11/15/04:
Oil Prices Drop Bringing Bad News For Bonds
PAUL KANGAS: Oil prices fell again today. Nymex light sweet
crude for December delivery closed down $0.52 to $46.87 a barrel, That`s a
two-month low. While that`s good news for the U.S. economy and consumers,
it`s bad news for bonds. Today the 10-year note fell 2/32, continuing a
downward trend in the Treasury market since the presidential election. As
Erika Miller reports, experts forecast even lower prices ahead.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Bonds investors
beware. Fixed income strategists see trouble ahead for Treasuries. They
say many of the factors that pushed bond prices higher over the past six
months are no longer in place. In particular, fear of a major terrorism
incident appears to have dissipated.
ANTHONY CRESCENZI, CHIEF BOND MKT. STRATEGIST, MILLER TABAK: The degree of
risk aversion seems to be coming down a little bit now. In other words,
investors seem more willing to take risks because we`ve gone past many
major events that investors were beginning to be worried about. So this is
helping the stock market at the expense of the bond market.
MILLER: Falling oil prices are also making bonds less attractive because
they give consumers and businesses more discretionary income. Economists
fear that purchasing power will lead to higher inflation, hurting bond
returns. A weakening dollar has also made some bond investors nervous.
ROBERT BRUSCA, CHIEF ECONOMIST, FACT AND OPINION ECONOMICS: The weakening
dollar creates risks. It creates risks that U.S. interest rates may have
to go up by more. It creates risks that even more private sector money
that is invested here from abroad could leave.
MILLER: Experts say another threat to bonds is an improving job market
because it often leads to wage inflation. Signs of an improving economy
also help make stocks more attractive relative to bonds.
CRESCENZI: The economy is running on all cylinders now. Plus, competition
for capital-- in other words, the performance of other markets like the
stock market, look to be reasonably good. So the Treasury market looks a
bit unattractive right now.
MILLER: Some experts are betting the yield on the benchmark 10-year note,
which is now about 4.2 percent, will rise at least another percentage
point.
BRUSCA: As long as inflation stays contained, I think the sort of 5.5
percent will be somewhere near the top yield that you are going to see on
the 10-year note. So that gives us a little more of a percentage point of
uplift.
MILLER: The bond market`s direction this week hinges on inflation data,
especially the consumer price index, out Wednesday. If it comes in higher
than expected, experts predict a swift rise in rates. 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.
11/15/04:
What The Dollar Is Doing According to Robert Hormats of Goldman Sachs International
SUSIE GHARIB: As we just reported, the U.S. dollar has been weakening. In fact,
today it slid to a seven-month low against the Japanese yen and traded near
its record low to the euro. Joining us now to explain what`s going on with
the dollar, Robert Hormats, vice chairman of Goldman Sachs International.
Hi Bob.
ROBERT HORMATS, VICE CHMN., GOLDMAN SACHS: Nice to be with you, Susie.
Hi.
GHARIB: Hi. Nice to you have on the program. Over the last couple of weeks
and months, many dollar experts and economists have said that, you know,
once the election is out of the way and we know who is elected, and once
oil prices begin to fall, that we`ll see improvement in the dollar. Now we
have certainty on the elections and oil prices have been improving. And
even the economy is improving. So what is going on with the dollar, what
is happening here?
HORMATS: Well, you`re right, everything should be bullish. Strong growth
rates are going up. The uncertainty of the election is finished. The
stock market is doing well. What is happening, however is that investors
are looking at a very large and growing current account trade imbalance and
current account trade imbalance together and they are seeing a big budget
deficit in this country. They expect still stronger growth here, which
will widen the imbalance over a period of time. And over the last several
months, foreign investors, private investors have been slowing down the
inflow of money into the American capital markets. So we have to rely on
foreign central banks to be the main suppliers of money. And foreign
central banks are in the process of diversification and they may, in fact,
slow down those inflows. That is negative for the dollar and that is what
the markets are focusing on.
GHARIB: So then what specifically has to happen for the dollar to get
stronger? And is it good to have a strong dollar?
