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    July 9, 2007

    CBOT shareholders likely to okay CME merger

    Filed under: FedEx, Administaff, Johnson & Johnson, Chicago Mercantile Exchange, Chicago Board of Trade, Boeing, InterContinental Exchange, Huntsman Corp

    In early afternoon trade in New York on Monday, the Dow Jones Industrial Average had added 0.34 percent to 13,657.53, while the Nasdaq Composite gained 0.08 percent to 2,668.52 and the S&P 500 was 0.07 percent higher to 1,531.51.

    The gains came as the earnings season was about to get underway.

    Mergers and acquisitions activity was in focus with a report that Apollo Management has raised its offer for chemicals group Huntsman (NYSE: HUN) to $28 per share.

    Huntsman added 20 cents to $28.20.

    FedEx (NYSE: FDX) gained 4.2 percent to $115.51 after a media report that private equity could be interested in making a bid.

    Meanwhile, Boeing (NYSE: BA) was 92 cents higher to $99.80 in the wake of its unveiling over the weekend of its new aircraft, the Dreamliner 787.

    Reports are that the aerospace group has received enough orders for the new plane that it is sold out until 2015.

    Pharmaceutical and consumer products group Johnson & Johnson (NYSE: JNJ) added $1 to $63.13 after its board approved a share buyback worth $10 billion.

    Exchange operators were mixed on the expectation that shareholders in the Chicago Board of Trade (NYSE: BOT) are likely to approve a deal to merge with the Chicago Mercantile Exchange (NYSE: CME).

    While the Intercontinental Exchange (NYSE: ICE), which has also bid in for CBOT, added 46 cents to $156.55, CME dropped $4.29 to $570.51 and CBOT declined $1.60 to $222.40.





    January 30, 2007

    Merck drops 1.6 percent on lower 4Q profits

    Filed under: US Steel, Administaff, Procter & Gamble, Chicago Mercantile Exchange, 3M, Merck, UPS, Colgate-Palmolive

    Wall Street was higher at mid-afternoon on Tuesday as the reports period accelerated and produced mixed results. The Dow Jones Industrial Average was 0.2 percent higher to 12,518.74, while the Nasdaq Composite had also added 0.2 percent to 2,446. The S&P 500 was up 0.45 percent to 1,426.95.

    US Steel, 3M, Proctor & Gamble, and Colgate-Palmolive all reported quarterly results that were higher than had been anticipated. US Steel added 3 percent to $79.17 on its results, while Colgate-Palmolive gained 0.7 percent to $67.15. On the other hand, 3M dropped 4.6 percent to $75.33 when it warned that a slowing global economy could mean reduced results in 2007.

    UPS said that its results met expectations with earnings of $1.04 per share, but it dropped 3 percent to $71.40 when it warned that growth could slow down this year.

    In the pharmaceuticals sector, Merck reported profits down 58 percent in the fourth quarter, missing expectations and falling 1.6 percent to $44.79 on the session so far.

    The Chicago Mercantile Exchange was 0.7 percent lower to $572.05 after it said that it missed estimates due to trading margins that were lower and even though it reported quarterly profits that were up 33 percent.





    November 27, 2006

    Google drops 2.6 percent on session

    Filed under: Wal-Mart, Administaff, Bear Stearns, Google, New York Stock Exchange, Chicago Mercantile Exchange, Nasdaq Stock Market, Goldman Sachs, Morgan Stanley, Ford Motor, JC Penney, J Crew

    The New York equities markets were lower at midday on Monday as investors returned from the long Thanksgiving Day weekend. The Dow Jones Industrial Average was 1 percent lower to 12,154.4, while the Nasdaq Composite dropped 1.7 percent to 2,418.55 and the S&P 500 fell 1 percent to 1,386.74.

    Retailers saw losses even though the National Retail Federation reported that average spending for the start of the holiday shopping season was up 18.9 percent from last year over the same period. JC Penney dropped 1 percent to $79.91 despite it’s statement Saturday that it was seeing a “good start” in holiday sales. Wal-Mart fell 1.8 percent to $47.06 after it said over the weekend that same-store sales in the US were down 0.1 percent in November, the first time it has seen a decline in that month in ten years. J Crew was 4.4 percent lower to $41.37 on a rating downgrade from CIBC, after gaining 22 percent last week on its profits report.

    Stock exchanges were mixed. Nasdaq added 0.7 percent to $40.93 after elaborating on how it plans to raise the money for its bid on the London Stock Exchange. On the other hand, NYSE Group dropped 2.2 percent to $105.84 and the Chicago Mercantile Exchange fell 2.6 percent to $2.55.

    The financial services sector was lower as Goldman Sachs declined 2.1 percent to $197.37. Morgan Stanley and Bear Stearns each fell 2.4 percent, to $77.06 and $154.76 respectively.

    Automobile maker Ford Motor was 2.7 percent lower to $8.21 on its announced plan to borrow $18 million dollars. It said it would back the loans with collateral.

    Internet search engine Google dropped 2.6 percent to $491.98 on profit-taking.





    October 26, 2006

    Wal-Mart gains on expanded drug discounts

    Filed under: ExxonMobil, Wal-Mart, Administaff, Pulte Homes, New York Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, Nasdaq Stock Market, Dow Chemical

    The New York equities markets were mixed at midday on Thursday on new concerns that the housing market in the United States is continuing to slow. The Dow Jones Industrial Average had dropped 0.1 percent to 12,120.19 and the S&P 500 was 0.02 percent lower to 1,381.98. The Nasdaq Composite was 0.03 percent higher to 2,375.4.

    Pulte Homes reflected the slowdown in its report of a significant drop in earnings and a warning that fourth-quarter earnings will be much lower than current estimates. Pulte’s shares were 0.7 percent lower to $31.98 in the wake of new data from the Commerce Department that shows the median price of a new home down 9.7 percent in September.

