Will The SPX Close At 4-Year Highs Today?

Stocks are higher on a tame inflation report and
good results from Apple and AMD.

The CPI for June was unchanged.  Core CPI rose +.10, better than expected
jobless claims rose 16,000 to 336,000. The 4-week moving average is 320,750. 
Retail sales for June rose +1.7%, better than expected, driven in part by auto
sales.

Apple (AAPL)
beat by 0.06; revenues were $3.52 billion vs a $3.33 billion estimate. iPod
sales were very strong, quadrupling to 6 million units. The company’s guidance
was a little weak, though.

Advanced Micro
Devices (AMD)
reported 0.03, beating estimates. Flash memory was strong. The Street was
looking for a loss of 0.05. Revenues were $1.26 billion vs $1.22 billion
expected. Citigroup raised its price target to $20.

Yum! Brands (YUM)
beat by 0.06 and guided lower for FY 2005.

Marriot
(
MAR |
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Chart |
News |
PowerRating) missed by 0.02.

United Health
(
UNH |
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News |
PowerRating) beat by a penny. Earnings grew 36%. The
company also affirmed its outlook.

Taser
(
TASR |
Quote |
Chart |
News |
PowerRating) said a California court dismissed a wrongful death
lawsuit against the company.

Lehman boosted its price target on Google
(
GOOG |
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News |
PowerRating) to $350 from
$275.

The auto parts sector was upgraded at Lehman Bros. (VC, TRW)

Trader talk: will the SPX close at 4-year highs today?

      

Fifth Third Bancorp
(
FITB |
Quote |
Chart |
News |
PowerRating) beat by a penny.

Knight Ridder
(
KRI |
Quote |
Chart |
News |
PowerRating) missed by a penny; Q2 net fell 14%.

Tribune
(
TRB |
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News |
PowerRating) beat by 0.02. Revenues dipped 2.3%.

Southwest Airlines
(
LUV |
Quote |
Chart |
News |
PowerRating) beat by 0.02.

MDC Holdings
(
MDC |
Quote |
Chart |
News |
PowerRating) 2.25 vs 2.06 estimate.

Genzyme
(
GENZ |
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Chart |
News |
PowerRating) beat and raised 2005 estimates. Q2 profit rose
58%.

Avid
(
AVID |
Quote |
Chart |
News |
PowerRating) warned for Q2.