01/16/06:
Denny's Recipe For Diversity
PAUL KANGAS: We begin tonight with Denny`s. It took a big lawsuit for the
restaurant chain to realize it had a diversity problem and a public
relations one, as well. Since settling that suit back in 1994, the company
has made a turnaround from a symbol of racial discrimination to one of the
best companies for minorities. From Denny`s headquarters in South
Carolina, Darren Gersh reports.
DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: This meeting is
what makes corporate diversity different at Denny`s.
RAY HOOD, CHIEF DIVERSITY OFFICER, DENNY`S: This is the real deal.
This is about a $1.4 million opportunity.
GERSH: This is Ray Hood, Denny`s chief diversity officer. And that`s
Denny`s CEO Nelson Marchioli.
NELSON MARCHIOLI, CEO, DENNY`S: So, $150 more per store, for a grand
total of how much?
GERSH: Ray is an officer of the company. She sits on the Denny`s
management committee and is one of just seven people to report directly to
the CEO. Many companies relegate diversity to a task force or give the job
to a junior executive reporting to human resources. Not Denny`s.
HOOD: You don`t run finance by a council. You have a CFO. You have an
SVP of human resources. Marketing is not run by a task force. So why
would we do this? And actually, we felt that it was a bastardization of the
business actually and that it would make diversity this appendage off to
the side of the business and not integrated into the business. So we
really broke the mold.
GERSH: Denny`s really had no choice. In the mid-`90s a Denny`s
restaurant in Annapolis failed to serve six uniformed African American
Secret Service agents in town to guard President Clinton. They sued and
Denny`s became a punch line for late night comics.
HOOD: We became like an icon for corporate discrimination. And I read
someplace where they called us the poster child.
GERSH: Since then, Denny`s has become the poster child for how to make
diversity work. Surveys rank the company as one of the best workplaces in
the country for minorities and women. Now other CEOs ask Marchioli for
advice. When he offers it, he hears back doubts about the cost and extra
work of hiring and managing a chief diversity officer.
MARCHIOLI: Well, what about a task force or I think this should report
to HR? And I push back and advise them that it is really about your
commitment as the CEO.
GERSH: It is certainly not cheap. Denny`s says it spends millions of
dollars a year on diversity training.
UNIDENTIFIED FEMALE: We did have a couple that was a little grumpy
negative, but once we got into it, they picked up and it was really fun.
UNIDENTIFIED MALE: Very good. The fact is that maybe we might have
seen them originally as grumpy or maybe difficult, but the fact is you
worked through it, and that`s about appreciating others and diversity.
GERSH: Every new Denny`s employee is trained in the company`s core
values, including appreciating others. Over the last decade, Denny`s
estimates two million people have taken its diversity training and the
company claims to be the largest diversity trainer in the country. Each of
Denny`s 85,000 employees receives an hour and a half of diversity training,
managers: nine and a half hours. Hood says the experience can be an eye-
opener, helping some understand the kind of subtle and not-so-subtle
discrimination minorities face everyday.
HOOD: If someone is walking through that day in and day out, perhaps
by the time they come to you and the silverware is not clean, or you sit
them back of the restaurant, then it`s like, it gives me a context to
understand where this is coming from. Light bulb goes off.
GERSH: From a company with no top black executives or suppliers a
decade ago, Denny`s now says half its board and senior leadership team are
women or people of color and more than 12 percent of total purchasing
contracts are with minority suppliers. Denny`s insists these are not
quotas.
HOOD: We want to see women, we want to see white males, we want to see
people of color and may the best person get the job.
GERSH: Denny`s can`t afford another mistake. The company faces fierce
competition from Ihop and in the crowded family dining category, Denny`s
can`t risk another hit to its reputation. But Hood is not worried. She
believes the company has taken the diversity message to heart.
HOOD: If I were to get hit by a bus, heaven forbid, it could go on and
on and on. So that everybody owns it. It`s who we are. That`s what it
means for Denny`s at this very specific point in time. And that`s big for
us.
