Day Traders Diary
6/25/09U.S. stocks opened lower on Thursday, after the government reported an unexpected rise in claims for unemployment in the latest week, a day after the Federal Reserve stated continued worries over the economy but didn't signal any plans to boost or curb liquidity. The Dow Jones Industrial Average fell 15 points to 8,285. The S&P 500 index fell 2 points to 898, while the Nasdaq Composite fell 5 points to 1,786. Plenty of earnings last night and this morning. Nike is lower by 4% after the sneaker giant posted a 30% drop in its fiscal fourth-quarter profits and said orders are down 12%. The rest of the retailers look better. Herman Miller and Bed Bath & Beyond are both up 9% on earnings. Hertz is up 7% on earnings. Deere and JC Penney are higher by 4% thanks to upgrades. The techs are mixed. Redhat is down 7% following earnings last week. Seagate is also lower on earnings. Analog Devices and Microsoft are higher on upgrades. The financials are quiet. Legg Mason is up 3% on an upgrade. Paychex is lower by 6% after missing estimates by 6 cents last night. After the first hour, the averages rebounded. The Dow rose 50 points. The Nasdaq rose 20 points. Through the morning the averages remained in the green, then jumped a 100 points during the lunch hour. Boeing turned around helping the blue chip average. Homebuilder, Lennar is having a good day, up 15% on earnings this morning. Some stocks are not rebounding. Bank of America is lower after the Citigroup analyst expects another quarterly loss. Research in Motion is lower as well. In the last hour, the averages rebounded toward the highs of the day. The Dow Jones Industrial Average finished up 172 points at 8,472. The Nasdaq Composite gained 37 points, or 2.1%, to 1,829 while the S&P 500 rose 19 points, or 2.1%, to close at 920.
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