11/11/05:
Gas Prices & Interest Rates May Take The Joy Out Of Holiday Shopping
SUSIE GHARIB:Wall Street wrapped up the week on the upside
again. The Dow added 45 points, posting its third straight weekly gain and
the NASDAQ rose five. But while investors are gaining confidence,
retailers are getting nervous with just 43 shopping days until Christmas.
Economists warn high energy prices and rising interest rates could take
their toll on consumer spending. Erika Miller reports.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: As the holiday
season kicks into high gear, there are growing concerns about a slowdown in
consumer spending. Some economists worry that spending, adjusted for
inflation, could actually fall in the fourth quarter. It would be the
first quarterly decline since the early 1990`s.
ROBERT BRUSCA, CHIEF ECONOMIST, FACT AND OPINION ECONOMICS: You have
to realize that there`s an awful lot of challenges for the consumer out
there. And to have some actual outright retrenchment in consumer spending
is a real possibility over the next six months.
MILLER: A major concern is higher interest rates, which have pushed up
payments on some credit cards and home equity loans. Rising mortgage rates
have also started to cool off housing demand and housing prices.
BRUSCA: This is really going to deter, I think, consumer spending.
The consumer is going to have to look at his house as a place to live,
rather than as a piggy bank that he can tap.
MILLER: Higher energy costs are also expected to crimp consumer
spending. Gasoline is up about 20 percent from a year ago. And some
analysts predict home heating bills could be double what they were last
year, if the winter is especially cold. A big drop in consumer spending
would have a serious impact on the U.S. economy, because it accounts for
about two-thirds of economic growth. But a big unknown is whether business
spending will perk up thanks to strong corporate balance sheets and fat
coffers.
GREGORY CHURCH, CHIEF INVESTMENT OFFICER, CHURCH CAPITAL MANAGEMENT:
That`s the $60 million question. So what happens though if the consumer
falls down and slows down. Are the corporations really going to spend
money? Maybe not.
MILLER: Still, Church says a slight slowdown in consumer spending
could actually be a good thing for the U.S. economy.
CHURCH: If we can freshen up our balance sheets, I think that will
solve and also be the impetus for better long term growth in America.
MILLER: All of the worries about consumer spending might also be a
plus for shoppers this holiday season. In order to entice customers,
retailers are expected to discount merchandise heavily. 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) 2005 Community Television Foundation of South Florida,
Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05:
The Budget Battle Has Every Politician Out For Themselves
PAUL KANGAS: The battle of the budget is at an impasse tonight as lawmakers
try to cut spending and taxes at the same time. House Republican leaders
pulled a plan from the floor that included $54 billion in budget cuts. The
Senate postponed a vote on its tax cut plan as well. As Stephanie Dhue
explains, it seems just about everyone is holding out to get what they
want.
STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: President
Bush`s sinking approval ratings have eroded Republican unity on Capitol
Hill and with it prospects for quick passage of a budget.
JOE LIEBER, POLITICAL ANALYST, WASHINGTON ANALYSIS: Now that Bush
doesn`t have to worry about running for reelection again and members of
Congress do, you`re seeing members of Congress looking out for their own
hides.
DHUE: And everyone`s got a different agenda. Conservative Republicans
are resolved to cut spending to show fiscal responsibility. Moderates want
to keep their jobs, so they`re worried about cutting programs like Medicaid
and food stamps. Wall Street is concerned about whether capital gains and
dividend tax relief now set to expire in 2008 will be extended.
ANDY LAPERRIERE, POLITICAL ANALYST, ISI GROUP: Wall Street is watching
but not really reacting very much to it because they are still in place.
But if it becomes a real question whether these tax cuts are going to
remain in place, then I think you will see meaningful reaction in the
market.
DHUE: Investors are also watching the budget process for its impact on
specific businesses. Cuts to the student loan program will impact
companies like Sallie Mae. Managed care companies are fighting to keep
incentives for participating in the Medicare program. A whole range of
technology companies want the chance to buy newly freed up broadcast
spectrum. Firms with large pension obligations are lobbying for changes to
pension accounting.
CHARLES GABRIEL, ANALYST, PRUDENTIAL SECURITIES: It`s really a
function of this perhaps being the last train leaving and a much more
partisan Congress as we head into the mid-term elections that creates so
much of anxiety in so many industries at stake because they want to have
their agenda attached to the budget reconciliation bills.
DHUE: A major budget showdown will come next week. Both the House and
Senate have scheduled crucial votes on the spending and tax plans.
