Upgrades Lift Market. Are You In This Sector?
Stocks are higher on two Dow component upgrades and
a chip sector upgrade. Construction spending for January rose a
better than expected +0.7%. The SM was 55.3 in February, slightly lower than
expected, vs. 56.4 in January.
Intel
(
INTC |
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PowerRating) was upgraded at JP Morgan, as was Texas
Instruments
(
TXN |
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PowerRating). The firm upgraded the entire semiconductor sector.
Marsh & McLennan
(
MMC |
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PowerRating) reported a quarterly loss of 1.28/share vs.
a 0.69 profit last year. The company will lay off 2500 employees and will cut
its dividend in half.
Continental Airlines
(
CAL |
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PowerRating) reached a tentative agreement with
pilots, mechanics and flight attendants. The company expects to save $500
million per year under the new agreements.
Johnson & Johnson
(
JNJ |
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News |
PowerRating) upgraded at Merrill Lynch, to ‘buy.’
Interest rates are higher and oil service stocks are lower today, including
BHI and TDW. Refiners are lower, too: SUN, TSO, NBL, AHC.
It seems fewer companies are giving guidance. 72% gave guidance in 2003; in
2004 that number dropped to 55% and looks to be even lower this year.
Strong sectors are: Airlines
(
$XAL.X |
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Chart |
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PowerRating)
-1.66%Â Â Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +1.54% Â Drugs
(
$DRG.X |
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Chart |
News |
PowerRating) +1.29%Â Â Â
Weak sectors are: Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating)
-2.43%Â Â Gold Â
(
$HUI.X |
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Chart |
News |
PowerRating) -2.10%Â Â Â Â
Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -1.96%
Dow | +67.25 | 10,833.48 |
Nasdaq | +12.97 | 2064.69 |
S&P 500 | +6.72 | 1210.32 |
The dollar is +0.22 at
82.73
Crude Oil is -0.75 at
51.75
Gold is -2.60 to 431.60
ce=”Arial” size=”2″ face=”Arial”>Volume is 744 million on the NYSE and 1 billion on the Nasdaq.
Market breadth is positive.
NYSE | Issues | |
Advancing | 1894 | Up Vol 435 |
Declining | 1247 | Down Vol 234 |
1.51 | 1.85 | |
Nasdaq |
||
Advancing | 1671 | Up Vol 602 |
Declining | 1271 | Down Vol 235 |
1.31 | 2.56 |
Stocks in the News
XM Satellite Radio
(
XMSR |
Quote |
Chart |
News |
PowerRating) was the winner in a Smart Money
comparison of satellite radio music channels.
Piper Jaffray said that Elan
(
ELN |
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Chart |
News |
PowerRating) is worth $10.
Smithfield Foods
(
SFD |
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Chart |
News |
PowerRating) reported earnings that doubled.
Brice Wightman