Traders Looking To These Earnings After The Close
Stocks are lower as traders shift
their focus to earnings season. Mortgage
applications dropped 3 straight weeks with homebuilders continuing to sell off.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) chose General Electric
(
GE |
Quote |
Chart |
News |
PowerRating) and
Rolls-Royce to build engines for its 7E7 jetliner.
Analysts expect the deal to worth as much as $60 billion.
Kerr-McGee
(
KMG |
Quote |
Chart |
News |
PowerRating)
will acquire Westport Resources
(
WRC |
Quote |
Chart |
News |
PowerRating) for $2.5 billion, creating one
of the largest US independent oil and natural gas producers. Westport
shareholders will receive 0.71 shares of KMG share for each WRC share they own.
KMG fell 5% on the news.
Looking ahead, Research in
Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating), maker of the Blackberry product, is expected to report
after the bell today with EPS of 50 cents. Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) and
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) will also report with expected EPS of 11 and 31 cents,
respectively.
| Dow | -87.11 |
10483.70 |
| S&P 500 |
-8.28 | 1139.88 |
| Nasdaq | -18.60 |
2041.63 |
The day’s leading sectors are
REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating) +2.47%, Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +1.13%, and
Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +0.88%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating)
+0.82%.
Weak today are Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -2.29%, and Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -1.41%,
Economic news releases a much
bigger rise in export prices of 0.9% and import prices that rose by 0.9%.
10-year Notes are +85 at
113 020
The dollar
is -0.48 at 88.60
Gold is +3.60 at 422.50
Crude Oil is +1.12 at
35.50
Volume is 630,000,000 on
the NYSE, and 825,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing |
1216 | Up Vol 157 |
| Declining | 1904 | Down Vol 416 |
| Ratio | 1.58 | 2.62 |
| Nasdaq |
||
| Advancing |
1068 | Up Vol 321 |
| Declining |
1909 | Down Vol 439 |
| Ratio | 1.88 | 1.38 |
Top Dow stocks are:
Coca-Cola
(
KO |
Quote |
Chart |
News |
PowerRating),
+0.13% at 50.97, and United Tech
(
UTX |
Quote |
Chart |
News |
PowerRating), +0.04% at 89.83.
Stocks in the news:
Sirius
(
SIRI |
Quote |
Chart |
News |
PowerRating) signed an agreement
with Chrysler to equip 2005 Chrysler, Jeep and Dodge vehicles with its radio
systems. Sirius will be also be available as a factory option on BMW 7 series
vehicles for $595.
Seagate Technology
(
STX |
Quote |
Chart |
News |
PowerRating) fell after it
lowered third-quarter earnings forecasts to 6 cents a share on high inventories
and competitive industry pricing.
The FDA approved Guidant’s
(
GDT |
Quote |
Chart |
News |
PowerRating)
Vitality 2 device to treat patients at risk for sudden cardiac death.
Brice Wightman
bricew@tradingmarkets.com