10/25/04:
Marsh & McLennan Chairman CEO Jeffrey Greenberg Gets Forced Out
SUSIE GHARIB: A big shakeup at embattled insurance broker Marsh & McLennan. Chairman and CEO Jeffrey Greenberg was forced out late today. The move by the company`s board comes 11 days after New York State Attorney General Eliot Spitzer charged the company with engaging in bid-rigging. At that time, Spitzer called for changes in Marsh`s top management. Replacing Greenberg as CEO is Michael Cherkasky, who just days ago was appointed head of the company`s risk and insurance services division. Cherkasky will likely have more success dealing with Spitzer. He was once Spitzer`s boss in the Manhattan district attorney`s office. Spitzer responded to Marsh`s announcement, saying the board`s action quote, permits Marsh and this office to move forward toward a civil resolution of our lawsuit. He added that any criminal action would not be against the company, but against individuals
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
The Dollar Dives As Oil Prices Rise
PAUL KANGAS: A tumultuous day for the American dollar. It continued its steep decline against most major currencies, falling for the ninth straight day against the euro, which is now worth $1.28. As Erika Miller reports, many traders don`t expect a reversal anytime soon.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: A penny is about all that separates the U.S. dollar from a new record low against the euro. The greenback has fallen to around $1.28 per euro, just shy of the all-time low hit last February. It has also dropped to its lowest level in six months against the Japanese yen. The declines are even more dramatic in other regions. The dollar hit 12-year lows against the Canadian dollar and eight-year lows against the Swiss franc.
LARA RHAME, CURRENCY STRATEGIST, CREDIT SUISSE FIRST BOSTON: There are several factors that have driven the dollar weaker over the past week. We`ve had several U.S. pieces of data that have really disappointed market expectations, including a very wide trade deficit that puts the dollar`s vulnerability in acute focus for the market.
MILLER: Another big reason for dollar weakness is record- high oil prices, which threaten to drag down economic growth. Experts say declines in stock prices and low bond yields are also to blame, because they make U.S. assets less desirable to foreign investors. But one of the biggest factors weighing on the dollar is a too-close-to-call presidential election.
RHAME: We`ve only had seven elections over the time that the dollar`s been floating, but when you look at them, when the popular vote was very, very close and there was no real clear mandate for the president, we saw a weaker dollar over the six months after that president was elected.
MILLER: Many foreign exchange traders expect the dollar`s decline to continue over the next few months. The question is the magnitude of the sell-off.
LAURIE CAMERON, CURRENCY STRATEGIST, J.P. MORGAN PRIVATE BANK: I would say if political uncertainty continues, we could probably get another 3, maybe as much as 5 percent decline in the dollar from now to year end.
MILLER: In the near term, traders say the dollar will likely take direction from economic data, including tomorrow`s report on consumer confidence. If it comes in weaker than expected, traders predict further dollar declines. Erika Miller, NIGHTLY BUSINESS REPORT, New York.
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
One On One With Jeffrey Kleintop, Chief Investment Strategist of PNC Advisors
SUSIE GHARIB: Just eight days left until the election. Our guest tonight has been studying Wall Street history books and looking at what a Bush or Kerry victory might mean for the financial markets. Joining us now Jeffrey Kleintop, chief investment strategist of PNC Advisors. Hi, Jeff.
JEFFREY KLEINTOP, PNC ADVISORS: Good evening.
GHARIB: Nice to have you on our program tonight.
KLEINTOP: Good to be here.
GHARIB: We`ve seen the stock market in this trading range for a week now. Do you think that the election outcome will really have an impact on the market?
