Monday, November 08, 2004

Monday Nov 8, 2004

Broader markets closed slightly in red as talk of rise in interest rate came back into the picture but both the Dow and Nasdaq etched out a gain. Dow was helped by MRK, BA and JNJ. In technology the Internet names, Semiconductors and EMS companies (upgraded by Smith Barney) ended the day in green column. Merrill Lynch downgraded the Internet sector and upgraded Software. S&P retail index also saw some gains. NYSE composite had a positive ratio of advancers to decliners. Crude price decline to below $49 and helped drive energy stocks down and gold stocks were red as well, but gold reached a 16yr-high.

After market today, ARXX reported revenues and earnings below expectations and management guidance, which was thought of as being conservative. Miss was attributed to lower semiconductor testing equipment shippings, another indication that the inventory burn-off is not progressing well. Company also guided lower for Decemeber.

Expect market to remain in trading range with CSCO reporting after market tomorrow and Fed meeting on Wednesday. Market sentiment on CSCO report is fairly neutral to negative, any indication of somewhat positive tone could be helpful in moving the market higher.

1 Comments:

Blogger St Louis Cardinals BUFF said...

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