TXN Guides After The Close…
Stocks
were
lower Wednesday. Greenspan testified before the House Budget Committee,
saying that the economy is picking up steam after going through a soft patch,
saying “…on the whole, the expansion has regained some traction.” “With
the economy continuing to improve, the deficit is more likely to decline than to
increase in the year ahead,” he said. “Nonetheless, the prospects for the
federal budget over the longer term remain troubling.” The Fed meets on
September 21 and is expected to raise rates by another quarter point to 1.75%.
The Semiconductor Index
(
SOX.X |
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PowerRating) is
trading at levels not seen since last May. Intel
(
INTC |
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PowerRating) and
Xilinx
(
XLNX |
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PowerRating) traded to 52-week lows.
Former analyst Frank Quattrone was
sentenced to 18 months in jail and must pay a $90,000 fine. He was convicted of
witness tampering and obstruction of justice.
After the close, Texas Instruments
(
TXN |
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PowerRating)
lowered revenue guidance; the stock traded up after hours. Comverse
Technology
(
CMVT |
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PowerRating) beat by 0.02; Martek Biosciences
(
MATK |
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PowerRating)
beat by a penny
| Dow | -29.43 | 10313.36 |
| S&P 500 | -5.03 | 1116.27 |
| Nasdaq | -7.92 | 1850.64 |
Strong today were:
Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) +0.23%.
Weak were: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -1.90%, Chemicals
(
CEX.X |
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Chart |
News |
PowerRating)
-1.35%, Homebuilders
(
CEX.X |
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Chart |
News |
PowerRating) -1.36%.
10-year Notes were +215 at 113 135
The dollar
was -0.44 at 88.81
Gold was +0.70 at 399.00
Crude Oil was -0.56 at
42.77
Volume was 576 million on
the NYSE and 668 million on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1310 | Up Vol 268 |
| Declining | 1832 | Down Vol 374 |
| Ratio | 1.42 | 1.39 |
| Nasdaq |
||
| Advancing | 1244 | Up Vol 386 |
| Declining | 1708 | Down Vol 419 |
| Ratio | 1.37 | 1.08 |
Stocks in the News
Delta
(
DAL |
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PowerRating) will cut up to 7000
jobs, or 10% of its workforce. Delta is shutting down Dallas as a hub. The stock
fell 10%.
Motorola
(
MOT |
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PowerRating) was lowered to neutral
at Merrill Lynch.
Oracle
(
ORCL |
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PowerRating)
was downgraded to market perform at Piper Jaffray.
McDonald’s
(
MCD |
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PowerRating)
said sales rose in August for the 18th month in a row.
Jet Blue
(
JBLU |
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PowerRating)
said its earnings will be hurt by the recent hurricanes.
Air Tran
(
AAI |
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PowerRating) said it would report a Q3, also blaming the hurricanes.
Apollo Group
(
APOL |
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PowerRating)
said that its University of Phoenix will expand into Mexico.
Neiman Marcus’
(
NMG |
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PowerRating) sales rose 187%.
Mama.com
(
MAMA |
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PowerRating) announced a 600K share
stock buyback.
Brice Wightman