KLEINTOP: Well, I think it will. There are a number of performance patterns related to -- in the capital markets related to elections and one of the most notable ones is that during an election year, generally markets are in a narrow flat trading range all the way until you get close to the election and a leader clearly begins to emerge. That`s been true eight of the last nine election years and most of the time the market has broke up to the up side once a candidate has been identified or once whoever`s likely to take the oval office has been identified, doesn`t so much matter whether it`s Republican or Democrat. What matters is that there`s some clarity around the political regulatory and legislative environment for the next year. That`s usually what investors respond to and I anticipate a return to that pattern. We`re likely to see a break to the up side as we get close to the election.
GHARIB: We`re pretty close now. I know you`ve also been studying those patterns over a 75-year period of presidential elections. What other conclusions have you come to by observing the pattern?
KLEINTOP: We look at the stock market, what`s far more important than political party is whether an incumbent is reelected or a challenger is instead takes his place. In the past the market has responded very well over the past 30 years to incumbents rather than challengers, very different to what we saw in the 20s, 30s and 40s, where in fact the markets preferred challengers given, well, the back drop of a great depression and the World War II and the clash in the stock market. But in the lengthy economic expansions and strong market performance of the last 30 years, markets have tended to favor a return to that or continuation of that, they tended to favor incumbents by a strong margin. Incumbents have tended to generate a 28 percent return in the year after the election.
GHARIB: The general view on Wall Street is that the stock market will do better with President Bush in the White House and the bond market would do better if Kerry were to win the White House. You have a different view of the bond market. Give us your analysis.
KLEINTOP: I think no matter who`s in the oval office next year, the bond market faces a number of challenges. Historically we have seen the bond market tend to fare a little better in the first year of a Republican`s term than a Democrat by about two and a half percentage points. But the reality is bonds are record valuations. We expect interest rates to rise. I think no matter who is in the oval office we`re likely to experience some declines in bond prices next year. So I think that`s probably less of a factor. A president usually influences the bond market through trade policy and fiscal policy. I think the differences between the candidates aren`t that significant this time.
GHARIB: We just have 30 second left. As you know, it`s been a very con - it`s expected to be a very contentious vote. Possibly the outcome will be tied up in the courts. If that happens, what impact will that uncertainty have on the market on November 3?
KLEINTOP: What the market hates more than anything else is uncertainty. So I think you`ll see a continued buyers strike should that take place. It`s hard to understand why investors would want to commit capital to the market while the environment for the regulatory and political world of 2005 would still be unknown, so I imagine that would probably keep a lid on the market`s performance.
GHARIB: All right, we`ll know in a week. Thanks so much Jeff for filling us in.
KLEINTOP: My pleasure.
GHARIB: We`ve been speaking with Jeffrey Kleintop, chief investment strategist of PNC Advisors.
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
"Road To The White House"- Republicans Reach Out To Black Voters
PAUL KANGAS: The chief justice of the U.S. Supreme Court has thyroid cancer. William Rehnquist is undergoing treatment at Bethesda Naval Hospital, but expects to be back at work next week when the high court is in session. The 80-year-old jurist has been mentioned as a possible candidate for retirement, which would give the next president a vacancy to fill on the court. In the 2000 election, Rehnquist cast the tie-breaking vote halting Florida`s recount of presidential election ballots. That decision awarded Florida`s electoral votes to George W. Bush, giving him the presidency.
GHARIB: Many African American voters haven`t forgotten that Supreme Court decision. So Democrats are looking to black voters this year to boost Senator John Kerry ahead of the president on Election Day. Tonight, as we continue along "the road to the White House," we take you to Ohio, where, as Darren Gersh reports, Republicans are also reaching out to African Americans.
DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: At Columbus`s power 107.5, there`s something new in the mini-mix. Along with the hip-hop, traffic, and weather, now there`s drive- time politics.
UNIDENTIFIED MALE: The bottom line is I think these callers are going to the polls.
GERSH: Since January, this urban-format radio station has been working with a network of hip hop artists, urging its largely African American audience to register to vote. Now the focus is getting those new voters to the polls.
