Closing Update for Tuesday, July 28: Choppy Seas, Then Rising Tide

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 |  Includes: ABR, ARIA, CHKP, CSR, CYTR, KKR, MET, QLTI, SPGI, SPSS, THC, VM, X
by: Midnight Trader

4:14 PM, Jul 28, 2009 --

  • NYSE down 35.99 (0.6%) to 6,328.67.
  • DJIA down 11.8 (0.1%) to 9,097.
  • S&P 500 down 2.6 (0.3%) to 979.62.
  • Nasdaq up 7.6 (0.4%) to 1,976.


GLOBAL SENTIMENT

  • Hang Seng up 1.84%
  • Nikkei down 0.01%
  • FTSE down 1.25%


DOWNSIDE MOVERS


(-) X swings to loss on lower sales.

(-) MET gets downgrade.

(-) MHP expects deeper revenue.

(-) QLTI reports positive drug data, but loses upside.

UPSIDE MOVERS

(+) ARIA jumps on breast cancer trial data.

(+) SPSS sold to IBM.

(+) VM sold to Sprint Nextel.

(+) THC reports prelim. loss that's in line.

(+) ABR amends financing.

(+) CYTR says tumor fighting candidate shows shrinkage in animal trials.

(+) KFN takes steps to improve liquidity, guides for Street beat.

(+) CSR lifts expectations.

(+) CHKP beats by a penny.

MARKET DIRECTION

Major stock averages chopped in two-directional trade through much of Tuesday's trading day, but the Nasdaq pushed through with narrow gains late in the day. At the final bell, the Nasdaq finished up 0.4%. The broader S&P 500 slipped 0.3% and the Dow Jones Industrial Average fell 0.1%.

Stocks are consolidating what had been an 11% two-week rally and as a reading on consumer confidence came in weaker than expected. Generally weak demand for a Treasury auction, which equates to higher interest rates, also weighed on stock market sentiment.

The Conference Board's index dropped to 46.6 in July from an unrevised 49.3 in June. In May, the confidence gauge stood at 54.8.

But earlier, the third reading in recent sessions showing an improving housing market did help to stabilize stocks Tuesday. The S&P/Case-Shiller Home Price index for major metropolitan markets rose 0.5 percent in May from April.

Earnings reports were mixed. Hearings on energy trading were keeping a lid on energy stocks.

Crude for September delivery dropped $1.15 to $67.23 a barrel on the New York Mercantile Exchange. Earlier in the session, the contract hit an intraday low of $66.60 a barrel.