This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Market Preview: Stocks Start Week With Deep Swoon

The other S&P 500 names on the docket are AutoZone (AZO), Compuware (CPWR), and Medtronic (MDT - Get Report).

Medtronic shares are up 14% so far in 2011, but Wunderlich Securities sees the report as an afterthought since the company is in between CEOs after naming Omar Ishrak of General Electric (GE) to take over for William Hawkins. Ishrak joins Medtronic on June 13.

The economic data for Tuesday features new-home sales at 10:00 a.m. ET and durable orders at 8:30 a.m ET; both readings are for April. Economists are expecting April's sales activity for new homes to put the annual rate at 300,000, according to, and Ian Shepherdson, chief economist at High Frequency Economics is in agreement.

"New home sales are, as far as we know, the weakest major U.S. economic indicator," he wrote in a research note. "They remain close to their all-time low, having dropped about 80% from their peak, and we think it's unlikely that today's [Tuesday's] April report will show any improvement."

Durable orders are projected to be down 2%, said. Excluding transportation, economists are looking for a rise of 0.5%. Other datapoints on Tuesday include weekly chain-store sales numbers, the MBA Mortgage index, and crude inventories.

Finally, in other corporate news, Boeing (BA - Get Report) is scheduled to hold its annual investor conference on Tuesday, while Yandex, the so-called Russian Google (GOOG), is slated to launch its initial public offering on the Nasdaq. The stock priced above range late Monday, and could see buying interest from any momentum players kicking themselves for missing out on LinkedIn (LNKD) last week.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AMAT $20.31 -0.78%
BA $134.01 -0.59%
MDT $79.35 0.25%
AAPL $93.97 0.25%
FB $118.57 0.84%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs