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market summary: Close Dow +121.82 at 10290.28, S&P +12.40 at 1118.31, Nasdaq +23.02 at 1873.43: The market averages began the session on a favorable but trade once again was restrained. Helping to underpin in the early going were some positive developments in the retail sector. While the news was not overwhelming bullish in terms of the number that topped the consensus vs those that did not (see Briefing.com Same-Store-Sales calendar), there were favorable results from American Eagle (AEOS +6.7%), Gap (GAP +5.6%) along with Abercrombie & Fitch (ANF +9.7%) and upside guidance that helped to dispel worries about a discretionary spending slowdown following the July report. Also providing a boost was the stronger than expected Factory Order report for July which came in at 1.3% vs the consensus of 1.1% with the previous month revised higher to 1.2% vs 0.7%. Consolidative action near the highs dominated into the afternoon as caution in front of the Intel (INTC +0.9%), further intraday gains in oil and concern about the weekend hurricane limited follow through. Buyers returned in fairly aggressive fashion over the last two hours as crude oil reversed to the downside with the average breaking above technical levels. Rumors of better than expected jobs data, possibly fueled by positive comments from Council of Economic Advisors, was also cited for the afternoon strength. Volume did pick up during the run but it was still below the pace of the last few days. The Treasury market was under pressure throughout with position squaring in front of the employment report and the bearish oil reversal pressuring. DOT +1.6%, Nasdaq 100 +1.4%, Russell 2000 +1.3% , SOX +1.5%, S&P Midcap 400 +0.9%, XOI +0.9%, NYSE Adv/Dec 2365/932, Nasdaq Adv/Dec 2019/1004
Late Buying Rush Sends Stocks Soaring
Thursday September 2, 7:22 pm ET
By Meg Richards, AP Business Writer
Buying Rush Sends Stocks Soaring Despite Mixed Data; Dow Surges 122, Nasdaq Climbs 23
NEW YORK (AP) -- Stocks strode higher in a late-session buying surge Thursday, as oil prices stepped back from their highs and investors shrugged off mixed economic data, focusing with renewed optimism on the government's upcoming jobs report. The Dow Jones industrial average jumped more than 120 points.
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Trading has been muted all week due to the Republican National Convention in New York and the upcoming Labor Day holiday. Investors were also looking ahead to an after-the-bell outlook from chipmaker Intel Corp. -- which came in gloomy, as expected -- and U.S. employment data scheduled to be announced Friday.
The markets grew increasingly more upbeat Thursday as rumors swirled among traders that President Bush would allude to bullish job growth numbers in his speech on the final night of the convention. Still, analysts were puzzled by the strength of the rally.
"Could it just be that there's no one in, volume is low, and there's nothing new negative?" asked Janna Sampson, director of Portfolio Management at Oakbrook Investments. "People might be thinking, 'You know, I want to be in for September, I want to do it today, and I'm taking a four-day weekend.'"
According to final results, the Dow soared 121.82, or 1.2 percent, to 10,290.28, its highest point in seven weeks.
The broader gauges also rose sharply. The Nasdaq composite index added 23.02, or 1.2 percent, to 1,873.43. The Standard & Poor's 500 index gained 12.40, or 1.1 percent, to 1,118.31. The sprint sent the S&P 500 back into positive range for the year, up 0.6 percent since the start of 2004.
In economic news, worker productivity rose a disappointing 2.5 percent in the spring, the smallest gain since late 2002. The reading by the Labor Department, which measures the amount an employee produces for every hour on the job, missed economists' estimates for a rise of 2.8 percent, and was down sharply from the 3.7 percent pace posted in the first quarter.
In a second report, the department said the number of new people signing up for unemployment benefits rose for the second week in a row, reflecting the lingering impact of Hurricane Charley. Economists were expecting claims to go down.
Separately, the Commerce Department said orders to U.S. factories grew by 1.3 percent in July, following a 1.2 percent advance in June. The increase was led by a big jump in demand for commercial aircraft and parts. Orders for nondurable goods, such as food products and chemicals, rose 1 percent for a second straight month.
Crude prices climbed after Russia's largest oil producer, Yukos, warned of a possible production halt following a Moscow court's decision to freeze its assets as part of an ongoing battle over back taxes. Light, sweet crude for October delivery was up 6 cents to settle at $44.06.
