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    September 11, 2006

    Wall Street down on dropping commodities prices

    Filed under: Chevron, ExxonMobil, US Steel, Alcoa, Administaff, Dell, Newmont Mining, Phelps Dodge, Genentech, Archer Daniels Midland, Nucor, Barrick, Freeport McMoran

    Declines in the oil and mining sectors sent Wall Street lower by midday on Monday. The Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 were all 0.1 percent lower at mid-session, with the Dow at 11,384.27, the Nasdaq at 2,163.86, and the S&P down to 1,297.32.

    Concerns that economic growth around the world could slow sent metals prices lower, hurting miners. Newmont Mining was off by 4.3 percent to $46.11 and Barrick Gold was 4.5 percent lower to $29.97, while Freeport McMoran dropped 4.9 percent to $55.44 and Phelps Dodge fell 5.4 percent to $86.16.

    Steelmakers were also hurt by dropping commodities prices. US Steel was 4 percent lower to $57.65 and Nucor dropped 5 percent to $47.19. Aluminium producer Alcoa also saw declines, falling 4.5 percent to $27.39.

    Oil prices were down for the sixth straight session as OPEC declined to lower production levels and Iran agreed to temporarily halt its uranium enrichment activities. ExxonMobil was 2.5 percent lower to $65.17, while Chevron dropped 3.7 percent to $61.83. Ethanol manufacturer Archier Daniels Midland was also affected, falling 2.8 percent to $38.50.

    Dell Computer was also lower at midday after it said it would suspend its share buyback and delay its quarterly report because financial regulators are looking at its records. Dell was 1.4 percent lower to $21.34. Also the victim of bad news, Genentech dropped 6.3 percent to $76.88 after it said that the Food and Drug Administration had asked for more information about the safety of its Avastin cancer drug before it would approve it for use by breast cancer patients.





    August 31, 2006

    Retailers higher on earnings, sales

    Filed under: Administaff, eBay, JDS Uniphase, Barrick, Freeport McMoran, Nordstrom, Glamis Gold, Joy Global, Family Dollar

    At midday on Thursday, Wall Street was slightly lower amid a week of numerous releases of economic data. The declines, of just 0.1 percent for the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500, were attributed to investor hesitation ahead of employment figures to be released on Friday as well as to many early departures for the summer-ending Labor Day holiday this weekend. The Dow was 2.87 points lower to 11,374.10, while the Nasdaq had fallen by 2.87 points to 2,182.86 and the S&P was down 1.21 points to 1,303.06.

    Miners were up on the news that Glamis Gold will be purchased by Goldcorp of Canada for $8.6 billion in stock. Glamis added 19 percent to $46.25. Elsewhere in the sector, Freeport McMoran was 2.1 percent higher to $58.29, while Barrick Gold gained 2.6 percent to $33.65. Related to the sector, mining equipment maker Joy Global was up 15.7 percent to $41.47 on a five-fold increase in earnings in its fiscal third quarter.

    In the retail sector, Nordstrom added 4.5 percent to $36.88 on a 7 percent increase in August same-store sales. Meanwhile, discount retailer Family Dollar advanced by 5 percent to $25.44 on an increased earnings prediction for the fourth quarter.

    Ebay fell 3.3 percent to $27.03 on the news that a privacy watchdog in the UK is looking at allegations that the online auctioneer has given user details to third parties and prevented users from deleting their accounts.

    In the telecommunications sector, equipment maker JDS Uniphase dropped 13.7 percent to $2.27 on the announcement that its fiscal first-quarter revenues will not reach analyst predictions.





    August 21, 2006

    Home improvement, transport, intenet all lower

    Filed under: ExxonMobil, Home Depot, Administaff, Lowes, Newmont Mining, Marathon Oil, Google, Yahoo, Burlington Northern Santa Fe, Norfolk Southern, Amazon, Coeur dAlene, Barrick, Freeport McMoran

    Wall Street was down on Monday as crude oil prices were once again on the rise as worries grew once again over Iran’s insistence on continuing its nuclear development program. The Dow Jones Industrial Average ended the session 0.3 percent lower to 11,345.05, while the Nasdaq Composite dropped 0.8 percent to 2,147.75 and the S&P 500 declined by 0.4 percent to 1,297.52.