PAUL STRONG, POWER 107.5: We`ve had a lot of people called in and said, "I didn`t vote in 2000, but I`m going to vote. I`m 35 years old. I never voted. I`m going to vote 2004.
GERSH: With the race in Ohio virtually tied, African American turnout is likely to be the key factor for the Kerry campaign in this battleground state. And Kerry`s appearance today with former President Bill Clinton, an icon in the black community, is aimed at energizing this key Democratic base voter.
WILLIAM JEFFERSON CLINTON, FMR. PRESIDENT OF THE UNITED STATES: In eight days, John Kerry is going to make America the comeback country.
GERSH: Kerry needs the help. A recent national poll shows the senator from New England now has 5 percent less support among black voters than Al Gore had four years ago.
UNIDENTIFIED FEMALE: Are you leaning any particular way this election? Have you decided?
UNIDENTIFIED MALE: I`m still praying about it.
GERSH: State representative Larry Price is organizing the Kerry campaign`s outreach to black voters in Ohio. He says the record increase in registration among black voters this year proves the Kerry enthusiasm gap is a myth. Price says concerns about health care, unemployment and affirmative action will rally black voters to support Democrats next week.
REP. LARRY PRICE (D), OHIO: Any time that these United States is in a recession, the African American community is in a depression, so it hits us much harder. So when you explain that to most folks they understand what is at risk.
GERSH: Senator Kerry is expected to win an overwhelming percentage of the traditionally Democratic African American vote here in Columbus and across the state of Ohio. But President Bush also has a message for black voters and he`s finding a receptive audience. Jeff Harris likes what he hears and is working to get out the African American vote for President Bush in the greater Columbus area. He praises Mr. Bush`s support for historically black colleges and minority home ownership programs. But he says the president`s stand on social issues is most important.
JEFF HARRIS, BUSH-CHENEY AFRICAN-AMERICAN COALITION: I like his stand for moral rights, his faith in God, what he believes in, how he takes a stand against issues like abortion, same-sex marriage.
GERSH: By appealing to socially conservative, church-going blacks, the president has doubled his support among African Americans from 9 percent in the last election to 18 percent in a recent nationwide poll by the joint center on economic and policy studies.
UNIDENTIFIED MALE: John Kerry and his allies in congress promote policies that will weaken black families.
GERSH: The callers here reflect the split in the black vote.
STRONG: The older African American listeners that we`ve been getting calling us, they are more conservative. They agree with the president. The younger listener that`s calling in, well, they are totally opposite of that.
GERSH: The question is, which group of black voters will turn out to vote on Election Day and which will simply turn it out. Darren Gersh, NIGHTLY BUSINESS REPORT, Columbus, Ohio.
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
The Role Of Votes From Abroad In The Election
SUSIE GHARIB: As we`ve mentioned, this year`s presidential race is now neck and neck, and many things could influence the outcome, including voter turnout. This time around, one group of voters may play a critical role. Cathy Robinson reports from Hong Kong on Americans voting abroad.
CATHY ROBINSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Christine Houston and Erik Floyd at dinner with their family in Hong Kong. They are two of an estimated five million American overseas voters who think their ballots could make all the difference in the presidential election.
ERIK FLOYD, AMERICAN EXPATRIATE: What`s interesting as a result of what happened in Florida four years ago, both political parties suddenly realized that absentee ballots matter, overseas votes matter.
ROBINSON: Just like Americans at home, Republicans and Democrats are bitterly divided over most of the key issues. But the one issue American expatriates are united on is their opposition to a law that forces them to pay income tax back home and abroad. It`s called the foreign-earned income tax exclusion. Christine Houston says it`s unfair to pay U.S. tax and get nothing in return.
CHRISTINE HOUSTON, AMERICAN EXPATRIATE: There is very little benefit for us. We`re not getting any services. I guess the idea is that we`re protected, but we get no services for the taxes we pay, but it makes us as a country uncompetitive with other countries internationally.
