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Stocks fell sharply again Wednesday as Rita gathers strength in the Gulf and traders fearing further devastation. Rita was upgraded to a Category 5 hurricane. It was the third consecutive loss for the indices, with the Dow closing below its 200-day moving average for a second day in a row and the SPX making a three-week low. Traders are also digesting yesterday's Fed comments; many had hoped for a softer approach regarding interest rates.
Retailers were weak after Avon (AVP | Quote | Chart | News | PowerRating)
guided lower. Wal-Mart saw its lowest close since 1999. Airlines
were also sharply lower on the prospect of
higher fuel prices, reaching a new 2-year low.
Merrill Lynch upgraded Intel (INTC | Quote | Chart | News | PowerRating) to Buy and downgraded Advanced Micro Devices (AMD | Quote | Chart | News | PowerRating) to neutral.
Now, here are a few stocks to watch for Thursday:
KB Homes (KBH | Quote | Chart | News | PowerRating) is expected to report $2.39 before the open.
General Mills (GIS | Quote | Chart | News | PowerRating) is expected to report 0.56, also before the open.
Sears Holdings (SHLD | Quote | Chart | News | PowerRating) is hitting the 127% Fib extension on this weekly chart. Retail has been very weak of late.
Vulcan Materials (VMC | Quote | Chart | News | PowerRating) may rally from this channel/pullback.
Caterpillar (CAT | Quote | Chart | News | PowerRating) may also.
Jacobs Engineering (JEC | Quote | Chart | News | PowerRating) could also rally from a pullback.
And finally, Cal Dive (CDIS | Quote | Chart | News | PowerRating) may shoot for its recent highs.
Brice Wightman
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