    Nearly the only sector that the higher oil prices helped was the oil sector itself. ExxonMobil was 1.1 percent higher to $69.83, while Marathon Oil added 3.1 percent to $89.94.

    Also higher on the day, as investors sought a safe place to put their money, was the gold segment of the mining sector. Newmont Mining was up 3.6 percent to $52.55. Barrick Gold added 4.2 percent to $33.00. Copper miners also saw gains as a South American strike continued with not immediate hope of a solution. Freeport McMoran advanced by 4.7 percent to $57.15 and Coeur d’Alene was 4.9 percent higher to $5.37.

    Home improvement retailers were lower. Lowe’s dropped 4 percent to $28.35 on a disappointing second-quarter report, and has lost 15 percent since January. Home Depot followed Lowe’s lower, falling 1.4 percent to $34.30. Elsewhere in the retail sector, Dollar General was down 9.6 percent to $12.74.

    Transport was hit by higher oil prices, with Burlington Northern Santa Fe dropping 3.5 percent to $66.07 and Norfolk Southern declining by 4.1 percent to $42.46.

    Internet stocks were lower as well, as Google fell 1.6 percent to $377.30, Yahoo was 3 percent lower to $28.90, and Amazon declined 3.4 percent to $28.13.





    June 29, 2006

    Oil stocks up on higher crude oil prices

    Filed under: Valero Energy, Sunoco, Administaff, Red Hat, Newmont Mining, Yahoo, Microsoft, Micron Technology, Barrick, Freeport McMoran, Duke Energy

    Wall Street saw gains by midday on Thursday as the Dow Jones Industrial Average, the Nasdaq composite, and the S&P 500 were all up by 0.8 percent. The Dow stood at 11,056.97, while the Nasdaq was at 2,129.55 and the S&P had reached 1,255.34. The gains came ahead of any announcement concerning interest rates from the US Federal Reserve.

    Miners were up as the prices of gold and copper went higher. Newmont Minng added 2.1 percent to $50.28, while Barrick Gold was up 2.7 percent to $28.55 and Freeport McMoran advanced by 3.4 percent to $51.86.

    Oil stocks were higher as well as the price of crude oil topped $73 per barrel. Sunoco was up 3 percent to $67.23, while Valero added 3.1 percent to $65.37, a six-week high. Duke Energy gained 3.6 percent to $29.39 after it said it will spin off its natural gas business. The announcement spurred an upgrade from “equal weight” to “overweight” from Lehman Brothers.

    Technology stocks were mixed. In the semiconductor sector, Micron Technology dropped 6.7 percent to $14.89 after it issued a third quarter report that was disappointing even though it showed a profit during the period this year after having sustained losses during the same time last year. Software maker Red Hat was down 8.9 percent to $22.78 on an earnings report that was below expectations due to acquisitions and accounting charges.

    On the other hand, Microsoft and Yahoo were both up at mid-session. Microsoft added 1.2 percent to $23.43, while Yahoo had gained 1.7 percent to $32.45.





    June 22, 2006

    Miners lower on dropping metals prices

    Filed under: Administaff, Apple Computers, Newmont Mining, Bed, Bath & Beyond, Micron Technology, Barrick, Jabil Circuit

    Midday on Thursday found the New York equities markets lower after new data showed the Index of Leading Economic Indicators down by 0.6 percent in May. The new figures were yet another sign that the US economy is growing at a slower pace. The possibility of new interest rate hikes also held investors back, with some analysts not expecting much change in the markets until the Federal Reserve meets next week.