    Stock exchanges were also lower on the session so far. Nasdaq dropped 0.5 percent to $36.80. Meanwhile, the Chicago Mercantile Exchange, which has agreed to take over the Chicago Board of Trade, dropped nearly 1 percent to $492.10. The Chicago Board of Trade itself dropped even more, by 1.6 percent to $145.08. The NYSE Group, which owns the New York Stock Exchange, fell 1.7 percent to $74.10 despite reporting third-quarter profits had tripled.

    In the oil sector, ExxonMobil added 0.2 percent to $71.15 on operating profits that were at $10.5 billion in the quarter, the second highest quarterly profit ever reported by a US company.

    Dow Chemical gained 0.9 percent to $40.52 on higher earnings and a share buyback scheme worth $2 billion.

    Among retailers, Wal-Mart also added 0.9 percent to $51.30 on the announcement that it is expanding the $4 generic prescription price it introduced in Florida to 12 more states, bringing the total number of states now included in the program to twenty-seven.





    October 17, 2006

    Markets lower on data

    Filed under: Administaff, Merrill Lynch, Broadcom, Intel, Chicago Mercantile Exchange, Chicago Board of Trade, State Street

    Higher than expected core wholesale price inflation and bigger declines in industrial production in September weighed more than bids rumors and earnings reports in New York on Tuesday, sending equities markets lower at midday. The Dow Jones Industrial Average was 0.57 percent lower to 11,912.08, while the Nasdaq Composite dropped 1.2 percent to 2,336.02 and the S&P 500 fell 0.7 percent to 1,359.91.

    Both the Chicago Mercantile Exchange and the Chicago Board of Trade saw gains on news of the planned merger of the two exchanges, which will create the biggest futures and options exchange in the world. CME added 2.21 percent to $514.35, while CBOT jumped 12.82 percent to $151.76 as shareholders learned that the merger would net them $8 billion worth of CME stock.

    In financial sectors, Merrill Lynch dropped 0.08 percent to $84.04 even though its third-quarter earnings were up from $1.4 billion to $1.9 billion, even without what it gained in the sale of its asset management unit. Financial services group State Street was a decline of 2.2 percent to $62.94 despite of an increase of 93 percent in the third quarter over the same period last year.

    Semiconductors declined as well. Intel was 3.4 percent lower to $20.88 ahead of its earnings report, due later in the day, on a downgrade from Goldman Sachs. Meanwhile Broadcom dropped 4.83 percent to $29.33.





    October 9, 2006

    US steelmakers see gains

    Filed under: US Steel, Alcoa, Administaff, Google, Chicago Mercantile Exchange, Chicago Board of Trade, Nvidia, Occidental Petroleum, Nucor, Freeport McMoran, Noble Corporation

    The New York markets were quiet on Monday due to the Columbus Day holiday, and results were mixed. The Dow Jones Industrial Average was 0.1 percent lower at midday to 11,843.72, while the Nasdaq Composite had added 0.4 percent to 2,308.90 and the S&P 500 was virtually flat, up just half a point to 1,350.08. Besides the effect of the holiday, many investors were waiting for new earnings data to come in before committing themselves.

    Chicago exchanges were mixed on the day. While the Chicago Mercantile Exchange added 4.5 percent to $513.05 on reports that it was looking at a possible deal with Deutsche Borse, the Chicago Board of Trade dropped 2.7 percent to $134.03 after the London Metal Exchange denied that the two are in discussions about a takeover of the LME.

    Commodities stocks were higher. With crude oil prices up, Noble was 2.1 percent higher to $63.17 and Occidental Petroleum gained 1.5 percent to $46.25. Among companies dealing in metals, Alcoa added 2.1 percent to $28.31, while Freeport McMoran was up 2.8 percent to $54.28.

    In a related sector, steel makers were up enough to take the S&P Steel Index to its highest level in three months. Nucor added 6 percent to $54.16, while US Steel gained 6.6 percent to $64.52.

    In computer-related sectors, internet search engine Google was 1.9 percent higher to $428.64 on an agreement with Sony BMG and Warner Music to stream music videos. Meanwhile, chipmaker Nvidia added 5 percent to $32.48 to take its gains since July to 80 percent.





    March 8, 2006

    Wall Street up in late rally

    Filed under: Administaff, Procter & Gamble, Google, New York Stock Exchange, Chicago Mercantile Exchange, Chicago Board of Trade, Sothebys, Altria

    Wall Street managed a rally late in the day on Wednesday that took the Dow Jones Industrial Average and the S&P 500 higher but left the Nasdaq Composite essentially unchanged on the day. The Dow gained 0.2 percent to 11,005.74 and the S&P was also up 0.2 percent, to 1,278.47. The Nasdaq closed at 2,267.46.

    The New York Stock Exchange went public for the first time in its 213-year history and saw its shares rise 24.5 percent during the day to $80. Rival exchanges, however, were down on the day, with the Chicago Mercantile Exchange down 0.6 percent to $419.74 and the Chicago Board of Trade losing 2.9 percent to $118.04.

    Auction house Sothebys was up 12.2 percent to $23.40, a five-year high close, on a report of higher earnings due to an active art market.

    Google dropped 2.90 percent to $353.88 on a lowered share price target, down to $490 from $500, from Goldman Sachs which nevertheless reiterated its “buy” recommendation for the internet search engine. The lowered target came after Google told investors that they should ignore an internal financial forecast that was posted on the company’s website by mistake.

    In other sectors, Altria, which makes Marlboro cigarettes, was up 1.2 percent to $72.65, while Proctor & Gamble was up 1.3 percent to $61.07.





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