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Reply #19: U.S. stocks down on earnings misses, Iraq tensions [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-07-04 10:45 AM
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19. U.S. stocks down on earnings misses, Iraq tensions


"Indexes are lower due to negative news from Seagate Technology, which is hurting the technology area," said Tom Schrader, managing director of U.S. equity trading at Legg Mason Wood Walker. "Alcoa is a big bellwether stock, and since its down 2 percent, it's dragging down the industrials."

"Outside of that, the markets kind of meandering. It's kind of directionless," Schrader added.

Stock investors are anxiously waiting to see if first-quarter earnings can measure up to the lofty expectations built up in recent weeks -- expectations that have helped put the three major market gauges back within striking distance of their 2004 highs.


Geopolitical issues, which had faded into the background for Wall Street in recent weeks as investors focused on the outlook for the economy and corporate earnings, have begun to re-emerge amid a rising wave of violence in Iraq.

U.S.-led forces battled Sunni guerrillas in two cities on Wednesday and grappled with a radical Shiite uprising in a two-front war that has killed more than 30 soldiers and 160 Iraqis in three days.

"The market appears to be at a tipping point related to the tensions building in Iraq," said Keith Keenan, vice president of institutional trading at brokerage Wall Street Access. "Any further headlines, which are likely to be, unfortunately, negative, could weigh on the market."

A report on import and export prices, data that Wall Street usually gives little more than a cursory glance, caught the attention of some investors after the March figures soared well above expectations.

Import prices rose 0.9 percent, above the 0.5 percent gain economists had expected, heightening fears inflation may be working its way through the system and could force the Federal Reserve to hike interest rates soon.
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  -STOCK MARKET WATCH, Wednesday 7 April ozymandius  Apr-07-04 06:07 AM   #0 
  - WrapUp by Ike Iossif  ozymandius   Apr-07-04 06:27 AM   #1 
  - So we're overbought, but it's OK.  revcarol   Apr-07-04 06:43 AM   #2 
     - Meanwhile, the insiders are selling.  ozymandius   Apr-07-04 06:49 AM   #4 
  - Treasuries Up as Fed Waits for Jobs Data  ozymandius   Apr-07-04 06:47 AM   #3 
  - Will Iraq disaster play into today?  JNelson6563   Apr-07-04 07:06 AM   #5 
  - If yesterday was any indication - probably not for awhile.  ozymandius   Apr-07-04 07:19 AM   #6 
  - Dollar Watch  54anickel   Apr-07-04 07:42 AM   #7 
  - Gasoline, politics, and the dollar  54anickel   Apr-07-04 07:43 AM   #8 
  - Defensives bolster European stocks, Daimler drags  54anickel   Apr-07-04 07:47 AM   #9 
  - Before the Bell-Alcoa falls, Sirius Satellite, MGM rise  54anickel   Apr-07-04 07:52 AM   #10 
  - Politics, Jobs, Trade War  54anickel   Apr-07-04 08:41 AM   #11 
  - And the Casino opens in the red  Maeve   Apr-07-04 08:41 AM   #12 
  - Mornin Maeve! I think all eyes will be on Iraq today. Very sad mess  54anickel   Apr-07-04 08:44 AM   #14 
  - 9:41 and we're off to the races  54anickel   Apr-07-04 08:42 AM   #13 
  - 10:30 and not getting better  Maeve   Apr-07-04 09:31 AM   #16 
     - Still nothing on Iraq in the blather, I'm guessing maybe the 11:00 update  54anickel   Apr-07-04 10:01 AM   #17 
  - Central Pranking  54anickel   Apr-07-04 09:01 AM   #15 
  - 11:24 still nothing on the news. Funny how they used to use bad news  54anickel   Apr-07-04 10:29 AM   #18 
  - U.S. stocks down on earnings misses, Iraq tensions  54anickel   Apr-07-04 10:45 AM   #19 
  - 12:26 update  54anickel   Apr-07-04 11:28 AM   #20 
  - Looks grim  JNelson6563   Apr-07-04 11:45 AM   #21 
  - Events in Iraq will effect market  teryang   Apr-07-04 12:07 PM   #22 
  - 1:48 update not a peep about Iraq  54anickel   Apr-07-04 12:50 PM   #23 
  - Genentech Profits Surge on Brisk Sales  cosmicdot   Apr-07-04 06:41 PM   #36 
     - Ewwww! Thanks much for posting this. n/t  54anickel   Apr-07-04 07:26 PM   #37 
  - U.S. stocks troubled by slow start to earnings season  54anickel   Apr-07-04 12:55 PM   #24 
  - Stocks Lower at Late Morning on Iraq, Earnings Concerns  54anickel   Apr-07-04 01:31 PM   #25 
  - Why oil prices will stay high (Go Shrub!)  54anickel   Apr-07-04 01:40 PM   #26 
  - 3:14 udpate and we have bargain hunters again  54anickel   Apr-07-04 02:17 PM   #27 
  - U.S. consumer credit grew by $4.1 bln in February  54anickel   Apr-07-04 02:22 PM   #28 
  - Maybe that's what's having an effect on the markets?  Frodo   Apr-07-04 02:29 PM   #29 
     - Market expected 7.7B (Briefing forecast 2.0B - ha) n/t  54anickel   Apr-07-04 02:32 PM   #30 
     - An about face at 3:33 ( heading back down)  54anickel   Apr-07-04 02:36 PM   #31 
  - Closing numbers and yada - got around to Iraq  54anickel   Apr-07-04 03:55 PM   #32 
  - Why Housing Could Spring a Leak  54anickel   Apr-07-04 03:58 PM   #33 
     - This is going to be tricky  JNelson6563   Apr-07-04 04:14 PM   #34 
        - That's the big question -  54anickel   Apr-07-04 04:55 PM   #35 

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