The market is opening under a bit of selling pressure, after a pretty strong inflation report. The year/year PPI rate hit 2.0%, for the first time since Sep. 2005. But this data is volatile, and could easily reverse direction next month.
Oil is trading lower once again, breaking below the $51 level. T. Boone Pickens was on CNBC and said that while the depth of the recent decline surprised him (his fund is down -6%), he thinks we are at the bottom.
The energy stocks are trading higher, not surprising given how oversold many of them are. The 10-year yield is flat at 4.75%.
RACK is down a whopping -35% after warning that Q4 earnings would be below expectations. That is quite a haircut. The last time this happened, last summer, the stock later enjoyed a 100% bounce off its bottom.
INTC reported solid earnings, but offered tepid gross margin guida! nce. This, couple with some profit taking, has the stock lower this morning to the tune of -4%.
In other news and notes:
- Asian markets rise overnight
- HANS featured on Barron's Online
- LEN guides FY07 EPS above consensus
- WIT beats EPS by 2 cents; revs +46%
- Goldman upgrades PG to Buy
- Amtech starts NVT at Buy ($44 tgt)
- HMA announces special $10 dividend
- Wedbush raises CROX target to $55
long GS, INTC, PG
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