Following the best day in the market for 2011, the Dow Jones Industrial Average was down by about 0.1% to under 12,575 in early trading Wednesday, led lower by United Technologies (NYSE:UTX) and Microsoft (NASDAQ:MSFT)
United Technologies was down in early trading with a loss of more than 2.52% to around $86.50, a drop of more than $2.25. While revenues rose at all of the business units for United Technologies, traders still were disappointed with the results.
Microsoft also was down more than 1.05% in morning action to under $27.25, shedding about 30 cents. Microsoft is trading above its 20-, 50- and 200-day moving averages and has a relative strength index of 66, with 70 being the standard for when a stock is considered being overbought.
IBM (NYSE:IBM), after its earning report produced a strong day Tuesday, was lower Wednesday by about $1.20 to around $180 as traders booked profits. Big Blue has a relative strength index of 74.74 and is trading 17.39% above its 200-day moving average.
Boeing (NYSE:BA) was up more than 2.6% to over $72.75, a pick-up of more than $2.20, as American Airlines announced the largest plane order in history � 230 from Boeing and 230 for Airbus�� as part of a $40 billion fleet renewal program.
After reporting earnings yesterday that took the stock to a year low, Bank of America (NYSE:BAC) rebounded to around $9.75, up about 2% for a gain of more than 17 cents. BAC remains the worst performing stock on the Dow this year, down more than 25% for 2011. Bank of America will need a $50 billion cash cushion, according to reports, to cover all of the mortgage expenses from the acquisition of Countrywide Credit and meet Basel III capital requirements.
Reporting stronger-than-expected results earlier in earnings season, JP Morgan (NYSE:JPM) continued to rise, up more than 1.85% to over $41.10, higher by more than 70 cents in the early session. JP Morgan is trading more than 2.5% higher for the week based on its earnings strength, good news from its China operations and increased hiring in Florida.
�Johnathan Yates did not own any of the aforementioned stocks as of this writing.
No comments:
Post a Comment