TradingMarkets’ 7 Stocks You Need To Know About For Wednesday

Stocks were lower Tuesday, reacting to high energy
prices. At one point, the Dow was off by triple digits. Crude oil and
gas futures hit record highs, with oil touching $70.85 before pulling back to
close at $69.85. Analysts worry that high energy prices may slow the economy.

With 92% of the rigs closed, Gulf oil production is being affected.
Valero
(
VLO |
Quote |
Chart |
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PowerRating) said its St Charles refinery will be closed 1-2 weeks. 
Chevron
(
CVX |
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PowerRating) continues to produce some oil but shut down refineries
in Mississippi and Louisiana. President Bush may tap the Strategic Petroleum
Reserve.

Oil service stocks were in focus; Schlumberger
(
SLB |
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Chart |
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PowerRating) gained 0.80
and Halliburton
(
HAL |
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PowerRating) rose 2.04.

Home improvement giant Home Depot
(
HD |
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Chart |
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PowerRating) fell 0.69 and Lowe’s
(
LOW |
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Chart |
News |
PowerRating) lost 1.71. Wal-Mart
(
WMT |
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Chart |
News |
PowerRating), off 0.41, said its stores in the
region would remain closed. (full
story)

Insurers Allstate
(
ALL |
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PowerRating) fell 0.51 and AIG
(
AIG |
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Chart |
News |
PowerRating) was off
0.30.

After the close, ADC Telecom
(
ADCT |
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Chart |
News |
PowerRating) beat by 0.02 and guided
in-line. Sigma Designs
(
SIGM |
Quote |
Chart |
News |
PowerRating) beat by 0.03.