Investors were also holding their collective breath as Hurricane Frances took aim at Florida's eastern coast, less than three weeks after Hurricane Charley struck the state, pushing the nation's jobless claims higher and denting retail sales in the Southeast.
The fact that the market was up in spite of so many negative factors was cause for optimism, analysts said, and perhaps a sign that investors are setting aside some of the worries that kept them on the sidelines during the summer. It's almost as if the sellers are "getting a bit tired," said Bill Groenveld, head trader for vFinance Investments.
"The Olympics? No terrorism. Democratic convention? No terrorism. And now we're getting this other one out of the way," Groenveld said. "The market is kind of getting that funny feel like we might have seen the last of this downtrend. People are shrugging things off, we're feeling better ... I think we could be setting ourselves up for a decent fourth quarter as long as everyone plays nice through the presidential election."
There wasn't much encouragement for the high-tech sector in Intel's financial outlook, issued after the close of regular trading. The chip bellwether rose 20 cents to close at $21.63 on the Nasdaq Stock Market before the release, then sank 7 percent in extended trading after saying third-quarter revenue was likley to fall in the low end of its previous forecast.
The nation's retailers reported a third consecutive month of weak sales, as low-to-middle income shoppers became more frugal in response to rising energy and grocery bills and growing worries about the job market.
Wal-Mart Stores Inc., the world's largest retailer, was up 39 cents at $53.02 despite reporting a slim 0.5 percent increase in sales, missing Wall Street forecasts for a rise of 1.5 percent. Based on disappointing sales, Wal-Mart said it now believes third-quarter profits will be at the low end of its forecast.
Costco Wholesale Corp. was down 42 cents at $40.41 after reporting a 4 percent gain in sales, missing estimates of a 7.3 percent rise.
Advancing issues outnumbered decliners nearly 3 to 1 on the New York Stock Exchange. Consolidated volume came to 1.4 billion shares, compared to 1.42 billion traded Wednesday.
The Russell 2000 index, which tracks smaller company stocks, was up 7.32, or 1.3 percent, at 559.78.
Overseas, Japan's Nikkei stock average finished 0.2 percent higher Thursday. In Europe, France's CAC-40 added 0.6 percent, Britain's FTSE 100 rose 0.4 percent and Germany's DAX index was up 0.4 percent.
Stocks Close Mixed; Dow Industrials Shed 5.46
By Erin Schulte
The Wall Street Journal Online
With the Republican National Convention crowding traders out of Manhattan and Friday's big report on August employment looming, stocks made little progress again Wednesday.
The Dow Jones Industrial Average closed down 5.46 at 10168.46 and the S&P 500- stock index moved up 1.67 to 1105.91. Tech stocks outpaced the broader market, with the Nasdaq Composite Index climbing 12.31 to 1850.41.
Market watchers had expected inconsequential action on Wall Street this week.
"The Street began deserting the ship late last week as the Republicans swarmed into Manhattan for their convention. And that exodus has left many of their juniors running the desks with specific instructions not to be bold," said Jeffrey Saut, chief investment strategist at Raymond James. "In other words -- don't take any big risks with the firm's money."
Rising oil prices, meanwhile, kept bullishness in check. After dropping about 15% from record highs recently, crude oil surged $1.88 to settle at $44 a barrel Wednesday in reaction to a surprisingly steep decline in U.S. oil inventories. It was the biggest one-day increase in three months in dollar terms.
The Energy Information Administration reported that U.S. commercial inventories of crude oil declined by a 4.2 million barrels to 287.1 million barrels last week. The American Petroleum Institute, a trade group, reported an even larger inventory decline of eight million barrels.
Most analysts had predicted inventories to remain steady or increase slightly. Meanwhile, there were reports of continued violence in Iraq, where insurgents reportedly blew up a northern pipeline.
Economic reports on construction spending and manufacturing came in mixed, giving those traders who did make it to work little to go on.
The Institute for Supply Management's August manufacturing index fell to 59 from 62 in July, a shade below the reading of 60 economists had expected and the first time in nine months the index fell below 60. Readings above 50 indicate expansion in the sector. Separately, the Commerce Department said construction spending rose 0.4% in July, in line with expectations.
Friday, the August report on U.S. nonfarm payrolls is expected to show growth of 150,000 jobs. After two months of subpar growth, investors are looking to see if a third month confirms the trend. In July, employers added just 32,000 nonfarm jobs to their payrolls, well below what economists had expected.