HORMATS: Well, that is an interesting question. The U.S. current account
imbalance cannot continue to grow at these very rapid rates. It is
approaching six percent of GDP which is very high. So something has to
happen to slow that growth down and reverse it and it can be very strong
growth abroad. We`re not seeing that growth and Europe and Japan is much
weaker than the United States. We could see a weak economy here which
would slow imports. We`re certainly not seeing that. So the markets
concluded that if this is going to be adjusted away, than the dollar has to
decline. In some cases, people believe it has to decline significantly.
GHARIB: Do you think that the dollar is going to decline in a gradual way
or is it going to go in a disorderly fashion?
HORMATS: That`s the interesting question. I think the Treasury is not
unhappy with the gradual decline of the dollar. And I suspect that it will
not drop precipitously because foreign central banks don`t want to see
their currencies go up. The Japanese don`t want to see a sharp rise in
their currency against the dollar and the other Asians don`t either. So my
guess is the dollar will continue to go down, but foreign central banks and
the U.S. itself have the ability to prevent a very precipitous collapse.
GHARIB: So how should investors respond to all this news about the dollar?
HORMATS: Well, traditionally and I suspect this time too, a declining
dollar is good for stocks, particularly export-oriented companies, because
their products will become more competitive. And companies that have large
investments abroad, when they translate their earnings into dollars, it
looks like more in dollar terms. But it is negative for the bond market
because a declining dollar tends to be inflationary. And if foreigners put
less money into the American capital market, that also will tend to push
interest rates up. So it is good for many stocks, and generally not very
good for bonds. And investors who are worried about the dollar decline
should play the market accordingly.
GHARIB: All right, well we appreciate your analysis on all that. Thanks so
much, Bob, always a pleasure to you have on the program.
HORMATS: Thanks for having me, Susie.
GHARIB: We`ve been speaking with Robert Hormats of Goldman Sachs
International.
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.
11/15/04:
The President Zeros In On Social Security
SUSIE GHARIB: The shakeup of President Bush`s cabinet continues today with four
more resignations. Secretary of State Colin Powell told reporters today he
always intended to only serve one term. He`ll remain until his successor
is confirmed by the Senate. Ann Veneman is leaving the Agriculture
Department, the first woman to head that agency. Veneman says under her
tenure, the nation`s farm and food sector is stronger and more vibrant than
ever before. Energy Secretary Spencer Abraham is departing the cabinet.
If he stays until the end of this term, as planned, he would become the
longest-serving energy secretary of the 10 people to hold that post. And
Education Secretary Rod Paige has resigned as well. He is the first black
person to ever serve in that job and is the nation`s seventh education
secretary.
KANGAS: The faces in the Bush cabinet may be changing, but the president`s
top domestic priority is not. Mr. Bush is focused on remaking Social
Security to add personal accounts that could be invested in the stock and
bond markets. As Darren Gersh reports, that may be one of the toughest
tests yet of presidential leadership.
DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: The president has been
successful pushing his legislation, often by laying out the big picture and
letting Congress fill in the blanks. But Social Security is likely to
require a different management strategy.
DAVID JOHN, SOCIAL SECURITY EXPERT, HERITAGE FOUNDATION: He is going to
have to be much more involved in this issue than he has been in some other
issues. He is going to have to be involved on a daily basis. He is going
to have to know the issue. He is going to have to have somebody watching
Congress like a hawk. And he`s got to be ready to intervene at any point
and say, this is not acceptable.
GERSH: The White House says the president has used different tactics for
different initiatives: sending up general principles for Medicare reform,
but very specific requirements for education reform and other priorities.
When it comes to Social Security, the White House says the president will
be personally involved when necessary. And there will be plenty for him to
be involved in.
JOHN: In this one, the details will make all the difference in the world.
What they do in how they structure the accounts, how big the accounts are,
how they are invested, how they affect Social Security benefits, all of
that is critically detailed, but it is also incredibly important to the
passage of a good bill.
GERSH: So far, there are very few details. For now, the president has
provided the most critical element of leadership, putting the issue on the
agenda. But critics say that is not enough.
