Up 70% Intraday!
Stocks are
mixed in range bound trading after the release of several pieces of key economic
data. Industrial production rose 1.1%,
much higher than the expected 0.8%. It was the biggest increase since August
1998. Capacity utilization was also higher at 77.8%. Housing starts were strong
at 1967K with building permits at 2.077 million.
Goodyear Tires
(
GT |
Quote |
Chart |
News |
PowerRating)
delayed reporting first-quarter earnings saying it needed more time to compile
the data but hinted that the net loss for the quarter is expected to be in the
range of $75 million and $85 million. The company said it would meet the June 30
deadline set by lenders.
Lennar
(
LEN |
Quote |
Chart |
News |
PowerRating) posted
earnings that rose 26% to $201.4 million on sales of $2.1 billion with a 5%
increase in the number of home closings and a 4% boost in average home sale
prices. Land sales saw a 38.5% gross margin and totaled $147 million. The
company ended the quarter with a backlog of homes worth $5.9 billion and raised
outlook for fiscal year to earnings of $5.50 from $5.30 a share.
OPEC urged non-OPEC countries to pump more oil.
Oil and gas exploration companies are making new highs.
| Dow | -7.45 | 10372.90 |
| S&P 500 | +0.70 | 1132.71 |
| Nasdaq | -0.73 | 1994.83 |
Strong today are Oil
Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +2.27%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +1.49%, Oil
Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +1.10%, Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +0.81%
Economic news release today:
Building permits that rose to 2077K, housing starts was also
better-than-expected at 1967K. Industrial production was strong at 1.1% and
Capacity Utilization at 77.8%.
10-year Notes are -115
at 108 050
The dollar
is +0.94 at 90.36
Gold is -3.50 at 385.10
Crude Oil is +0.11 at
37.30
Volume is 520,000
million on the NYSE, and 664,000 million on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing | 1528 | Up Vol 238 |
| Declining | 1523 | Down Vol 249 |
| Ratio | 1.00 | 1.05 |
| Nasdaq |
||
| Advancing | 1459 | Up Vol 274 |
| Declining | 1448 | Down Vol 349 |
| Ratio | 1.01 | 1.27 |
Top Dow stocks are:
Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating),
+1.29%, Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) +0.94%, Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) +0.68%, General
Motors
(
GM |
Quote |
Chart |
News |
PowerRating) +0.33%.
Stocks in the news:
Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating) reported earnings
that jumped 24% at $347.8 million or $2.23 a share. Fixed-income trading was
strong with higher revenue from mortgage-related trading. BSC’s Capital market
unit’s revenue was up 14.7% at $1.35 billion.
Cyberonics
(
CYBX |
Quote |
Chart |
News |
PowerRating) is up sharply after
an FDA panel recommended approval of its pacemaker-like nerve stimulator for
treatment of severe depression. The stock is trading up 13%.
Best Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) reported earnings of $114 million
with revenue rising 17% to $5.48 billion on increased sales of high-profit
items. Analysts were concerned with the customer loyalty plan offered by BBY,
saying it may weigh on profit in the near term.
Delta Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating) CEO Gerald Grinstein said the
company cannot survive as is, despite an improving economy. Delta is still
negotiating with the Airline Pilots Association to reduce costs.
Brice Wightman
bricew@tradingmarkets.com