Nasdaq Composite

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Nasdaq's Losses Mount As Big Tech Names Slide !

Friday 11/09/2007


The Nasdaq Composite Index continued to sink Friday, losing another 2%, as bellwethers Google, Research In Motion and IBM extended their losses. The technology-heavy index is on track to lose nearly 7% in three days.

In morning trading, the Nasdaq Composite fell 52.67 points to 2643.33. It declined 4.57% in the last two sessions, its biggest two-day fall in more than five years as investors fled large tech stocks that had surged in recent months.

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This is the danger in trying to catch the bottom in one of these bombs.......
Probably will break under 2600, before all is said and done.

[stout7735]

QID...

[setravis]

Volatility Index - NASDAQ ($VXN)

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Top Stories
Google, Microsoft Sink Nasdaq.......

Wall Street mixed after earnings reports
Friday July 18, 12:49 pm ET
 
Stocks mixed amid disappointing tech results, upbeat report from Citigroup


NEW YORK (AP) -- Wall Street turned mixed Friday as financial stocks rose in response to Citigroup's upbeat results and tech stocks fell on disappointing earnings at Google Inc. and Microsoft Corp.
Stocks traded in a narrow range after a huge two-day rally lifted the Dow Jones industrials by more than 480 points. Investors were concerned about earnings; though Citi's loss was less than analysts had forecast, the market was clearly let down by the tech reports.


Google's results were lower than expected, the result of the weakening economy hurting advertising revenue, while Microsoft missed forecasts by a penny. Also, Advanced Micro Devices Inc.'s chief executive stepped down after the chip maker posted a wider-than-expected loss.

Citi reported a $2.5 billion second-quarter loss due to write-downs tied to deteriorating credit markets. The results surpassed projections, and helped to mitigate some of the market's concerns following a big loss from Merrill Lynch & Co. reported late Thursday.

Meanwhile, oil prices rose as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago. A barrel of light, sweet crude tacked on $1.03 to $130.32 on the New York Mercantile Exchange.

"Considering the strength we had in the past few days, the market is handling itself quite nice and trying to hold on to the gains," said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners. "Investors are also positioning ahead of a barrage of earnings and economic reports due next week."

In midday trading, the Dow rose 17.18, or 0.15 percent, to 11,463.84.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 1.80, or 0.14 percent, to 1,258.52, and the Nasdaq composite index dropped 25.64, or 1.11 percent, to 2,286.66.

Bond prices were little changed Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.08 percent from Thursday's 4.00 percent.

The dollar was mixed against other major currencies, while gold prices fell.

With no economic data slated for release Friday, investors were basing their decisions on the week's stream of earnings reports.

Google fell $47.07, or 8.8 percent, to $486.30 after it posted disappointing results late Thursday. Microsoft dropped $2.02, or 7.4 percent, to $25.49, while AMD fell 61 cents, or 11.7 percent, to $4.68.

Financial stocks were mixed after Citi's results. Merrill shed 47 cents to $30.25, while Citi added $1.77, or 9.8 percent, to $19.74.

Honeywell International Inc. fell 2 cents to $50.90 after it reported second-quarter earnings rose 18 percent and surpassed forecasts. The aerospace company also boosted its 2008 forecast.

Mattel Inc. surged $2.17, or 12 percent, to $20.46 after the toymaker said its reported profit was cut in half, but still beat Wall Street expectations.

Israeli drugmaker Teva Pharmaceutical Industries Ltd. said Thursday it will buy rival generic drug company Barr Pharmaceuticals Inc. for more than $7 billion, in a move to expand its presence in U.S. and Eastern European markets. Teva rose $3.38, or 8.2 percent, to $44.43, while Barr shot up $6.33, or 11.1 percent, to $63.50.

The Russell 2000 index of smaller companies fell 2.03, or 0.29 percent, to 694.60.

Declining issues were about even with advancers on the New York Stock Exchange, where 920.1 million shares exchanged hands.

Overseas, Japan's Nikkei stock average fell 0.65 percent. In afternoon trading, Britain's FTSE 100 rose 1.70 percent, Germany's DAX index added 1.78 percent, and France's CAC-40 rose 1.74 percent.

