Home Prices Gain, Stocks Slip, Sears Suffers Suit

By | TradingMarkets.com | September 29, 2009 04:30 PM
Symbols: WAG, MBI, LAMR

Profit takers took control of a lack luster stock market today. Positive news of climbing home prices was inexplicitly counteracted by falling consumer confidence figures. Retailer Sear Roebuck suffered a record $6 million dollar judgment as a result of an Americans with Disabilities bias suit. Stocks danced near breakeven prior to the final hour selling which pushed the indexes solidly into the negative territory. The DJIA fell -47.16 to 9742.20, the tech heavy Nasdaq slipped -6.70 to 2124.04 and the broad based S&P 500 gave back -2.37 to 1060.61.


Astrotech ( ASTC | Quote | Chart | News | PowerRating): soared an amazing 156.64% or $1.89 to $3.09/share after announcing it may sell the company that specializes in satellite launch prep services.


Walgreen ( WAG | Quote | Chart | News | PowerRating): Climbed 9.24% or $3.16 to $37.35/share upon beating analysts fourth quarter estimates.


MBIA Inc ( MBI | Quote | Chart | News | PowerRating): Fell 4.74% or 39 cents to $7.83/share after having its credit rating cut to "BB-" by Standard & Poor's.


Lamar Advertising ( LAMR | Quote | Chart | News | PowerRating): The billboard king advanced 6.64% or $1.69 to $27.16/share after being upgraded to "overweight" by Barclays.


Oil gave back 13 cents to $66.68, gold fell another 30 cents to $994.40 and the VIX index added 1.25% to 25.19.


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Market Snapshot
















Dow

-47.16 9742.20










NASDAQ

-6.70 2124.04






S&P 500

-2.37 1060.61










Economic
News









Case-Shiller Housing Price Index (Jul): Consensus: -14.20%, Prior: -15.44%


Consumer Confidence (Sep): Consensus: 57.0, Prior: 54.1


ADP Employment (Sep): Consensus: -200K, Prior: -298K


GDP - Final (Q2): Consensus: -1.2%, Prior: -1.0%


Chicago PMI (Sep): Consensus: 52.0, Prior: 50.0


Crude Inventories(09/25): Consensus: NA, Prior: 2.85M


Personal Income (Aug): Consensus: 0.1%, Prior: 0.0%


Personal Spending (Aug): Consensus: 1.1%, Prior: 0.2%


Initial Claims (09/26): Consensus: 535K, Prior: 530K


Continuing Claims (09/19): Consensus: 6178K, Prior: 6138K


Construction Spending (Aug): Consensus: -0.2%, Prior: -0.2%


ISM Index (Sep): Consensus: 54.0, Prior: 52.9


Pending Home Sales (Aug): Consensus: 1.0%, Prior: 3.2%


Auto Sales (Sep): Consensus: NA, Prior: NA


Truck Sales (Sep): Consensus: NA, Prior: NA


Average Workweek (Sep): Consensus: 33.1, Prior: 33.1


Hourly Earnings (Sep): Consensus: 0.2%, Prior: 0.3%


Nonfarm Payrolls (Sep): Consensus: -180K, Prior: -216K


Unemployment Rate (Sep): Consensus: 9.8%, Prior: 9.7%


Factory Orders (Aug): Consensus: 0.5%, Prior: 1.3%





Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: September 29, 2009

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