Bears Back, Bernanke's Confirmation Vote, Tech Tanks

By | TradingMarkets.com | January 29, 2010 08:31 AM
Symbols: QCOM, MOT, CAH, GNTX

Thursday was not a good day for the stock market bulls. The bears hit in full force on negative forecasts from major tech names. Additional weakness was caused by international worries emanating from Greece and Britain. On the positive side, the Senate voted to remove barriers to Fed Chief Ben Bernanke's reconfirmation for the next 4 years. The DJIA fell -115.70 to 10120.46, the Nasdaq dropped -42.21 to 2179.00 and the S&P 500 gave back -12.97 to 1084.53.

Cardinal Health Inc (CAH): Advanced 5.11% or $1.60 to $32.91/share after increasing its full year forecast.

Gentex Corp (GNTX): The auto mirror maker climbed 7.62% or $1.33 to $18.78/share upon being upgraded to "outperform" by Robert W. Baird Ltd.

Motorola Inc (MOT): Fell 12.43% or 92 cents to $6.48/share after forecasting a loss in the first quarter.

Qualcomm Inc (QCOM): Dropped 14.24% or $6.72 to $40.48/share upon lowering its 2010 sales forecast citing lower demand.

Oil advanced 23 cents to $73.90, gold added $1.20 to $1085.00 and the VIX index eased higher by 2.55% to 23.73.

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Market Snapshot

Dow

-115.70 10120.46

NASDAQ

-42.21 2179.00

S&P 500

-12.97 1084.53
Economic News

Existing Home Sales (Dec): Consensus: 6.00M, Prior: 6:54M

Case-Shiller 20-city Index (Nov): Consensus: -5.00%, Prior: -7.28%

Consumer Confidence (Jan): Consensus: 53.5, Prior: 53.6

FHFA Home Price Index (Nov): Consensus: 0.2%, Prior: 0.6%

New Home Sales (Dec): Consensus: 368K, Prior: 355K

Crude Inventories (01/22): Consensus: NA, Prior: -0.471M

FOMC Rate Decision (01/27): Consensus: 0.25%, Prior: 0.25%

Initial Claims (01/23): Consensus: 450K, Prior: 482K

Continuing Claims (01/16): Consensus: 4600K, Prior: 4599K

Durable Orders (Dec): Consensus: 2.0%, Prior: 0.2%

GDP-Adv. (Q4): Consensus: 4.6%, Prior: 2.2%

Chain Deflator-Adv. (Q4): Consensus: 1.3%, Prior: 0.4%

Employment Cost Index (Q4): Consensus: 0.4%, Prior: 0.4%

Chicago PMI (Jan): Consensus: 57.4, Prior: 58.7

University of Michigan Sentiment (Jan): Consensus: 73.0, Prior: 72.8



Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: January 28, 2010

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