Day Traders Diary
6/4/09U.S. stocks open modestly higher after an unexpectedly positive report on the labor market helped neutralize disappointing sales reports from several large retailers. The Dow Jones Industrial Average climbed 13 points to 8,688. The S&P 500 Index added 3 points to 935, while the Nasdaq Composite advanced 9 points to 1,835. The retailers are one of the few sectors trading lower. Target is down 4% after missing their May sales estimates. Abercrombie & Fitch is lower by 10% as May sales declined 28%. Aeropostale is lower even though sales jumped 19%. William Sonoma is lower even though it was upgraded. In the tech sector Apple, Research in Motion, and or Google seem to get upgraded everyday. Today Citigroup upgraded Google with a $580 target. Oppenheimer upgraded Apple with a $160 target. Broadcom and Qualcomm are higher on upgrades. Wind River is jumping 44% thanks to Intel agreeing to buy the firm. Ciena is up 4% even though the company lost $503 million. The financials are modestly higher. Raymond James is up 8% on an upgrade. Fifth Third is higher by 5% after announcing a $1 billion offering. Goldman Sachs was upgraded. Where was this analyst two months ago. After the first half an hour, the Dow fell into the red. The Nasdaq is modestly in the green. After the first hour, all the averages moved back into green. Only the retailers are in the red. The financials are perking up. Goldman Sachs is now up 2%. KeyCorp is jumping 16% on an upgrade. In the afternoon, the averages remained in the green with the financials showing relative strength. The retailers are still in the red. Abercrombie & Fitch is down 12% on a downgrade. In the last hour the averages moved to the best levels of the day. A resilient market. The Dow Jones Industrial Average finished up 74 points at 8,750. The S&P 500 added 10 points to 942 while the Nasdaq Composite rose 24 points, or 1.3%, to 1,850.
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