Reply #36: 10:10 EST Bottom Falls Out [View All]

[UpInArms]

Dow 10,368.57 -44.25 (-0.42%)
Nasdaq 2,124.08 -5.68 (-0.27%)
S&P 500 1,206.88 -1.53 (-0.13%)
10-Yr Bond 4.074 -0.16 (-0.39%)

NYSE Volume 298,256,000
Nasdaq Volume 265,034,000

10:00AM: Buyers and sellers alike not showing much conviction, leaving the major indices hovering near the flat line. Mixed corporate news has added to the sentiment, with Novellus (NVLS 26.91, -0.55) delivering a disappointing Q3 mid-quarter update after the close, in which it cut its EPS outlook to 0.20-$0.21 vs. the $0.22 consensus, lowered its revenue forcast to $320 mln and narrowed bookings guidance to $285-$290 mln. Tiffany & Co. (TIF 36.66, +3.35), on the other hand, delivered earnings $0.06 ahead of expectations and issued upside FY06 guidance (EPS of $1.55-1.65, vs. previously-guided $1.45-1.55 and the $1.51 consensus).... Separately, just crossing the wires that the Chicago Purchasing Manager's Index checked in at 49.2 after a prior read of 63.5... That is well below the consensus estimate of 61.0... NYSE Adv/Dec 1635/881, Nasdaq Adv/Dec 1237/1027

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