Among stocks in the news, eBay agreed to buy additional shares in South Korea's Internet Auction Co. in a cash deal estimated at $325 million, raising eBay's stake in the company to nearly 86% from about 62%. EBay said it intends to pursue a tender offer for the remaining shares of Internet Auction in the coming weeks. Shares rose 1.3%.
Detroit's Big Three posted lower vehicle sales for August, amid steep gasoline prices and signs lavish incentives have lost some of their allure with consumers in a wavering economy. General Motors shares slipped, Ford dropped 1.5% and American depositary shares of DaimlerChrysler inched higher.
A pair of health-care stocks drew attention. Boston Scientific, under pressure from a major recall of its coronary stents, provided an update on its business performance for 2004. Forest Laboratories, meanwhile, said initial Phase III trial results of the company's Alzheimer's disease treatment, neramexane, showed no statistical difference between the drug and existing treatments. Boston Scientific shares rose 7.1%, while Forest shares sank 8.4%.
Shares of Corinthian Colleges jumped 23% after the for-profit education company reported earnings of 20 cents a share, beating Wall Street estimates of 19 cents a share and matching the year-earlier figure for the quarter. The company said its fourth-quarter revenue rose to $217.1 million from $138.9 million a year ago. For fiscal 2004, revenue increased 55% to $804 million.
Overseas, stocks gained ground. In London, the FTSE closed up nearly 1%, helped by strong performances from oil stocks. Japan's benchmark Nikkei 225 Stock ended up 0.4% as bargain hunting lifted real estate and other domestic- demand related stocks.
In major U.S. market action Wednesday:
Stocks were mixed. On the Big Board, where 1.14 billion shares traded, 2,059 stocks rose and 1,231 fell. On the Nasdaq Stock Market, where 1.43 billion shares changed hands, 1,815 stocks advanced and 1,228 declined.
Bonds slipped. The 10-year Treasury note lost less than 1/8 point, or $1.25 for each $1,000 invested. The yield, which moves inversely to price, rose to 4.119%. The 30-year bond was down less than 1/8 point to yield 4.929%.
The dollar was mixed. It traded at 109.50 yen, up from 109.23 yen late Monday in New York. The euro rose against the dollar to $1.2187 from $1.2177.
Dow Jones Newswires
09-01-041713ET
Copyright (C) 2004 Dow Jones & Company, Inc. All Rights Reserved.
market summary: Close Dow -5.46 at 10168.46, S&P +1.67 at 1105.91, Nasdaq +12.31 at 1850.41: Choppy trade at slightly higher levels dominated through most of the session with a modest push in late trade leaving the Dow, the only index in the red (-5 points or -0.05%). There were several economic reports which included in line Construction Spending (+0.4%), a slightly weaker ISM Index (59.0 vs consensus of 60.0 but above 50 for the 15th month in a row) and mixed vehicle sales (DCX reported a 1% increase while both F and GM delivered declines of 13% and 7%, respectively) which elicited relatively minor reactions as did the solid rebound in crude oil (+4.4%). Today's gains were led by tech (disk drive +1.4%, computer-hardware +0.9%, semi +0.8%, telecom +0.7%) and energy (oil service +2.2%, natural gas +1.4%, oil +1.1%) along with biotech, defense and housing. Financials (bank -0.7%, broker/dealer -0.6%, insurance -1%) and airlines paced the way on the downside with tobacco and drug also weaker. While the end result appeared relatively tame, there was a considerable amount of volatility today. An early spike to the upside was reportedly related to an error in the purchase of the Russell 2000 tracking stock and an overly aggressive buy program. This was quickly wiped out but the averages did rebound to fresh session highs within an hour. The averages were awoken out of a typical sleepy midday period by reports of "mass casualty" incident in Washington D.C. which triggered a quick spike to the downside. This too was quickly reversed as it turned out to be nothing more than a prank. The unexpected developments/news led to higher volume than the previous sessions but the bottom line is that the indices merely put together a modest extension of yesterday's recovery rally and then drifted lower. Market internals were bullish across the board. SOX +0.8%, XOI +1.1%, NYSE Adv/Dec 2059/1231, Nasdaq Adv/Dec 1815/1228
