The Dow Gains 53 Points, Nasdaq Falls 1
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The Dow gained 52.58 points to close at 12773.04, the Nasdaq fell 1.38 points to close at 2,516.95, and the S&P 500 added 3.01 points to close at 1,471.48. The Dow traded to an intraday all-time high, but fell back to close just 13 points below the record of 12,786.64. Separately, Oil fell $0.51 to close at $63.10.
Volume was modest with 2.94 billion shares trading on the NYSE and 2.01 billion trading on the Nasdaq. Decliners topped Advancers by a margin of 17:16 on the NYSE and 17:13 on the Nasdaq.
In individual stories, InsWeb Corp. (Nasdaq: INSW) gained 118.4% after reporting the first operating profit in the history of the Company. Revenues for the first quarter were $8.1 million, compared to $7.7 million in the first quarter of 2006 and $5.8 million in the fourth quarter of 2006. InsWeb reported net income for the first quarter of $0.4 million, or $0.10 per share. This compares to a net loss in the first quarter of 2006 of $1.7 million, or $0.41 per share, and to a net loss of $0.3 million, or $0.08 per share, in the fourth quarter of 2006. The Company was cash flow positive during the first quarter of 2007 and ended the period with cash and short-term investments of $7.1 million. Netlist (Nasdaq: NLST) fell 28.1% after the company said it expects to report Q1 net sales of approximately $37 million to $38 million, versus the previous guidance of $40 million to $42 million, and fully diluted earnings per share of approximately $0.02 to $0.03 per share, including estimated stock-based compensation expense of $325,000, versus the previous guidance of $0.07 to $0.08 per share. (Q1 revenue consensus is $41.2 million and EPS consensus is $0.08)
Tomorrow, investors will be looking for earnings from Amylin Pharma (Nasdaq: AMLN), Citigroup (NYSE: C), Eaton (NYSE: ETN), Eli Lilly (NYSE: LLY), Mattel (NYSE: MAT) and Wachovia (NYSE: WB).
Also, traders will be looking for economic data on Oil Inventories tomorrow at 10:30AM EST.
Volume was modest with 2.94 billion shares trading on the NYSE and 2.01 billion trading on the Nasdaq. Decliners topped Advancers by a margin of 17:16 on the NYSE and 17:13 on the Nasdaq.
In individual stories, InsWeb Corp. (Nasdaq: INSW) gained 118.4% after reporting the first operating profit in the history of the Company. Revenues for the first quarter were $8.1 million, compared to $7.7 million in the first quarter of 2006 and $5.8 million in the fourth quarter of 2006. InsWeb reported net income for the first quarter of $0.4 million, or $0.10 per share. This compares to a net loss in the first quarter of 2006 of $1.7 million, or $0.41 per share, and to a net loss of $0.3 million, or $0.08 per share, in the fourth quarter of 2006. The Company was cash flow positive during the first quarter of 2007 and ended the period with cash and short-term investments of $7.1 million. Netlist (Nasdaq: NLST) fell 28.1% after the company said it expects to report Q1 net sales of approximately $37 million to $38 million, versus the previous guidance of $40 million to $42 million, and fully diluted earnings per share of approximately $0.02 to $0.03 per share, including estimated stock-based compensation expense of $325,000, versus the previous guidance of $0.07 to $0.08 per share. (Q1 revenue consensus is $41.2 million and EPS consensus is $0.08)
Tomorrow, investors will be looking for earnings from Amylin Pharma (Nasdaq: AMLN), Citigroup (NYSE: C), Eaton (NYSE: ETN), Eli Lilly (NYSE: LLY), Mattel (NYSE: MAT) and Wachovia (NYSE: WB).
Also, traders will be looking for economic data on Oil Inventories tomorrow at 10:30AM EST.
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