ROBINSON: The tax not only discourages Americans like Christine Houston from working overseas, it also discourages overseas companies from hiring Americans.
DON MEYER, REPUBLICANS ABROAD: Here our own government creates an impediment to a level playing field for Americans who work overseas. It makes no sense as economic policy.
ROBINSON: Trade is another issue for expats, particularly in Hong Kong, the economic crossroads of Asia. This American economist says there is alarm over the level of government spending and the rising deficit.
DAVID O`REAR, HONG KONG GENERAL CHAMBER OF COMMERCE: As the fiscal deficit deteriorates, that undermines the position of the U.S. dollar and that makes it more difficult for American companies to export.
ROBINSON: And O`Rear says the Bush administration`s new security measures post 9/11 are so restrictive, they`re also hurting trade.
O`REAR: We find it much more difficult to get visas for our business partners or customers to come to America to view our facilities and so sometimes they can`t get the visa and they go to some other supplier.
ROBINSON: The tough new visa rules also get a failing grade from American universities. Graduate school applications from foreign students have dropped by a third in the past year.
MICHAEL CUERVORST, AMERICAN DEMOCRATS ABROAD HONG KONG: We`re losing students to other countries. In the long run America pays a very heavy price for that lost interactivity with the best and the brightest.
ROBINSON: And while expats are all in favor of making America safer, Christine Houston believes the U.S. needs to strengthen ties with the world community instead of cutting them off.
HOUSTON: The world is a very small place today. We`re all very dependent on one another for trade, for communications. It`s very small and you cannot take the attitude, forget it, I don`t care what you think; we`re going to do what we want.
ROBINSON: With so much at stake, a record number of expatriates have registered to vote in this election, and they could well tip the balance in the battle for the White House. Cathy Robinson, NIGHTLY BUSINESS REPORT, Hong Kong.
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
"Commentary"- Jobs & The Economy
SUSIE GHARIB: Tonight`s commentator has the economy on his mind, specifically, jobs and the economy. Here`s James Bradford Delong, professor of economics at the University of California at Berkeley.
JAMES BRADFORD DELONG, PROFESSOR OF ECONOMICS, U.C.-BERKELEY: America`s unemployment rate right now is 5.4 percent, up only a little bit from the 4.1 percent or so that it was back at the start of 2001. If we had a normal business cycle, we would have expected that such a small increase in the unemployment rate over four years ago, that that would go with an increase in payroll employment of about 3.9 million.
The rising adult population would add about six million to the trend labor force and most of those six million would find jobs even over a period in which the unemployment rate rises. But we haven`t added 3.9 million jobs over the past four years. We`ve lost about 0.6 million. The trend labor force has not grown by about six million, but only by about 1.5 million. Where have all the missing people gone?
Republicans, anxious to see a rosy scenario, believe that the missing 4 1/2 million have found better things to do than go into the labor force, that they have decided it is a better use of their time to go to school or raise kids or windsurf or whatever.
Democrats, equally anxious to see a dismal scenario, believe that the missing 4.5 million have given up hope of finding a good job. I`m a Democrat. I think that if the jobs were there, the 4.5 million people would return to the labor force, but I don`t know. And until we do really know, we won`t be able to figure out what we really think of how the economy has done over the past four years. I`m Brad Delong.
Nightly Business Report transcripts are available
on-line post broadcast. The program is transcribed by eMediaMillWorks.
Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent
the views of Community Television Foundation of South Florida,
Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered
as investment advice. Copyright (c) 2004 Community Television
Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use.
10/25/04:
Paul Kangas' "Stocks In The News"
PAUL KANGAS: That weakness in the dollar and an early spike in oil prices led to a lower opening on Wall Street. Early on, the Dow was off 40 points, NASDAQ lost seven, but as oil prices eased, stocks stabilized. A brisk 3.1 percent jump in September existing home sales rallied the housing group, and a brokerage upgrade on 15 semiconductor stocks boosted the techs.
