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    September 21, 2007

    Wall Street sees gains on tech, oil shares

    Filed under: Chevron, ExxonMobil, ConocoPhillips, Administaff, Oracle, Texas Instruments, Google

    New York markets were higher just after noon on Friday, helped by news from the tech and oil sectors.

    The Dow Jones Industrial Average was 0.79 percent higher to 13,874.90, while the Nasdaq Composite had added 0.92 percent to 2,678.64 and the S&P 500 had gained 0.8 percent to 1,530.89.

    Trade was light as some were celebrating the Yom Kippur holiday. Software maker Oracle (NAS: ORCL) was up 89 cents to $21.93, it’s best in six and a half years, on a report that profits were up by 25 percent in its fiscal first quarter and the sale of new software licenses had risen by 35 percent.

    In the semiconductors sector, Texas Instruments (NSYE: TXN) gained $1.23 to $37 on an increased dividend and expanded share buyback program.

    Internet search engine Google (NAS: GOOG; LSE: GGEA) added $7.96 to $560.79, a new record high.

    Persistently high oil prices sent shares in oil companies higher.

    ConocoPhillips (NYSE: COP), was 63 cents higher to $89.03, while Chevron (NYSE: CVX) gained 91 cents to $95.07 and ExxonMobil (NYSE: XOM) added 93 cents to $93.02.





    September 17, 2007

    Brokerages lower ahead of results

    Filed under: Administaff, Merrill Lynch, Texas Instruments, Broadcom, Intel, Advanced Micro Device, Lehman Brothers, Goldman Sachs, Morgan Stanley, Microsoft, STMicroelectronics

    Wall Street was lower in midday trade on Monday.

    The Dow Jones Industrial Average was down 0.4 percent to 13,389.36, while the Nasdaq Composite fell 0.9 percent to 2,578.74 and the S&P 500 was 0.66 percent lower to 1,474.52.

    Investor uncertainty ahead of tomorrow’s interest rate decision from the Federal Reserve and before several brokers release their quarterly results later in the week.

    Brokerages declined ahead of results, with Lehman Brothers (NYSE: LEH) 87 cents lower to $58.64.

    Morgan Stanley (NYSE: MS) dropped $1.75 to $64.36, Merrill Lynch (NYSE: MER; TYO: 8675) was down $2.10 to $72.55, and Goldman Sachs (NYSE: GS) fell $3.32 to $187.27.

    Most chipmakers were lower on the session.

    The main exception was Advanced Micro Devices (NYSE: AMD), which added 10 cents to $12.79 by midday after an upgrade to “neutral” from “underweight” from JP Morgan (NYSE: JPM; TYO: 8634).

    Texas Instruments (NSYE: STM) dropped 1 cent to $34.67, while Intel (NAS: INTC; SEHK: 4335) was 9 cents lower to $24.84. Broadcom (NAS: BRCM) fell 70 cents to $34.80, while US-traded shares of STMicroelectronics (NSYE: STM; Euronext: STM) were down 58 cents to $16.11.

    After a European Union court dismissed Microsoft’s (NAS: MSFT) appeal of a EU antitrust ruling and upheld the fine issued with the ruling, the software giant dropped 37 cents to $28.67.





    September 12, 2007

    Wall Street slightly higher in early afternoon trade

    Filed under: Administaff, Apple Computers, Texas Instruments, Countrywide Financial, Cardica Inc

    Wall Street was higher in early afternoon trade Wednesday even though the dollar remained weak and oil prices hovered in record high territory.

    Investors expect that the Federal Reserve will cut interest rates when it meets next week, but comments from some Fed officials have indicated that such a rate cut is not a certainty and even if the cut does come many investors worry that a quarter-point decline will not be enough to help the market’s current problems.

    At early afternoon in New York, the Dow Jones Industrial Average was 0.03 percent higher to 13,311.97, while the Nasdaq Composite had added 0.26 percent to 2,604.31 and the S&P 500 was 0.12 percent higher to 1,473.28.

    The Nasdaq was helped by Apple Inc (NAS: AAPL; LSE: ACP; FWB: APC), which added $2.51 to $138.01 after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) upped its target share price on the computer, iPod and iPhone maker from $175 to $182.