    By mid-session, the Dow Jones Industrial Average had dropped 0.2 percent to 11,057.29, while the Nasdaq Composite was 0.5 percent lower at 2,130.30 and the S&P 500 had lost 0.3 percent to 1,248.80.

    Miners declined with the price of gold and copper. Both Barrick Gold and Newmont Mining dropped 1.2 percent, to $27.97 and $49.90 respectively.

    In computer related sectors, Apple Computer added 1.7 percent to $58.83 after French legislators approved a law concerning online music services that stopped short of provisions that had been proposed by some lawmakers. Chipmaker Micron Technology added 1.5 percent to $16.20 after Wednesday night’s news that it has finalized its merger with Lexar Media. Jabil Circuit, however, dropped 3.3 percent to $24.64 on the news that it has been subpoenaed about its practices connected with the granting of stock options. Jabil also has said that it is planning on eliminating jobs and closing some factories.

    Bed, Bath and Beyond dropped 5.8 percent to $34.80. While its first-quarter earnings report was about where analysts expected it to be, the home furnishings retailer’s forecast of future profits was on the negative side and it said that some store openings could be cancelled.





    June 20, 2006

    Miners up on Wall Street

    Filed under: Continental Airlines, Administaff, Newmont Mining, Safeway, Costco Wholesale, Nvidia, Phelps Dodge, Circuit City, SanDisk, Barrick, Kroger, Freeport McMoran, Kellog, Campbell Soup, Heinz, JetBlue

    The New York equities markets were mixed at midday on Tuesday after having suffered losses in the past two sessions. The Dow Jones Industrial Average was 0.7 percent higher at 11,022.31 and the S&P 500 had gained 0.6 percent to 1,247.22. The Nasdaq Composite, however, was 0.5 percent lower at 2,121.01.

    Retailers were up on the day. Supermarket chain Safeway was up 2.6 percent to $25.06, while rival Kroger had added 5.3 percent to $20.48 on higher than forecast earnings in its first quarter. Meanwhile, discount reatiler Costco gained 2.7 percent to $55.00 on an upgrade from “neutral” to “overweight” from JPMorgan.

    Companies that produce food staples were up as well. Kellog, the cereal maker, was up 1 percent to $47.34, while Campbell Soup added 1.2 percent to $35.93 and condiment maker Heinz gained 1.3 percent to $41.65.

    Miners, too, saw advances. Newmont Mining was up 1.9 percent to $50.10. Phelps Dodge gained 2.4 percent to $78.88, while Freeport McMoran added 2.6 percent to $48.20 and Barrick Gold advanced by 2.9 percent to $28.02.

    In the airline sector, Continental Airlines was up 3.1 percent to $27.72, while JetBlue gained 5.2 percent to $12.13 on positive comments from Morgan Stanley.

    The semiconductor sector, however, saw losses, as Sandisk lost 2.1 percent to $51.38 and Nvidia dropped 2.5 percent to $20.48.

    Electronics retailer Circuit City was down 0.9 percent to $28.36 after Monday’s statement that higher interest rates are likely to affect its sales.





    June 13, 2006

    US miners take markets lower

    Filed under: Administaff, Apple Computers, Merrill Lynch, Bear Stearns, Intel, Goldman Sachs, Phelps Dodge, Barrick, Best Buy

    New York equities markets were lower again at mid-afternoon on Tuesday after their counterparts in Asia and Europe saw declines on the day. The Dow Jones Industrial Average and the Nasdaq Composite each had dropped 0.1 percent, to 10,780.34 and 2,088.79 respectively. The S&P 500 was 0.2 percent lower, to 1,233.55. Also helping bring about the declines was new data showing that producer price inflation was up more than had been expected, by 0.3 percent rather than the predicted 0.2 percent in May.

    Banks were down on the day, with the S&P banking index down 2.7 percent. Goldman Sachs lost 2.1 percent to $141.99 even though its second-quarter earnings were doubled. Merrill Lynch was down 2.9 percent to $66.61. Bear Stearns dropped 4.7 percent to $125.55.

