The Standard & Poor’s 500 Index gained only two points in Tuesday’s morning session to reach 1,164. Poor results from Best Buy (NYSE:BBY) were holding back consumer stocks. Concerns about economic growth continued to be a lag on energy shares. Advancing stocks outnumbered declining stocks by an almost 2-to-1 ratio. Bullish and bearish sentiment was evenly split. The S&P is flat for the past five days of trading while being down more than 7.3% for the year.
Cummins Inc. (NYSE:CMI) rose by more than $6, or about 7%, to over $93 per share to lead the S&P early in the day. The engine maker told analysts this morning that it expects strong profits for 2011, and Wall Street responded accordingly. Cummins is down about 5% for the month and more than 20% for the past six months.
Comerica (NYSE:CMA) also was taking the S&P higher, rising more than 5.5% to over $24, picking up more than $1.25 per share. Comerica was able to extricate itself from a bad investment in a project in Fort Lauderdale, Fla., though it sold at an 80%-plus loss. The bank recently was upgraded by Compass Point. Comerica is down more than 3% for the week and about 40% for the year.
Continuing its rally was Micron Technology (NASDAQ:MU), up by about 2.2% and 20 cents to over $6.90. For the week, Micron Technology is higher by more than 21%, but the stock is down more than 35% for the past six months.
Poor second-quarter numbers had Best Buy under $23, losing around $2, or 8%, in morning action. Best Buy reported a drop in net income of 30% for the second quarter, worse than the analyst community expected. Best Buy still is up almost 4% for the week but is down more than 26% for the year.
Whole Foods Market (NASDAQ:WFM) was off by more than 70 cents, or about 1%, to around $64.95. An analyst note from Jefferies expressed concerns about Whole Foods maintaining profits as consumers become more price sensitive. Whole Foods is up more than 4% for the week, 14% for the month, 20% for the quarter and almost 90% for the year. There is a short float now of 3.3% for Whole Foods.
Cabot Oil & Gas (NYSE:COG) fell below $69 per share in early buying and selling, dropping about 90 cents, or 1.22%. Capital One downgraded Cabot Oil & Gas on Tuesday morning. The energy company now is off by more than 6% for the week, but it’s up more than 138% for the year.
Jonathan Yates does not own any of the stocks mentioned in this article.