Gold Down $20 an Ounce

The market is up modestly today. From the Buy List, Medtronic (MDT) is about 4% higher. Expeditors (EXPD) is up about 3% on an upgrade from Robert W. Baird. Donaldson (DCI) reports after the close. Also, Home Depot’s Bob Nardelli’s pay (and performance) is targeted in today’s NYT.
There’s not much of a theme so far. This is one of those rare days when the energy sector isn’t leading or lagging the broader market. The only sector that’s feeling the pain is in the gold pits. The yellow metal is off $20. Gold peaked at $728 on May 11 and 12. It’s down about 10% since then.
A few other items:
Vonage (VG) is down about 15% on its first day of trading.
Are you looking for a medical marijuana stock? Well, here’s Cannasat Therapeutics (CTH.V).
Check out CNBC’s Morning Blog. Liz Claman updates it maybe twice a month. (She calls her readers “bloggers,” as in “hey bloggers!” That’s so cute!)
Have you seen those Washington Mutual (WM) ads with the “stodgy bankers”? It’s a penned-off group of middle-aged, white men who harrumph at all the consumer-friendly things WaMu does. (Given the traditional stereotypes of money lenders, I guess this is an improvement.) In any event, as part of their cost-reduction strategy, the company is laying off 1,400 workers in two of their call centers. I wonder if the stodgy white guys would approve.
Lastly, enjoy the fine prose of “The Relation between Time-Series and Cross-Sectional Effects of Idiosyncratic Variance on Stock Returns in G7 Countries.” There will be a quiz tomorrow.

Posted by on May 24th, 2006 at 11:02 am


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