Monday, May 24, 2010

Healthcare is the top space in the market today, $WFC Downgrade

Equity sectors: Healthcare is the top space in the market today, rising over 0.5% on strength in THC after JPM’s upgrade on the stock and also on strength in managed care. Tech is up 0.45% as strength in internet stocks offsets the SOX index dropping 0.5%. Utilities are up 0.3% on strength in TEG and STR. Discretionary is up 0.25%, outperforming on strength in auto parts and some department stores. Staples are off 0.2% amid pretty mixed flows. Telecoms are also off 0.2%, although a competitor upgrade on S keeps a floor under the group. Materials are off around 0.2% as weakness in packaging stocks and steel names offsets gains in fertilizers following UBS’ upgrade of CF and MOS. Industrials are off around 0.25% on weakness in higher-beta machinery and multi-industry stocks as investors use rallies to take profits and de-risk. Financials are off 0.5% on weakness in a few regional banks and WFC after Goldman downgraded the stock. Energy is the worst space in the market, falling over 1% on weakness pretty much across the board, but especially in drillers after JP Morgan cut estimates on numerous names due to worries about increased regulations.

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