The Dow Falls 60 Points, Nasdaq Drops 29
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The Dow fell 59.95 points today to close at 11,125.73, the Nasdaq lost 29.48 points to close at 2,061.99 and the S&P 500 dropped 5.74 points to close at 1,270.92. The markets dropped on continued inflation and interest rate concerns. Today's economic data gave clues that the economy is still strong and the Federal Reserve Board may raise interest rates again next week. Oil closed up $0.51 to $74.91 a barrel.
Volume was light with 1.66 billion shares trading on the NYSE and 1.72 billion on the Nasdaq. Decliners topped advancers by a margin of 20:13 on the NYSE and on the Nasdaq 21:09.
In individual stories, Scottish Re Group Ltd. (NYSE: SCT) added 71.4% today after saying the company does not face any near-term liquidity or solvency issues. In addition, UBS upgraded the stock. Yesterday, the stock got clobbered after the company warned on earnings, suspended it's dividend and announced the resignation of the CEO. Group 1 Automotive (NYSE: GPI) fell 19% today after reporting Q2 EPS of $1.00, 4 cents better than estimates.(0.96) Revenues were $1.6 billion vs. $1.62 billion consensus. Group 1 reaffirmed its 2006 full-year earnings guidance range of $3.40 to $3.70 per diluted share. Current consensus is $3.79.
Tomorrow, investors will look for earnings from Alcan (NYSE: AL), Dean Foods (NYSE: DF), Devon Energy (NYSE: DVN), Garmin (Nasdaq: GRMN), MasterCard (NYSE: MA), Moody's (NYSE: MCO), Sotheby's (NYSE: BID), and Time Warner (NYSE: TWX). Traders will also look for economic data on Oil Inventories at 10:30AM EST.
Volume was light with 1.66 billion shares trading on the NYSE and 1.72 billion on the Nasdaq. Decliners topped advancers by a margin of 20:13 on the NYSE and on the Nasdaq 21:09.
In individual stories, Scottish Re Group Ltd. (NYSE: SCT) added 71.4% today after saying the company does not face any near-term liquidity or solvency issues. In addition, UBS upgraded the stock. Yesterday, the stock got clobbered after the company warned on earnings, suspended it's dividend and announced the resignation of the CEO. Group 1 Automotive (NYSE: GPI) fell 19% today after reporting Q2 EPS of $1.00, 4 cents better than estimates.(0.96) Revenues were $1.6 billion vs. $1.62 billion consensus. Group 1 reaffirmed its 2006 full-year earnings guidance range of $3.40 to $3.70 per diluted share. Current consensus is $3.79.
Tomorrow, investors will look for earnings from Alcan (NYSE: AL), Dean Foods (NYSE: DF), Devon Energy (NYSE: DVN), Garmin (Nasdaq: GRMN), MasterCard (NYSE: MA), Moody's (NYSE: MCO), Sotheby's (NYSE: BID), and Time Warner (NYSE: TWX). Traders will also look for economic data on Oil Inventories at 10:30AM EST.
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