Day Traders Diary
11-17-11U.S. stocks opened lower Thursday, extending declines into another day, as worries about European debt again overcame better-than-expected domestic reports on the economy. Data included a drop in jobless claims that had last week's level at a seven-month low. The Dow Jones Industrial Average lost 43 points to 11,852. The S&P 500 fell 6 points to 1,230. The Nasdaq Composite declined 12 points to 2,626. Technology shares lead declines among the 10 sectors with Apple, Google, Cisco, and Intel all trading lower. Apple was actually downgraded. NetApp is down 10% following earnings. Applied Materials is down 5% following earnings. Autodesk, Fairchild Semi, and Research in Motion were upgraded, but all three are lower. Micron was upgraded, but after a big run up yesterday, the stock is lower. Rambus is up 18% after falling 60% late in the day yesterday. Marvell is down 3% on a downgrade. Netease.com is one of the few techs that looks good trading up 5%. Things are mixed in the retail sector. Children's Place is jumping 14% on earnings. Hot Topic is jumping 8% on earnings. William Sonoma is higher as well following earnings. However a number of retailers are lower following earnings including Sears, Guess, Buckle, JM Smuckers, Ross Stores, Gamestop, and Dollar Tree. The financials are quiet after getting hit yesterday. Donaldson is lower following earnings. Stifel is up a percent on an upgrade. Citigroup is lower even though Oppenheimer has it as a top pick. Legg Mason is lower as Bill Miller is stepping down as manager from at least one of his funds. In the commodity space, Mosaic is up 2% on an upgrade. Cliffs Natural Resources and the oils look good as well. After the first hour the Dow had battled back to the unchanged level. The Nasdaq remains stuck in the red.
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