Why Tuesday Will Be Important
Both
the Dow
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Nasdaq
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Tech stocks outperformed the major indices today with networking
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$NWX.X |
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Internet Commerce
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$ECM.X |
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(
$SOX.X |
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the pack. Networking giant Cisco Systems
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third-quarter results after tomorrow’s close. This is a light economic week with
the biggest report being tomorrow’s FOMC meeting. No change in rates is
expected.
The Dow Jones Industrial
Average
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$INDU.X |
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$SPX.X |
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slid 3.54 at 926.54. The Nasdaq
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$COMPQ |
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The day’s leading sectors are
Networking
(
$NWX.X |
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(
$HWI.X |
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+2.51%, Semiconductors
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$SOX.X |
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PowerRating), +2.65%,and Healthcare
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$HMO.X |
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+2.51%.
Weak today are Paper
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$FPP.X |
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-1.04%, Banks
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$BIX.X |
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$CMR.X |
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PowerRating),
-0.40%.
In economic news, April ISM
Services Index jumped to 50.7 from 47.9 in March. This was better than
estimates calling for a reading of 49.
The 10-year U.S. Note
is +085 at 115-010.
The dollar is -0.41 at
96.53.
Gold is +1.30 at 342.60.
Crude Oil -.02 at 26.28.
Volume was
1,406,758,000 on
the NYSE, and at 1,872,013,000 on the Nasdaq.
Market breadth was
positive, with NYSE advancing issues over declining issues by a ratio of
1.34, and up volume over down volume by a 1.50 ratio. Nasdaq advancing issues
over declining issues are at 1.28, and up volume over down volume is at a 2.58
ratio.
Top Dow stocks are:
J.P. Morgan
(
JPM |
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HPQ |
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+.15 at 16.80, Eastman Kodak
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EK |
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CAT |
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+.33 at 52.68.
Stocks in the news:
Boeing
(
BA |
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1.00. The Wall St. Journal reported that that the aerospace and defense
giant is under investigation by the Justice Department over how it received
sensitive documents about rival Lockheed Martin’s
(
LMT |
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programs.
OSI Systems
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was down 1.15 on over triple its average volume. The airport security systems maker
reported better than expected results and also reaffirmed its target for the
year.
Accredo Health
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ACDO |
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up 25% on over double its average volume. The company reported a third quarter
loss of 37 cents a share compared to a gain of 22 cents the same period a year
ago. However, excluding a one-time charge, Accredo actually earned 37 cents a
share or a penny above estimates.
LendingTree
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TREE |
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rocketed up 41%. The company is being acquired by USA Interactive
(
USAI |
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a $734 million stock deal.
Oxford Health
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OHP |
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gained more than 13% on more than double its average volume. The company reported
first quarter results of 86 cents a share up 10% from year ago levels but below
estimates of 89 cents a share.