Day Traders Diary
5/24/12U.S. stocks edged mostly lower Thursday, with Hewlett-Packard rallying a day after the personal-computer company said it would cut about 8% of its workforce over the next couple of years. The Dow Jones Industrial Average fell 19 points to 12,476. The S&P 500 Index fell a fraction to 1,318. The Nasdaq Composite dropped 10 points to 2,840. A quiet day following a nice turnaround yesterday. HP is leading the strength in the Dow, however rival IBM is lower. NetApp is leading the weakness in the Nasdaq down 12% following disappointing earnings. All the networkers and clouding computing stocks are lower. Even Apple and Google are modestly lower. Pandora Media is a diamond jumping 17% on earnings last night. The retail space continues to shine. A clothing conglomerate, PVH is jumping 7% on earnings. Costco is higher on earnings. Walmart made another new 52 week high. Tiffany is a dog in the retail space down 8% on earnings. Heinz is modestly lower on earnings. The materials are up for a second straight day. Dow Chemical is up 3% after winning a $2 billion arbitration case. Industrial, Toro is jumping 5% on earnings. The rest of the industrials and energy space are struggling this morning. Duke Energy is higher on an upgrade while Arch Coal is lower on an upgrade. The more defensive spaces like utilities, consumer staples, and healthcare are performing well. Teva Pharmaceuticals is higher by 2% after reiterating guidance. After the first hour the averages remained stuck near the unchanged level. The financials are under a little bit of pressure. Toronto Dominion is higher by a percent after beating earnings estimates. Eaton Vance is higher on an upgrade. After the first hour the averages put in a bit of a rally only to give it back during the lunch hour. We have a combination of cautious buyers with the Greek issues along with traders taking off ahead of the long weekend. In the afternoon the averages drifted lower only to rebound in the last hour on comments from Italy regarding a Euro bond. The Dow Jones Industrial Average finished up 33 points at 12,529, led by Hewlett-Packard. The S&P 500 rose a point to 1,320. The Nasdaq Composite dropped 10 points to 2,839.
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