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Reply #15: 10:37 EST numbers and blather [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-26-04 09:39 AM
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15. 10:37 EST numbers and blather
Dow 10,176.94 -4.80 (-0.05%)
Nasdaq 1,855.38 -5.34 (-0.29%)
S&P 500 1,104.61 -0.35 (-0.03%)

10-Yr Bond 4.256% -0.005

10:30AM: The early action bears some resemblance to what transpired yesterday in the early-going, which is to say the indices are little changed as conviction on the part of buyers and sellers is lacking... The Nasdaq has been tipped into negative territory by pockets of weakness in the technology sector that include the closely- followed semiconductor stocks... Although Barron's Online carried a report this morning that money managers are buying chip stocks on their recent weakness, analyst commentary on the sector's prospects continues to skew to the cautious side of things...

This morning, Banc of America Securities cut its earnings estimates and price targets for Intel (INTC 21.75, -0.20), Broadcom (BRCM 29.30, -0.51) Micron (MU 11.76, -0.27) and Texas Instruments (TXN 20.00, -0.03), adding that it believes the cyclical peak in semis has prematurely come and gone.... On a related note, leading chip equipment maker Novellus Systems (NVLS 24.88, -0.26) will be holding its mid-quarter update after the close... NYSE Adv/Dec 1330/1429, Nasdaq Adv/Dec 1027/1418

9:55AM: The opening retreat didn't gain much traction as the indices were able to fight their way back quickly to unchanged territory... Credit the continued slide in oil prices for being a source of support, as well as a lack of any disconcerting headlines to disrupt the bullish bias that has prevailed of late... As to be expected, airlines, which certainly enjoy the sight of falling oil prices, comprise a leadership group this morning... Overall, there isn't much concerted leadership on either side of the aisle, which helps explain the market's mixed and relatively flat standing at the moment...

So, I guess we are looking for an "up" day?

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