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Reuters
Wall Street rises on data and tech shares
Wednesday February 4, 10:43 am ET


NEW YORK (Reuters) - Stocks added to gains on Wednesday as a reassuring report on the services sector overshadowed another stream of disappointing corporate profits and outlooks.
The Nasdaq outperformed the other indexes, gaining more than 2 percent as big-cap technology companies, including Microsoft (NasdaqGS:MSFT) and Apple (NasdaqGS:AAPL) rose.


The Dow Jones industrial average (DJI:^DJI) added 74.87 points, or 0.93 percent, to 8,153.23. The Standard & Poor's 500 Index (^SPX) rose 12.45 points, or 1.48 percent, to 850.96. The Nasdaq Composite Index (Nasdaq:^IXIC) was up 32.58 points, or 2.15 percent, at 1,548.88.

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S&P, Nasdaq dip as housing plan fails to cut fear
Wednesday February 18, 2009, 4:50 pm EST


NEW YORK (Reuters) - The S&P 500 and Nasdaq closed marginally lower on Wednesday as President Barack Obama's $275 billion plan to prop up the housing market failed to stem worries about the economy, and bleak housing data highlighted the deepening recession.

Indexes see-sawed in a narrow range throughout the day, but the S&P and Nasdaq ultimately failed to hold gains despite bargain-hunting that sent investors to the perceived safety of defensive stocks, such as technology and consumer staples.

The Dow eked out a gain, driven by defensive shares such as Wal-Mart Stores (NYSE:WMT - News), keeping the index from breaking through the November 20 bear market low.

Adding to the somber mood, the Federal Reserve slashed its economic forecast for 2009 and several companies, including Deere & Co (NYSE:DE - News), posted dismal results. Deere fell almost 4 percent.

Record low housing starts and applications for building permits for January set the tone early, overshadowing Obama's plan pledging up to $275 billion to help families refinance their mortgages to stem foreclosures.

"There aren't a lot of specifics, running into the same problem as you did with Geithner and his speech a week ago," said Al Goldman, chief market strategist at Wachovia Securities in St. Louis, speaking of the keenly awaited housing plan.

"The biggest problem in the market, in my opinion, is a major lack of confidence and disappointment that the current administration really hasn't done anything yet about the toxic assets held by banks."

The Dow Jones industrial average (DJI:^DJI - News) added 3.03 points, or 0.04 percent, to 7,555.63. The Standard & Poor's 500 Index (^SPX - News) was off 0.75 points, or 0.10 percent, to 788.42. The Nasdaq Composite Index (Nasdaq:^IXIC - News) edged down 2.69 points, or 0.18 percent, at 1,467.97.

Since the beginning of the year, the broad S&P 500 is down close to 13 percent; after having risen 20 percent from the late November lows, it is now up almost 5 percent from that mark. Tuesday's sharp drop took indexes closer to the bear market lows and prompted some bargain-hunting on Wednesday.

Caterpillar Inc (NYSE:CAT - News) ,the world's biggest maker of construction equipment, was the top drag on the Dow, down 1.9 percent to $28.44.

Shares of Deere & Co (NYSE:DE - News) dropped 3.8 percent to $32.23 after the farm equipment maker posted a quarterly profit that missed forecasts and cut its outlook.

The dismal housing data pulled shares of home builders down, with the Dow Jones home construction index (DJI:^DJUSHB - News) shedding 5 percent. Luxury home builder Toll Brothers (NYSE:TOL - News) fell 4.1 percent to $17.16, while D.R. Horton (NYSE:DHI - News) declined 5.4 percent to $8.44.

On the upside, Wal-Mart Stores saw a second day of gains after Tuesday's better-than-expected earnings, sending the discount retailer up 3.7 percent at $50.00.

Losses on the Nasdaq were cushioned as investors snapped up shares of big cap technology companies, which are seen as having more wherewithal to withstand the economic downturn. Google (NasdaqGS:GOOG - News) was among the top boosts, up 3.1 percent at $353.11.

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The Nasdaq Composite incurred the least severe decline of the headline indices, thanks to support from large-cap tech names. The strength in large-cap tech helped the Nasdaq 100 finish the session 0.4% higher.

Still, financial stocks continue to represent the biggest concern for the broader market, and will continue to do so in the coming week.

