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    October 5, 2007

    Research in Motion adds over 12 percent in New York

    Filed under: Wal-Mart, Administaff, Merrill Lynch, Google, Citigroup, Target, Research in Motion

    Markets were higher in midday trade on Wall Street after the US Labor Department reported that 110,000 new jobs were created in September, near expected levels, although unemployment was also higher, up to 4.7 percent.

    The Dow Jones Industrial Average was up 0.67 percent to 14,067.31, while the Nasdaq Composite had added 1.43 percent to 2,772.76 and the S&P 500 had gained 0.79 percent to 1,554.98.

    The Nasdaq was helped by gains for internet search engine Google (NAS: GOOG; LSE: GGEA) and Research in Motion (NAS: RIMM; TSX: RIM.TO).

    The manufacturer of the Blackberry hand-held device added 12.2 percent to $112.84 the day after it turned in a better than expected quarterly report on Thursday, while Google gained 2.6 percent to $594.05 after Bear Stearns (NYSE: BSC) set its target share price for next year at $700.

    The financial services sector also saw gains.

    Citigroup (NYSE: C) added 1.8 percent to $48.48, while Merrill Lynch (NYSE: MER) was up 2.4 percent to $76.56 even though it said it will write off $4.5 billion in bad loans in the third quarter.

    Retailers also saw gains as Wal-Mart (NYSE: WMT) added 1.2 percent to $45.53 and Target (NYSE: TGT) was up almost 4 percent to $67.77.





    September 25, 2007

    Consumer confidence, existing home sales lower

    Filed under: Administaff, Lowes, Lennar, Target, Bayer

    At midday in New York on Tuesday, Wall Street was mixed.

    The Dow Jones Industrial Average was 0.1 percent lower to 13,745.24 after falling even more earlier in the session, and the S&P 500 had dropped 0.34 percent to 1,512.61, but the Nasdaq Composite was 0.04 percent higher to 2,668.9.

    The Conference Board reported that consumer confidence was at its lowest point in two years in September, while the National Association of Realtors reported that existing home sales were lower in August than they had been in five years.

    House builder Lennar (NYSE: LEN) reported that revenues fell 44 percent in the third quarter and it lost $513.9 million in the quarter, sending shares $1 lower to $23.18.

    The retail sector also saw declines after department store Target (NYSE: TGT) and home improvement retailer Lowe’s (NYSE: LOW) both reduced their full-year sales forecasts due to concerns about how much money shoppers will spend over the holidays.

    Lowe’s was down $1.56 to $29.00, while Target was $2.54 lower to $61.77.

    The declines came in the wake of a report last week from the National Retail Federation that said holiday sales will likely rise 4 percent this year, below the 10-year average of 4.8 percent.

    In the pharmaceuticals sector, Bayer (FWB: BAY; NYSE: BAY; TYO: 4863) said it will delist its shares from the New York Stock Exchange, effective Thursday, and will instead offer its American depository shares on the over-the-counter market.

    The drug maker said the move will save it over $21 million per year.

    It will also deregister with the Securities and Exchange Commission, removing the requirement that it share its results and statements in the US.





    September 13, 2007

    Good news from Countrywide lifts Wall Street

    Filed under: McDonalds, Administaff, General Motors, Walt Disney, Intel, Ford Motor, Target, Countrywide Financial

    New York markets were higher at midday on Thursday.

    The Dow Jones Industrial Average was 1.09 percent higher to 13,436.59, while the Nasdaq Composite had added 0.48 percent to 2,604.51 and the S&P 500 had gained 0.96 percent to 1,485.69.

    Investor confidence was enhanced after Countrywide Financial (NSYE: CFC) said it has managed to secure $12 billion in credit, making it less likely that it would fall to the subprime crisis.

    The Dow was up on gains in the fast food and automobile manufacturing sectors.

    General Motors (NYSE: GM) and Ford Motor (NYSE: F) were both up after United Auto Workers President Ron Gettelfinger said he might okay a union-run trust fund for employee health care.

