According to , the FTSE 100 is seen opening around 30 points higher at 6626 having closed 53.3 points weaker yesterday. In London today, this morning’s Times writes that and General Electric have abandoned their joint bid for Dow Jones last night, leaving News Corporation as the favourite to acquire the publisher of The Wall Street Journal. The paper said that the talks, which had been under way for about a fortnight, were running into the sand at the beginning of this week as General...
Market Closes At Session Highs
Posted in finance | Thursday, July 26th, 2007 | Trackback
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Stocks rallied all the way from negative to positive territory, closing at session highs.
Smaller stocks led the advance, with the small-cap S&P 600 surging 1.3%. Nasdaq followed closely with a 1.2% gain. The midcap S&P 400 climbed 1.1%, S&P 500 0.9% and NYSE composite 0.8%.
Blue chips lagged, with the Dow returning 0.7%.
Volume appeared to be slightly higher across the board. This was somewhat of a letdown, considering the size of the broad-based gains.
Oil prices ended the day with a $1.20 surge to $68.97 a barrel, pushing many leading oil stocks into higher ground on heavy trade.
Advancers outnumbered decliners by 3-to-1 on the NYSE and by more than 2-to-1 on the Nasdaq.
Spectrum Control () gapped up, erupting 2.47, or 18%, to a record 16.34 on 10 times its usual trade. The stock cleared a seven-week double-bottom base, and is now 9% extended past its 14.97 buy point.
The electrical component maker reported late Tuesday a 54% surge in Q2 EPS and said it expects Q3 EPS to rise more than 57%. Q2 sales, however, only rose 5%.
Amerigon () soared 1.18, or 7%, to a record close of 17.43, successfully rebounding off its 10-week support. The company makes climate control systems for automobile and truck OEMs.
On the downside, Crocs () gapped down, sinking 2.21, or 5%, to 43.04 on 2 1/2-times its normal volume.
Monsanto () gapped down, but closed near the top of its trading range, off 1.21 at 66 in above-average trade. The company makes corn and other crop seeds for growers worldwide.
Fertilizer firm CF Industries Holdings () gave up 1.45 to 57.04.
3 p.m. ET Update: Stocks Head Higher In Late Trading
By MARIE BEERENS
After a brief retreat, stocks shot up with renewed enthusiasm to fresh highs for the day.
Around 3 p.m. EDT, the small-cap S&P 600 led with a 1.1% advance, closely followed by Nasdaq which was up 0.9%. The S&P 500 and NYSE composite rose 0.6% each. Blue chips underperformed, with the Dow industrials only up 0.3%.
The sudden rebound came right around the time U.S. Treasury Secretary Henry Paulson made comments about the U.S. and global economies. Paulson said the recent rise in interest rates is in many ways positive, serving as a “wake-up call” to rein in excesses in financial markets.
Volume was tracking slightly higher on both the NYSE and the Nasdaq.
Bond yields were down from Tuesday’s levels, but picked up slightly in late afternoon. Earlier in the day, a sharp decline in durable goods orders and a continued flight to safety had fueled a bond rally.
Fertilizer stocks, which have been firm leaders recently, were the worst performing group for the day.
Computer, chips and retail stocks fared best.
Oil prices spiked up 2%, pushing oil stocks higher.
Arena Resources (), Buckeye GP Holdings (), GlobalSantaFe (), Schlumberger () all rose in above-average trade.
The surge in crude didn’t stop the market from marching forward.
Nuance Communications () rose 0.90, or 6%, to 16.93. The stock shot up from under its 50-day moving average on higher volume.
Warnaco Group () cleared a three-weeks-tight pattern, surging to a new high. The apparel maker jumped 1.94, or 5%, to 38.57 on heavy trade. The company is featured in the current Daily Stock Analysis.
Perdigao () flew 1.20 to a record 38.49. The Brazilian meat processor successfully rebounded off its 10-week line, clearing a 37.44 buy point.
1 p.m. ET Update: Stocks Up, Trading At Session Highs
By JUAN CARLOS ARANCIBIA
The major indexes were higher and at session highs in midday trading, erasing earlier losses.
The Nasdaq led with a 0.5% gain at 1 p.m. ET, as chip, Internet, software and other technology-related industries were among the day’s best. The S&P 500 was up 0.2% while the Dow and NYSE composite were practically flat.
Volume was tracking modestly higher on the NYSE. On the Nasdaq, it was almost the same as it was at this time Tuesday.
Among noteworthy action in leading stocks, Deckers Outdoors () rose 1.62 to 96.86. The shoe manufacturer may be trying to clear a three-weeks-tight pattern.
JA Solar () gained 1.95 to 33.35, nothing a record high. The solar-cell maker is 18% extended from a 28.19 buy point.
Another of the market’s firmest leaders came under selling as Terra Nitrogen () fell 9.11 to 122.45. In the context of its advance, Wednesday’s decline wasn’t severe.
Life Partners Holdings () slid 4.22 to 35.66. The thinly traded stock broke stride after three weeks of strong gains.
Netgear () fell to its 50-day moving average, the first time it’s done so since March 29. At the time, Netgear was forming a base.
11 a.m. ET Update: Stocks Lower, But Climb Off Lows
By VINCENT MAO
Most major indexes were moderately lower in late-morning trading but off their earlier lows.
As of 10:45 a.m. ET, the Nasdaq was the lone gainer, rising 0.2%. The Dow fell 0.3% and the S&P 500 eased 0.1%.
Volume was tracking 3% higher on the Nasdaq and 9% higher on the NYSE.
The yield on the 10-year Treasury fell to 5.06%. The drop came after news that durable goods orders tumbled 2.8% in May, far worse than economists’ expectations of a 1% drop.
Machinery and metals stocks were among the weakest Wednesday.
At least two of the market’s top leaders slid in heavy trading.
Crox () gapped down, sinking 3.08 to 42.17 on brisk turnover. The shoe maker slid to a three-week low. Crox broke out of a cup-shaped base in early May and has since ran up for seven straight weeks.
Potash Corp. Of Saskatchewan () gapped down, falling 3.35 to 73.50. The Canadian fertilizer maker was off earlier lows after nearing its 50-day line. Potash is still 14% past a 64.70 buy point of a three-weeks-tight pattern.
Spartan Motors () lost ground for the seventh straight session, losing 1.27 to 25.96. The vehicle chassis maker is now 30% off its 52-week high reached on June 4. Its Accumulation/Distribution Rating has crashed to E from A earlier this month.
On the upside, Apogee Enterprises () gapped up and vaulted 2.45, or 10%, to a record high of 27.65 on heavy trade. Late Tuesday, the glassmaker delivered a 113% pop in fiscal first-quarter profit, easily beating estimates. It also raised its full-year profit guidance.
Parexel International () gapped above its 50-day moving average, rising 1.62 to 41.20. Bear Stearns upgraded the clinical research firm to buy from neutral.
Core Laboratories () also gappped above its 50-day line. Shares climbed 5.91, or 6%, to 97. Late Tuesday, the oil-field services provider raised its Q2 profit outlook to between $1.15 and $1.17 a share, beating analysts’ estimates of $1.09.