Stephanie Dhue, NIGHTLY BUSINESS REPORT, Washington.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05: "Las Vegas On A Roll"-Part 2: Vegas' New Business Ventures
SUSIE GHARIB: Well, it`s been described as the "Times
Square of the West" and "Disneyland for Adults." No matter what you call
it, the Las Vegas strip is on a winning streak. NIGHTLY BUSINESS REPORT
and fellow PBS program "American Experience" bring you the history and
explore the future of America`s gaming and entertainment Mecca. "American
Experience`s" "Las Vegas, an Unconventional History" airs Monday and
Tuesday on PBS. Tonight, NBR`s Jeff Yastine reports in our series "Las
Vegas on a Roll" that gaming is no longer the driver of sin city`s
unprecedented growth.
YASTINE: The lights... The cameras... And the action. It goes on
here 24-hours a day, seven days a week, under the giant display screens and
neon stars of the Las Vegas strip. Its a long way from the 1940`s, when
the El Rancho Las Vegas, the Flamingo and other casinos first opened.
Since then, the strip has filled in and grown up. The early gambling
establishments and their mob-connected entrepreneurs, long since replaced
by mega-casino resorts and publicly held gaming corporations. Even now,
the strip continues to evolve.
In fact, it`s not just about gambling anymore. The entire mix of where the
money comes from is changing. Analysts say the major casinos now derive a
smaller portion of their total revenues from gambling and the majority now
comes from non-gaming sources, which means hotel rooms, shopping,
restaurants and big name entertainment.
BILL THOMPSON, PROFESSOR, UNIVERSITY NEVADA, LAS VEGAS: They come to
gamble but the gambling money that we make allows us to build these other
venues for commercial activity. And they can say, "hey, we`re going for a
wild time in Vegas," but really they want to see Celine Dion. And really
we want to see the Cirque du Soleil shows, really we want that shopping.
But they can tell their friend, oh Vegas, "ha ha ha, I`m going to gamble."
Of course, they`ll gamble a little bit, but the tourist now spends more
money on activities other than gambling.
YASTINE: By some estimates, the strip`s casinos added up to three
million square feet of new retail shopping space in the past five years.
These casino malls, like the Caesar`s Forum shops, are rated as some of the
most profitable per square foot in the country. Fine dining restaurants,
run by big name chefs are crowding out the old image of the cheap casino
buffets and the strip has always played host to entertainers. The only
place to see acts like "Avenue Q" nowadays besides Broadway, is on the
strip. Observers of the Vegas scene say the rise of the tribal casinos,
state lotteries and riverboat gambling in the 1990s meant the strip need a
new "ace in the hole."
BILLY VASSILIADIS, CEO, R&R PARTNERS: Whenever anybody got close, we
just went up another notch. Other people got showrooms, we got world class
chefs. Other people got chefs, we got world class dining. Other people
got dining, we got world class golf. We just took every product level and
kept raising it.
YASTINE: Not that there weren`t a few false starts along the way.
The 1990`s buzzword was "family friendly" with construction of resorts like
New York New York and Excalibur, designed to be as entertaining to children
as to their parents. But since 2000, strip casinos have shifted their
focus back to adults.
GARY LOVEMAN, CEO, HARRAH`S ENTERTAINMENT: Now we recognize that with
all the people coming to Las Vegas, there`s many things that they`d like to
do when they`re here with us. There are people who`d like to come to Vegas
and enjoy the city without gaming and we can offer them profitably a wide
range of services. Spas, great entertainment, great culinary experiences,
shopping, transportation. And all these things are beginning to be more
broadly manifested on the strip.
YASTINE: F. Scott Fitzgerald once said "there are no second acts in
American lives" but when it comes to the Las Vegas strip, clearly there are
second acts, third acts, and more. Jeff Yastine, NIGHTLY BUSINESS REPORT,
Las Vegas.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05: "Market Monitor"-Chris Orndorff, Head of Equity Strategy for Payden & Rygel
PAUL KANGAS: My guest "market monitor" this week is Chris Orndorff, head
of equity strategy for Payden & Rygel, a firm which manages over $50
billion. Chris, welcome back to NIGHTLY BUSINESS REPORT.
CHRIS ORNDORFF, HEAD OF EQUITY STRATEGY, PAYDEN & RYGEL: Paul, happy
to be here.
KANGAS: The stock market has been performing quite well recently and
many analysts are saying this is the start of the traditional year-end
rally. Do you buy into that?
ORNDORFF: Well, it may be, but I think we better enjoy it while it
lasts. I think it is going to be a tough road for the next six to 12
months.
KANGAS: So you are bearish?
