Day Traders Diary
9/3/09U.S. stocks on Thursday opened higher after a four-day run of losses. Retailers are reporting mixed August same store sales results while the economic data showed jobless claims exceeded expectations. The Dow Jones Industrial Average rose 39 points to 9,320. The S&P 500 added 5 points to 1,000 while the Nasdaq Composite climbed 12 points to 1,979. A majority of the retail stocks are higher on those mixed August sales results. Costco is up 8%, American Eagle is up 7%, and Saks is up 4%. Abercrombie & Fitch is lower on disappointing sales while Family Dollar is down 7%. Del Monte is up 7% after beating estimates while Deere is lower on a downgrade. The financials are higher. Citigroup is up 3% after shareholders approved to expand the equity share count to allow for the government's new position. Like they had a choice. Genworth is up 3% on an upgrade. The commodities are performing well. Gold inches closer to 1000. Pilgrim Pride is getting bought out of bankruptcy by a Brazilian firm. Freeport McMoRan is up 2% on an upgrade. At 10 o'clock the averages jumped on better than expected manufacturing data, then sold off. The techs are holding firm. Apple, Research in Motion, and Cisco are higher on upgrades. Ciena is up 5% after beating earnings estimates. After the first hour the averages were unchanged with the financials in the lead.
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