Paul Shread

The short-term downtrend paused today; can stocks turn back up for their traditional year-end rally? The Nasdaq (first chart below) will have to get back above its multi-year resistance line at about 2232-2237 for that to happen. Support on the index is 2213, 2206 and 2200. The S&P (second chart) faces first resistance at 1262, […]

Jabil and Palm reported quarterly results that exceeded Wall Street expectations late Tuesday, but investors had differing reactions to the reports. Palm rose 5% after hours — on top of a 3.5% gain during the day — on results and guidance that beat expectations. Earnings of 47 cents a share beat estimates by four cents, […]

The Nasdaq (first chart below) fell back below the two-year trendline that had capped rallies until last month — a big disappointment for the techs. That makes 2235-2240 major resistance again, and support is 2220 and 2200. The S&P and Dow (second and third charts) are the problem for the market here: the S&P must […]

Tech stocks led a broad market retreat on Monday after an analyst made cautionary comments on the chip sector. Stifel Nicolaus analyst Cody Acree downgraded a half-dozen chip stocks on concerns about inventory issues and high valuations. Broadcom and Texas Instruments were two of the bigger names hit on the news, and the chip sector […]

Analysts from Robert W. Baird & Co. are predicting a solid year ahead for the storage market. In the last two weeks, Baird analysts Daniel Renouard, Frank Timons and Joel Inman surveyed 44 enterprises about their 2006 hardware budgets, technology, trends and vendor opinions. Among the respondents, they found “a reasonably healthy enterprise demand environment” […]

Shares of Adobe jumped 11% to a new 52-week high Friday after the company posted solid results. Adobe’s fourth-quarter sales and earnings beat expectations, and the company’s first-quarter sales guidance was also ahead of analysts’ estimates, driven by strong document and design software sales. Oracle , meanwhile, lost 1% on its results — but that […]

The S&P (first chart below) is once again running into a trendline that has halted rallies since early 2004. That makes 1276-1280 or so very tough resistance for the index. Support is 1265, 1260 and 1250. The Nasdaq (second chart) still needs to clear its recent high at 2278 to avoid looking toppy here. Support […]

Shares of Apple have hit one new all-time high after another this year, and on Wednesday, two analysts said enough’s enough. Bank of America and Bear Stearns downgraded the stock, saying that while the company’s business remains strong, the stock’s valuation is getting a little stretched. Apple shares have soared 1,000% since early 2003, driven […]

No help for a range-bound market today. The Nasdaq (first chart below) needs to clear its recent high at 2278 to avoid looking toppy here. Support is 2260, 2250 and 2234. The S&P (second chart) faces major resistance at 1275 and 1285. Support is 1261-1265, 1250 and 1246. The Dow (third chart) is the one […]

HP investors have cheered the company’s turnaround this year, sending the stock 30% higher and making it the best-performing Dow stock during a flat year for the index. But on Tuesday, investors let the company know that while the turnaround has been terrific, they now want to see sustained growth. Shares of HP fell 3% […]

Just three years after entering the storage switch market, Cisco Systems has caught high-end market leader McData, according to Dell’Oro Group. Thanks to 50% sequential sales growth in the third quarter, Cisco’s $70 million in modular switch sales places the company “neck-to-neck with McData as the number one supplier of the high-end modular segment,” Dell’Oro […]

Yet another rate hike from the Federal Reserve and quarterly earnings from Oracle and Adobe will top the financial news headlines this week. The Fed’s 13th rate hike in 18 months is a given when the board meets on Tuesday. However, investors will be closely watching the Fed’s accompanying statement for some sign that the […]