Day Traders Diary
1/27/10
The major averages struggle at the start thanks in part to cautious comments out of Caterpillar following their earnings report. The Dow Jones Industrial Average added a point to 10,195. Caterpillar is down 7%, but Boeing is up 5% on earnings. The S&P 500 Index gained about two points to 1,093, while the Nasdaq Composite Index stood at 2,210, up 6 points. Plenty of events today to shape the market. Congress will grill Secretary Geithner over the AIG bailout. This afternoon Apple will release their latest new product, the tablet. Apple is modestly lower this morning. Tonight, the President has his State of the Union. The financials are quiet ahead of getting slammed by the President tonight. Visa and Morgan Stanley were upgraded, but they're not doing much. Blackrock and Piper Jaffray had great earnings, but both stocks are not reacting much. The techs are not doing much ahead of Apple's tablet release. One analyst actually downgraded the stock. Howdare he. Altera is up 5% after raising guidance. Yahoo is unchanged on in line earnings. Corning is up a percent on an upgrade. Other earnings reports are coming in from Abbott Labs, Conoco Phillips, Valero, UAL, St Jude Medical, Hess, United Tech, Southern Company, Allegheny Tech, Tyco Electronics, Wellpoint, and General Dynamic. Very few stocks are higher. After the first hour the averages fell into the red. Through the morning and into the afternoon the averages drifted lower. The Dow fell 50 points. The Nasdaq declined 8 points. It will be hard to rally ahead of the President's speech. By the middle of the afternoon, Apple's stock moved into the green following a stellar intro to the new tablet called the Ipad. AT&T rallied as Apple continued to support AT&T while Verizon is lower as many thought they would be included in the new Ipad. Berkshire Hathaway B shares are up 4% today after the announcement of their addition to the S&P 500 and S&P 100. Retail company Childrens' Place is up 3% on an upgrade. And that's about it for the good news. Toyota is lower by 10% on a large recall. Entering the last hour the averages performed a nice reversal. All three major averages inched into the green. In the last hour the averages remained in the green. Whew. The Dow Jones Industrial Average finished up 41 points at 10,236. The S&P 500 Index climbed 5 points to 1,097. The Nasdaq Composite Index gained 17 points to 2,221.
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