ORNDORFF: A little bit, I think for a couple factors. Number one,
you`ve got what I think is going to be declining government spending next
year. You`ve got a consumer which is also sort of waking up, if you will
and realizing that spending cannot continue at the same pace. And then the
thing that really worries me is everyone seems to be very complacent about
inflation. And CPI is at 4 percent right now this year and that is the
highest level since 1991 when it was 4 1/4 and I think the new Fed chairman
when he comes in is going to have to hike rates, as long as rates are going
to have to go higher until inflation goes lower.
KANGAS: What about Mr. Bernanke? Do you think he is a good choice to
replace Alan Greenspan?
ORNDORFF: I think he is. I think he`s widely respected both here as
well as internationally.
KANGAS: Do you think his writing will be a little more understandable?
ORNDORFF: It is not clear to me it is an advantage to be well
understood as the central banker.
KANGAS: But you are talking about inflation, and yet oil prices this
week have taken quite a tumble. You don`t think that is going to last?
ORNDORFF: No again, that`s another thing I think we should enjoy while
it lasts. We think oil is going to go above its peak in the next six
months.
KANGAS: Could get up near $70 a barrel.
ORNDORFF: Yes, I think so.
KANGAS: And it`s going to get there again you think.
ORNDORFF: I think it will.
KANGAS: Why?
ORNDORFF: Well, a lot of it is increasing demand from other countries
in the world, particularly India and China. Each one of them alone has got
more people than both Europe and the United States combined.
KANGAS: And interest rates have bottomed out, you think?
ORNDORFF: In the long end, I think they`re probably going to remain
about where they are. I think you could end up with a perfectly flat yield
curve from three months to 30 years could be exactly the same yield.
KANGAS: You are not exactly a roaring bull, are you?
ORNDORFF: Sorry to say.
KANGAS: On your last visit with us on April 8th of this year, you had
five buy recommendations. Let`s have a look and see how they have done
since then. Adobe down just 2.1 percent and then a big gainer, Burlington
Northern, the rail, very nice. Are you still with those two?
ORNDORFF: Yes, we still like both of them. Adobe, the Macromedia
acquisition is going to close soon. That`s going to drive earnings higher.
Burlington Northern great logistics company, dominant player in New York
and Chicago, management`s got good operating ratio improvement.
KANGAS: OK, stay with them. Let`s have two more that you recommended
back on April 8th. Eco Lab up 1 percent, that is better than down 1
percent. And Gilead, look at that gain, up 45 3/4 percent. You still like
them?
ORNDORFF: Still do, Eco Lab, you got to be patient with that.
Management is going to drive earnings higher I think with a good growth
initiative. And Gilead, the Tamiflu vaccine, they invented it. They also
have a really strong.
KANGAS: You would buy them at this level?
ORNDORFF: I`d buy them at this level.
KANGAS: OK, you had one other recommendation back in April and that
was SRA International, which is down just 4 percent, not bad.
ORNDORFF: It`s still a great company, but we think because government
revenue is going to be declining and most of their income comes from
government contracts, we would be selling that right now.
KANGAS: Well, it`s down a little bit but not bad. How about some new
recommendations.
ORNDORFF: Sure, we have a couple new ones to add. The first one is
Coach.
KANGAS: Leather goods.
ORNDORFF: That`s right. Good management team at this maker of
handbags, briefcases and accessories. You know, Paul, the average woman
buys four handbags every year.
KANGAS: Don`t I know it, is that all?
ORNDORFF: And that trend is increasing and it`s mostly recession-
proof. The company`s got some good concepts coming up, Coach Baby, a
resort collection and are really strong in Japan where a revived consumer
is going to drive earnings higher.
KANGAS: Got time for one more recommendation
ORNDORFF: United Technologies, everybody knows this, Otis Elevator,
Carrier air conditioning, as well as Pratt & Whitney engines. Good
management team, margin improvements are going to drive earnings we think
12 percent over the next three to five years.
KANGAS: Look at how bumpy a ride that stock. It is a Dow stock too.
ORNDORFF: That`s right. We think it is about ready to take off in the
next 12 months.
KANGAS: Do you own any of these stocks personally?
ORNDORFF: We sure do. All of these funds are in our Payden U.S.
Growth Leaders fund and I have a significant part of my net worth in that
fund and so I always eat what I`m cooking just like any good chef.
KANGAS: OK, fair enough. Chris, it`s great to have you with us again
and thank you for sharing your opinions with us.
ORNDORFF: Thanks, Paul. Always glad to be here.
