Stocks Are Mixed At The Open
Stocks are mixed in early trading, even though the major indexes are lower. Energy stocks are getting a little bit more of a bounce, but I expect it to be short lived.
Brokers are also bouncing again, as Bear, Stearns (BSC) was the latest broker to beat earnings. This is helping other financials as well. Retail stocks are seeing some profit taking, and tech is mixed.
There is more profit taking in defensive names, like food and beverage stocks, and money flowing into tech. See the runs in AAPL, GOOG, SNDK, RIMM, etc.
In other news and notes:
- DIOD raises Q3 revenue guidance
- BSC beats earnings by 15 cents
- HANS: Goldman adds to its conviction list
- STLY: gaps down on lower guidance
- MSFT: announces release of its new Zune multimedia player
long AAPL, GOOG, MSFT