    Ford added 34 cents to $7.85, while GM gained $2.38 to $32.62.

    In the retail sector, Target (NYSE: TGT) was $1.37 higher to $64.09 after it said it would look at whether it will keep $7 billion in credit card receivables.

    Fast food chain McDonald’s was up $2.94 to $54.14 after it said it would up its dividend by 50 percent.

    Decliners on the day included chipmaker Intel (NAS: INTC; SEHK: 4335), which dropped 12 cents to $25.34 and media empire Walt Disney (NYSE: DIS), down 5 cents to $33.67.





    September 6, 2007

    Retailers higher in New York

    Filed under: ExxonMobil, ConocoPhillips, Valero Energy, Wal-Mart, Administaff, Merck, Target, JC Penney, Biogen Idec

    The New York markets were up in early afternoon trade.

    The Dow Jones Industrial Average was 0.52 percent higher to 13,374.73, while the Nasdaq Composite had added 0.23 percent to 2,612.03 and the S&P 500 was 0.33 percent higher to 1,477.21.

    Retailers were higher after Wal-Mart (NYSE: WMT), JC Penney (NYSE: JCP), and Target (NYSE: TGT) all said sales were higher than had been expected.

    Wal-Mart added 1 percent to $42.86, while JC Penney gained 0.64 percent to $65.99 and Target was 2.13 percent higher to $63.20.

    The pharmaceuticals/biotechnology sector was up on new figures and a court ruling.

    Merck (NYSE: MRK) added 2.2 percent to $50.50 after the New Jersey Supreme Court reversed a lower court ruling that allowed insurers looking for reimbursement for past spending on Vioxx to claim class-action status.

    Meanwhile Biogen Idec (NAS: BIIB) was 7 percent higher to $67.26 on a long-term earnings forecast that was higher than analysts had anticipated.

    The oil sector was mixed even though crude oil prices were higher. ExxonMobil (NYSE: XOM) added 1 percent to $88.07 and ConocoPhillips was up 1.8 percent to $83.62, but Valero Energy (NYSE: VLO) dropped 1.25 percent to $70.09 a day after it said it would raise capital spending in order to make improvements at several refineries in the United States and Canada.





    July 12, 2007

    Aluminium sector higher after bid

    Filed under: Wal-Mart, Alcoa, Administaff, Abercrombie & Fitch, Alcan, Merck, Target, Genentech, JC Penney, American Eagle Outfitters, Macy's

    Equities markets in New York saw gains at midday on Thursday.

    The Dow Jones Industrial average had added 1.2 percent to 13,739.47 after having reached a new high at 13,744.92 earlier in the session, while the Nasdaq Composite was up 0.9 percent to 2,674.8 and the S&P 500 gained 0.9 percent as well, to 1,532.81.

    In the pharmaceuticals sector, Merck (NYSE: MRK) added 2.4 percent to $50.09 on a broker upgrade.

    On the other hand, biotechnology group Genentech (NYSE: DNA) dropped 1.9 percent to $74.46 even though it said its earnings were up by 41 percent in the second quarter.

    The retail sector was mixed ahead of data on June sales, which will be released on Friday, but most were higher at mid-session.

    The main exception was Macy’s (NYSE: M), which dropped 3.5 percent to $39 after it said that sales were slower than had been expected and reduced its earnings outlook for the second quarter.

    Elsewhere in the sector, Wal-Mart (NSYE: WMT) added 2.1 percent to $48.70 after it said sales were up by 2.4 percent. JC Penney (NYSE: JCP) gained 3.2 percent to $73.46, while Target (NYSE: TGT) was up 3.7 percent to $68.01.

    American Eagle Outfitters (NYSE: AEO) was 6.2 percent higher to $27.63 on a gain of 5.7 percent in same-store sales in June.

    Abercrombie & Fitch (NYSE: ANF) added 7.5 percent to $74.59.

    Alcan (TSX: AL; NYSE: AL) was 10.6 percent higher to $99.05 after miner Rio Tinto (LSE: RIO) offered $38.1 billion in cash for the aluminium producer.