CHRISTIAN WELLER, CENTER FOR AMERICAN PROGRESS: I am not sure how much
assertive he can be. He has been very clear that he wants to privatize
Social Security. He has not been very clear on how he actually will
finance that privatization and I think that`s really the big question that
he has to answer.
GERSH: The early betting among policy analysts is that if Social Security
reform is to pass, the president will have to drag Congress across the
finish line kicking and screaming. But as he`s shown time and again, it`s
not a good idea to bet against George W. Bush. Darren Gersh, NIGHTLY
BUSINESS REPORT, Washington.
SUSIE GHARIB: Earlier in the program, we talked about President Bush`s plans to reform
the Social Security system. Tonight`s commentator has some ideas for that.
Here`s Alice Rivlin, fellow at the Brookings Institution and former
director of the Office of Management and Budget and former vice chair of
the Federal Reserve.
ALICE RIVLIN, FMR. VICE CHAIR, FEDERAL RESERVE: The president is
absolutely right to put Social Security at the top of his legislative to-do
list. We need to act quickly to reassure workers that the system so many
depend on is fiscally sound. Moreover, fixing Social Security is actually
quite easy-- far less expensive than fixing Medicare and much less
complicated than reforming taxes.
No one wants to cut benefits for those already retired or close to
retirement, but initial benefits for future retirees could be increased in
line with prices instead of wages. They would gradually earn lower
benefits than under the current system, but they could count on getting
them. Alternatively, we could raise taxes and keep the higher benefits or
find a middle ground. The problem isn`t hard and the sooner we act, the
smaller the adjustments need be.
But the president is wrong to burden this decision with the unrelated issue
of pre-funded individual accounts. Once we start arguing about whether
young workers should put part of their Social Security taxes into
individual accounts, we make the solvency problem harder, about $2 trillion
harder. Individual accounts aren`t necessarily a bad idea, but creating
them means finding money to replace the taxes young workers would otherwise
be paying to support current retirees. Let`s put the solvency problem
behind us and then worry about whether we want individual accounts. I`m
Alice Rivlin.
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.
11/15/04:
Regional Exchanges Go Through Changes
SUSIE GHAIRB: The New York Stock Exchange
could face some new competition from some old competitors.
Smaller, regional exchanges have begun revamping the way they
do business and are hoping to expand their product offerings.
As Diane Eastabrook reports, that could mean faster and easier
buying for investors.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT
CORRESPONDENT: The Chicago Stock Exchange could soon become
the third U.S. Exchange this year to demutualize. The exchange`s
300 members voted last week to switch from a not-for-profit,
member-owned firm to a for-profit, stock corporation. Government
regulators must approve the plan. Chief executive David Herron
says the move will make the exchange more nimble and pave
the way for an alliance with a foreign exchange or an electronic
communications network.
DAVID HERRON, CEO, CHICAGO STOCK EXCHANGE:
A partnership with an ECN would allow immediate volume to
be added to the table, hopefully allow them to lower their
fees, lower their expenses.
EASTABROOK: Over the last four years, regional
stock exchanges have been struggling because retail investors,
their core customers, haven`t been buying many stocks. So
the exchanges are looking for new ways to do business. Both
the Philadelphia Stock Exchange and the Pacific Exchange demutualized
earlier this year. Pacific Exchange has already formed an
alliance with Archipelago, an ECN. Herron isn`t ruling out
any business deals, including a possible alliance with one
of Chicago`s futures exchanges.
HERRON: I think if that doesn`t happen at
some point in the next 10 years, people will look back and
wonder why. The Chicago markets with the Chicago board options
exchange, the board of trade, the Merc, the Chicago Stock
Exchange, heck, even the National Stock Exchange and Archipelago
are right around the corner. Isn`t there something that could
be gained by combining forces?
EASTABROOK: Industry watchers say regional
exchanges provide much-needed competition for larger exchanges
like the New York Stock Exchange. And while they think one-stop
shopping for everything from stocks to bonds to futures could
be years away, they are excited about the prospect.
