41 S&P 500 Stocks Hit New Lows in Early Tuesday Trading

Despite a record earnings season and strong recovery from losses after the U.S.
credit downgrade last week, the Standard & Poors 500 Index was down just about
0.75% to under 1,200 in the morning session. Decliners outnumbered advancers by
better than 4-to-1. There were 41 stocks hitting new lows in the morning, with
only 17 reaching new highs. Trading more than 5.3% lower for the year, the S&P
500 is off more than 1.5% for the week despite three strong days in a row.
Disappointing earnings from Urban Outfitters (NASDAQ: URBN ) had the retailer
down more than 8%, about $2.40 lower to under $26. A strong retail report from
July has Urban Outfitters up more than 8% for the week. An analyst note
projected that sales and revenues will remain weak for Urban Outfitters for the
rest of 2011. Another retailer, Abercrombie & Fitch (NYSE: ANF ), was lower by
about $2, more than 3%, to under $68. Abercrombie & Fitch reports its earnings
before the opening bell tomorrow, and a preview was not what Wall Street had
expected. For the week, Abercrombie & Fitch is up about 18%. News that legendary
investor George Soros was trimming his holdings of financial shares in Citigroup
(NYSE: C ) had the stock trading lower by more than 2.5% to under $30.50,
shedding about 50 cents per share. The financial sector is the worst-performing
group in the market for 2011. Up almost 12% for the week, Citigroup is down
almost 20% for the month and 25% for the quarter. Forest Laboratories (NYSE: FRX
) was up about a dollar, almost 4%, to over $35.70 on an announcement of an
accelerated share repurchase program and continuing battle for control with Carl
Ichan. Forest Laboratories is up more than 4% for the week. It also is trading
more than 4% above its 200 day moving average. Rebounding by almost 3%, about a
dollar, was Gilead Sciences (NASDAQ: GILD ). A buy recommendation from
Summerstreet Research this morning took the stock to around $38.20 a share.
Gilead also was added to JP Morgans focus list and issued new target estimates
for earnings, all of which pleased Wall Street. Gilead is coming back from a
month that has it down about 10%. Also bouncing back was DeVry (NYSE: DV ), the
for-profit educator, gaining more than 75 cents per share to over $45, more than
a 1.75% pickup in price. Declining enrollment had DeVry off earlier in the
month, as it is down about 16% for the week. A favorable article this morning
and rebound buying had the shares regaining lost ground. Jonathan Yates does not
own any of the stocks mentioned in this article.