Day Traders Diary
4/15/09It's tax day. U.S. stocks start to the downside pressured by a cautious outlook from chip-maker and technology bellwether Intel. The Dow Jones Industrial Average fell 35 points to 7,887. Dow component, Intel is lower by 5%. The S&P 500 index dropped 4 points to 837 while the Nasdaq Composite lost 17 points, or 1%, to 1,608. Intels' cautious outlook really isn't hurting the other tech stocks. Google is higher ahead of earnings tomorrow. Ebay is higher thanks to an upgrade and news the company plans to spin off Skype. The financials are under selling pressure for a second straight day. UBS is down 4% after losing $1.8 billion and announcing more job cuts. Capital One is lower by 5% on concerns of credit card losses. Mastercard is down 2% even though the stock was upgraded. Charles Schwab and Piper Jaffray are higher after both beat earnings estimates. Raymond James is down 20% after missing estimates. In the retail space, Burger King is down 15% after missing estimates. Walmart is unchanged on cautious comments. Yum Brands and American Eagle are higher following upgrades. Cabela's is down 4% even though it was upgraded. In the energy space, Peabody Energy is down 9% on lackluster earnings. Abbott Labs is lower by 4% even though they beat by 3 cents. Railroad company, CSX is jumping 7% after beating estimates by 11 cents. After the first half an hour, the Dow had recovered, moving into the green. The Nasdaq was down 9 points. Through the morning, more of the same. The Dow remained in the green. The financials are mixed. The Nasdaq remains in the red. During the lunch hour, the Dow continued to improve, dragging everything with it. A homebuilder index jumped in April thanks to the record low interest rates. The averages held up well after the Beige Book provided a few rays of hope that the economic slide was slowing. In the last hour, the averages rallied into the close along with the financials. The Dow Jones Industrial Average finished up 109 points, or 1.4%, to end at 8,029. The S&P 500 Index climbed 10 points, or 1.3%, to end at 852, while the Nasdaq Composite rallied a point to finished at 1,626.
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