RANDALL KROZSNER, ECONOMICS PROF., UNIV. OF
CHICAGO: This is a perfect time for experimentation, for these
companies - for these exchanges going public. They can then
build alliances. They can then make new investments in a much
more flexible way than they had been doing previously.
EASTABROOK: Herron hopes the Securities and
Exchange Commission approves the demutualization by the end
of the year. And an initial public offering could follow,
but maybe not for a few more years. Diane Eastabrook, NIGHTLY
BUSINESS REPORT, Chicago.
To Learn More about this topic, click
here.
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.
11/15/04:
"They Made America"-AP Giannini, The Banking Immigrant
SUSIE GHARIB: Well, it was an Italian who brought banking to the
little guy, an Englishman who first lit up American cities and a Russian
seamstress who empowered women with a new silhouette. Tonight on "They
Made America," the special series on PBS, we meet the newcomers, the
immigrants who came to America and brought innovations that changed our
lives.
America saw many changes in the early 20th century. Until that time, the
American banking system was dominated by big business and wealthy
individuals. It took an Italian immigrant, AP Giannini, to change
that. He brought banking to the everyman, giving small loans for
everything from homes to healthcare to mom-and-pop businesses.
FELICE BONADIO, BIOGRAPHER: That`s the way that Giannini felt democracy
revitalized itself, by giving people the opportunity to grow and to realize
their dreams and ambitions.
GHARIB: Giannini wasn`t the only immigrant with a vision. Samuel Insull
(ph) came from England to work for the American inventor Thomas Edison.
Insull helped Edison take his innovations mainstream by creating the first
modern electric company.
HAROLD PLATT, HISTORIAN: Insull has the idea, sort of a democratic idea,
of providing what he believes is a great new technology, a great new source
of energy, a great improvement in the quality of life. He really wanted to
provide that to everyone.
GHARIB: From everyone to every woman, Russian immigrant Ida Rosenthal
worked with her husband to create the modern brassiere. Their company,
Maidenform, changed how women see themselves.
ELIZABETH COLEMAN, ROSENTHAL`S GRANDDAUGHTER: Women`s roles were changing
and the bra really grew with women`s roles growing. Sort of literally and
figuratively, the company supported women.
GHARIB: These immigrants were all attracted to America by the American
dream.
SIR HAROLD EVANS, AUTHOR, "THEY MADE AMERICA": All the immigrants, they
are naturally selected risk takers. They`ve taken an enormous risk leaving
their homelands. And secondly, they bring with them not only that
willingness to risk, but a rebellious nature.
GHARIB: Tomorrow night, as we continue "They Made America: The New
Innovators," I`ll talk with another risk taker, Michael Dell, chairman of
Dell.
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.
11/15/04:
"Last Word"-The Monster Burger
SUSIE GHARIB: And finally tonight, there are hamburgers and then there`s Hardee`s
new monster thick burger. The fast food chain is rolling out its newest
sandwich, two one-third-pound beef patties, four strips of bacon, three
slices of cheese. They`re all covered with mayonnaise and served on-- you
guessed it-- a buttered bun. It`s 1,400 calories and more than 100 grams
of fat. Hardee`s says it`s the burger everyone likes to get, but not get
all the time. Your wallet, as well as your waistline, may suffer the
damage, Paul. The price for this new burger is $5.50.
KANGAS: At that rate Susie, this Hardee burger is hearty is more ways than
one, isn`t it?
GHARIB: Would you ever order something like this Paul?
KANGAS: Yes.
GHARIB: I know you like meat, but you would you order this? You would? OK,
with the French fries and the soda.
KANGAS: Yeah.
GHARIB: OK.
KANGAS: You can deep fry this one.
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.
11/15/04:
Paul Kangas' "Stocks In The News"
PAUL KANGAS: Wall Street opened slightly higher with the help of that weakness
in oil prices as I mentioned. The Dow moved up 15 points at the outset,
while the NASDAQ rose just a fraction. Some profit taking, after three
weeks of good gains sent the blue chips to a 14-point loss at midday when
NASDAQ was down five points. But the shallowness of the correction
inspired renewed buying this afternoon and the market came back to post
modest gains. The Dow Industrial Average closed up 11 1/4 points at
10,550.24. The NASDAQ rose 8 3/4 points to 2094.09. Standard & Poor`s 500
fell just a fraction to 1183.81.