KANGAS: My guest, Chris Orndorff of Payden & Rygel.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05:"Last Word"-The Tax Trade
SUSIE GHARIB: And finally tonight, some Dutch businesses have found a way to earn
money by doing something most people avoid: overpaying their taxes. The
Dutch treasury apparently pays 5 percent interest on any excess tax paid
that it returns later. That`s more than what commercial banks there offer
so some firms are deliberately overpaying their taxes to take advantage of
the higher rate. Well, Paul, the Dutch finance minister is not amused at
all by this and says that this version of "banking with the government"
needs to stop.
KANGAS: You know, as clever as this scheme is, Susie, there is no way
I could force myself to write the taxman a check bigger than what I owe.
GHARIB: I`m with you on that.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05:
"Paul Kangas' Stocks In The News"
PAUL KANGAS: Wall Street got an early boost from a rise in General Motors
stock on a deal we`ll detail in a moment that will have a positive impact
on the automaker`s bottom line. A drop in oil prices below $57 per barrel
also helped the Dow to gain 34 points by the noon hour while NASDAQ rose
six points. Despite light volume due to the Veteran`s Day holiday, the
market kept its gains, ending higher for the third straight week.
The Dow industrial average closed up almost 46 points at 10,686.04.
That was today and it advanced in four of this week`s five days for a net
gain of 155.28 points. Today, the NASDAQ Composite rose 5 3/4 points to
2202.47. It also fell only once this week, rising 33 points overall.
Standard & Poor`s 500 was up 3 3/4 points today, ending at 1234.72. No bond
trading today. The bond market was closed today for the Veteran`s Day
holiday.
Familiar name at the top of the volume board and that was Pfizer (PFE)
on 14.1 million shares, up $0.22.
Then came Time Warner (TWX) with an $0.11 gain. A Bank of America said
the sale of all or part of its AOL unit could bring in about twice what its
market value is.
EMC Corp (EMC) was down $0.20.
Ford Motor Co (F) up $0.15.
ExxonMobil (XOM) gained $0.07 despite the drop in oil prices.
Clear Channel Outdoors (CCO), this is the company that owns the
billboard assets of the company. It went public today, 35 million shares
offered at $18, opened lower at $17.75, got as high as $19.05, backed off a
bit and still closed higher from the offering price.
News Corp "A" (NWSa), the A stock, $0.26 gain there. First quarter
earnings excluding one-time items came in at $0.18. That was $0.0.2 above
the Street estimate.
General Electric (GE) rose $0.15.
Then SBC Communications (SBC) with a $0.06 rise.
Citigroup (C), tenth in volume, edge up $0.27 a share.
There you see General Motors (GM) rising $0.97. As you heard, the
union workers gave the company a break on health care costs, about $1
billion a year.
Then Abbott Laboratories (ABT) moving up $0.93. A Federal court
granted an injunction against Andrx Corp and Ranbaxy Laboratories,
preventing them from making a copycat version of Abbott`s Biaxin XL
product.
King Pharmaceuticals (KG) was down $0.77. JPMorgan downgraded it from
"neutral" to "under weight."
First Marblehead (FMD) up $5.40. Chase Educational financial, the
company`s biggest client, has extended its direct to consumer loan contract
with the company through the year 2010.
PHH (PHH) up $2.85. This is a spinoff from Cendant. It`s in the
mortgage business. Third quarter operating earnings were $0.87, well above
$0.46 last year. Revenues up a respectable 19 percent.
Morgan Stanley (MWD) rose $0.83 after CIBC World markets brokerage
made some positive comments about Morgan Stanley.
Omnicare (OCR) rising $2.05. JMP Securities started covering the stock
with a "strong buy." Omnicare is in the geriatric pharmaceutical business
incidentally.
And Kohl`s (KSS), the department store chain, up $1.56. Third quarter
earnings $0.45, up from $0.39 a year ago, a penny above the Street estimate
and the company`s quite optimistic about its new clothing brands.
Dreamworks Animation (DWA) down $1.73. The company had a third quarter
loss of $0.01 per share versus earnings of $0.26 last year. Revenues
tumbled 64 percent in the period.
And then another initial public offering, IHS (IHS) Corp. It`s in the
tech data and services business, 14.5 million shares offered at $16, opened
at $17, the high of the day $17.49, backed of a little bit still higher
from the offering price on the day.
NASDAQ`s most active was Google (GOOG) down $0.70.
Then came Dell (DELL) with a $0.19 gain. As we reported after the
close yesterday, the company had higher earnings and also is going to have
a nice stock buyback.
Cisco Systems (CSCO) $0.32 gain.
Microsoft (MSFT) $0.19 rise there.
Intel (INTC), fifth in volume, was down $0.11.
Apple Computer (AAPL) up $0.36.
