Day Traders Diary
6/24/11The markets remain on shaky ground. Mixed earnings reports and better than expected GDP and durable goods numbers did little to support the averages. The Dow Jones Industrial Average fell 24 points to 12,025. The Standard & Poor's 500 Index declined a point to 1,282. The Nasdaq Composite Index shed 4 points to 2,681. In the tech sector, Micron is down 12% on disappointing earnings. Oracle had better than expected earnings, yet the stock is down 4%. Accenture is one of the few stocks trading up following better than expected earnings. Most of the tech sector is lower with Apple unchanged so far this morning. The rest of the sectors are pretty quiet this morning. The financials are unchanged so far this morning. Discover is up 2.5% on an upgrade. Raymond James is up a percent on an upgrade. In the commodity space, things are mixed. Kodiak Oil & Gas is modestly higher on an upgrade. Diamond Offshore is up 2% on an upgrade. The diamond of the day goes to Southern Union up 15% on a competing takeover bid. The stock is up 40% in the last two weeks on two takeover bids. It's nice to be wanted. In the retail space, Campbell Soup is up a percent after announcing a one billion share buyback. Finish Line is down 3% following earnings. American Eagle is lower on a downgrade. Through the first hour the averages pushed lower with the Dow dropping 100 points and the Nasdaq declining 24 points. No buyers out there. It looks like people are starting the weekend early. Through the morning and into the afternoon the averages remained weak. A number of bond and income stocks are holding up, but that's about it. In the last hour, no rebound. The Dow Jones Industrial Average finished down 115 points, or 1%, to end at 11,934, losing ground for a third consecutive session. The Standard & Poor's 500 Index fell 15 points, or 1.2%, to 1,268. The Nasdaq Composite Index lost 33 points, or 1.3%, to 2,652. For the week, the S&P 500 Index fell 0.2% and the Dow industrials lost 0.6%. The Nasdaq Composite, however, gained 1.4% for the week, its first winning week in six.
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