Penny Stocks Twitter - Follow Us On twitter to Get the Latest Penny Stock Picks
Follow Us on Twitter https://twitter.com/STOCKSWAGER
Stocks Well Off Lows But Still Down In Mid-Morning Trading
Stocks have moved well off of their worst levels since the opening bell but remain mostly lower in mid-morning trading on Thursday. Prospects of a dwindling economic recovery, concerns over the job market and disappointing quarterly results from Cisco (CSCO) are driving selling pressure, with the tech sector experiencing a particularly sharp decline.
The tech heavy Nasdaq is down by 28.07 points or 1.3 percent at 2,180.56, the Dow is down by 74.62 points or 0.7 percent at 10,304.21 and the S&P 500 is down by 9.63 points or 0.9 percent at 1,079.84.
Before the start of trading, the Labor Department reported that initial jobless claims rose to 484,000 in the week ended August 7th from the previous week's revised figured of 482,000. Economists had been expecting jobless claims to fall to 465,000 from the 479,000 originally reported for the previous week.
Commenting on the data, Peter Boockvar, equity strategist at Miller Tabak, said, "Bottom line, seasonal distortions or not, initial claims are still too high and point to a still lame labor market."
Earlier in the day, RealtyTrac, an online marketplace for foreclosure properties, said that foreclosure filings in July dropped 10 percent from last year but grew 4 percent from the previous month.
The market researcher said one in every 397 U.S. housing units received a foreclosure filing during the month. July's bank repossession increased both year-over-year and sequentially.
Cisco Systems, which reported its fourth quarter results after the closing bell yesterday, is also weighing on the markets. The firm said its fourth quarter earnings per share, excluding items, beat analyst estimates by penny, but its quarterly sales were short of estimates.
While Cisco also said it expects first quarter revenues to increase by 18 to 20 percent, analysts had been expecting slightly stronger growth.
This morning, Kohl's Corp. (KSS) reported second-quarter net income and revenues that edged out forecasts, although the firm's third quarter earnings guidance missed expectations.
General Motors reported a profit for the second quarter of $1.3 billion, up from $865 million in the preceding quarter, while sales at the Detroit-based company came in at $33.2 billion, versus $31.5 billion in the first quarter.
Sector News
Tech stocks are among the morning's worst performers, with networking, electronic storage and semiconductor stocks all markedly lower.
The NYSE Arca Networking Index is down by 4.2 percent, falling to its intraday level in over a month, with Cisco helping to lead the way lower.
The Philadelphia Semiconductor Index is posting a 1.9 percent loss after setting a six-month intraday low in earlier dealing.
Housing, trucking and defense stocks are also seeing heavy selling, while gold stocks are higher, benefiting from the day's risk aversion. The NYSE Arca Gold Bugs Index is up by 2 percent, while the price of gold is up by $15.60 to $1,214.80 an ounce.
Stocks Driven By Analyst Comments
Electronic storage firm NetApp (NTAP) is notably lower after being downgraded at Merriman from Buy to Neutral. The stock is down by 7.1 percent after setting its lowest intraday price in nearly five weeks.
Networking firm Finisar (FNSR) is also under pressure after analysts at Auriga U.S.A. lowered their rating on the stock from Buy to Hold. The broker also downgraded its target on the stock from $19 to $16. Shares are currently down by 7.6 percent and also set a five-week intraday low.
Weakness is also present in shares of tech firm Flextronics (FLEX), which are lower after Ticonderoga dropped its rating on the stock from Neutral to Sell. The stock is posting a loss of 3.9 percent after falling to its lowest intraday level in nearly six weeks in earlier trading.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region ended on the downside Thursday. Hong Kong's Hang Seng Index and Japan's benchmark Nikkei 225 both fell by 0.9 percent.
The major European markets are also under pressure. The French CAC 40 Index and the German DAX Index are both down by 0.5 percent, while the U.K.'s FTSE 100 Index is down by 0.2 percent.
In the bond markets, treasuries are moderately lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is trading at 2.724 percent, posting a gain of 3.9 percent.
Questions and Answers
Article Tags:
twitter penny stocks
,penny stock twitter
,twitter penny stocks picks
,twitter stocks picks
,stocks trading on twitter
,penny stocks trading
,twitter stocks alerts
,twitter penny stocks alerts
CPOW could be our ALERT of the Year at this pace! Clean Power Concepts operating subsidiary was recently named as one of Canada's top 50 emerging growth companies by Profit Magazine!
The only thing you have to do is to Follow Us. Penny stocks for dummies can be a bad start in this sector. Subscribe to our free Penny Stocks Alerts Newsletter or follow us on Twitter http://twitter.com/stockswager. No Doubt Even Dummies Can make money with Penny Stocks.
Penny stocks are fast moving markets and many times stocks shoot up and down, providing great profit opportunities to those with a good market pulse. It is not always easy to know how to find the best penny stocks to invest and a good penny stock recommendation service can help keep you current and in the know.
Is Cpow.pk the best stocks of the year or the best Scam of The Year Clean Power Concepts. (OTC:CPOW) - RSI in Overbought Territory CPOW, continues its remarkable climb, but with the RSI indicator currently trading in the low 90's this may signal investors to exercise caution on any potential pullback. The run on this play may still have some legs, but after such a sharp move we would watch for possible pullback of the RSI back below 70. CPOW stock has recent run from around the $0.04 to the $
Penny stock traders generally use a paid penny stock choosing service to get penny stocks recommendations. This saves investors time and gives insight for new penny shares to view and occasionally enable creating a fast and worthwhile investment. The major goal for this kind of companies is to save investors time in scanning the exchanges and newspapers for new achievable trades and investments. There are a lot of various kinds of stock picking service varying in the assortment o...
The growing Indian market is attracting investors on the ground of the promising and assured return. The online trading is very popular these days and most of the people prefer it for quick money.
Learn the fundamentals of committing cash in Stocks, Ties, Common resources, Merchandise, Actual estate We create Getting Inventory Industry straightforward for you with a comprehensive guide to committing. Any effective stock market buyer must be acquainted with the fundamentals of stock market committing.
Online share trading is one of the most popular financial markets in the world today; however, any people are hesitant in starting due to not knowing a lot about it. This article will help explain what online share trading is all about, how you can get involved for a low initial investment and what to consider before, during and after trading.
The stock market is mostly used to create money. . I am sharing my investment strategy as a retail investor. Most financial experts recommend investors to initially contact a financial advisor. Able to provide advice, it can ensure that the money an investor get a good return or not.
This article has discussed about the importance of Stop orders. Stop orders act like the life jackets
Hot Stock Alerts, Sunrise Consulting Group, Inc.: Exclusive Product for Verizon iPhone 4 SNRS.PK
Sunrise Consulting Group, Inc. (PINKSHEETS: SNRS) announced today that through its wholly owned subsidiary "United Power Solar, Inc.," the company is manufacturing Apple approved solar chargers for the iPod and iPhone 3 and 4 series mobile devices.
Hot Stock Alert On CAVO - Cavico Corp.(Public, NASDAQ:CAVO) by Xplosive stocks
hot stock alert on Public OTCBB:FLPC
EcoloCap Solutions Inc. (ECOS)Technology Poised to Immediately Benefit.
Discuss this Article