marker summary: Close Dow +51.40 at 10173.92, S&P +5.09 at 1104.24, Nasdaq +1.61 at 1838.10: Mild but broad based strength was noted in the early going with energy and biotech sectors helping to pace the way (semi on defensive) but this proved short lived in the wake of the today's economic reports. August Consumer Confidence came in at 98.2 vs the consensus of 103.4 while Chicago PMI was reported at 57.3 vs the consensus of 60.0. Although the data did disappoint, keep in mind that today market the first time confidence has fallen since February with the regional PMI report slowing from its 16-year high set in May. Other factors weighing on the market today were cautious comments ahead of INTC's (-1.7%) mid-quarter update on Thursday (potential downward revision to revenue range, price target/estimate cuts) and a cautious stance ahead of Friday's employment data. The weaker tone remained dominant into the afternoon but minor fresh session lows did not elicit much interest suggesting that the two session pullback was running out of steam. Over the last 90 minutes the averages staged a solid rebound with traders citing buy programs, end of month interest as well as short covering ahead of index changes that will be seen at the close of today's trade. Although volume did improve from Monday's anemic levels it remained far below average with the thinner trading conditions also likely playing a role in afternoon bounce. Treasuries performed well with a safe-haven bid, month end buying and lowered economic expectations underpinning. Russell 2000 +0.6%, SOX -0.7%, S&P Midcap 400 +0.7%, XOI +1.4%, NYSE Adv/Dec 2308/1005, Nasdaq Adv/Dec 1813/1242
U.S. stocks end higher after late-day rebound
Tuesday August 31, 4:38 pm ET
By Susan Lerner
NEW YORK (CBS.MW) - A late-day surge Tuesday pushed blue chips into positive territory for the month but wasn't enough to boost the Nasdaq, which closed out August with a loss of more than 2 percent.
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After a choppy session that had seen early gains fade into losses on news of a sharp decline in consumer confidence, the Dow Jones Industrial Average (^DJI - News) closed up 51.40 points, or 0.5 percent, at 10,173.92, bouncing back from a 10,074 intraday low.
The Nasdaq Composite Index (NasdaqSC:^IXIC - News) battled back from a 17 point deficit to close up 1.61 points, or 0.1 percent, at 1,838 and the S&P 500 (CBOE:^SPX - News) was up 5.09 points, or 0.5 percent, to 1,104.24, rising from its 1,094 session low.
"With the volume being so low, it doesn't require a lot to move the market one way or the other. And really it's been a very quiet day even from movement," said Paul Nolte director of investments at Hinsdale Associates.
Volume was about 1.1 billion shares on the New York Stock Exchange and approximately 1.3 billion shares on the Nasdaq. Big Board winners outnumbered losers 23 to 10, and advancers overtook decliners 9 to 6 on the Nasdaq.
For the month, the Dow was up 0.3 percent and the S&P 500 added 0.2 percent but the Nasdaq dropped 2.4 percent.
After an opening rise, stocks had fallen into the red earlier Tuesday after the Conference Board reported that its reading of consumer confidence declined to 98.2 in August from a revised 105.7 in July. See Economic Report.
Al Goldman, chief market strategist at A.G. Edwards, called the number "very disappointing."
In Tuesday's other major report on the economy, the Chicago purchasing managers index sank to 57.3 for August from 64.7 percent in July. Economists had expected a drop to 60.8 percent. Read more.
Following the reports, the fed funds futures market at the Chicago Board of trade was pricing in 80 percent odds of a rate hike to 1.75 percent on Sept. 21 and a 76 percent chance of a hike to 2 percent in either November or December.
Traders expect muted action all week as summer winds down and many on Wall Street stay away, with New York hosting the Republican National Convention. See our full convention coverage.
"It appears that we should be ready for more mostly sideways action, with no great moves in either direction," Bob Dickey, technical analyst at RBC Dain Rauscher, told clients.
Dickey said that markets already may have reached a "temporary peak" and that trading-volume levels appear to be too low for a sustainable advance.
A.G. Edwards' Goldman believes the market is still in "bull" mode, supported by a good economy and reasonable overall market valuations, he said, adding: "We can't rock and roll day in and day out like it did in 2003 -- it has to have more periods of time out."
Alluding to the just-completed Summer Olympics, Goldman said he expects "a bronze-medal performance not a gold medal performance" from the market between now and year-end.
Intel was the biggest percentage loser among Dow components Tuesday, falling 1.4 percent, after Morgan Stanley lowered its third-quarter revenue estimate and its price target for shares (NasdaqNM:INTC - News) , citing PC-demand and inventory concerns.
Earlier Intel shares had tumbled to a 14-month low.
