Up 20% In After Market!
Stocks size=2>fell Tuesday after Greenspan sparked investors’
fear of higher interest rates. Greenspan said that banks could
weather a rise in interest rates and not have any problems as they are much
better at managing risk than in the past. He also said that US companies are
regaining pricing power. These statements were cited as reasons for the end of
day market sell-off. General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) beat expectations
with revenue +3.1% at $47.8 billion. Earnings of $1.3 billion were lower than
year-ago levels. The company raised its full-year earnings forecasts to $7.00 a share
on strong demand in Asia and a lower corporate tax rate. Drug-maker
Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) reported earnings down 50% to $2.33 billion on
acquisition charges. Revenue rose 47% to $12.49 billion on strong sales of drugs
to treat depression, hypertension and cholesterol.
| Dow | -123.35 | size=2>10314.50 |
| S&P 500 | -17.73 | size=2>1118.09 |
| Nasdaq | -41.80 | 1978.63 |
The day’s leading sector was Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+0.16%.
Weak today were Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -6.78%, and Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -5.54%,
Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) -3.92%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -3.55%.
After the close, Career
Education
(
CECO |
Quote |
Chart |
News |
PowerRating) beat by 0.08, beat on revenue, and guided Q2 and Y04
higher; WebEx
(
WEBX |
Quote |
Chart |
News |
PowerRating) beat by 0.01and guided higher; Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating) reported Q1 of 0.18 (0.25 GAAP) vs 0.07 on a big jump in revenue
— $8.6B vs $6.75B estimate. The stock was halted after the close then traded up
over $3.00, or 20%. Applied Micro
(
AMCC |
Quote |
Chart |
News |
PowerRating) beat by a penny; Check
Free
(
CKFR |
Quote |
Chart |
News |
PowerRating) beat by 0.02, ex-items; Ask Jeeves
(
ASKJ |
Quote |
Chart |
News |
PowerRating) beat
by 0.05 pro-forma; Seagate
(
STX |
Quote |
Chart |
News |
PowerRating) was in-line (non GAAP) but on light
revenue; Renaissance Learning
(
RLRN |
Quote |
Chart |
News |
PowerRating) missed by 0.05; DeVry
(
DV |
Quote |
Chart |
News |
PowerRating)
missed by 0.02; Affiliated Computer
(
ACS |
Quote |
Chart |
News |
PowerRating) missed by a penny, ex-items,
and was light on revs; Internet Security
(
ISSX |
Quote |
Chart |
News |
PowerRating) missed by a penny;
Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) beat by 0.03; Centex
(
CTX |
Quote |
Chart |
News |
PowerRating) beat by 0.31 and
guided Y05 higher; Sanmina
(
SANM |
Quote |
Chart |
News |
PowerRating) beat by a penny, ex-items (loss of
0.09 GAAP) and guided in-line. Charles Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating) reported Q1
in-line and said it would raise its dividend by 43%.
The dosize=2>llar was +0.87 at 90.67
Gold was -2.61 at 397.29
Crude oil was -0.28 at 36.50
Volume was
1,508,299,000 on the
NYSE, and 1,926,096,000 on the Nasdaq.
Market breadth was
negative.
| NYSE | Issues | |
| Advancing | 775 | Up Vol 300 |
| Declining | 2544 | Down Vol 1202 |
| Ratio | 3.28 | 3.55 |
| face=Arial>Nasdaq | ||
| Advancing | 922 | Up Vol 338 |
| Declining | 2277 | Down Vol 1563 |
| Ratio | 2.46 | 4.62 |
Stocks in the news:
In the first quarter, Wells Fargo
(
WFC |
Quote |
Chart |
News |
PowerRating) income rose 18% to
$1.77 billion with revenue up 7% to $7.15 billion with growth in credit
cards and deposits. The bank beat forecasts by 6 cents despite a weakening
mortgage business.
Altria
(
MO |
Quote |
Chart |
News |
PowerRating) reported earnings of $2.19 billion.
Revenue rose 12.7% increase to $21.8 billion on solid tobacco sales.
Check Point Software
(
CHKP |
Quote |
Chart |
News |
PowerRating) posted earnings of $41.9
million with sales up to $116.1 million on continued demand for its
products.
Boston Scientific
(
BSX |
Quote |
Chart |
News |
PowerRating) showed a 27% increase in
sales to $1.082 billion. Earnings doubled to $194 million on sales of its Taxus drug-coated stent.
Brice Wightman
bricew@tradingmarkets.com