Day Traders Diary
10/15/09U.S. stocks opened lower on Thursday, a day after a strong rally took the Dow Industrials back above 10,000 for the first time in over a year. The Dow Jones Industrial Average fell 15 points to 9,998, with 17 of its 30 components trading lower. The S&P 500 index dropped 3 points to 1,089 while the Nasdaq Composite lost 7 points to 2,164. The earnings keep coming in better than expected, but its' getting tougher and tougher to please Wallstreet. Case in point, Goldman Sachs easily beat estimates by more than a dollar, but the stock is lower. Citigroup is also lower after beating estimates. Schwab is down 4% on in line earnings. JP Morgan is lower on a upgrade. Travelers is lower on a downgrade. Lazard is down 4% following news yesterday thier CEO passed away. The techs are trading lower, even Google and Apple are lower. Cypress Semi, Xilinx, and Fairchild Semi are all down over 2% following earnings. Nokia is down 11% on lackluster earnings. In the retail space, better news. WD-40, Safeway, Harley Davidson, Winnebago, and Petsmart are all higher following earnings. DSW is jumping 13% after raising guidance. A couple of stocks are trading lower following earnings. Southwest and Baxter are both down over 4% following earnings. After the first hour, the averages remain in the red, but not by much. Through the morning and into the afternoon, more of the same. The Dow hovers around the 10,000 level. In the last hour the averages had a nice recovery into the close ahead of earnings from Google, IBM, and AMD. The Dow Jones Industrial Average finished up 47 points at 10,063, its highest level since early October 2008. The S&P 500 gained 4 points to 1,097. The Nasdaq Composite gained a point to close at 2,173.
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