TradingMarkets Mid-Day Movers

The major averages followed what is
becoming an all too familiar pattern yesterday, with early strength giving way
to an afternoon selloff.
This morning’s action has been a microcosm
of that pattern with gains quickly turning into losses after comments from Fed
Chairman Alan Greenspan (full
story
,
analysis
). The NASDAQ continues to perform poorly relative to the broader
market and tech stocks are under pressure after Apple’s
(
AAPL |
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PowerRating)
earnings
statement yesterday showed disappointing iPod sales. AAPL is down more than 3%
after opening 6% lower.

Advanced Micro Devices
(
AMD |
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also released earnings after
the bell on Tuesday that are not being well received by the market today. AMD is
down more than 9%. SanDisk
(
SNDK |
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PowerRating)
is also weighing on the NASDAQ, currently
lower by 5.50%.

Treasuries are trading lower following the Fed comments and so
too is the US Dollar Index. Energy prices are modestly higher with Crude Oil
trading at $63.60.

Stocks On The Move

With technology weak, Intel
(
INTC |
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PowerRating)
is the
worst performing Dow component, falling by 2.4%. Disney
(
DIS |
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PowerRating)
and Home Depot
(
HD |
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PowerRating)
are also showing notable losses, each falling by more than 1%.

Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating)
jumped higher at the start of trading on news that the UK’s
High Court of Justice upheld the exclusivity of the main patent covering
Lipitor’s active ingredient. The stock has come off its intraday highs, but
remains the best performing Dow component, climbing by 2.6%. Boeing
(
BA |
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PowerRating)
is
also strong, up about 1.3%.

Titan International
(
TWI |
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PowerRating)
is one of the
biggest percentage gainers in the early going on news that it has received an
$18-per-share merger offer from One Equity Partners, a private equity affiliate
of JP Morgan Chase. TWI is currently up $4.20, or 32%.

ADVO
(
AD |
Quote |
Chart |
News |
PowerRating)
is among the morning’s most notable movers to the downside after it
lowered its 2005 earnings guidance. The stock is currently posting a decline of
$5.10, or 18%.

 


Dow
-15.93 10,237.24

NASDAQ
-20.27 2040.82

S&P 500
-5.18 1179.69
NYSE NASDAQ

Volume
946,678,000 856,193,000

Advances
935 836

Declines
2127 1953

Up Volume
288 209

Down Volume
527 556

New Hi’s
16 21

New Lo’s
216 158

 


Strongest Sectors

Weakest Sectors

Pharmaceutical
(
DRG |
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Chart |
News |
PowerRating)
Disk Drive
(
DDX |
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Chart |
News |
PowerRating)
Health Care
(
HCX |
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Chart |
News |
PowerRating)
Retail
(
RLX |
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Chart |
News |
PowerRating)
Chemical CEX|CEX] Biotechnology
(
BTK |
Quote |
Chart |
News |
PowerRating)

Ashton Dorkins

ashtond@tradingmarkets.com