    The tech-heavy index was also up on gains for medical device maker Cardica Inc (NAS: Cardica), which was $1.57 higher to $10.21 on European approval of a device used in heart bypass surgery.

    Elsewhere among technology stocks, Texas Instruments (NYSE: TXN) dropped 41 cents to $35.31 on an altered earnings estimate in its fiscal third quarter.

    Countrywide Financial (NYSE: CFC), meanwhile, dropped 37 cents to $16.51 on the news that employees are suing the mortgage lender because, they claim, the value of their retirement accounts dropped with the company’s stock decline during the current subprime crisis.





    September 4, 2007

    Carmakers up despite slow August sales for Ford

    Filed under: Administaff, General Motors, Apple Computers, Texas Instruments, Intel, Advanced Micro Device, Yahoo, Ford Motor

    The New York markets were up in early afternoon trade on Tuesday.

    At just past 1 p.m. local time the Dow Jones Industrial Average was 0.43 percent higher to 13,415.21, while the Nasdaq Composite ha added 1.2 percent to 2,627.62 and the S&P 500 was up 0.9 percent to 1,4878.2.

    The automobile manufacturing sector was higher even though Ford Motor (NYSE: F) said that sales were 14.4 percent lower in August, worse than the 13.2 percent decline that analysts had anticipated.

    Car sales were down 33.7 percent while truck sales were 2.4 percent lower overall.

    Still, Ford was up 9 cents to $7.90, while General Motors added 40 cents to $31.14.

    A little earlier, at midday, the semiconductors sector was up on an upgrade for Advanced Micro Devices (NYSE: AMD) and on a report from the Semiconductor Industry Association that said global chip sales were up 2.2 percent in July.

    AMD was 29 cents higher to $13.29 after Credit Suisse (NYSE: CS; NYSE: CSGN) raised its recommendation on the chipmaker from “underperform“ to “neutral“.

    Intel (NAS: INTC; SEHK: 4335) had gained 55 cents to $26.30, while Texas Instruments (NYSE: TXN) added $1.14 to $35.38.

    Apple (NAS: AAPL) added $4.96 to $143.44 on a report that its iPhone sold better than all other smart phones in the US in July.

    In the internet sector, Yahoo (NAS: YHOO) was up $1.31 to $24.04 after Bear Stearns (NYSE: BSC) named it a top pick.





    July 24, 2007

    Apple lower ahead of quarterly report

    Filed under: McDonalds, Administaff, Apple Computers, Texas Instruments, AT&T, American Express, Dupont, Countrywide Financial

    The New York equities markets were lower at midday.

    The Dow Jones Industrial Average was 0.69 percent lower to 13,858.80, while the Nasdaq Composite had dropped 0.54 percent to 2,676.18 and the S&P 500 was down 0.69 percent to 1,530.96.

    Part of the declines came as quarterly reports disappointed.

    In the chemicals sector, DuPont (NYSE: DDPRA, DDPRB, DD) reported that profits did not grow in the second quarter even as sales were better overseas.

    DuPont had dropped $2.96 to $50.30 by mid-session.

    Texas Instruments (NYSE: TXN) fell $1.32 to $36.86 as it reported profits lower than the same time last year.

    Fast food chain McDonald’s (NYSE: MCD) was 33 cents lower to $52.17 after it reported a losing quarter on a charge growing out of its sale of Latin American outlets.

    AT&T (NYSE: T) was 18 cents higher to $40.21 after it said that its earnings were up by 61 percent in the second quarter, but reported that fewer Apple iPhone numbers than had been anticipated were activated following the new phone’s release.

    Apple (NAS: AAPL) dropped $3.88 to $139.82 on the news of fewer iPhone activations and ahead of its quarterly report, due on Wednesday.

    Companies exposed to bad loans were lower.

    American Express (NYSE: AXP) dropped $1.94 to $62.72 after it reported an increase in write-downs on bad loans in the second quarter.

    Meanwhile, mortgage lender Countrywide Financial (NYSE: CFC) fell $3.08 to $30.98 after it reported significantly lower profits in the second quarter and cut its earnings forecast.





