TradingMarkets’ Mid-Day Movers

• October 4, 2005
• Ashton Dorkins

After a lackluster start to Tuesday’s
session the major averages have moved higher, once again led by technology.
On the economic front, Weekly Chain Store Sales for the
week ending Oct. 1 rose 0.6%. Meanwhile the Commerce Department reported Factory
Orders rose 2.5% in Aug. following a revised -2.5% fall in July (analysis,
report).

The Airline
(
XAL |
Quote |
Chart |
News |
PowerRating) sector is adding to
yesterday’s gains, now up about 4.3%. The Disk Drive
(
DDX |
Quote |
Chart |
News |
PowerRating) and Networking
(
NWX |
Quote |
Chart |
News |
PowerRating)
sectors are also strong, followed by Biotech and Pharmaceuticals.

Yesterday’s selloff in gold and energy has
resumed today. The energy sectors are ther leading decliners, reflecting the
sharp falls in oil and gas futures, followed by the precious metals sectors.
However, in the industrial metals Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating) hit another new 52-week
high today though after Copper hit a new record high yesterday. Housing stocks
remain weak.

Stocks On The Move

CancerVax
(
CNVX |
Quote |
Chart |
News |
PowerRating) is one of the biggest
percentage decliners after it announced the discontinuation of a phase III trial
and revealed a plan to cut its workforce by 44%. CNVX is currently down more
than 40%.

Mylan Labs
(
MYL |
Quote |
Chart |
News |
PowerRating) is a notable mover to the
upside on news that it has been granted final FDA approval for a generic version
of Pfizer’s
(
PFE |
Quote |
Chart |
News |
PowerRating) Norvasc. MYL is up a little more than 6%.

Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) and Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) are helping to support
the Dow, each rising by about 1.5%. Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating), JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating)
and Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) are also notable gainers among the blue chips, each
climbing by at least 1.2%.

McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating) is continuing its recent choppy trading,
more than reversing Monday’s gain with a decline of about 2.1%. Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating)
is also among the Dow’s biggest percentage decliners, with some attributing the
2.1% slide to worries over a partnership between Sun
(
SUNW |
Quote |
Chart |
News |
PowerRating) and Google
(
GOOG |
Quote |
Chart |
News |
PowerRating).
Hewlett-Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) is also weak, falling 1.7% on Lexmark’s
(
LXK |
Quote |
Chart |
News |
PowerRating)
warning.

 

Dow	+21.45	10,556.93
NASDAQ	+9.93	2165.36
S&P 500	+2.08	1228.78
	NYSE	NASDAQ
Volume	1,052,732,000	925,872,000
Advances	1631	1687
Declines	1420	1144
Up Volume	502	599
Down Volume	444	258
New Hi’s	190	119
New Lo’s	50	28

 

Strongest Sectors	Weakest Sectors
Airlines ( XAL | Quote | Chart | News | PowerRating)	Oil Index ( XOI | Quote | Chart | News | PowerRating)
Networking ( NWX | Quote | Chart | News | PowerRating)	Natural Gas ( XNG | Quote | Chart | News | PowerRating)
Disk Drive ( DDX | Quote | Chart | News | PowerRating)	Gold Bugs ( HUI | Quote | Chart | News | PowerRating)

 

Ashton Dorkins

ashtond@tradingmarkets.com