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Stocks gained ground Friday as Rita weakened. Crude oil prices fell below $65/barrel as the hurricane was downgraded to a Category 3 storm.
Alcoa (AA | Quote | Chart | News | PowerRating) guided lower and now sees $0.27 - $0.31 vs. the consensus $0.44. The stock was downgraded to underperform at Goldman Sachs and to underweight at Prudential.
Oracle (ORCL | Quote | Chart | News | PowerRating) posted a small increase in profits for Q1; revenue rose 25% over last year. The stock was downgraded to neutral weight at Prudential.
3Com (COMS | Quote | Chart | News | PowerRating) reported 0.11, ex-items, and guided higher.
In a report, CSFB estimates that 72% of all production capacity for ethylene--used in the manufacture of plastics--was located in the potential path of Rita.
Now, here are a few stocks to watch on Monday:
Taser (TASR | Quote | Chart | News | PowerRating) will be in focus after police in Britain arrested a terrorist suspect using a Taser device. The Taserians could pop this stock on Monday.
Martha was looking trim on her debut show the other night, but apparently the ratings weren't very good. This is a weekly chart of Martha Stewart Living (MSO | Quote | Chart | News | PowerRating). Notice how the stock bounced previously at the 50-week moving average. The stock may also have some support at that trendline.
Lennar (LEN | Quote | Chart | News | PowerRating) reports on Tuesday, but those in the know may move the stock beforehand.
Research in Motion (RIMM | Quote | Chart | News | PowerRating) also reports on Tuesday--same rationale as above.
It's analyst day at Palm, Inc. (PALM | Quote | Chart | News | PowerRating) on Monday. The stock really got whacked on Friday. If any positive (or negative) news come out, the stock could react.
MOnday is also the UBS Global Life Sciences Conference and stocks like Genentech (DNA | Quote | Chart | News | PowerRating) may be in focus.
Finally, the American Gas Conference is being held on Monday, and Nicor (GAS | Quote | Chart | News | PowerRating) could react.
Brice Wightman
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