Nov 18, 2005 (Briefing.com via COMTEX) --Stock Market Update

Updated: 18-Nov-05

The market at 08:31 ET

Dow: ...

Nasdaq: ...
S&P: ...

NYSE Vol: ..
Adv: ..
Dec:

Nasdaq Vol: ..
Adv: ..
Dec:

Moving the Market

Sector Watch

10-yr note +4/32 at 4.45% after Philly Fed declines more than expected
Oil prices close down 2.6% below $57/bbl
Initial claims lowest in 7 months, suggest strong job market; Oct. industrial production rebounds; housing data suggests slowdown but reflects risk that Fed is going too far with its tightening
GM CEO says financials are sound and bankruptcy talk is overblown
Anticipation of strong Q1 guidance from HPQ counters AMAT's disappointing Q1 outlook

Strong: homebuilding, autos, construction & engineering, health care facilities, fertilizers, railroads, computer storage, construction materials, gold, oil & gas storage, internet software, hardware, software, brokerage, banks, airline, biotech

Weak: semi equip, tobacco, commercial paper, soft drinks, distributors, health care equip, publishing, aluminum, consumer finance, packaged goods

08:31 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +7.0. The equity remains poised to open higher this morning. Although today's economic calendar is a blank one, and while the earnings front features just six companies, traders sift through a host of better than expected Q3 results that were reported yesterday evening. Along with Hewlett-Packard (HPQ), Starbucks (SBUX), Nordstrom (JWN), Autodesk (ADSK), Marvell (MRVL), and Walt Disney (DIS) - the last of which is a Briefing.com stock pick for active investors - each exceeded Wall Street's expectations.

08:01 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +4.5. Versus fair value, futures trade indicates a higher open for the cash market as traders digest a dose of upbeat corporate news items. Following yesterday's close, Hewlett-Packard (HPQ) delivered an upside fiscal Q4 earnings report, along with upbeat guidance for the current quarter and full year. Meanwhile, fellow Dow component General Electric (GE) announced a $6.8 billion sale of its insurance unit, raised its dividend and expanded its buyback program. This morning, Cisco (CSCO) confirmed its $6.9 billion cash acquisition of Scientific Atlanta (SFA).

06:29 ET

Market is Closed

[BRIEFING.COM] FTSE...5525.10...+65.10...+1.2%. DAX...5154.35...+54.63...+1.1%.

06:29 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +4.0.

06:29 ET

Market is Closed

[BRIEFING.COM] Nikkei...14623.12...+211.33...+1.5%. Hang Seng...14883.32...+95.34...+0.6%.

16:20 ET

Dow +45.46
at 10720.22,
Nasdaq +32.53
at 2220.46,
S&P +11.59
at 1242.80

[BRIEFING.COM] After languishing throughout the week, the market finally reclaimed some of the upside momentum that helped lift the major indices an average of 4.9% over the last three weeks, lending credence to Briefing.com's belief that a traditional year-end rally will close the S&P 500 up 5% for the year. The market opened on a positive note amid a good underlying tone for stocks, supported in part by 75% of the S&P 500 either surpassing or matching analysts' forecasts to register a 14th straight quarter of double-digit profit growth, but got an extra boost late in the day as oil prices plunged. With crude prices ($56.40/bbl -$1.48) finishing (-2.6%) near their lowest levels since late June, early buying interest in equities strengthened as a broad-based rally closed all ten economic sectors to the upside. Technology provided a huge lift, as an upbeat outlook from Network Appliance (NTAP 29.60 +1.35) and anticipation of a strong Q4 report and ensuing guidance from Hewlett-Packard (HPQ 28.83 +0.56) after the bell helped offset a 46% profit decline in Q4 and questionable Q1 EPS guidance from Applied Materials (AMAT 17.34 -0.43). Despite evidence that the housing market is clearly slowing down in response to the rise in interest rates over the past 17 months, a 4.6% surge in the homebuilding index provided a source of support for Consumer Discretionary. Oct. housing starts fell 5.6% to 2.014 mln units while building permits fell 6.7% to 2.07 mln units, both checking in below economists' forecasts but simultaneously reminding policy officials that higher interest rates are taking hold and that the Fed's tightening efforts run the risk of going too far. A late-day spike in shares of General Motors (GM 22.61 +1.32), after an internal note by CEO Rick Wagoner downplayed bankruptcy concerns, also provided sector support. Financial was an influential leader to the upside, as banks and brokers benefited from a midday reversal in the Treasury market, which widened the spread between the 2-yr and 10-yr notes, following a larger than expected decline on the Philly Fed. The 10-yr, which was off as much as 10 ticks to yield 4.51% following a batch of mixed economic data early in the session, closed up 4 ticks to yield 4.45%. Before the bell, initial claims for the week in which the Nov. employment survey was compiled, fell 25K to 303K - the lowest level in seven months and well below the 322K consensus, suggesting job conditions remain robust and that a sizable jump in payrolls is likely. A strong rebound in Oct. industrial production, which rose 0.9% - the most since May 2004 -- also improved underlying sentiment, providing some reassurance to stock investors that corporate profitability and job growth are sustainable but, in turn, raising early concerns amongst bond traders that such economic improvements may lead to at least three more Fed rate hikes.
..DJTA +2.0%.
..DJUA +1.6%.
..SOX +1.1%.
..DOT +1.9%.
..XOI -0.1%.
..BTK +1.7%.
..Nasdaq 100 +1.5%.
..S&P Midcap 400 +1.4%.
..Russell 2000 +1.8%.
..NYSE Adv/Dec 2390/886.
..NASDAQ Adv/Dec 2138/876.

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