Day Traders Diary
2/23/10
U.S. stocks opened modestly lower on Tuesday following a flood of corporate earnings and ahead of a consumer confidence number. The Dow Jones Industrial Average fell 7 points to 10,375. The S&P 500 Index shed a point to 1,106. The Nasdaq Composite declined 5 points to 2,236. The earnings keep coming in better than expected, however, investors are in a selling mood. Stocks trading lower following earnings include Brocade, Nordstrom, Radio Shack, Barnes & Noble, Macys, Tenet Healthcare, Liz Claiborne, Medco, Orbitz, Sanderson Farms, Target, and St. Joe. A couple of retailers are higher following earnings including Sears, Home Depot, and Office Depot. The techs for the most part are trading lower. Palm is down 7% on a downgrade. Corning is down 3% on a downgrade. Research in Motion received an upgrade, but the stock is lower. Juniper Networks is lower as well even though they announced a $1 billion share buyback. The financials are holding firm and outperforming the broader market once again. Mortgage insurer, Radian Group is jumping 18% after easily beating estimates. That's helping competitors like Genworth. At 10 o'clockthe consumer confidence number fell though the roof sending the averages sharply lower. The Dow dropped 60 points. The Nasdaq declined 25 points. Very few stocks remain in the green. Through the morning more of the same. The averages remained weak with few stocks in the green. The notable few in the green include Goldman Sachs, Home Depot, office Depot, Kraft, Radian, and Walmart. In the afternoon the Dow dropped 100 points. The Nasdaq declined 32 points. Nothing looks good. The U.S. dollar is higher sending commodities lower. In the last hour no bounce for the averages. The Dow Jones Industrial Average fell 100 points, or 1%, to 10,282. The S&P 500 Index declined 13 points, or 1.2%, to end at 1,094, while the Nasdaq Composite Index dropped 28 points to finished at 2,213.
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