What Does The Price Of A NYSE Seat Say About This Market?
Stocks are higher on mixed economic data.
Personal income for March rose +0.5%, more than expected; personal
spending rose +0.6%. The University of Michigan Consumer Sentiment Index was
87.7 for April, below estimates.
For the month, the Dow has fallen 3.5%; the S&P 500 has lost 2.6%. The Nasdaq
has been down for four straight months.
Microsoft
(
MSFT |
Quote |
Chart |
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PowerRating) reported 0.32, in-line. Revenue was $9.6
billion, lower than the expected $9.83 billion estimate.. The company guided
slightly higher. MSFT traded lower after hours.
Gateway
(
GTW |
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Chart |
News |
PowerRating) posted a narrower net loss at 0.01.
KLA-Tencor
(
KLAC |
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PowerRating) beat by 0.05 as Q3 net income surged 86%, but
the company cut its sales outlook for the current quarter. The stock is trading
lower pre-open.
Chevron Texaco
(
CVX |
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Chart |
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PowerRating) missed estimates; revenues rose 22%.
ITT Industries
(
ITT |
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Chart |
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PowerRating) beat by 0.21 and raised 2005 guidance.
Sun Microsystems
(
SUNW |
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Chart |
News |
PowerRating) may go private, according to The Wall
Street Journal. A hedge fund manager quoted in the article put the LBO price
between $5 – $5.50 per share. Shares of SUNW closed at $3.44 yesterday.
A NYSE seat sold for $2.6 million, up $200,000 from two days ago and just
short of the all-time record high of $2.65 million in August 1999. It was the
third seat sale this week.
Strong sectors are:
Homebuilders
(
$HGX.X |
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Chart |
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PowerRating) +2.41% Gold
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) +2.00%
Chemicals
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) +2.14%
Weak sectors are: Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) -2.45%
Airlines
(
$XAL.X |
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Chart |
News |
PowerRating) -2.28% Retail
(
$RLX.X |
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Chart |
News |
PowerRating)
-0.87%
Dow | +47.36 | 10,117.73 |
Nasdaq | +1.51 | 1905.69 |
S&P 500 | +4.71 | 1147.93 |
The dollar is -0.12 at
84.23
Crude Oil is -0.52 at
51.25
Gold is -+4.50 at 435.50
ce=”Arial” size=”2″ face=”Arial”>Volume is 1.3 billion on the NYSE and
1.2 billion on the Nasdaq.
Market breadth is mixed.
NYSE | Issues | |
Advancing | 1602 | Up Vol 608 |
Declining | 1528 | Down Vol 595 |
1.04 | 1.02 | |
Nasdaq |
||
Advancing | 1342 | Up Vol 581 |
Declining | 1584 | Down Vol 547 |
1.18 | 1.06 |
Stocks in the News
Clear Channel
(
CCU |
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Chart |
News |
PowerRating) will spin off its entertainment unit. The
company also declared a special $3/share dividend and raised its regular
dividend by 50%.
Cardinal Health
(
CAH |
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Chart |
News |
PowerRating) beat by a penny.
The FDA approved Lilly
(
LLY |
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Chart |
News |
PowerRating) and Amylin’s
(
AMLN |
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Chart |
News |
PowerRating)
diabetes drug to be used in combination with other drugs.
Archer Daniels Midland
(
ADM |
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Chart |
News |
PowerRating) beat by a penny.
Kellogg
(
K |
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Chart |
News |
PowerRating) was upgraded at JP Morgan, from neutral to overweight.
Brice Wightman