Things improved this afternoon, but the major indices still closed lower. The Dow industrial average down 7.82 points at 9749.99. The NASDAQ fell just over a point to 1914.04. Standard & Poor`s 500 down a large fraction at 1094.80. The Treasury market showed little change, as the 10-year note held steady.
Most active big board issue, Pfizer (PFE) on 17.1 million shares, edging up $0.04.
Followed by Lucent Technologies (LU) down $0.03.
AT&T Wireless (AWE) gained $0.12. The Department of Justice has approved Cingular`s $41 billion acquisition of AT&T Wireless. Now the FCC must still approve it.
TXU Corp. (TXU), the big Texas-based utility, up $8.44. Lots of good news there. Last week, the company reported quarterly earnings were up 69 percent. Today the company announced its boosting its annual dividend from $0.50 to $2.25, also going to buy back up to 50 million of its own shares.
Texas Instruments (TXN) up $0.16. Smith Barney brokerage upgraded it from "hold" to "buy" as it did with 14 other semiconductor stocks.
American International Group (AIG) gained $1.40. Deutsche Bank Securities upgraded it from "hold" to "buy" and the company is seeking quick settlement of alleged wrongdoing.
Citigroup (C) was a $0.02 gainer. The NASD censured its global markets unit and fined it $250,000 for distributing misleading hedge fund sales literature.
International Steel Group (ISG) up $5.57, big merger story here.
ISPAT (ph), that`s the huge Dutch steel company, will acquire this company for $42 a share in cash and stock. ISPAT stock, which also trades on the big board, up $6.96 at $32.30, positive reaction all the way around.
General Electric (GE) dropped a nickel.
And then Marsh & McLennan (MMC), you heard the story earlier down $0.37, tenth in big board volume.
American Express (AXP) was down $0.58. Third quarter earnings were high, $0.69 versus $0.59 a year ago, but that was just in line with estimates.
Genentech (DNA) down $3.82. The SG Cowan brokerage lowered its sales projections for the company`s Avastin colon cancer drug.
Kellogg (K) moved up $0.74. Third quarter earnings, $0.59, up from $.56 last year and $0.04 above the Street estimate. The company also boosted its outlook for the rest of this year.
Kimberly-Clark (KMB) was down $4.03. Third quarter earnings were a bit higher, $0.89 versus $0.83 last year, but that was $0.01 below the Street consensus.
Pulte Homes (PHM) up $4.04. CS First Boston upgraded it from "neutral" to "outperform" and of course that September existing home sales increase of 3.1 percent helped the whole sector of home builders.
Like we see Beazer Homes (BZH) up $3.67.
Good gains in Centex (CTX), whose earnings for the second quarter are due out tomorrow.
Lennar (LEN) up over $1.
$3.10 rise in Ryland Group (RYL).
Automatic Data Processing (ADP) up $2.77. First quarter earnings higher, $0.35 versus $0.32 a year ago, $0.02 above the Street estimate.
And BorgWarner (BWA) did well, up $2.67. Third quarter earnings jumped almost 25 percent, $0.79 versus $0.65 last year and $0.04 above the Street estimate.
Google (GOOG) topped the active list, another new closing high, up nearly $15. Last week, Prudential Securities set a $200 a share price target for the stock. It`s almost there.
$0.11 drop in Microsoft (MSFT).
Intel (INTC) up a penny.
eBay (EBAY) showed no change.
Research In Motion (RIMM) was down $1.43.
Then we see QUALCOMM (QCOM) losing $0.86.
Yahoo! (YHOO) up $0.24.
Cisco Systems (CSCO) $0.21 rise.
Applied Materials (AMAT) down $0.08.
And Onyx Pharmaceuticals (ONXX) tumbling almost $13 1/2 on disappointment that the company will not be filing for approval of its kidney cancer drug as early as anticipated.
Those are the stocks in the news tonight.
