Market Treads Water, All Day

11 Apr, 2005
New York City

Metals rise, oil falls, Apple and IBM fall on earnings concern

Metals rise, oil falls, Apple and IBM fall on earnings concern

Market averages lacked conviction and direction. With lack of any major news and earnings reports, markets mostly traded on fear of trade deficit number for tomorrow and earnings concern for Apple and IBM. While major averages closed down, copper traded at all time high during the mid-day trading and oil retreated for the sixth trading session.

Copper, silver and gold all traded high during the day. Copper traded mostly on the rise in anticipated demand for this week from China.Gold traded above $431 and silver traded above $7.28.

Investors decided to sell Apple shares (down 4%) on the fear that Wednesday's earnings may fall short of the expectations and the company will not be able to sustain its current positive momentum for long. IBM shares fell on the concern that hardware sales may not meet analyst's projections.

Gateway shares were up 1% on the news that Microsoft will pay over the next four years $150 million to settle the anti-trust related claims. Over the past two years Microsoft has paid more than $3 billion to settle private anti-trust cases.

S& P -0.01% Nasdaq -0.05% Dow Unch

Other News

Asian and European shares closed lower
Swiss food giant Nestle discredited the collective resignation of board
Mexican investors remain on the edge
Circuit City profit falls
Lazard to raise $730 million in IPO


Shares Up

Google shares traded higher one dollar, on better earnings expectations
Shares of Nieman Marcus traded close to $94, all time high
EOG resources traded 2.4% higher


Shares Down

Getty Images shares were down more than 5.5%
Infosys shares down to $66, stock has lost $12 from its peak in February
eBay shares traded below $34, the level last seen in March 2003
Ford shares dip on earnings concern