Day Traders Diary
4/22/09
U.S. stocks fell at the start on Wednesday as investors chewed on mixed corporate results, including a loss from Morgan Stanley. The Dow Jones Industrial Average fell 56 points to 7,912. The S&P 500 Index dropped 7 points to 842, while the Nasdaq Composite declined 11 points to 1,631. Morgan Stanley is trading down 8% after missing estimates by 49 cents and slashed the dividend to save a billion dollars. KeyCorp is down 14% on a downgrade. M&T Bank is down 4% on a downgrade. Other financials are faring much better including Wells Fargo beating estimates after preannouncing better than expected results two weeks ago. Ameriprise is jumping 7% on good earnings. The best sign among the financials might be Capital One. The stock is holding in there even though they missed estimates by 31 cents due to the awful business enviironment. In the tech sector Seagate, Sandisk, and Allegheny Tech are higher on earnings. Yahoo is jumping 4% after beating estimates by 7 cents. Google is up in sympathy. Apple is higher ahead of earnings tonight. Molex and Altera are lower following earnings. After the first half an hour, the all the major averages moved into the green. Another good sign. Dow components McDonalds, AT&T, Boeing, and Altria are all higher following earnings. Other companies reporting earnings include Northrop Grumman, Ryder, Freeport McMoran, St. Jude, Kimberly Clark, Wellpoint, Genzyme, and Wolverine Worldwide. Only Genzyme and Kimberly Clark are lower. Ryder is jumping 5% lifitng the Dow Jones Transportation Average by 1.5%. Through the morning the averages kept improving along with the financials. The Dow rose over 50 points back above 8000. The Nasdaq rose 29 points. Today's turnaround is a very good sign. During the lunch hour, the retailers started to jump. JCPenney is soaring 7% after actually raising guidance. Target, Best Buy, and American Eagle are all up over 4%. But by the end of the lunch hour, the rally started to unravel thanks to the financials. In the last hour, the rally came unraveled. The Dow Jones Industrial Average finished down 82 points at 7,886. The S&P 500 fell 6 points to 843 while the Nasdaq Composite gained 2 points higher to 1,645.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.