Stocks recapBy David Penn
TradingMarkets.com
May 9, 2008 5:34 PM ET
Stock Market Recap: Oil Continues Upward with Help from a Weakening Dollar
Stocks ended the week with losses across the board. The DJIA giving up -120.90 points, the NASDAQ losing -5.71 and the S&P500 dropped -9.40 points.
57 companies reported earnings this week with 50% higher than expected, about 25% lower, and rest met expectations. 450 companies have reported earnings in total with 61% coming in higher than expected.
Priceline.com (PCLN | news | PowerRating | PR Charts ) Jumped over 14% or 17.50 points to $141.31. Annual profits beat estimates by .65/share and international sales doubled.
Activision (ATVI | news | PowerRating | PR Charts ) Climbed the most in 5 months today on the back of "Guitar Hero" sales and doubling profits. Shares climbed over $4.00 a share to $31.50.
Exxon (XOM | news | PowerRating | PR Charts ) - Dropped .48 to $89.05 on record oil prices and Nigerian concerns.
Freeport (FCX | news | PowerRating | PR Charts ) - The world's 2nd largest copper producer lost 3.2% to 114.32, as copper suffers its 2nd straight week of losses.
Oil smashed through the 125 resistance level, hitting a high of 126.09 on a weaker than expected dollar and supply concerns.
| Economic
News |
ISM Services (Apr): Actual 52.0, Consensus 49.1
Productivity Prel (Q1): Consensus 49.1%, Prior 49.6%
Pending Home Sales (Mar): Consensus -1.0%, Prior -1.9%
Crude Inventories (05/03): Consensus N/A, Prior 3848K
Consumer Credit (Mar): Consensus 6.0B, Prior 5.2B
Initial Claims (05/03): Consensus 375K, Prior 380K
Wholesale Inventories (Mar): Consensus 0.5%, Prior 1.1%
Trade Balance (Mar): Consensus -$61.3B, Prior -$62.3B |
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