    Rival Alcoa (NYSE: AA), which had also bid for Alcan but had that offer rejected, was up 7.4 percent to $45.55.





    July 6, 2007

    US retailers see gains

    Filed under: Wal-Mart, Home Depot, Administaff, Pfizer, Merck, Target, Advanced Medical Optics, Bausch & Lomb, Schering-Plough, Macy's

    In early afternoon trade on Wall Street on Friday, the Dow Jones Industrial Average was 0.18 percent higher to 13,590.44, while the Nasdaq Composite had gained 0.09 percent to 2,659.17 and the S&P 500 was up 0.07 percent to 1,526.53.

    The news that Advanced Medical Optics (NYSE: EYE) had bid more than private equity for rival eye-care products group Bausch & Lomb (NYSE: BOL) sent shares in both lower.

    Advanced Medical Optics dropped 96 cents to $34.93, while Bausch & Lomb was down 16 cents to $71.84.

    The pharmaceuticals sector declined on the session.

    Schering-Plough (NYSE: SGP) dropped 2 cents to $30.55, while Pfizer (NYSE: PFE) fell 13 cents to $25.77 and Merck was 61 cents lower to $49.21.

    Retailers were higher, however.

    Discount retailer Wal-Mart (NYSE: WMT) added 25 cents to $48.34, while home improvement retailer Home Depot (NYSE: HD) gained 50 cents to $40.33. Macy’s (NYSE: M) was $1.75 higher to $41.52 and Target (NYSE: TGT) was up $2.67 to $66.88.





    March 16, 2007

    Target, Wal-Mart lower on week

    Filed under: Wal-Mart, Administaff, General Motors, Chicago Board of Trade, Lehman Brothers, Goldman Sachs, Ford Motor, Target, Dow Chemical

    Wall Street was lower in early afternoon trade on Friday. The Dow Jones Industrial Average dropped 0.21 percent to 12,133.64, while the Nasdaq Composite fell 0.16 percent to 2,375 and the S&P 500 was 0.15 percent lower to 1,390.15. All three indices were headed for losses on the week, as well. Much of the heavy trade volumes had to do with the quarterly expiration of stock index and single stock futures as well as stock index and stock options.

    Investment banks took losses on the week even though they have recently reported results that are better than had been anticipated. Lehman Brothers (NYSE: LEH), hurt by its exposure to the subprime mortgage sector, looked to be ready to end the week 5.8 percent lower to $71.44 after being down by 10 percent at one point on Tuesday. Goldman Sachs (NYSE: GS) was 1.2 percent lower to $199.21.

    Retailers were down on the week, as well. Wal-Mart (NYSE WMT) dropped 2.7 percent to $46.13 as it withdrew its application to operate a bank. Target (NYSE: TGT) fell 3.9 percent to $59.49.

    US carmakers also saw declines. Ford Motor was 4.7 percent lower to $7.56, while General Motors (NYSE: GM) dropped 4.8 percent to $29.50. GM’s decline came despite fourth quarter profits and revenues, as investors worried about how a possible slowdown in the economy would affect sales.

    Dow Chemical (NYSE: DOW) added 5 percent to $45.17 on rumors that it was looking to enter a joint venture with Reliance Industries (NSE: RELIANCE) of India.

    The Chicago Board of Trade (NYSE: BOT) was up 12.8 percent to $190.50 after the Intercontinental Exchange (NYSE: ICE) made an unsolicited bid just as CBOT was about to complete a merger with the Chicago Mercantile Exchange (NYSE: CME).





    March 14, 2007

    Microsoft up on acquisition

    Filed under: Administaff, General Motors, Bear Stearns, Lehman Brothers, Microsoft, Target, JC Penney

    In New York on Wednesday, early afternoon saw the equities markets lower, but the declines were not as large as those elsewhere in the world. The Dow Jones Industrial Average had dropped 0.23 percent to 12,048.72, while the Nasdaq Composite was 0.07 percent lower to 2,348.93 and the S&P 500 had fallen 0.09 percent to 1,376.77.