    March 6, 2007

    Tech stocks see gains

    Filed under: Administaff, Apple Computers, Bear Stearns, Texas Instruments, Google, Citigroup, Altria, Lehman Brothers, Countrywide Financial, New Century Financial

    The New York equities markets joined the gains made by other global markets on Tuesday. At midday, the Dow Jones Industrial Average was 0.8 percent higher to 12,148.78, while the Nasdaq Composite added 1.4 percent to 2,373.72 and the S&P 500 gained 1.1 percent to 1,388.56.

    Financial sectors did well on the day. Citgroup (NYSE: C) added 1.3 percent to $49.87 after it bid $10.75 billion for Nikko Cordial (TYP: 8603; SGX: N06), Japan’s third largest brokerage, which has been beset by an accounting scandal recently. Bear Stearns (NYSE: BSC) was 3 percent higher to $148.85 and Lehman Brothers (NYSE: LEH) gained 3.7 percent to $73.77, both helped by the day’s gains in worldwide equities markets.

    Mortgage lenders were higher, as well. Countrywide (NYSE: CFC) added 3.5 percent to $36.42. Meanwhile, subprime lender New Century Financial (NYSE: NEW) added 27.9 percent to $5.83. New Century had lost nearly two-thirds of its share value on Monday.

    Food, beverage and tobacco group Altria (NYSE: MO) gained 2.5 percent to $84.28 on an upgrade from “hold” to “buy” from Deutsche Bank.

    Among technology companies, Texas Instruments (NYSE: TXN) also was on the receiving end of positive broker comment when Bear Stearns raised its recommendation on the chip maker to “outperform”. TI added 1.9 percent to $31.50. Meanwhile, internet search engine Google (NAS: GOOG; LSE: GGEA) gained 2.1 percent to $450.07 and computer maker Apple (NAS: AAPL; LSE: ACP; FWB: APC) was 1.9 percent higher to $87.95.





    January 26, 2007

    Tech sectors widely mixed this week

    Filed under: Administaff, General Motors, Texas Instruments, Advanced Micro Device, eBay, Yahoo, Ford Motor, Sun Microsystems, Amgen

    The New York equities markets were lower at midday on Friday and seemed determined to close out the week with losses as well. The Dow Jones Industrial Average was down 0.3 percent at mid-session to 12,468.11, down 0.8 percent on the week and even on the year. The Nasdaq Composite dropped 0.2 percent on the day so far, to 2,437.99, leaving it 0.5 percent lower for the week. Meanwhile, the S&P 500 was 0.1 percent lower to 1,421.85, a drop of 0.6 percent for the full week.

    Technology stocks were mixed during the week, with most showing either big gains or big losses. Among gainers were Sun Microsystems and Texas Instruments. Texas Instruments gained 8.7 percent to $30.86 on a glowing quarterly report, while Sun was 9.5 percent higher to $6.32. Decliners included biotech company Amgen, down 3.8 to $71.41 on a report that did not meet expectations., and Advanced Micro Devices, which fell 8.9 percent to $16.15, again on unmet expectations.

    In the internet sector, Yahoo added 2.7 percent over the week to $28.38, a gain of 11 percent since the beginning of the month. Meanwhile, eBay did better than expected in earnings and upped its guidance for this year. The online auctioneer added 8.2 percent this week to $32.09.

    Automobile manufacturers were mixed. General Motors added 4.1 percent during the week, to $32.84 even though it dropped from its peak of $33.30 after it said it would delay its fourth quarter report even though it expected that the report would show a profit. On the other hand, Ford dropped 0.5 percent to $8.26 after it said it had taken a loss of $12.7 billion in 2006, the biggest yearly loss in the company’s history.





    January 23, 2007

    US oil higher as prices rise on cold weather

    Filed under: Chevron, ExxonMobil, ConocoPhillips, Administaff, Texas Instruments, Bank of America, Wachovia, Dupont, Tellabs, Alcatel-Lucent

    Wall Street saw gains at midday on Tuesday, with the Dow Jones Industrial Average up 0.35 percent to 12,520.91, the Nasdaq Composite 0.41 percent higher to 2,441.12, and the S&P 500 adding 0.34 percent to 1,427.75. The Russell 2000 index of small-caps was up even more, gaining 1.01 percent to 785.82. Volume at mid-session was at 712.8 million shares.