The Nasdaq is holding up relatively well to this session's selling pressure. Its losses have been limited by the strength of Microsoft (MSFT 18.03, +0.12), Intel (INTC 12.88, +0.20), and Cisco (CSCO 15.12, +0.08). The relative strength of such large-cap tech names has also helped the Nasdaq partially fend off selling efforts in recent weeks; the Nasdaq is down nearly 9% year-to-date, while the Dow is down nearly 16% year-to-date and the S&P 500 is down almost 15% year-to-date.

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MARKET FAILS TEST OF JANUARY HIGH.......

A number of other indexes (like the Nasdaq Composite) and sector indexes were stalled at their 200-day moving averages as well. So were numerous foreign stock markets.

It was no surprise then to see global stocks selling off this week. When a market has rallied too far and is ripe for profit-taking, some fundamental trigger usually starts things off. A weak retail report on Wednesday caused stocks to sell off on heavy volume and got the correction started. After a modest bounce on Thursday, stocks fell again on Friday. The result was a weekly loss for all of the major stock indexes.

I also suggested that a pullback to the 50-day moving average was likely and could be part of "right shoulder" in a bottoming formation.

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Nasdaq Composite...sitting on the 50-day MA

The S&P 500 put up the best performance of the major U.S. benchmark stock indexes Tuesday afternoon, led by a 12% gain in real estate firm CB Richard Ellis and an 8% advance in Jabil Circuit shares. The Nasdaq Composite and Dow Jones Industrial Average also turned higher before heading back into the red. A disappointing housing sales report countered modest rises in the price of oil and metals, which lifted materials and energy shares. The S&P 500 rose less than 2 points, or 0.2%, to 894.7. The Dow Jones Industrial Average slid 17 points, or 0.2%, to 8,322. The Nasdaq Composite was off 0.2 point at 1,766

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The bulls have been in charge since the March lows. Specifically, the NASDAQ has barely cleared a key 38.2% Fibonacci retracement level from the October 2007 high down to the March 2009 low and is now approaching significant gap and price resistance levels as illustrated below...



It is going to be very interesting to see whether the bulls can maintain control of the market as we enter into the worst period of the year historically (mid-July through late September).

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Stocks fall in year's lightest volume...
NEW YORK (Reuters) - Stocks fell in the year's lightest volume on Monday as worries about the pace of economic recovery overshadowed data showing a rise in consumer spending and income.

The uncertainty weighed more on sectors associated with growth, including banks and consumer discretionary stocks. Bank of America (NYSE:BAC - News) fell 2.5 percent to $12.32 while specialty retailer Nordstrom Inc (NYSE:JWN - News) tumbled 5.2 percent to $28.72.

U.S. consumer spending rose at the strongest pace in four months in July while a smaller rise in incomes was less than forecast. The expectation that data this week will confirm the economy shed jobs in August also kept investors at bay.

"The consumer doesn't have the capacity to grow at a big rate," said Malcolm Polley, president and chief investment officer of Stewart Capital Advisors in Indiana, Pennsylvania.

"There's no incentive for people to spend. They continue to pay down debt, and that points to slower-than-desired economic recovery."

The Dow Jones industrial average (DJI:^DJI - News) dropped 140.92 points, or 1.39 percent, to 10,009.73. The Standard & Poor's 500 (^SPX - News) lost 15.67 points, or 1.47 percent, to 1,048.92. The Nasdaq Composite (Nasdaq:^IXIC - News) fell 33.66 points, or 1.56 percent, to 2,119.97.

About 5.6 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, the slowest day for Wall Street in volume so far this year.

Chipmakers weighed on the Nasdaq after Intel Corp (NasdaqGS:INTC - News), down 2.2 percent to $17.96, bid $1.4 billion to buy the wireless unit of German chipmaker Infineon Technologies AG (XETRA:IFXGN.DE - News). The deal could reduce Intel's reliance on selling chips to personal computer makers.

The PHLX semiconductor index (Nasdaq:^SOX - News) lost 2.5 percent, its largest drop since August 11.