    In the mining sector the declining price of gold sent Barrick Gold down 1.7 percent to $27.16. Phelps Dodge, meanwhile, dropped 3.7 percent to $73.96.

    Stocks related to computers were up on the day. Chipmaker Intel added 2.2 percent to $17.23, while Apple Computer advanced by 3 percent to $58.69.

    Consumer electronics retailer Best Buy was up 5 percent to $51.46 after it said that its first quarter profits were 37 percent higher than in the same period last year.





    May 24, 2006

    New York markets down on oil, mining

    Filed under: Chevron, ConocoPhillips, Administaff, General Motors, Newmont Mining, New York Stock Exchange, Microsoft, Barrick, Vonage, InterContinental Exchange

    At mid-afternoon in New York, equities markets were down as new data showed durable goods orders lower than had been expected but new home sales up more than had been predicted. The Dow Jones Industrial Average was nearly flat, down by 10.08 points to 11,088.27, while the Nasdaq Composite and the S&P 500 each had dropped 0.3 percent, to 2,153.62 and 1,252.97 respectively.

    A decline in the price of crude oil after last week’s inventories report took ConocoPhillips down 2.8 percent to $60.92, while Chevron lost 1.5 percent to $57.22.

    Miners were down as well with a decline in metals prices. Barrick Gold dropped 4.1 percent to $29.84, while Newmont Mining was down 4.2 percent to $49.02.

    Internet telephone provider Vonage began trading on the New York Stock Exchange during the day. Shares lost 13 percent from their initial price in the first half-hour of trade and by the middle of the afternoon it was trading 13.2 percent lower at $14.76, on a volume nearly double that of any other NYSE stock on the day. In another initial public offering, scheduled for Thursday, Mastercard is scheduled to present the largest US IPO in two years.

    Stock exchanges weren’t faring very well during the day. The InterContinental Exchange lost 8.6 percent to $53.87, while NYSE Group had declined by 5.7 percent to $57.93.

    Gainers on the day included General Motors, up 7.2 percent to $26.24 on an upgrade from “neutral” to “buy” from Merrill Lynch.

    After recent losses, Microsoft was up 2.4 percent to $23.34.





    May 9, 2006

    New York markets mostly flat

    Filed under: Administaff, General Motors, Dell, Newmont Mining, Fannie Mae, Ford Motor, Barrick, Freddie Mac

    The equities markets in New York were mixed at the mid-point of the session on Tuesday on weakness in the technology sector, set off by an unexpected profit warning from computer maker Dell. The Dow Jones Industrial Average was up 0.3 percent to 11,620.48, but the Nasdaq Composite and the S&P 500 were both essentially flat, with Nasdaq at 2,343.05 and the S&P at 1,325.43.

    Dell Comptuer said after trading closed on Monday that its quarterly profits would likely be over 7 percent lower than it had forecast previously because of price cuts that had as their aims increases in market share and revenue. With three banks issuing price forecast cuts, Dell dropped 4.8 percent by mid-session to $25.16.

    The automobile manufacturing sector had better news, as General Motors revised its first-quarter report, sending the company into profit for the first quarter. Deutsche Bank upgraded GM from “sell” to “hold”, and shares in the automaker added 4.6 percent to $24.64. Ford Motor was also up, gaining 1.9 percent to $7.10.

    Miners also did well after the price of gold hit a 25-year peak at just below $700 per troy ounce. Newmont added 3.5 percent to $57.67, while Barrick gained 2.7 percent to $34.90.

    Mortgate providers Freddie Mac and Fannie Mae were both up after upgrades from Bank of America. Fannie Mae was upgraded from “sell” to “neutral” even though there reports that more accounting problems had been found there, sending shares up 3.1 percent to $51.70. Freddie Mac’s shares were upgraded to “buy” from “neutral” and added 1.7 percent to $63.32.





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