Want To Buy Some Google IPO Shares? Here’s How…
Stocks are higher on
light volume Tuesday ahead of the 2:15 PM Fed announcement.
Productivity rose faster than expected for the second quarter
— although at the slowest pave in over 18 months.
Oil made new record highs, although at press time is off these highs. Oil
continues to weigh heavily on the airlines. The Airline Index
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although up today, is trading near 52-week lows. For
American Airlines, every penny represents $30 million in additional fuel costs
annually. Still, travel seems to be strong — Four Seasons said
they see "continued recovery in business and leisure travel demand."
Lehman lowered their rating on the Semis to
neutral and downgraded Fairchild
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PowerRating) and Xilinx
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PowerRating).
The Google IPO process is scheduled to
begin at 5 PM ET Thursday. Investors must go
here and have until Thursday at 5 PM to register for a bidder number. Those
with bidder numbers can then submit bids. After the paperwork is out of the way,
the company will schedule the auction. When the auction begins, the IPO price
will be determined by bids.
Cisco
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PowerRating) is scheduled to report
after the close, estimates are $0.20; the company has beaten by a penny the past
two quarters.
| Dow | +69.24 | 9883.90 |
| S&P 500 | +7.61 | 1072.83 |
| Nasdaq | +19.69 | 1794.33 |
Strong today are: Airlines
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XAL.X |
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PowerRating)
+2.38%,
Internet
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GIN.X |
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PowerRating) +2.11%.Brokers
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PowerRating)
+2.02%.
10-year Notes are +005 at 112 160
The dollar
is -0.12 at 88.25
Gold is +1.40 at 400.60
Crude Oil is -0.24 at
44.60
Volume is 481 million on
the NYSE and 565 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 2338 | Up Vol 359 |
| Declining | 724 | Down Vol 69 |
| Ratio | 3.22 | 5.20 |
| Nasdaq |
||
| Advancing | 2073 | Up Vol 370 |
| Declining | 813 | Down Vol 140 |
| Ratio | 2.54 | 2.64 |
Stocks in the News
Nvidia
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up to $300 million of stock.
Roxio
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ROXI |
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PowerRating) will be renamed and
retickered to NAPS — it’s the parent of Napster.
EchoStar’s
(
DISH |
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PowerRating) board authorized
the repurchase of up to $1 billion in stocks; the company added 340K
subscribers in Q2
Taser International
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PowerRating) said it
received four stun gun orders totaling over $700,000. Three orders came from law
enforcement agencies in Arizona and California.
Trump Casinos
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DJT |
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PowerRating) will file for
bankruptcy protection; the stock is trading at 1.85.
AmeriCredit
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ACF |
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PowerRating) s higher after
posting a quarterly profit yesterday.
May Department Stores
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MAY |
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PowerRating) reported
higher profits despite weaker sales.
El Paso
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EP |
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PowerRating) said it would further restate financial results.
Brice Wightman