TradingMarkets’ Mid-day Movers
After Thursday’s advance the markets
have returned to the lackluster performance seen earlier in the week so far
today. Strength in technology, especially large-cap tech (Nasdaq 100)
is not being matched by the other major averages.
A better-than-expected reading for the Chicago PMI has given a
little boost to the market lately, but the impact was fairly muted (just as the
disappointing reading from the University of Michigan’s consumer sentiment index
sparked an almost unnoticeable negative response during the first half hour of
trading).
The Chicago Purchasing Managers Index, a measure of regional
business activity, jumped to 60.5 for September, rebounding from August’s level
of 49.2. Economists had expected a more moderate advance to about 51.
Earlier today the University of Michigan released the final
reading of its September consumer sentiment index, with the measure coming in
flat with its mid-month level of 76.9. Economists had expected the index, which
is down from a final mark of 89.1 in August, to come back a bit from the
preliminary September reading.
The Department of Commerce released its report on personal
income and spending the month of August. The report showed that personal income
fell unexpectedly while personal spending fell more than economists had
expected.
The Commerce Dept. noted that the decrease in personal income
was partly due to the effects of Hurricane Katrina. The decrease reflected $100
billion in uninsured losses of residential and business property that resulted
from the storm.
Housing stocks have gained in the first hour of trading,
adding to Thursday’s advance and moving above a week-long trading range. The
sector is currently up 1%. Shares of semiconductor companies have also advanced
in Friday’s early going, with further gains coming from the Internet and
computer hardware groups.
Only a few sectors are showing notable declines. The energy
segment remains below the flat line. There is also weakness among drug and bank
stocks.
CTI Industries
(
CTIB |
Quote |
Chart |
News |
PowerRating) is among the biggest
percentage gainers in the early going after it revealed a notice of allowance of
a patent application regarding a method of producing a fluid container with
embossed film. The stock is currently up $2.90, or 82%.
Greenfield Online
(
SRVY |
Quote |
Chart |
News |
PowerRating) is one of the morning’s
more notable movers to the downside after it lowered its third-quarter guidance
and named a new CEO. The stock is currently posting a decline of $1.40, or 20%.
Risers And Fallers
S&P 500:
Micron Technology
(
MU |
Quote |
Chart |
News |
PowerRating) +7.55%,
Interpublic Group
(
IPG |
Quote |
Chart |
News |
PowerRating) +4.10% and Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating) +3.50%.
Autozone
(
AZN |
Quote |
Chart |
News |
PowerRating) -2.91%, Huntington
Bancshares
(
HBAN |
Quote |
Chart |
News |
PowerRating) -2.72 and Amsouth Bancorp
(
ASO |
Quote |
Chart |
News |
PowerRating) 2.25%.
Nasdaq 100:
Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) +7.25%, Monster
Worldwide
(
MNST |
Quote |
Chart |
News |
PowerRating) +3.10% and Gilead Sciences
(
GILD |
Quote |
Chart |
News |
PowerRating) +3.05%.
Lincare Holdings
(
LNCR |
Quote |
Chart |
News |
PowerRating) -3.41%,
Amgen {AMGN|AMGN] -1.46% and Cintas
(
CTAS |
Quote |
Chart |
News |
PowerRating) -1.45%.
Strongest Sectors
Airline
(
XAL |
Quote |
Chart |
News |
PowerRating) +1.91%, Semiconductor
(
SOX |
Quote |
Chart |
News |
PowerRating)
+1.61 and Disk Drive
(
DDX |
Quote |
Chart |
News |
PowerRating) +1.38%.
Weakest Sectors
Oil Service
(
OSX |
Quote |
Chart |
News |
PowerRating) -0.93%, Oil Index
(
XOI |
Quote |
Chart |
News |
PowerRating) -0.75% and Gold and Silver
(
XAU |
Quote |
Chart |
News |
PowerRating)
-0.60%.
| Dow | -14.41 | 10,538.37 |
| Nasdaq | +2.60 | 2143.82 |
| S&P 500 | -0.58 | 1227.10 |
| NYSE | Nasdaq | |
| Volume | 956,996,000 | 760,918,000 |
| Up Volume | 503 | 396 |
| Down Volume | 368 | 314 |
| Advances | 1654 | 1310 |
| Declines | 1447 | 1508 |
| New Hi’s | 162 | 87 |
| New Lo’s | 33 | 34 |
Ashton Dorkins