11:30 ET Dow -61, Nasdaq +13, S&P -4.23: [BRIEFING.COM] The major indices have rebounded somewhat from their lows about an
hour ago. Among the techs, chip and chip equipment stocks have showed the most resilience today. Most techs sold off after gapping up at
the open. Specifically, the comm IC are leading the group higher including PMCS +7%, TQNT +6%, AMCC +6%. Although a small cap,
Genesis (GNSS +19%) is by far the percentage leader after reporting last night....Generally, cyclicals remain weak like auto, auto
components, steel, machinery....Oilfield drilling and services stocks climbing off their lows of the morning; traders citing VP Cheney's call
(CNN interview) for increased oil drilling in the US for the rebound in the sector....Banks and brokerages continue to sell off today, based in
part on the AXP downgrade. AXP continues to be the weakest Dow stock today. Also weak on the Dow are JP Morgan (JPM 48.05
-1.15) and Hewlett-Packard (HWP 27.11 -0.56). Eastman Kodak (EK 48.66 +1.90) is the Dow leader, but on no news. SOX +1.1%...
NYSE Adv/Dec 1326/1403... Nasdaq Adv/Dec 1765/1594. |
