Market briefing---Lane (medium)
NYSE---Deb (fast)
Nasdaq---Anthony (slow)
>> welcome back to “world financial report”. i’m lane bajardi in new york. recapping the day on wall street dow jones industrial average with a gain of 64 points. that’s 7/10 percent on the session. the s&p 500 up by 3/4 of a percent, seven points at 974. the nasdaq composite down on the day but just a half point. on the stock exchange, most actives at the big board, e.m.c. corp up, at&t wireless and hewlett-packard moving lower. nvidia making news, this company’s computer graphic chips are use nd microsoft’s xbox video game machine has come out with second quarter earnings. now there is talk on the second quarter earnings teleconference. c.f.o. marvin burke et saying he sees third quarter growth markets flat to slightly down from the second quarter, numbers that were reported earlier. he sees third quarter sales rising 5% to 6% from the second quarter. the gross margins flat to slightly down. nvidia is clearly down 1.50, 7 3/4 percent at $17.80 in extended trading. we’ll keep an eye on that as the conference call continues. retail stocks help push the dow, s&p 500 higher in today’s session. deborah kostroun is at the new york stock exchange with more on the day.
>> in fact, lane, obviously the big story was in today’s session was retail as we saw the july sales coming in better than expected. many of the retail names actually boosting their outlook. all of the names on this list coming out today and boosting their forecasts for earnings. you can kind of see the gains that we saw today. of course, wal-mart, this is the world’s largest retailer saying second quarter profit probably two cents a share better than the thompson financial estimate. they will report their earnings actually next wednesday. federated is another stock that actually will be reporting next week as well. of course, we did see other retail names performing quite well. however, there were a few like coals that did not end up on the winning end. but many of the retail names performing well. and in fact, gill knight, a money manager with baltimore based allied investment advisors manages about $9 billion in assets. he says the retail news that we got today, he says is just another indication that the% -peconomy is improving. he says the market is interested in the retailers because they are good to own before the school buying season. and, of course, some retail performing quite well. as we are talking about some of the retailers, actually coach, this is some news coming out after the close of trading today on coach. and in fact looks like we are looking at a two for one split on this stock . this stock was actually up in today’s session. and it’s still up 58% in 2003. but unchanged, but a two-for one stock split for coach. also in today’s session, we did see some late day buying and we did see that in some of the drug stocks . many of the drug stocks putting in a very impressive fer form answer. in fact, we haven’t seen gains like this on many of these drug stocks in at least two or three months. in another area where we did see quite a bit of activity, that was in the natural gas. in fact, that amex natural gas index was up quite a bit in today’s session, one of the best performers today. and in fact many of the natural gas stocks performing well. this on news that some of the natural gas inventories may be getting to some crucial levels as we are going to be entering the winter season a little later down the road. many of the natural gas stocks performing well, not only natural gas but many of the other oil and also energy stocks . energy stocks , the s&p energy index, it was higher, along with many components of that like chevron and also exxon. back to you in the studio, lane.
>> deborah kostroun at the new york stock exchange. the nasdaq closed lower for the fifth day in a roa. the nasdaq 100 managed to close higher, helped by retail stocks as deb was telling us about the retail moves. here with more details on the day at the nasdaq is anthony% -pmassucci.
>> with the nasdaq 100 closing higher, let me give you a few of the retail names that closed higher today with retail being a big story. bed, bath, beyond, staples, costco, those three stocks going up. let me give you a few other stocks going higher, that is retail stocks here on the nasdaq. hot topic, for example. second quarter earnings should be about 17 cents. but it’s a penny better than analysts’ estimates. the stock closing higher. urban outfitters hitting a 52-week high. the shares up today. second quarter same store sales rose 11%. charming shops up 14%. they said july same store sales rose 4%. that helped the stock . joseph a. banks up 13%, that stock hitting a 52-week high. july same store sales rose almost 20% there. there were other retail names going down on the nasdaq. let me give ah couple. american eagle outfitters, shares falling. the the company said jm same store sales fell 10%. now, analysts were looking for more like 3.7%. so with that the stock falling, maybe concerns there for american eagle investors. pacific sunwear, shares fell despite the company announcing a three for two stock split. they did boost their second quarter forecast. gymboree shares fell today, earnings in the third quarter and fourth quarter will miss analysts’ estimates and shares of gymboree falling. dollar stores, the shares traded lower. they see same store sales unchanged, possibly up slightly. that gives you the wrap of the retail at the nasdaq. let me give you one more hardware stock , x.m. satellite radio, the company said its second quarter loss grew because of higher marketing costs. with that the shares fell 20% on the day. hardware stocks a bit strong today, a half percent. a few of the names going higher including qlogic, apple and research in motion t nasdaq down for a fifth day in a roa. ifts lost 5% in the past five trading days.
>> arnold schwarzenegger announced he will run for governor of california. lots of video. everybody talking about it. what are the economics of arnold? can he bring business to california and help his economy better than another candidate.
>> we’ll take a closer look at that when we return.