10/25/04:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 9749.99 -7.82 - .1
HIGH 9777.87
LOW 9708.40
NASDAQ COMP. 1914.04 -1.10 -.1
HIGH 1920.71
LOW 1905.91
VOLUME 1,379.8
PREVIOUS 1,473.6
UP VOLUME 663.8
DOWN VOLUME 698.6
DOW TRANSPORTS 3380.17 +8.23 + .2
DOW UTILITIES 310.38 +6.90 + 2.3
CLOSING TICK +265
S&P 500 1094.80 -.94 - .1
S&P 100 524.00 -1.16 - .2
MIDCAP 400 588.44 +1.71 + .3
REUTERS/CRB 286.57 +.02 + .0
NYSE COMPOSITE 6520.90 -.42 - .0
VALUE LINE 356.44 +1.09 + .3
RUSSELL 2000 571.67 +3.89 + .7
DJW 5000 10748.01 -.03 - .0
U.S. TREASURIES
5-YEAR NOTE 3.375%
Oct. 15,2009 100 19/32 +1/32 + 3.25
10-YEAR NOTE 4.25%
Aug. 15,2014 102 6/32 unch. + 3.98
30-YEAR NOTE 5.375%
Feb. 15, 2031 109 8/32 +1/32 + 4.76
LEHMAN BROS.
LONG BOND INDEX 1787.54 +2.10
DOW CLOSE 9749.99 -7.82 - .1
ADVANCES 1722
DECLINES 1564
NEW HIGHS 100
NEW LOWS 63
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
PFE Pfizer 27.78 +.04 +.1
LU Lucent Tech 3.48 -.03 -.9
AWE AT&T Wireless Svc 14.92 +.12 +.8
TXU TXU Corp 61.25 +8.44 +16.0
TXN Texas Instrument 22.47 +.16 +.7
AIG Amer Intl Group 56.10 +1.40 +2.6
C Citigroup 42.58 +.02 +.1
ISG Intl Steel Group 35.25 +5.57 +18.8
GE GE 32.90 -.05 -.2
MMC Marsh & McLennan 26.42 -.37 -1.4
NASDAQ CLOSE 1914.04 - 1.10 - .1
VOLUME 1,607.2
PREVIOUS 1,741.5
ADVANCES 1667
DECLINES 1400
NASDAQ ACTIVES
GOOG Google 187.40 +14.97 +8.7
MSFT Microsoft 27.63 -.11 -.4
INTC Intel 21.31 +.01 +.1
EBAY eBay 95.91 unch. unch.
RIMM Rsch In Motion 84.47 -1.43 -1.7
QCOM Qualcomm 41.14 -.86 -2.1
YHOO Yahoo! 35.20 +.24 +.7
CSCO Cisco Systems 18.06 -.21 -1.2
AMAT Applied Matl 15.88 -.08 -.5
ONXX Onyx Pharmaceut 27.34 -13.47 -33.0
AMEX CLOSE 1308.00 + 1.67 + .1
INDEX SHARES
DIA DIAMONDS TRUST 97.68 -.07 -.1
QQQ NASDAQ 100 35.61 -.19 -.5
SPY S&P DEP.RECEIPTS 109.91 -.08 -.1
STOCKS IN THE NEWS
AXP American Express 51.15 -.58 -1.1
DNA Genentech 44.00 -3.82 -8.0
K Kellogg Co 43.15 +.74 +1.7
KMB Kimberly-Clark 59.03 -4.03 -6.4
PHM Pulte Homes 51.50 +4.04 +8.5
BZH Beazer Homes 104.95 +3.67 +3.6
CTX Centex 48.72 +1.51 +3.2
LEN Lennar 43.80 +1.35 +3.2
RYL Ryland Group 91.50 +3.10 +3.5
ADP Automatic Data 42.81 +2.77 +6.9
BWA Borg-Warner 43.28 +2.67 +6.6
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