Two Big Upgrades, Plus, Intel Guides…
On the fifth anniversary of
the Nasdaq’s all-time high, the index lost a point while the Dow was in the
green. Oil is pulling back after making
highs the previous session. According to Fed Governor Ben Bernanke, a $10
increase .5% – .75% reduction in economic growth.
The Nasdaq made an all-time high on March 10,
2000, at 5048.62. In the past 5 years, Microsoft has lost 50% of its
value, Cisco, 73%, and Intel has fallen 50%. Strong during the
same period were teen retailers, including Urban Outfitters, +1465%, pet
suppliers, like PetSmart, +775%. Restaurants and casinos were also
strong.
Jobless claims for the week ended 3/5 jumped
17,000 to 327,000–the highest level in 2 months. The 4-week moving average rose
5750 to 312,500.con claims 2.66 million. Wholesale inventories rose +1.1% in
January.
After the bell, at its mid-quarter update, Intel
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said they see Q1 revenue between 9.2 and 9.4, at the high end of expectations.
The company also sees gross margins slightly higher, at 57% vs. the 55%
expected. The stock traded up after hours.
Also after the close Sports Authority
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guided lower. KMart
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a $160 price target. KMRT gained $7 after hours. UBS also upgraded Qualcomm
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and guided lower. Aeropostale
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eResearch
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range.
Urban Outfitters
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a penny. The company sited strong holiday sales.
An investment group which includes Cerberus
Capital Management is offering to buy Toys R Us for $5 billion.
Strong sectors were: Semis
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+1.39%Â Â Â Utilities
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+0.62%Â Â Â Â Â
Weak sectors were:Â AirlinesÂ
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-2.79% Â Â Natural Gas Â
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Oil Services
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| Dow | +45.89 | 10,851.51 |
| Nasdaq | -1.57 | 2059.72 |
| S&P 500 | +2.24 | 1209.75 |
The dollar was -0.13 at
81.50
Crude Oil was -1.13 at
54.25
Gold was +0.20 at 442.10
1.78 billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1334 | Up Vol 634 |
| Declining | 1983 | Down Vol 760 |
| 1.48 | 1.19 | |
| Nasdaq |
||
| Advancing | 1170 | Up Vol 618 |
| Declining | 1906 | Down Vol 1005 |
| 1.62 | 1.62 |
Stocks in the News
Children’s Place
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year/year.
ALTR raised revenue guidance for the quarter. JP Morgan upgraded the
stock
Bioge Idec’s
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revealed that he sold stock just prior to the company announcing it woudl
suspend Tysabri sales.
Biovail
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PowerRating) beat by 0.04 but guided lower for Q1 and Q2.
A Wall Street Journal article says iron ore prices may have peaked and
a glut may be on the horizon. Major iron ore companies are: RIO, RTP and
BHP.
Brice Wightman