Want An iMac? You’ll Have To Wait…
Stocks are lower on some unfavorable economic data on the economy.
The US Labor department released data that showed a disappointing gain of
112,000 jobs for June, well below the quarter million Wall Street expected. The
unemployment rate was unchanged at 5.6% with average workweek hours slipping to
33.6. The manufacturing sector lost 11,000 jobs after four months of gains. This
data caps off a week of shaky economic data; earlier in the week car sales were
down as were retail sales.
Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating) fell after announcing delays for the launch of their next iMac
computer. Apple wont have a model for the important back-to-school shopping
season; schools and universities are a core market for Apple.
BP
(
BP |
Quote |
Chart |
News |
PowerRating) said Q2 production rose 17% at 3.95 million barrels each day.
Maxtor
(
MXO |
Quote |
Chart |
News |
PowerRating) cut its earnings forecast to a net-loss of $25 million
on aggressive pricing pressure with revenue at $820 million. The company also
plans to cut about 450 workers that will save the company about $70 million
annually.
| Dow | -47.34 | 10286.08 |
| S&P 500 | -2.90 | 1126.14 |
| Nasdaq | -9.75 | 2005.80 |
Strong today is Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +1.83%, REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating) +1.59%, Gold and
Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +1.48%, Utility
(
UTY.X |
Quote |
Chart |
News |
PowerRating) +1.05%
Weak today are Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating)
-1.97%, Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) -1.5%
Economic news release today
include: Nonfarm payrolls that was way below expectations at 112K, from the
expected 250K. Unemployment Rate steady at 5.6%, hourly earnings edged up 0.1%
with average workweek slipping to 33.6. Factory orders for May also fell by 0.3%
10-year Notes are +280
at 110 175
The dollar
is -0.77 at 88.31
Gold is +2.40 at 398.80
Crude Oil is -0.24 at
38.50
Volume is 556 million on
the NYSE, and 688 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1998 | Up Vol 205 |
| Declining | 1176 | Down Vol 330 |
| Ratio | 1.69 | 1.61 |
| Nasdaq |
||
| Advancing | 1248 | Up Vol 150 |
| Declining | 1606 | Down Vol 506 |
| Ratio | 1.29 | 2.71 |
Top Dow stocks are:
Coca Cola
(
KO |
Quote |
Chart |
News |
PowerRating),
+0.99%, Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating), +0.59%, Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating)
+0.47% WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating), +0.46% Â
Stocks in the news:
Acclaim Entertainment
(
AKLM |
Quote |
Chart |
News |
PowerRating) reported a net-loss of $25.4 million with net revenue at $142.7
million and said it may be forced to file for bankruptcy if they can not obtain
new financing.
Caremark Rx
(
CMX |
Quote |
Chart |
News |
PowerRating)
said 19 states were seeking information on its business practices.
Cardiac Science
(
DFIB |
Quote |
Chart |
News |
PowerRating) jumped after the FDA approved their fully-automated public access
defibrillator.
Netflix
(
NFLX |
Quote |
Chart |
News |
PowerRating)
reported a 82% increase in its subscriber base at 2.09 million with 97% of them
on free trials. They are expected to report earnings on July 15.
Brice Wightman
bricew@tradingmarkets.com