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The markets are selling off this morning ahead of tomorrow's Fed meeting as investors take profits after the recent rally.
Our PowerRatings Heat Map is showing continuing widespread weakness across many sectors. These include Banking, Diversified Services, Energy, Metals/Mining, Internet, Transportation, and Computer Hardware.
Motorola (MOT | Quote | Chart | News | PowerRating) shares are moving lower this morning after shareholders voted to deny a seat on the executive board to billionaire Carl Icahn. Icahn wanted to raise the company's debt level and return more cash to shareholders. Back in mid-April Motorala reported its first quarterly loss since 2004.
AK Steel Corp. (AKS | Quote | Chart | News | PowerRating) shares jumped this morning on a report that the company is a buyout target by the world's largest steelmaker ArcelorMittal (MT | Quote | Chart | News | PowerRating).
Rail company CSX Corp. (CSX | Quote | Chart | News | PowerRating) has announced a 25% hike in dividends and plans to repurchase an additional $1 billion worth of shares.
For more stocks to watch, see TradingMarkets 7 Trading Ideas for Today.
Today we will focus on the weakness in the Transportation sector:
Today's featured list comes from our Biggest PowerRatings Down Changes List. These stocks have had the biggest one-day move to the downside in their PowerRatings. These stocks should likely be avoided and are possible short candidates.
For a free PowerRatings trial, click here. If you have any questions about PowerRatings or the new Stock Indicators please feel free to email us or call 213-955-5858 ext 1.
Darren Wong
Associate Editor
darrenw@tradingmarkets.com
Reminder: We are in no way recommending the purchase or short sale of these stocks. This article is intended for education purposes only. Trading should be based on your own understanding of market conditions, price patterns and risk; our information is designed to contribute to your understanding.
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