What Happened In The Market Today…22 Jan 09

What’s Happening In The Market Now…

  • Stocks were lower at the open this morning after more disappointing economic data was released. The Commerce Department reported construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month smashing the previous low set in November.
  • The Labor Department reported initial jobless benefit claims rose to a seasonally adjusted 589,000 in the week ending Jan. 17, from an upwardly revised figure of 527,000 the previous week. The latest mark was well above economists’ expectations and matched a 26-year high reached four weeks ago.
  • Adding to investor woes, Microsoft (MSFT) reported its fiscal second-quarter earnings early with an 11 percent drop in profits and said it will slash 5,000 jobs over the next 18 months.
  • Sectors starting the day out strong include airlines, healthcare facilities, managed healthcare and education services while life & health insurance, motorcycle manufacturing, consumer finance and broadcasting are down.
  • Volume leaders include Microsoft Corp (MSFT), Interwoven Inc (IWOV), Apple Inc (AAPL), Nokia Corp (NOK) and DryShips Inc (DRYS).

Stocks Most Watched Today
Potash Corp. of Saskatchewan, Inc. (POT), Baidu, Inc. (BIDU), Unitedhealth Group, Inc. (UNH), Comerica Incorporated (CMA), Corinthian Colleges Inc. (COCO), Apollo Group Inc (APOL), BB&T Corp (BBT), Southwest Airlines Co (LUV), Knight Trading Group Inc (NITE), KeyCorp (KEY), WellPoint Health Networks (WLP), Dryships Inc (DRYS), Energy Transfer Partners LP (ETP), CME Group Inc (CME) and Sony Corporation (SNE).

Today’s News Leaders…
Dryships Inc (DRYS), Southwest Airlines Co (LUV), BB&T Corp (BBT), KeyCorp (KEY) and Potash Corp (POT) top the lists of companies with news today.

Analysts Favorites…
Stocks on the list include: Bristol Myers Squibb Co (BMY), Safeway Inc (SWY), Zimmer Holdings Inc (ZMH), Sanofi Aventis (SNY) and Netflix Inc (NFLX).

ETFs and HOLDRs Covered Today…
Consumer Discretionary Select SPDR Fund (XLY), Vanguard REIT ETF (VNQ), United States Oil Fund LP (USO), iShares Russell 1000 Growth Index Fund (IWF) and Technology Select Sector (XLK).

Tip of the Day…
Set a course and stick to it. Determine your goals and time horizon then formulate a plan to get there. Use whatever means necessary but once you have a firm plan, stick to it. Don’t try to chase results. All you might get are lots of brokerage fees and falling profits.

Source: MarketIntelligenceCenter.com