Today’s Market

Varian Medical Systems (VAR) bailed us out today. The stock jumped 10%, but the rest of our Buy List was pretty soggy. The Buy List dropped -0.08% today, even though the S&P 500 added 0.30%. However, we’re still beating the market for the month.
This was a strange day because we had such a wide divergence between the energy, utility and materials sector compared with everything else. Those three sectors each rose over 1% today, while many of the other sectors were vitually unchanged.
Varian said that demand for its new radiation therapy products will increase net orders for the quarter by about 18% compared with the same period a year ago. The company also unveiled its new software, ARIA Oncology Information Management System, which can be used to manage cancer treatment centers, as well as radiation and oncology departments, without the use of film or paper. The company will report earnings next Wednesday, October 26.
Commerce Bancorp (CBH) took a hit today even though I think its earnings report is just fine. Stephen D. Simpson at the Motley Fool has more.
St. Jude Medical (STJ) rallied on its strong earnings, plus the news that it’s buying Advanced Neuromodulation Systems (ANSI). ANSI was up 30% today.
Brown & Brown (BRO) reported earnings of 50 cents a share. That’s either inline or a penny off, depending on whom you follow. Last year, Brown & Brown earned 43 cents a share, so this is goodgrowth. Revenues were up 18.9%. The stock was weak today, but it just hit an all-time high on Friday.
Progressive (PGR) was hit after it was downgraded by Legg Mason to a “hold.” The new price target is $117. Lincare, Frontline Airlines (FRNT) and CACI International (CAI) were also weak today.
From our Buy List, Stryker (SYK) reports tomorrow. The current estimate is for 41 cents a share.

Posted by on October 17th, 2005 at 6:01 pm


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