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Dell Dumped, Stocks Sink, Trichet's Trepidation

By David Goodboy | TradingMarkets.com | November 20, 2009
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A surprisingly lower earnings report from computer stalwart Dell triggered selling across tech names. Euro chief, Jean Claude Trichet, made insinuations toward removing government credit aid, sending waves of trepidation through the world's economies. Despite a strong late day bargain hunter fueled surge, stocks closed in negative territory for the session. The DJIA gave back -14.28 to 10318.16, the Nasdaq dropped -11.92 to 2146.04, and the S&P 00 gave back -3.52 to 1091.38.


Dell ( DELL | Quote | Chart | News | PowerRating): Was among the largest losers in the S&P 500 as a sharply lower 3rd quarter earnings report sent shares down by 9.70% or $1.54 to $14.33.


JM Smucker ( SJM | Quote | Chart | News | PowerRating): Led the S&P 500 higher after posting fiscal second quarter earnings beating most analyst estimates. Share added 5.42% or $2.90 to $56.38.


Merck ( MRK | Quote | Chart | News | PowerRating): Approval recommendation by a European agency of its Elonva medication lifted shares by 3.26% or $1.15 to $36.48.


DR Horton ( DHI | Quote | Chart | News | PowerRating): The second largest U.S. homebuilder fell 15.10% or $1.85 to $10.40/share after posting a wider loss than expected.


Oil fell 74 cents to $76.72, gold added $6.60 to $1149.00 and the fear index VIX fell 1.94% to 22.190.


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Market Snapshot


















Dow

 -14.28 10318.16












NASDAQ

 -11.92 2146.04






S&P 500

 -3.52 1091.38









Economic
News










Retail Sales (Oct): Consensus: 0.9%, Prior: -1.5%, Revise From: -1.5%


Retail Sales ex-auto (Oct): Consensus: 0.4%, Prior: 0.4%, Revise From: 0.5%


Empire Manufacturing (Nov): Consensus: 30.00, Prior: 34.57


Business Inventories (Sep): Consensus: -0.7%, Prior: -1.6%, Revise From: -1.5%


Core PPI (Oct): Consensus: 0.1%, Prior: -0.1%


PPI (Oct): Consensus: 0.5%, Prior: -0.6%


Net Long-Term TIC Flows (Sep): Consensus: $35.0B, Prior: $28.6B


Capacity Utilization (Oct): Consensus: 70.8%, Prior: 70.5%


Industrial Production (Oct): Consensus: 0.4%, Prior: 0.7%


Housing Starts (Oct): Consensus: 600K, Prior: 590K


Building Permits (Oct): Consensus: 580K, Prior: 573K


CPI (Oct): Consensus: 0.2%, Prior: 0.2%


Core CPI (Oct): Consensus: 0.1%, Prior: 0.2%


Crude Inventories (11/13): Consensus: NA, Prior: 1.76M


Initial Claims (11/14): Consensus: 504K, Prior: 502K


Continuing Claims (11/13): Consensus: 5600K, Prior: 5631K


Leading Indicators (Oct): Consensus: 0.4%, Prior: 1.0%


Philadelphia Fed (Nov): Consensus: 12.0, Prior: 11.5



Original publication: November 20, 2009
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