    The banking sector was mixed. Bank of America was 40 cents lower to $53.25 even though it said its loan business was up and that its purchase of credit-card company MNBA helped profit in the fourth quarter. Wachovia was up , but only by 4 cents to $56.3 even though issued a better than anticipated report.

    In the oil sector, higher prices due to forecasts of colder weather sent Chevron up 97 cents to $72.21, while ExxonMobil gained $1.12 to $74.03 and ConocoPhillips added $1.41 to $64.78.

    Telecommunications equipment makers saw declines. Tellabs was 4 cents lower to $10.06, while Alcatel-Lucent fell $1.17 to $13.03. Alcatel-Lucent blamed its inability to make a profit in its first quarter after consolidation on integration costs and weak sales.

    In the semiconductors sector, Texas Instruments added $1.17 to $29.76 on a positive quarterly report and several broker upgrades.

    Even though it reached analysts’ expectations, chemicals company DuPont dropped $1.23 to $48.87 on concerns about the higher cost of raw materials.





    December 12, 2006

    Nasdaq makes hostile bid for LSE official

    Filed under: US Steel, Administaff, Texas Instruments, Nasdaq Stock Market, Nucor, Best Buy

    Wall Street was a bit lower at midday on Tuesday as investors waited to see whether or not the US Federal Reserve would leave interest rates at 5.25 percent as expected. The Dow Jones Industrial Average was 0.1 percent lower to 12,315.9, while the Nasdaq Composite had dropped 0.2 percent to 2,437.31 and the S&P 500 remained steady at 1,412.90 in the middle of the trading day.

    The Nasdaq Stock Market added 0.5 percent to $36.47 after it made its hostile takeover bid for the London Stock Exchange official by offering $5.3 billion for the exchange. Nasdaq already owns 28.75 percent of the LSE.

    Texas Instruments added 0.4 percent to $29.42 after seeing declines overnight after it cut its earnings and sales projections for the fourth quarter. The gains came after JP Morgan upgraded its recommendation on the chipmaker from “neutral” to “overweight”.

    In the steel sector, Nucor dropped 8.1 percent to $59.12 after it used low prices and high inventories as its excuse for issuing a fourth-quarter prediction that was below analyst estimates. The decline affected the sector, with US Steel falling 5.2 percent to $73.20.

    Best Buy was 5.1 percent lower to $51.19 after it said that its net income was 31 cents per share, lower than the 35 cents per share expected by analysts.





    October 24, 2006

    Lucent adds 7.7 percent on report

    Filed under: Administaff, Texas Instruments, Intel, Qualcomm, Lucent, Amazon, Dupont, Kraft Foods, Whirlpool

    The New York equities markets were mixed in early afternoon trade on Tuesday. The Dow Jones Industrial Average was 0.02 percent higher to 12,118.91, while the Nasdaq Composite had dropped 0.4 percent to 2,342.22 and the S&P 500 was 0.1 percent lower to 1,375.57. The activity was a result of several factors, including a lack of new economic data, earnings reports that were not up to par, and unwillingness to commit ahead of the Federal Reserve’s newest interest rate decision, due Wednesday.

    Texas Instruments dropped 2.9 percent to $30.97 on a quarterly report that did not meet expectations and on a disappointing prediction for fourth quarter results. Kraft Foods likewise issued a quarterly report that did not satisfy, and was in consequence 3.8 percent lower to $34.91. Even though Whirlpool’s earnings were a bit better than had been anticipated, it cut its prediction for unit shipment growth in North America. The appliance maker saw shares fall 3.9 percent to $85.86.

    Not all the quarterly reports were disappointing. DuPont produced a good quarterly report and added 1.8 percent to $46.28. Lucent, which is being purchased by French telecommunications equipment maker Alcatel, added 7.7 percent to $2.52 on better than expected earnings.

    Qualcomm was 3.1 percent lower to $36.91 on rumors that the patent case it filed against Nokia could be in for another look by the courts. Meanwhile, Intel added 1.1 percent to $21.69.

    Amazon.com added 1.8 percent to $33.46 ahead of its quarterly report, due after the close of trade.





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