What Happened In The Market Today…5 Feb 09

What’s Happening In The Market Now..

  • Stocks were lower at the open as higher jobless claims overshadowed higher productivity numbers.
  • The Labor Department reported the number of laid off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous weeks upwardly revised figure of 591,000. The latest total is far more than analysts’ expectations of 583,000 and is the highest since October 1982.
  • The Labor Department also said productivity rose at an annual rate of 3.2 percent in the final three months of last year, far above the 1.1 percent rise that economists had expected.
  • Sectors starting the day out strong include homebuilding, apparel retail, department stores and agricultural products while consumer electronics, REITs, banks and financial services are down.
  • Volume leaders include Cisco Systems Inc (CSCO), Bank of America Corp (BAC), Wal-Mart Stores Inc (WMT), Microsoft Corp (MSFT) and Visa Inc (V).

Stocks Most Watched Today
MasterCard Incorporated (MA), Dell Inc. (DELL), State Street Corp. (STT), Urban Outfitters Inc. (URBN), Pan American Silver Corp. (PAAS), Flowers Foods Inc (FLO), GlaxoSmithKline PLC (GSK), Target Corp (TGT), Ross Stores Inc (ROST), International Flavors and Fragrances Inc (IFF), VeriSign Inc (VRSN), Estee Lauder Companies Inc (EL), BB and T (BBT), Dentsfly International Inc (XRAY) and JC Penney Co Inc (JCP).

Today’s News Leaders…
Cisco Systems Inc (CSCO), MasterCard Incorporated (MA), CIGNA Corp (CI), Burger King Holdings Inc (BKC) and GlaxoSmithKline PLC (GSK).

Analysts Favorites…
Wal-Mart Stores Inc (WMT), Schering Plough (SGP), Philip Morris International Inc (PM), Sanofi Aventis (SNY) and Sears Holdings Corporation (SHLD).

ETFs and HOLDRs Watched Today…
SPDR S&P Metals and Mining (XME), iShares DJ US Real Estate Index Fund (IYR), iShares MSCI Mexico (EWW), iShares Russell Microcap Index Fund (IWC) and ProShares Short S&P500 (SH).

Tip of the Day…
Analyzing the numbers can only get you so far. You have to look past the numbers and get a feel for the intangibles. If it looks good but doesn’t feel right then stay away or at least stay small.

Source: MarketIntelligenceCenter.com