Day Traders Diary
5/10/11
U.S. stocks opened higher on Tuesday, extending gains into a third day, after Microsoft said it would buy Internet phone company Skype Technologies for $8.5 billion. The Dow Jones Industrial Average added 27 points to 12,712. The Standard & Poor's 500 Index rose 2 points to 1,349. The Nasdaq Composite Index climbed 7 points to 2,850. The averages continue to rebound following last week's correction. The earnings are becoming fewer and fewer. Activision Blizzard, Stifel Financial, Financial Engines, and Blackboard are trading lower following earnings. Both Dean Foods and Fossil are rallying 10% following earnings. The commodity space opened higher, but sold off shortly after the open. The rare earth stocks are getting hit. Molycorp reports earnings tonight. The financials for once are trading higher. In the tech space, the old techs like Cisco Systems, IBM, Intel, and HP are higher. Google is also higher, but Apple is lower. Microsoft is down a percent as some think they spent too much for Skype. Ebay is up 2% as they still own a stake in Skype. Through the morning the averages improved with the Dow rising 50 points and the Nasdaq rising 17 points. In the afternoon the averages moved sideways still near the highs of the day. Heading into the last hour the averages picked up with the Dow rising 70 points and the Nasdaq rising 24 points. A number of techs improved moving into the green, but the commodities remained weak. In the last hour the Dow rose as much as 90 points before pulling back. The Nasdaq held on to its' gains. The Dow Jones Industrial Average finished up 75 points at 12,760, with IBM leading point gains. The S&P 500 rose 10 points to 1,357. The Nasdaq Composite gained 28 or 1.01%, to 2,871.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.