Day Traders Diary
7/22/09U.S. stocks opened lower Wednesday, threatening to snap an extending winning streak, after the financial sector put forth mixed earnings. The Dow Jones Industrial Average fell 18 points to 8,897. The S&P 500 declined 4 points to 950, while the Nasdaq Composite declined 2 points to 1,914. The list of financials reporting this morning include Northern Trust, Morgan Stanley, Wells Fargo, Piper Jaffray, US Bancorp, Bank of NY, and Suntrust. Wells Fargo, and Bank of NY are weak. Morgan Stanley opened lower, but rebounded. In fact, the whole market had a nice rebound after what looked like an ugly open. US Bancorp and Suntrust both rallied 3% after beating estimates. Outside the financials, Apple is up 4% after easily beating estimates. Yahoo is higher following earnings. Cisco, Texas Instruments, and Intel received upgrades this morning. AMD is down 15% after losing more money than anticipated. Starbucks is up 15% after
surprising Wallstreet with solid earnings while Landry Seafood is down 9% after missing estimates. Other companies reporting earnings include Boeing, St. Jude, Freeport-McMoRan, Altria, Stanley Works, Pepsi, Eli Lilly, Suncor, and Knight Capital. St Jude is down 7%, but the rest at not far from the unchanged level, similar to the broader market. Entering the lunch hour, the Dow was down 10 points. The Nasdaq rose 5 points. In the afternoon, the averages moved into the green. A resilient market. In the last hour, the averages sold off, but not the Nasdaq. The Dow Jones Industrial Average fell 34 points to 8,881. After hitting a new high for the year, the S&P 500 Index fell fractionally to end at 954. The Nasdaq rose for a eleventh straight day, adding 10 points to 1,926.
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