United Airlines’ Answer To Higher Fuel Costs
Stocks
are flat, with no follow through from yesterday’s rally, with telecoms and
energy stocks lagging. Oil prices remained strong after the Energy
department reported crude inventory levels were unchanged for the week ended May
21 at 298.9 million barrels; gasoline inventories declined by 700,000 barrels to
203 million barrels.Â
AutoZone
(
AZO |
Quote |
Chart |
News |
PowerRating)
reported a profit of $143.4 million on revenue of $1.36 billion. Same-store
sales rose a disappointing 2%. The company warned that higher commodity prices
may cut into margins next quarter. Tivo
(
TIVO |
Quote |
Chart |
News |
PowerRating) reported a wider loss
of $9.1 million but showed strong growth, adding 264,000 subscriptions –Â
three times the number added in a year ago. Revenue grew to $34.5 million from
$28.5 million. PeopleSoft’s
(
PSFT |
Quote |
Chart |
News |
PowerRating) board rejected Oracle’s
(
ORCL |
Quote |
Chart |
News |
PowerRating)
lowered bid of $21 per share.
United Airlines
(
UAL |
Quote |
Chart |
News |
PowerRating) will add $5 each way to its existing $10 fuel
surcharge.
| Dow | +0.57 | 10118.82 |
| S&P 500 | +1.77 | 1114.55 |
| Nasdaq | +5.90 | 1970.56 |
Strong today are Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +1.53% Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) +0.92%. BiotechsÂ
(
BTK.X |
Quote |
Chart |
News |
PowerRating)
+0.91%, REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating) +0.89%
Weak today are Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.47%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) -0.82%
Economic news releases today
include durable orders for the month of April that fell 2.9% and new home sales
weaker than expected at 1093K units.
10-year Notes are +100
at 109 185
The dollar
is -0.04 at 89.85
Gold is -0.60 at 387.80
Crude Oil is -0.07 at
41.07
Volume is 644,000
million on the NYSE, and 796,000 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1877 | Up Vol 368 |
| Declining | 1276 | Down Vol 261 |
| Ratio | 1.47 | 1.41 |
| Nasdaq |
||
| Advancing | 1594 | Up Vol 550 |
| Declining | 1358 | Down Vol 210 |
| Ratio | 1.17 | 2.62 |
Top Dow stocks are:
Altria
(
MO |
Quote |
Chart |
News |
PowerRating), +2.19%
at 47.66, General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) +1.43% at 45.33, McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating),
+1.23% at 25.75, Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) +1.03% at 21.20Â
Stocks in the news:
Computer Associates
(
CA |
Quote |
Chart |
News |
PowerRating) reported earnings of $89
million on revenue of $775 million amid DOJ and SEC accounting investigations.
The company is expecting software bookings to grow about 30% with revenue to
reach $865 million.
Eyetech Pharmaceuticals
(
EYET |
Quote |
Chart |
News |
PowerRating) rose after
announcing the FDA advisory committee would review its Macugen drug application.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) is lower after the Pentagon decided to
delay a $23.5 billion aerial refueling tanker program.
Comcast
(
CMCSA |
Quote |
Chart |
News |
PowerRating) said they would
offer telephone service to more than 40 million households starting in 2006
using the VOIP technology.
Brice Wightman
bricew@tradingmarkets.com