In the bond market, the 10-year note dipped 2/32, putting the yield at 4.19
percent.
Most active issue on the New York exchange and trading 29.6 million shares,
Nortel Networks (NT) edging up $0.08. The company has been delaying its
financial statements pending resolution of some accounting matters.
Then came Lucent Technology (LU) with a $0.15 gain.
Pfizer (PFE) moved up $0.17. The company will begin putting radio
frequency identification tags on its Viagra packaging to prevent theft and
counterfeiting. This is a brand new technology it`s trying out.
Merck & Co. (MRK) was up $0.67.
Advanced Micro Devices (AMD) down $0.04, some very mild profit taking
after a gain of $2.43 Friday when Wells Fargo issued a "buy" on AMD and
also had a $27 a share target price for the stock.
Citigroup (C) fell $0.40.
Liberty Media (L) edging up $0.22.
And $0.08 gain for Hewlett-Packard (HWQ) .
Time Warner (TWX) a $0.02 loss.
And then GE (GE), tenth in big board volume, was down $0.15.
Then came the oils. They were under pressure after months of good gains.
ExxonMobil (XOM) down just $0.85. Let`s have a look at some other major
stocks in the sector, all on the downside, but pretty well contained
considering the good gains, Apache (APA), ChevronTexaco (CVX), Devon (DVN),
Marathon Oil (MRO) and Murphy Oil (MUR), all on the downside.
Federated Department stores (FD) gained $1.27. The "New York Post" reports
the company has hired CS First Boston to explore the possible sale of the
company`s credit card portfolio and they maintain it could fetch about $3
billion.
Lowes Companies (LOW) a $1 drop on the stock today. Third quarter sales
were up 16 percent to a better than expected $9.1 billion. Third quarter
earnings higher to $0.66 versus $0.56 last year and that`s a penny above
the Street estimate. However, the company itself said fourth quarter
earnings might be just in line or maybe a bit below Street estimates and
that apparently is what the hurt the stock a bit.
William Lyon Homes (WLS), look at that gain, up $14.62. The company bought
back $1.3 million shares of its own stock so far. Traded as high as 82
today incidentally, but the board of directors is also boosting its stock
buyback program to a total of 3 million shares.
Alliance Gaming (AGI) up $1.42. The company`s chief financial officer,
Robert Saxton (ph) bought 20,000 shares of his stock last Friday.
On the downside, Northeast Utilities (NU) falling $2. The company cut its
2005 earnings forecast from about $1.40 down to as low as $1.18 after the
company, one of the company`s units was shut out of the bidding to supply
Connecticut utility during 2005.
DPL (DPL), the old Dayton Power & Light, up $1.37. Lehman Brothers upgraded
it from "equal weight" to "over weight."
Microsoft (MSFT) topped the active list on NASDAQ up a half a dollar. The
previous close, as you might notice, was $29.97, but this quote factors in
the fact that Microsoft was ex-dividend by $3 a share today.
Google (GOOG) up $2.87.
Intel (INTC) $0.08 gain.
Cisco Systems (CSCO) $0.29 gain.
And TASER International (TASR) up $3.35. The company stun guns have been
approved for testing by South Korea`s police agency.
Dell (DELL) $0.26 gain there.
eBay (EBAY) $0.47 drop.
Applied Material (AMAT) up $0.61.
Research In Motion (RIMM) fell $0.44.
Sirius Satellite Radio (SIRI) pretty good move up, $0.28.
Pixar (PIXR) up $4.80. The company`s "Incredibles" animated movie has raked
in over $120 million in the two weeks it`s been out.
And finally, Marketwatch (MKTW) up $1.33. The Dow Jones Company will
acquire it for $18 a share in cash.
Those are the stocks in the news tonight.
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.
