What Happened In The Market Today…3 Feb 09

What’s Happening In The Market Now..

  • Stocks popped up at the open this morning after Citigroup (C) announced a $36.5 billion lending plan.
  • Consumers frightened by the prospect of losing their jobs stayed away from auto showrooms again in January and sent U.S. car and truck sales falling 37 percent.
  • The National Association of Realtors said buyers stepped in to snap up properties at steep discounts in December, especially in the South and Midwest. Its seasonally adjusted index of pending sales for preowned homes rose 6.3 percent in the final month of the year from revised figures in November.
  • Earnings continue to produce mixed results and economic data has been mostly poor.
  • The dollar was mixed against other major currencies and gold prices rose while crude was off slightly in early trading.
  • Sectors starting the day out strong include electric communications and equipment, motorcycle manufacturing, homebuilding and agricultural products while consumer electronics, computer storage & peripherals, home entertainment software and REITs are down.
  • Volume leaders include Wells Fargo & Co (WFC), Intel Corp (INTC), Pfizer Inc (PFE), Macy’s Inc (M) and Dow Chemical Co (DOW).

Stocks Most Watched Today
Merck & Co. Inc. (MRK), PNC Financial Services Group Inc. (PNC), SanDisk Corp. (SNDK), Tyco International Ltd. (TYC), OSI Pharmaceuticals Inc. (OSIP), Scotts Miracle-Gro Company (SMG), InterMune Inc (ITMN), Myriad Genetics Inc (MYGN), United Parcel Service (UPS), AFLAC Inc (AFL), Crown Holdings Inc (CCK), Emerson Electric Co (EMR), Harley Davidson Inc (HOG), Health Net Inc (HNT) and Complete Production Services Inc (CPX).

Today’s News Leaders…
Bank of America Corporation (BAC), Mattel Inc (MAT), Corn Products International Inc (CPO), Wal-Mart Stores Inc (WMT) and Humana Inc (HUM) top the lists of companies with news today.

Analysts Favorites…
Wal-Mart Stores Inc (WMT), Expeditors International of Washington Inc (EXPD), Goldman Sachs Group Inc (GS), Caterpillar Inc (CAT) and Schlumberger Ltd (SLB).

ETFs and HOLDRs Covered Today…
iShares MSCI Brazil Index Fund (EWZ), SPDR S&P Retail (XRT), ProShares Ultra Technology (ROM), Currency Shares Australian Dollar Trust (FXA) and iShares S&P SmallCap 600 Index Fund (IJR).

Tip of the Day…
Investing should be like painting a landscape not an abstract. You should have an idea of what it will look like when you are finished. If you have no idea what the finished canvas will look like you will never complete the painting.

Source: MarketIntelligenceCenter.com