Day Traders Diary
10/23/09U.S. stocks sputter on the start with only the technology-laden Nasdaq Composite retaining strong gains after Microsoft and Amazon's earnings both easily topped expectations. The Dow Jones Industrial Average opened flat at 10,081. The S&P 500 rose a point to 1,093. The Nasdaq rose 17 points to 2,182. Amazon is jumping 20% to all time highs. Microsoft is up 8% to new yearly highs. But not all techs are higher. Rambus, Western Digital, Avid Tech, Broadcom, Computer Associates, and Juniper Networks are all lower following earnings. The financials are modestly higher. T. Rowe Price is up 8% thanks to solid earnings. Capital One is up 9% following blow out earnings. American Express is higher following earnings. Legg Mason is up 5% on an upgrade. The retail space continues to perform well. Decker Outdoors which sells the famous Uggs is jumping 7% on strong earnings. Netflix is up 8% after beating earnings estimates. Columbia Sportswear is higher following earnings. After the first hour, the Nasdaq remained higher by 10 points thanks to Microsoft and Amazon. The rest of the market is pulling back. The Dow is lower by 40 points. Through the morning the Dow pushed lower. The Nasdaq dipped into the red as well. In the afternoon the Dow dropped over 100 points. The Nasdaq remained in the red. Not many stocks remain in the green other than Microsoft, Amazon, and Google. In the last hour a little rebound off the lows. The Dow Jones Industrial Average lost 109 points, or 1.1%, to close at 9,972, for its biggest point drop since October 1st. The S&P 500 fell 13 points, or 1.2%, to 1,080. The Nasdaq Composite lost 11 points, or 0.5%, to close at 2,155. Stocks fell for the first time in three weeks. The Dow average lost 0.2% for the week, the S&P 500 fell 0.7% and the Nasdaq lost 0.1%.
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