Shares of United Airlines parent UAL Corp (NasdaqGS:UAUA - News) rose 1.3 percent to $20.71 and Continental Airlines (NYSE:CAL - News) ticked up 0.4 percent to $21.89 after the two won U.S. antitrust approval late on Friday to create the world's largest carrier. Continental and UAL expect the deal to close by October 1.

In other merger-related news, U.S. biotech company Genzyme Inc (NasdaqGS:GENZ - News) rose 3.4 percent to $69.91 after it rejected an $18.5 billion buyout offer from French drugmaker Sanofi-Aventis SA (Paris:SASY.PA - News).

3M Co (NYSE:MMM - News), down 1.7 percent to $79.65, said it would buy Cogent Inc (NasdaqGS:COGT - News), the maker of identification systems, for $943 million, paying a nearly 18 percent premium. Cogent shares rose 24.4 percent to $11.09.

Hewlett-Packard Co (NYSE:HPQ - News) added 1.5 percent to $38.56 after its board approved a buy-back of $10 billion in shares, with at least $3 billion worth of shares to be bought in the fiscal fourth quarter.

U.S. President Barack Obama's attempt to address worries the recovery is faltering appeared to fall short.

Obama said he had discussed additional steps to help the recovery with his advisers, but the speech did not promise any

concrete measures, and stocks extended losses afterward.

Investors were also hesitant ahead of closely watched data on manufacturing, services and the August non-farm payrolls report due later in the week, which are expected to confirm the economy's growth is slowing.

Declining stocks outnumbered advancing ones on the NYSE by a ratio of about 7 to 2, while on the Nasdaq, about four stocks fell for every one that rose.

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Overnight U.S. Stock News.......


•   Sep S&Ps this morning are up +12.10 points. The stock market yesterday traded on either side of unchanged throughout the day and settled mixed (Dow +0.05%, S&P 500 +0.04%, Nasdaq Composite -0.28%). Bullish factors included (1) carry-over strength from a rally in European stocks after Standard & Poor's said the risk of a renewed recession in Europe is "remote," (2) gains in homebuilders after the larger-than-expected increase in the Jun S&P Case-Shiller composite-20 home price index (+0.3% m/m and +4.2% y/y versus expectations of +0.2% m/m and +3.6% y/y), (3) strength in consumer stocks after the larger-than-expected increase in Aug US consumer confidence (+2.5 to 53.5 versus expectations of +0.3 to 50.7), (4) a rally in bank stocks after the FDIC said US banks posted $21.6 billion in profit in Q2, up +17% q/q and their biggest quarterly profit in nearly 3 years, and (5) the prediction from Cabot Money Management that individual investors a re the least bullish on US stocks since March 2009, a contrarian signal that stocks prices may rally.

•   Bearish factors included (1) concern that the US economy is slowing after the larger-than-expected decline in the Aug Chicago purchasing managers index which fell to a 9-month low (-5.6 to 56.7 versus expectations of -5.3 to 57.0), (2) the FDIC report that said US "problem" banks rose to 829 at the end of Q2, up +7% from 775 at the end of Q1, (3) weakness in semiconductor stocks after Goldman Sachs said that Intel's agreement to purchase Infineon Technologies AG's wireless business could give Intel a cost advantage over other semiconductor makers, and (4) the Aug 10 FOMC meeting minutes in which policy makers signaled no plans to resume large-scale asset purchases to bolster the economy.
•   Alcoa (AA) jumped 2.2% in pre-market trading as metals prices climbed after China reported stronger-than-expected manufacturing activity in Aug.

•   Freeport-McMoRan Copper & Gold (FCX) rallied 1.2% in pre-market trading after copper prices surged to a 4-month high and gold climbed to a 2-month high.

[setravis]

When you have a rip roaring market rally 
love how the futures move up like a bottlerocket 
before the official jobs numbers are released 
CNBC never says anything about that either

[setravis]

Next week should tell if it was more than a short covering rally. 

[setravis]

Nasdaq Winning Streak 8 Days...

Stocks retreated on weak consumer sentiment data but slowly improved the rest of session. Thank to upbeat earnings from Oracle (ORCL) and Research In Motion (RIMM), the Nasdaq rose 0.5% for its 8th straight gain. The Dow and S&P 500 edged up 0.1%, while the NYSE composite slid 0.2%. Volume surged across the board due to expiring options and futures.