Yesterday's rally had some trouble carrying over to today. By the end of the first hour of trading, all three averages were down. After an attempt at a rally, the averages churned until late afternoon saw a second rally attempt stick. After the bell, Intel has shot up due to its second-quarter results beating the Street. Again, there will be the hope that the good news for one stock will rub off onto others...despite Dell's more disappointing performance, announced late yesterday.
As the market rose, so did the lowest-quintile P/E cut-off: it's now 9.86. The estimated dividend rate for S&P SPDRs fell a little, to 2.75%. ETFs, and stocks with market cap of less than 500M and/or yields of 10% or more, were also gotten rid of. Despite the rise in the P/E threshold, the number of stocks in the Low P/E Bin went up a little: eighty-nine were left in the Bin once the sorting was complete. Here are today's changes, as dash-listed below:
- Bank of Hawaii Corporation
Today was an unusually quiet day for Bin changes. The only change in either category was Bank of Hawaii re-arriving in the Bin after getting out yesterday. It was one of the financials stocks that sunk after Monday's exuberance: in Bank of Hawaii's case, a 1.95% drop.
It's been quite a slow day for the Wrapup. Thanks for reading, and enjoy the Earnings Two-Step show while it lasts.
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