Merrill Lynch said it remained cautious on the stock, though it told clients it expects the chip giant, which will provide investors with a midquarter update Thursday, to stick to its revenue outlook.
"Investors would be well advised to keep their distance despite the decline in Intel's stock price," Merrill said. "Our own earnings estimates still may come down, and the consensus expectation for 2005 looks significantly too high." Read more on Intel.
J.P. Morgan Securities, looking elsewhere in the sector, cautioned that it believes third-quarter revenue at semiconductor manufacturers Xilinx (NasdaqNM:XLNX - News) and Altera (NasdaqNM:ALTR - News) are tracking below expectations on the second quarter because of continued softness from the communications end market.
And Sanford Bernstein cut its third-quarter earnings and revenue forecasts for Texas Instruments (NYSE:TXN - News) , citing softening demand.
The PHLX Semiconductor Index slid 0.7 percent. See Hardware Stocks.
Elsewhere, Albertson's (NYSE:ABS - News) said second-quarter comparable-store sales were down 1.3 percent. The supermarket and drugstore reaffirmed its fiscal 2005 earnings projection of $1.40 to $1.50 a share. The company expects to earn 31 to 35 cents a share in its third quarter and 60 to 66 cents a share in its fourth quarter, it said, versus analyst estimates of 39 cents and 57 cents, respectively. The stock dropped 2.1 percent.
Fellow grocer Winn-Dixie (NYSE:WIN - News) , meanwhile, tumbled 15 percent. See related story.
Checking other markets, the dollar fell against key currency rivals after reports of ongoing weakness in the U.S. economy. The dollar was off 1.1 percent against the euro, at $1.2177, and 0.6 percent lower versus the Japanese yen, at 109.19. See Currencies.
Treasurys advanced, putting yields at four-month lows. The benchmark 10-year note closed up 12/32 at 100 30/32 to yield 4.13 percent, a level last seen in early April.
In the commodities market, gold found support from the disappointing economic data. December gold futures closed up $2.40 at $412.40 an ounce on the New York Mercantile Exchange after falling to an earlier low of $409. See Metals Stocks.
Crude-oil futures continued to trade around one-month lows. October crude closed down 16 cents at $42.12 a barrel in New York, after trading as low as $41.65. See Futures Movers.
market summary: Close: The stock market opened the week on the defensive and while the slide was broad based in nature it was far from a selling spree as volume rolled in at its lowest level of the year at the Nasdaq. NYSE volume was just slightly ahead of Friday's total which was the slowest this year. With little on the docket other than a few warnings (ACDO -20.6%, TSN -8.2%), and a mixed economic picture (Personal Income +0.1% -lowest since Nov 20- vs consensus of +0.5% and Personal Spending +0.8% vs consensus of +0.7%) in the wake of the recent two week sprint, traders that were at their desks had little incentive to step in on the buy side. Crude oil trended higher in the morning following attacks by insurgents on Iraq's southern oil pipelines. This strength was not maintained but had little impact on equities. The Treasury market found a bit of a bid amid some month-end and safe-haven interest but here too the action was limited. The weakest sectors today included: biotech, semi, broker/dealer, Internet, computer-hardware, and software. Little was in the plus column other than utility, airline, mortgage and household products. DOT -1.6%, SOX -2.2%, NYSE Adv/Dec 1277/1991, Nasdaq Adv/Dec 977/2092
bbby bbby third straight day of positive gains.
snda snda open lower but it closed with a gain. snda is coming off oversold levels on the william %r. snda seems to be heading lower.
urbn urbn is forming a triple top. it gapped up today on no news and volume exceeded its 50sma. urbn is right at its 52 week high and it will need volume to push thur to new levels.
catt catt bounced off the resistance line to close above the trendline for the second straight day.
qcom qcom is developing a small flag pattern. it is not a bull flag pattern because it is pointing up in a uptrend market. i do not know what it is called, so i will watch and see what develops. their is a diverence between this pattern and volume. volume is decreasing and the price is increasing.
aapl lite trading day for aapl. could this be a new pattern developing?
aapl lite trading day for aapl. could this be a new pattern developing?
Stocks Edge Higher in Late Trading
By Erin Schulte
The Wall Street Journal Online
A revised second-quarter GDP reading came in a hair above expected levels, helping U.S. stocks cling to slim gains in very light summer trading Friday as oil prices fluctuated.
