You Think This Is A Tough Market? Take A Look At This Statistic
Stocks were lower Friday
as oil prices continued to weigh on the market.
The
Dow and Nasdaq bounced off their lowest levels of the year near the session
close. The market was practically flat for the week — a week marked by tech
warnings oil at new highs and a bond rally.
Dell
(
DELL |
Quote |
Chart |
News |
PowerRating) provided some positive
news, reporting strong earnings yesterday and giving an upbeat forecast. Smith
Barney upgraded the stock, with a $39 price target.
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) got a boost as Morgan Stanley upgraded the stock to overweight,
citing improving
demand and valuation. The trade deficit hit a record $55.8 billion in June,
wider than expected. It was the biggest drop in exports in almost three years;
imports were also at record levels.
Google’s IPO auction opened today, even
after the company said a recent interview with the co-founders in Playboy
Magazine may have violated securities laws. Securities laws restrict what
corporate execs can say prior to initial public offerings. Under the Securities
Act of 1933, the company could be forced to repurchase its shares. The SEC will
allow Google to proceed with its IPO as planned.
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) said that patients
taking the cancer drug Avastin may be at higher risk of heart attacks and
strokes and blood clots. DNA fell 2.88 to 44.23.
Year-to-date tech outflows are $2.7 billion;
technology outflows have continued for 28 consecutive weeks.
Even the smart money is having trouble making
money in this market: July hedge fund performance was -2.1%, the worst since
September 2002. The SPX lost 3.3% in July.
The UAL machinists’ union will ask a court to
deny bankruptcy filing by the company.
| Dow | +10.76 | 9825.35 |
| S&P 500 | +1.57 | 1064.80 |
| Nasdaq | +4.73 | 1757.22 |
Strong today were: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+2.56%, Oils
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
+1.08% and Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +0.82%.
Weak were: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
-1.84%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating)
-1.64% and Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) -0.60%.
10-year Notes were +110 at 112 250
The dollar
was -0.78 at 87.91
Gold was +4.80 at 398.60
Crude Oil was +1.19 at
46.03
Volume was 1.17 billion
on the NYSE and 1.34 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 1901 | Up Vol 621 |
| Declining | 1343 | Down Vol 533 |
| Ratio | 1.41 | 1.16 |
| Nasdaq |
||
| Advancing | 1516 | Up Vol 740 |
| Declining | 1522 | Down Vol 574 |
| Ratio | 1.00 | 1.29 |
Stocks in the News
US Air may be in bankruptcy by September, investment bankers say, if the
company doesn’t cut costs.
Analog Devices
(
ADI |
Quote |
Chart |
News |
PowerRating) posted a larger Q3 profit but said revenue growth
slowed and customers were becoming more cautious.
AmerisourceBergen
(
ABC |
Quote |
Chart |
News |
PowerRating) said it will buy back up to $500 million
of its outstanding shares.
Brice Wightman