSE | Issues | |
| Advancing | 1458 | Up Vol 509 |
| Declining | 1781 | Down Vol 528 |
| Ratio | 1.22 | 1.03 |
| Nasdaq |
||
| Advancing | 1319 | Up Vol 691 |
| Declining | 1761 | Down Vol 626 |
| Ratio | 1.56 | 1.10 |
Stocks in the
news:
Comtech Telecommunications
(
CMTL |
Quote |
Chart |
News |
PowerRating)
rose after reporting earnings of $4.8 million, 7 cents ahead of estimates with
sales at $51.2 million.
Alliance Gaming
(
AGI |
Quote |
Chart |
News |
PowerRating) tumbled
after warning the Street it would miss 2004 earnings on lower revenue and a
delay in the deployment of new lottery games in New York. AGI now expects EPS
of $0.97 for the next quarter on revenue of $600 million.
The USPS said FedEx Express
(
FDX |
Quote |
Chart |
News |
PowerRating)
would take over delivery of its overseas Global Express Guaranteed packages
from DHL Worldwide Express. Financial terms of the deal were not announced.
Brice Wightman
bricew@tradingmarkets.com