What Happened To This Once High-Flying Fund?

  • April 28, 2005
  • Brice Wightman

Stocks are lower as big earnings announcements are
overshadowed by disappohiinting GDP and higher inflation. Equities are
red across the board as slowing economic growth and inflation fears are once
again scaring off investors. A continuing drop in crude oil prices briefly
helped the indices.

The economy is showing signs of slowing and inflation is higher.
GDP was 3.1%, vs. consensus of 3.5% growth. The Q4 pace was 3.8%. Jobless claims for the
week of April 23 rose 21,000 to 320,000.

Fifty S&P 500 companies are reporting quarterly results today.

Formerly the nation’s biggest mutual fund, Fidelity Magellan, has now dropped to
fifth place. Due to the fund’s underperformance, investors have pulled
approximately $11.6 billion dropping the fund’s total assets to $57.4 billion.

ExxonMobil
(
XOM |
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Chart |
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PowerRating) reported 1.22 vs a 1.20 estimate; revenues for
the first quarter were $82 billion.

Starbucks
(
SBUX |
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PowerRating) reported 0.24, in-line. Revenue rose 22%.
Goldman raised its rating to ‘outperform.’

Proctor & Gamble
(
PG |
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PowerRating) beat by 0.02.

Northrup Grumman
(
NOC |
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PowerRating) beat and raised 2005 guidance.

Strong sectors are : Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) +1.93%  
Pharmaceuticals
(
$DRG.X |
Quote |
Chart |
News |
PowerRating) +0.40%  Health Providers
(
$RXH.X |
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Chart |
News |
PowerRating)
+0.22%

Weak sectors are:  Networking
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) -2.12%  
Home Builders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) -2.09%   Gold & Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
-1.84%

Dow  -60.08 10,138.64
Nasdaq -13.63 1916.80
S&P 500 -5.91 1150.47

The dollar is +0.18 at
84.28

Crude Oil is -1.28 at
50.35

Gold is -1.30 at 432.80

ce=”Arial” size=”2″ face=”Arial”>Volume is 693 million on the NYSE and
831 million on the Nasdaq.

Market breadth is negative.

NYSE Issues
Advancing 1044 Up Vol 183
Declining 2054 Down Vol 504
1.97 2.75
Nasdaq
Advancing 937 Up Vol 242
Declining 1907 Down Vol 590
2.03 2.44

Stocks in the News

Black & Decker
(
BDK |
Quote |
Chart |
News |
PowerRating) beat estimates and upped guidance.

Biogen Idec
(
BIIB |
Quote |
Chart |
News |
PowerRating) missed by 0.07.

Chiron
(
CHIR |
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Chart |
News |
PowerRating) missed by a large margin and missed on revenues. 

Aetna
(
AET |
Quote |
Chart |
News |
PowerRating) beat by 0.03 and guided higher.

Kellogg
(
K |
Quote |
Chart |
News |
PowerRating) beat by a penny and increased its dividend by 10%.

Wendy’s
(
WEN |
Quote |
Chart |
News |
PowerRating) beat by 0.05 and raised guidance.

Ask Jeeves
(
ASKJ |
Quote |
Chart |
News |
PowerRating) beat by 0.03.

Komag
(
KOMG |
Quote |
Chart |
News |
PowerRating) beat by 0.05.

Comcast’s
(
CMCSA |
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PowerRating) profits rose 380%.

Coca Cola Enterprises
(
CCE |
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Chart |
News |
PowerRating) missed by a penny.

Brice Wightman