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In Case You Missed Monday

Another move higher loses stamina


Hitting the wall:
  • A market day that started with the Dow up 50 eventually settled into the red, as tech stocks, which had been outperforming during the recent rally in stocks couldn’t carry the broader market on its back on Monday. eBay (NASDAQ:EBAY), for example, was down on huge volume after investors voted an initial thumbs-down on its plans to acquire GSI Commerce (NASDAQ:GSIC). Research In Motion (NASDAQ:RIMM), too, was down again after reeling on Friday from a disappointing profit forecast given late Thursday. The broader market’s mini-slide came despite a slide in oil prices back below $104 a barrel, and a move lower in bonds, which kicked the 10-year note’s yield to 3.45%, pretty much snack dab in the middle of its 2011 trading range. Transportation stocks, which have rallied in the past 10 days, did take advantage of crude’s decline. FedEx (NYSE:FDX) rose 3%.
  • After the closing bell, shares of Home Depot (NYSE:HD) tacked on 1.1% after the company said it would accelerate its $1 billion stock repurchase program. Halliburton (NYSE:HAL) was off 2% after the company said its first-quarter profit would be hit by bad weather in North America and Australia as well as geopolitical issues, particularly the sanctions against Libya. Live by the sword….
  • On Tuesday, no real pressing economic or corporate data is scheduled. Enjoy the break.

Article printed from InvestorPlace Media,

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