11/15/04:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10550.24 +11.23 + .1
HIGH 10563.02
LOW 10517.13
NASDAQ COMP. 2094.09 +8.75 +.4
HIGH 2094.13
LOW 2078.84
VOLUME 1,451.2
PREVIOUS 1,536.0
UP VOLUME 772.4
DOWN VOLUME 663.2
DOW TRANSPORTS 3611.51 -16.69 - .5
DOW UTILITIES 329.09 -1.55 - .5
CLOSING TICK +844
S&P 500 1183.81 -.36 - .0
S&P 100 566.09 -.13 - .0
MIDCAP 400 633.75 -.53 - .1
REUTERS/CRB 287.38 +4.09 + 1.4
NYSE COMPOSITE 7003.06 -11.12 - .2
VALUE LINE 387.29 +.85 + .2
RUSSELL 2000 623.86 +1.88 + .3
DJW 5000 11614.83 +5.02 + .0
U.S. TREASURIES
5-YEAR NOTE 3.375%
Oct. 15,2009 99 27/32 -3/32 + 3.53
10-YEAR NOTE 4.25%
Aug. 15,2014 100 15/32 -2/32 + 4.19
30-YEAR NOTE 5.375%
Feb. 15, 2031 106 31/32 -3/32 + 4.90
LEHMAN BROS.
LONG BOND INDEX 1753.61 +8.22
DOW CLOSE 10550.24 +11.23 + .1
ADVANCES 1849
DECLINES 1480
NEW HIGHS 424
NEW LOWS 9
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
NT Nortel Networks 3.11 +.08 +2.6
LU Lucent Tech 4.05 +.15 +3.9
PFE Pfizer 27.62 +.17 +.6
MRK Merck & Co 27.12 +.67 +2.5
AMD Advanced Micro 20.98 -.04 -.2
C Citigroup 46.67 -.40 -.9
L Liberty Media 10.25 +.22 +2.2
HPQ Hewlett-Packard 19.42 +.08 +.4
TWX Time Warner 17.38 -.02 -.1
GE GE 36.10 -.15 -.4
NASDAQ CLOSE 2094.09 + 8.75 + .4
VOLUME 1,899.8
PREVIOUS 2,015.9
ADVANCES 1744
DECLINES 1383
NASDAQ ACTIVES
MSFT Microsoft 27.39 +.50 +1.9
GOOG Google 184.87 +2.87 +1.6
INTC Intel 23.77 +.08 +.3
CSCO Cisco Systems 19.55 +.29 +1.5
TASR Taser Intl 60.85 +3.35 +5.8
DELL Dell Inc 40.70 +.26 +.6
EBAY eBay 109.42 -.47 -.4
AMAT Applied Matl 16.78 +.61 +3.8
RIMM Rsch In Motion 82.56 -.44 -.5
SIRI Sirius Satellite 4.45 +.28 +6.7
AMEX CLOSE 1351.26 - 4.98 - .4
INDEX SHARES
DIA DIAMONDS TRUST 105.73 +.31 +.3
QQQ NASDAQ 100 38.79 +.13 +.3
SPY S&P DEP.RECEIPTS 118.73 +.30 +.3
STOCKS IN THE NEWS
XOM Exxon Mobil 49.58 -.85 -1.7
APA Apache 49.36 -1.16 -2.3
CVX ChevronTexaco 52.97 -1.60 -2.9
DVN Devon Energy 74.95 -.95 -1.3
MRO Marathon Oil 36.83 -1.10 -2.9
MUR Murphy Oil 78.93 -2.67 -3.3
FD Federated Dept 56.00 +1.27 +2.3
LOW Lowes Companies 59.25 -1.00 -1.7
WLS Will Lyon Homes 80.22 +14.62 +22.3
AGI Alliance Gaming 11.52 +1.42 +14.1
NU Northeast Utils 18.01 -2.00 -10.0
DPL DPL Inc 24.60 +1.37 +5.9
PIXR Pixar 91.34 +4.80 +5.6
MKTW MarketWatch 18.12 +1.33 +7.9
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