The Dow Jones Industrial Average rose 22 points to 10195 by late afternoon, the Nasdaq Composite Index grew 8.70 to 1863.60 and the S&P 500-stock index gained 3 points to 1108. Oil futures zigzagged on the New York Mercantile Exchange after five days of declines; the October contract settled up eight cents at $43.18. Prices have fallen about 10% since last week, when they neared $50 a barrel.
The gross domestic product reading, the second of three the government will report for the quarter, showed U.S. economic growth slowed to a 2.8% pace, from an initial estimate of 3%, due to an unexpected jump in the trade deficit. Economists had expected GDP growth of 2.7%, according to a survey by Dow Jones Newswires and CNBC. Without the ballooning in the trade deficit, the second- quarter GDP growth would have come in at a much stronger 4.1%.
Speaking of deficits, Federal Reserve Chairman Alan Greenspan urged U.S. policy makers to get an early start on containing the U.S. budget shortfalls that are expected to balloon as baby boomers enter retirement. Mr. Greenspan, speaking at a symposium of some of the world's leading central bankers and economic policy makers in Jackson Hole, Wyo., warned that delays will invite " abrupt and painful" shocks to the economy.
Separately, the University of Michigan revised upward its index of consumer sentiment to 95.9, from a midmonth reading of 94. However, that was still lower than the 96.7 recorded at the end of July. Economists surveyed by Dow Jones Newswires had expected the gauge to come in slightly lower at 94.1.
In U.S. corporate news, federal prosecutors are investigating employment- related contacts between the current head of Boeing's defense unit and a high- ranking Air Force acquisition official that occurred weeks before the official removed herself from authority over billions of dollars of Boeing contracts. Boeing shares edged lower.
American Airlines parent AMR said it would spend $1 billion more this year on fuel than anticipated. In a Securities and Exchange Commission filing Thursday, the company said costs are on the rise, but unit revenue is declining compared with last year. Shares fell 4.1%.
Chiron, one of two major makers of influenza vaccine for the U.S. market, said it will delay shipping its vaccine by roughly six weeks after finding that some lots of the drug didn't meet sterility guidelines. Shares slid 8.3%.
TiVo reported its loss more than doubled as price cuts at the digital-video- recorder maker and increased advertising costs offset a 49% rise in revenue. However, management backed its fiscal 2005 outlook. Its shares lost 7.5%.
Sports Authority tossed its cap into the ring of retailers issuing soft outlooks. The sports-apparel chain said same-store sales are likely to decline in the third quarter to single-digit percentage growth. Still, shares grew 5.3%.
In major U.S. market action Friday:
Stocks edged higher. On the Big Board, where 718.9 million shares traded, 2, 183 stocks rose and 1,065 fell. On the Nasdaq Stock Market, where 867.3 million shares changed hands, 1,859 stocks rose and 1,168 fell.
Bond prices moved lower. The 10-year Treasury slipped less than 1/8 point, or $1.25 for each $1,000 invested. The yield, which moves inversely to price, rose to 4.23%. The 30-year bond was off 1/8 point to yield 5.02%.
The dollar was stronger. It traded at 109.64 yen, up from 109.61 yen late Thursday in New York, while the euro fell to $1.2010 from $1.2103.
Dow Jones Newswires
08-27-041551ET
Copyright (C) 2004 Dow Jones & Company, Inc. All Rights Reserved.
snda snda continues to be a story stock. it outperformed the market with increasing volume. it has double since the ipo came out. when it settles down i will look to get in. snda broke thur its pivot point on increasing volume. that is a good sign.
bbby bbby histogram is above 0.
urbn urbn out performed the market today. urbn had a nice bounce off the 50. urbn is forming a triple top. it needs to have volume to push thur the triple top. urbn is near short term resistance on lite volume.
catt catt is losing stream a the top. i look for a small retracement here. catt is market performing.
aapl
aapl had a good day. aaple reached my target point. i will re-enter when a new pattern develops.
market summary:
Close: Another slow day in August, with little movement in the indices...the markets traded in a very narrow range all day, seemingly unaffected by news...oil opened lower and was down as much as $0.77 on the October futures contract, and up as much as $0.28 in the early afternoon...it closed down $0.37 at $43.10 to continue its recent descent, but unlike yesterday, this did not spark much of a stock market rally...in corporate news, Krispy Kreme (KKD 13.77 -1.59) was down after a poor earnings report, and Starbucks (SBUX 43.07 -2.97) was hurt by poor August sales numbers...
