From Briefing.com: 10:30AM : Stock market surrenders the entirety of its early morning gains as profit-taking activity in the rally's strongest groups accelerates... Biotech, semiconductor, and large-cap technology issues have led the way lower and dragged the broader market with them... Briefing.com, for its part, believes the market's buying momentum has slowed and suggests a more cautious approach to stocks in the near-term...
The difficulty the major indices have encountered in extending their recent winning streak, combined with the start of the June quarter warnings season, has laid the groundwork for more intra-day volatility... Nasdaq 100 -0.5%, SOX -1.7%, NYSE Adv/Dec 1553/1310, Nasdaq Adv/Dec 1255/1378
9:33AM S&P 500 and Dow levels : -- Technical -- Dow initial resistance rests at 9215, followed by additional overhead in the 9250 area. To the downside, the Dow now faces initial support at 9180, followed additional support at 9145. S&P 500 initial resistance rests at 1000, followed by additional overhead around 1004. To the downside, index has support initially at 997, followed by a subsequent floor at 990.
9:31AM SanDisk added to Analyst Select List at WR Hambrecht; target $50 (SNDK) 37.88 +0.50:
9:26AM Nasdaq technical levels : -- Technical -- From current levels, the index should have a pivot point initially in the vicinity of 1652. To the upside, look for additional resistance in the range of 1658 to 1660. To the downside, look for initial support at 1645, followed by an additional floor 1638.
7:44AM Oracle outlook downgraded by Moody's (ORCL) 13.27: The Wall Street Journal reports Moody's Investor's Services Inc. downgraded its outlook on the co to "negative" due to additional cash it would need to complete its hostile bid for PSFT. The co's single A-3 rating was on its $300 mln in debt securities were reaffirmed despite the lowered outlook.
7:39AM Novellus cut to Reduce at UBS; target $28.50 (NVLS) 37.31: UBS Warburg downgrades to Reduce from Neutral based on valuation; relative to the S&P 500, the stock is trading at a relative P/E of 2.7x vs an avg of 2.2x for their coverage universe, yet since 1995 NVLS has traded at an avg relative P/E of 1.2x based on consensus estimates looking out 18 months; raises target to $28.50 from $25.
6:51AM STMicroelectronics and Taiwan Semi going into SOX, Lattice Semi being removed (STM) 22.78: The Philadelphia Stock Exchange announces that it will make the following changes to PHLX Semiconductor Index (SOX) before the open of business Monday, June 23: STMicroelectronics (STM) and Taiwan Semiconductor (TSM) will be added to the Index, while Lattice Semiconductor (LSCC) will be deleted.
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