Day Traders Diary
5/12/11U.S. stocks opened lower on Thursday after a slate of U.S. economic reports and disappointing earnings. The Dow Jones Industrial Average finished down 48 points at 12,581. The Standard & Poor's 500 Index declined 5 points to 1,336. The Nasdaq Composite Index lost 17 points to 2,827. On the earnings front Cisco Systems easily beat estimates, however following the conference call, the stock dropped 5% on disappointing guidance. Tim Hortons and Canadian Solar are lower as well following earnings. Symantec is one of the few techs trading up following earnings. Seagate and Dell were upgraded, but the stocks are lower. Chinese Internet company Sina is up 4% on an upgrade. The commodities continue to push lower. Transocean was upgraded this morning, but the stock is lower. The rare earth stocks like Molycorp remain weak. The financials are weak once again. Goldman Sachs is down 2% on a downgrade due to possible Department of Justice actions toward the investment bank. Hartford opened higher on comments they are considering selling their mutual fund business. The retail space is the one sector showing some life this morning. Kohls is up 2% following earnings and a boost in guidance. Hershey Foods and General Mills are higher on positive comments. Tyson Foods is up 2% after announcing a share buyback. During the first hour the Dow fell 90 points before recovering. The Nasdaq fell 25 points before recovering. Through the morning the averages continued to recover with the Nasdaq sneaking into the green led by techs. In the afternoon the rally accelerated with all three averages moving into the green. Within the tech sector IBM, Intel, and Corning look good. A number of commodities turned around except for the fertilizers. In the last hour the averages held their gains. The Dow Jones Industrial Average finished up 65 points at 12,695. The S&P 500 gained 6 points to 1,348. The Nasdaq Composite gained 17 points to 2,863.
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