the most noteworthy sector move was a drop in the semiconductor stock index (SOX 380.40 -3.88) after Bank of America expressed caution for the industry, and downgraded Advanced Micro Devices (AMD 11.82 -0.38)...after the close, Novellus (NVLS 24.64 -0.50) has their mid-quarter update, but there are no major earnings reports and none tomorrow either...volume was very light again today, and is expected to remain light next week as well...the S&P 500 index is now up close to 7 points for the week, while the Nasdaq is up almost 15 points...NYSE Adv/Dec 1802/1460, Nasdaq Adv/Dec 1250/1812
3:25PM: Stock market improves its stance some, but a weak technology sector keeps it from rallying much... The market has seen a bit of a reversal of the action seen over the past few sessions - in that groups like energy and retail have led the market and that semiconductor has trailed... Its weak performance can be seen in the bearish breadth figures at the Nasdaq, and the fact that down volume outpaces up volume there... Tonight, the big event is Novellus's (NVLS 24.64 -0.50) mid-quarter update... The market will be looking for $0.39 in Q3 (Sept) EPS and $406.7 mln in sales...
zbra may be worth taking a look at. zbra is forming a triple top. today is the first day of its 3-2 stock split. zbra is up on a down market. 8/26/04
sdna New High Profile - Shanda Interactive (SNDA) 22.80
+1.12: Making a new 52-week high today is recent Goldman Sachs-led IPO Shanda Interactive, China's largest operator of online games. The stock has doubled from its $11 offering price even though it had priced below the expected rnage at the time. Among Shanda's offerings are The Legend of Mir II, or Mir II, which is the most popular online game in China, and The World of Legend. The co recently posted Q2 sales of US$36.5 mln, up 26% sequentially and 108% yoy. If that's not impressive enough, consider the co reported operating margin of 37%.... One concern is that much of SNDA's revenue is derived from just one game, The Legend of Mir II. However, while other Asian tech IPOs falter (KONG, LTON, TOMO, SMI, WZEN), SNDA is humming along. It is expected to earn $1.04 next year (p/e 21.8x). From a technical perspective, the stock is in an uptrend that favors "buying dips" assuming it stays above $20.
Stocks Shift Lower
The major indexes retreat amid low volume as oil prices cool
Stocks were lower Thursday afternoon, even though oil prices continue to drop, as investors show a lack of conviction in the market's direction, according to Standard&Poor's MarketScope. Trading volume was light.
The Dow Jones industrial average was down 8.48 points, or 0.08%, to 10,173.26. The broader Standard&Poor's 500 index was down 0.49 point, to 1,104.47. The tech-heavy Nasdaq composite index fell 8.6 points, or 0.46%, to 1,852.12.
The price of oil remains on a downward-trend for the fifth day in a row, but off the day's lows. October crude oil futures are currently around $43.15. A break below the $42.50-level "could signal the end of the oil market rally, according to some traders," reports MarketScope.
There were reports that Shiite cleric Grand Ayatollah Ali al-Sistani arrived in Najaf, Iraq, to try and keep the peace. The Iraqi Prime Minister ordered a cease fire there. Meantime, economic research firm Informa Global Markets reports that an attack late yesterday on about 20 pipelines in southern Iraq has halved Iraq's oil exports, an official of the state run South Oil Co. said. OPEC's president has called for a faster retreat in oil prices and an output increase.
In economic news, initial jobless claims rose 10,000 to 343,000, above an expected 4,000 rise. The Bureau of Labor Statistics said that half of that gain was due to Hurricane Charley.
The remainder of the week's economic calendar is thin. On Friday, traders will get hear the second-quarter gross domestic product revision and final Michigan consumer sentiment for August. Also on Friday, Federal Reserve Chairman Alan Greenspan will speak on demographic changes at the Kansas City Fed's annual monetary policy conference in Jackson Hole, Wyoming. Analysts don't expect Greenspan to talk about Fed policy.
bbby
bbby had a good day. i am adding it to my watchlist. bbby broke thur resistance and the 50 sma. bbby crossed thur its daily average volume. the adx has a fresh cross and the displacement moving average is under the low for the first time today. 8/25/4
snda
snda had a good day today. the china stocks showed strength today and snda followed suit. the william r% increased to oversold levels. finally, snda has some resistance at the 22.55 area.
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