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Market Updates

Mixed session on moderate volume

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Stocks continue to trade near the flat line as the Dow Industrials (INDU) 8,805 holds a 20-point gain with 45- minutes left to go in the session, while the NASDAQ-100 Index (NDX.X) 1,803 trades down just 3.8-points as earlier morning bullishness in the Semiconductor Index (SOX.X) 333 –1.8% fades near the close, most likely ahead of tomorrows after the close earnings announcement from Intel (NASDAQ:INTC) $17.41 (unchanged), where analyst consensus is for the company to report earnings per share of $0.14.

Shares of Intel (INTC) have now taken over today’s most active list with just over 59 million shares traded, while Cisco Systems (NASDAQ:CSCO) $15.24 +0.26% holds today’s second most actively traded spot at just under 59 million shares.

News out of OPEC over the weekend that it will boost production has the Oil Service Index (OSX.X) 81.32 –2.35% now looking to challenge the Utility Index (UTY.X) 261.55 –2.4% for today’s sector loser.

In the Biotechnology Index (BTK.X) 363 +1.77% now leads today’s sector winner list. Shares of Genzyme (NASDAQ:GENZ) $31.58 have been halted all session. The company has it will present data on Farbrazyme to a panel of FDA advisors today, although the FDA is not expected to ask the panel to vote on whether to recommend the drug’s approval. Shares of Transkaryotic Therapies (NASDAQ:TKTX) $8.75 also remain halted as this company’s Replagal drug is considered to be a potential competitor to Genzyme’s Fabrazyme for Fabry disease. Traders are citing a Bloomberg article that TKTX’s Replagal isn’t showing a benefit for Fabry disease according to the FDA staff reviewing the drug.

Market volumes are showing some differences today with a rather light volume session being seen at the NYSE with just over 1.1 billion shares traded. NASDAQ volume is brisk, but not heavy at the NASDAQ with just over 1.4 billion shares traded.

Just as the major indexes all trade near unchanged, market breadth mimics that action with advancers and decliners even at 16:16 at both the NYSE and NASDAQ.

New highs versus new lows look to rebound somewhat today with 90 stocks hitting new highs at the NYSE versus 29 stocks trading new lows. NASDAQ shows 94 stocks having traded a new 52-week high compared to 16 stocks trading new lows.

Jeff Bailey

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