    Stocks in financial sectors continued to decline on worries about the subprime mortgage sector. Bear Stearns (NYSE: BSC) was 2.3 percent lower to $139.73 ahead of a profits report due to be released Thursday. Lehman Brothers (NYSE: LEH) released results that were about where analysts had expected them to be, but when it said that profits had been limited somewhat by weakness in the subprime sector it still fell 3.7 percent to $69.34.

    General Motors (NYSE: GM) dropped 2.4 percent even though it reported that it had seen improvements in its automobile manufacturing but that the results included two months of weak performance from its Gmac financial arm that GM sold last year.

    In the retail sector, Target (NYSE: TGT) was 3 percent lower to $58.65 and JC Penney (NYSE: JCP) fell $3.5 percent to $77.43 on shaky investor confidence concerning consumer spending.

    In the software sector, Microsoft (NAS: MSFT) was 1.7 percent higher on the announcement that it will buy Tellme Networks, a privately held company that deals in voice-recognition technology.





    January 4, 2007

    Chevron, ExxonMobil drop on crude prices

    Filed under: Chevron, ExxonMobil, Administaff, Federated Department Stores, Gap, Target, Limited Brands

    After some early declines, Wall Street was mixed at midday on Thursday. The Dow Jones Industrial Average was 0.11 percent lower to 12,461.30, a rebound to about 13 points lower after having fallen around 50 points earlier in the session. On the other hand, the Nasdaq Composite was 0.64 percent higher to 2,438.59, while the S&P 500 was up slightly to 1,416.68. Volume was at 761 million shares changing hands by the middle of the session.

    Lower oil prices helped retailers, some of which saw slight gains even though they issued profits warnings earlier in the session. Target gained 4 cents to $57.22 even though it did not live up to earlier estimates of sales. The Gap added 5 cents to $10.36 despite saying that its fourth quarter of 2006 will not meet expectations. Federated Department Stores was 16 cents higher to $37.67. Limited Brands, however, dropped $1.98 to $27.60 on reports that store traffic was down.

    The oil sector, on the other hand, declined on the lower prices for crude oil. Chevron dropped 35 cents to $70.62, while ExxonMobil fell 68 cents to $73.43.

    Several new bits of economic data affected trade during the day. The Institute of Supply Management’s services sector index showed that growth was slower in December than it had been in November. On the other hand, the Commerce Department reported that factory orders were up in November, but the news was tempered by the fact that the comeback was smaller than expected and partly the result of a big demand for military aircraft. Additionally, the Labor Department said that unemployment claims were at their highest level since late in November.





    December 27, 2006

    New York markets see midday gains

    Filed under: Wal-Mart, KB Home, Toll Brothers, Administaff, Federated Department Stores, McClatchy, Ford Motor, Target, Hovnavian, Toyota

    In early after noon trade on Wednesday, the Dow Jones Industrial Average had added 0.60 percent to 12,481.57. The Nasdaq Composite and the S&P 500 were also higher, with the Nasdaq gaining 0.63 percent to 2,428.80 and the S&P advancing 0.51 percent to 1,424.19. The Russell 2000 small-caps index was up 0.87 percent to 795.03. Trade volumes were low.

    Ford was up 11 cents to $7.60 and US-traded shares in Toyota gained $2.03 to $133.64 on the news that top executives of the two automakers had met for talks.

    Homebuilders were up on new data showing that new home sales were up more than had been anticipated in November. Hovnanian Enterprises added 44 cents to $33.68, while Toll Brothers was 66 cents higher to $32.35 and KB Home gained 79 cents to $51.58.

    The retail sector was mixed on figures from the International Council of Shopping Centers that showed pre-Christmas holiday shopping was not as strong has had been hoped. Federated Department Stores was up 37 cents to $38.13, but Target only managed to hold steady at $57.09 and Wal-Mart fell 13 cents to $45.98.

    Newspaper publisher McClatchy Co. dropped 43 cents to $42.64 after it announced that it will sell the Minneapolis Star Tribune to a private equity company in a deal worth $530 million.





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