Who Profits From The Debates? Not The Networks…
Stocks are lower on a
weaker-than-expected jobs report. Non-farm payrolls were 96,000;
unemployment was 5.4%, in-line.
Alcoa
(
AA |
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PowerRating) reported 0.34, in-line, on lower revenues. General
Electric
(
GE |
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PowerRating) reported 0.38, in-line.
Oil is trading just under the $53 mark. A two-day
wildcat strike in Nigeria is expected to end today. Oil tanker lease rates are
at a 30-year high.
Trader talk: Yesterday’s drop may have helped
cushion the market impact of the poor jobs number today, and Fed tightening may
not be as aggressive.
Drug companies continue to be in focus:
Johnson & Johnson
(
JNJ |
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PowerRating) warned doctors that patients taking Remicade–an
arthritis drug–may have a higher risk of lymphoma. Remicade is a tumor necrosis
blocker.
Who profits from the debates? Not the networks.
Independent research analyst Jack Myers estimates that because of the 90-minute
uninterrupted coverage, the major networks will collectively lose between $40
and $50 million–on each debate.
Copper and copper producer Phelps Dodge
(
PD |
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Chart |
News |
PowerRating) is making new highs.
Since the end of August, the Nasdaq is up 10%.
For the week, SEBL is +14%, VRTS is +13%. CHIR is -18%; TEVA is -6%.
Martha Stewart reported to a minimum
security prison at Alderson, West Virginia early this morning to begin serving a
5-month sentence.
| Dow | -32.00 | 10093.40 |
| S&P 500 | -3.62 | 1127.03 |
| Nasdaq | -13.86 | 1934.66 |
Strong sectors are:Â Gold
(
XAU.X |
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Chart |
News |
PowerRating) +2.68%, Oil
(
XOI.X |
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News |
PowerRating) +0.13%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +0.44%.
Weak sectors are:
Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -3.51%, Cyclicals
(
CYC.X |
Quote |
Chart |
News |
PowerRating) -0.81%, Computer Tech
(
XCI.X |
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Chart |
News |
PowerRating) -0.80%.
10-year Notes are +275 at 112 205
The dollar
is -0.89 at 87.45
Gold is +4.90 at 422.60
Crude Oil is -0.21 at 52.46
820 million on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing | 1647 | Up Vol 188 |
| Declining | 1447 | Down Vol 1345 |
| Ratio | 1.13 | 7.15 |
| Nasdaq |
||
| Advancing | 1088 | Up Vol 207 |
| Declining | 1728 | Down Vol 565 |
| Ratio | 1.58 | 2.72 |
Stocks in the News
Advanced Micro Devices
(
AMD |
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News |
PowerRating) reported 0.12, in-line. Sales rose 30%.
Digi International
(
DGII |
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Chart |
News |
PowerRating) guided higher for Q4 and 2004.
Manhattan Associates
(
MANH |
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Chart |
News |
PowerRating) reported Q3 below consensus.
Genentech
(
DNA |
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Chart |
News |
PowerRating) was ugraded at Credit Suisse, to ‘outperform’ from
‘neutral.’
Starbucks
(
SBUX |
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Chart |
News |
PowerRating) was upgraded at UBS, to ‘buy’ from ‘neutral.’
UTStarcom
(
UTSI |
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Chart |
News |
PowerRating) was downgraded at Goldman, from ‘outperform’ to
‘in-line.’
Abercrombie & Fitch
(
ANF |
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Chart |
News |
PowerRating) was upgraded from a ‘sell’ to a ‘hold’ at
Wells Fargo.
MedImmune
(
MEDI |
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Chart |
News |
PowerRating) said it will provide one to two million doses of
FluMist during the 2004-2005 flu season.
Brice Wightman