Patterson-UTI Energy (PTEN) down $2.83. The company is probing itself
for possible embezzlement.
Ebay (EBAY) up $0.58.
Qualcomm (QCOM) $0.24 loss.
Then Sandisk (SNDK) moving up $1.35, tenth in dollar volume.
Design Within Reach (DWRI), now this is an interesting company. It
designs modern furniture, but a preliminary result for the third quarter
indicates a loss of $0.03 versus earnings of $0.06 last year and Wall
Street was looking for profits of $0.04, not a loss, hence the big drop in
the stock.
Immucor (BLUDE) down $4.67. Its first quarter earnings were up 62
percent, but the company sees 2006 earnings at $0.85 at best and the Street
estimate is $0.98. The company`s in the business of blood analysis and it
is on the brink of being delisted from NASDAQ.
And 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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/11/05:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10686.04 +45.94 + .4
HIGH 10696.45
LOW 10637.43
NASDAQ COMP. 2202.47 +5.79 +.3
HIGH 2205.36
LOW 2198.26
VOLUME 1,296.5
PREVIOUS 1,756.2
UP VOLUME 861.6
DOWN VOLUME 408.9
DOW TRANSPORTS 4073.25 +29.35 + .7
DOW UTILITIES 388.03 -3.13 - .8
CLOSING TICK +755
S&P 500 1234.72 +3.76 + .3
S&P 100 569.01 +1.83 + .3
MIDCAP 400 719.47 +2.49 + .4
REUTERS/CRB 315.59 +1.06 + .3
NYSE COMPOSITE 7561.40 +31.27 + .4
VALUE LINE 404.45 +1.16 + .3
RUSSELL 2000 666.66 +1.73 + .3
DJW 5000 12362.86 +37.88 + .3
U.S. TREASURIES
5-YEAR NOTE 4.50%
Nov. 15,2010 100 2/32 unch. 4.49
10-YEAR NOTE 4.25%
Aug. 15,2015 99 12/32 unch. 4.58
30-YEAR NOTE 5.375%
Feb. 15, 2031 109 8/32 unch. 4.74
LEHMAN BROS.
LONG BOND INDEX N/A N/A
DOW CLOSE 10686.04 +45.94 + .4
ADVANCES 1852
DECLINES 1394
NEW HIGHS 131
NEW LOWS 91
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
PFE Pfizer 22.43 +.22 +1.0
TWX Time Warner 17.82 +.11 +.6
EMC EMC Corp 13.67 -.20 -1.4
F Ford Motor Co 7.97 +.15 +1.9
XOM Exxon Mobil 56.52 +.07 +.1
CCO Clear Channel 18.55 +.55 +3.1
NWSa News Corp "A" 14.93 +.26 +1.8
GE GE 34.65 +.15 +.4
SBC SBC Comm 23.95 +.06 +.3
C Citigroup 48.00 +.27 +.6
NASDAQ CLOSE 2202.47 + 5.79 + .3
VOLUME 1,465.6
PREVIOUS 1,988.3
ADVANCES 1619
DECLINES 1344
NASDAQ ACTIVES
GOOG Google 390.40 -.70 -.2
DELL Dell 29.40 +.19 +.7
CSCO Cisco Systems 17.47 +.32 +1.9
MSFT Microsoft 27.28 +.19 +.7
INTC Intel 25.13 -.11 -.4
AAPL Apple Computer 61.54 +.36 +.6
PTEN Patterson-UTI 30.00 -2.83 -8.6
EBAY eBay 43.89 +.58 +1.3
QCOM Qualcomm 45.42 -.24 -.5
SNDK SanDisk 60.98 +1.35 +2.3
AMEX CLOSE 1696.58 + 14.69 + .9
INDEX SHARES
DIA DIAMONDS TRUST 107.04 +.46 +.4
QQQ NASDAQ 100 40.71 +.11 +.3
SPY S&P DEP.RECEIPTS 123.76 +.42 +.3
STOCKS IN THE NEWS
GM GM 24.48 +.97 +4.1
ABT Abbott Labs 43.73 +.93 +2.2
KG King Pharm 15.40 -.77 -4.8
FMD First Marblehead 32.80 +5.40 +19.7
PHH PHH 29.65 +2.85 +10.6
MWD Morgan Stanley 55.28 +.83 +1.5
OCR Omnicare 55.17 +2.05 +3.9
KSS Kohl's 50.68 +1.56 +3.2
DWA DreamWorks Anim 24.80 -1.73 -6.5
IHS IHS 17.10 +1.10 +6.9
DWRI Design Within 4.25 -3.47 -45.0
BLUDE Immucor 22.60 -4.67 -17.1
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