Day Traders Diary
1/28/10U.S. stocks on Thursday shed early gains to turn modestly lower as technology shares are weighed down by less than stellar earnings. The Dow Jones Industrial Average fell 32 points to 10,203. The S&P 500 Index declined a point to 1,095. The Nasdaq Composite shed 9 points to 2,211. In the tech sector Qualcomm and Motorola are down over 9% even though both beat estimates. Apple is selling off after releasing their new Ipad yesterday. Google, Oracle, and Adobe were upgraded, but all three stocks are lower. Cypress Semi is lower after beating estimates. Nokia is one of the few shinning techs, jumping 8% following earnings. Plenty .of earnings reports this morning. Among the blue chips Dominion Resources, Textron, 3M, AT&T, P&G, Colgate, Altria, Ford, L-3 Communication, Eli Lilly, Lockheed Martin, Tyco, Time Warner, Cardinal Health, and Bristol Myers all beat estimates. P&G is up 3%. Two big winners this morning are Netflix and Eastman Kodak after blow out earnings. Both are up over 17%. After the first hour the selling accelerated. Through the morning the Dow fell over 100 points. The Nasdaq declined 40 points. Here we go again. The financials are holding up as everything else gets walloped. Goldman Sachs upgraded a select number of regional banks. In the afternoon the averages recovered a little bit, but the Dow remains down over 100 points. The financials are one sector to nudge into the green. Entering the last hour the averages continued to bounce led by the financials. Investors are awaiting the reconfirmation of Fed Chairman Bernanke. Into the close, the Fed Chairman was confirmed and the averages sold back off. Go figure. The Dow Jones Industrial Average finished down 115 points at 10,120. The S&P 500 Index declined 12 points to 1,084. The Nasdaq Composite ended at 2,179.
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