GERSH: Darren Gersh, NIGHTLY BUSINESS REPORT, Spartanburg, South
Carolina.
GHARIB: Joining us now to talk more about the issues of diversity,
we`re happy to have with us Bernard Anderson, professor of management at
the Wharton School of the University of Pennsylvania and David Thomas,
professor of business administration at the Harvard Business School.
Gentlemen, thank you so much for joining us. Dr. Thomas, let me begin with
you. You know, everybody talks about diversity, but if you had to come up
with a short definition of what makes a diverse workforce, what would it
be?
DAVID THOMAS, PHD, PROF. OF BUSINESS ADMIN., HARVARD BUSINESS SCHOOL:
It would be a workforce that reflects the community that the business
serves and the available labor markets, as well as reflecting diversity at
all levels of the company and both in the company`s peripheral and core
businesses or units.
GHARIB: Dr. Anderson, do you see it the same way?
BERNARD ANDERSON, PHD, PROF. OF MANAGEMENT, WHARTON SCHOOL: Yes. I
would express it a little bit differently. I would say that a diverse
workforce is one in which there is a nondiscriminatory environment for the
management of human resources.
GHARIB: So how would you be able to tell, Dr. Anderson, if a company
has been successful at creating a diverse workforce compared to one that`s
been a failure?
ANDERSON: Look at the numbers. I`m a numbers man. I think that you
have to look at who is s employed in that company and at what level they
are employed. A diverse workforce is one that will reflect all of the
population groups in this country, all of those who are in the labor
market. It is not one in which you find an overwhelming majority of senior
and management positions held by one population group, namely white males.
GHARIB: Dr. Thomas, is it all about numbers? Is that what success or
failure is determined on?
THOMAS: I think it`s about numbers. I also think it`s about the
culture, and I think it`s also about retention. There are many
organizations that are able to keep their numbers looking perfect, but when
you actually look at what`s going on, they`ve got a revolving door for
talent and in particular, for female talent, talent of color.
GHARIB: So, Dr. Thomas, what would you say then are the real
challenges or the stumbling blocks in terms of creating a diverse workforce
and then keeping it that way?
THOMAS: I think the -- probably the major stumbling block is
leadership accountability and having that leadership accountability run all
the way through the organization, so that after initial success with the
numbers, we don`t take our eye off the ball in terms of creating the kind
of culture and environment that allows people to succeed and makes people
want to be retained. So I really see today`s stumbling blocks lying
primarily at the level of leadership.
GHARIB: I know, Dr. Anderson, you believe a lot that corporate leaders
can play a big role in creating a diverse workforce. What would you say is
the key thing that a corporate leader has to do?
ANDERSON: The first thing the corporate leader has to do in my view is
understand the importance of workforce diversity for the performance of the
company. I think if you look at the evidence, you will find that those
companies that are high-performance work companies, are high-performance
organizations, are organizations that have a diverse workforce.
GHARIB: Dr. Thomas, for companies that do not embrace diversity,
what`s the biggest cost for not being diverse?
THOMAS: The biggest cost is that they will fail to adapt to the
environment around them. There`s plenty of evidence that shows that
companies that don`t have the diversity within, in order to track what`s
going on in their markets and connect well to those markets, ultimately
lose their position.
GHARIB: Gentlemen, let`s take a little break here and we`ll continue
our conversation with Dr. Anderson and Dr. Thomas a little later in the
program.
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.
01/16/06: Nordstrom's Plan Of Action
PAUL KANGAS:If you look at the management of fashion retailer Nordstrom,
it`s obvious the company takes diversity seriously. More than 30 percent
of the company`s managers are people of color; more than 71 percent are
women. Those numbers are even higher when looking at the chain`s total
employment. As Diane Eastabrook reports from the company`s headquarters in
Seattle, Nordstrom takes pride in that.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Nordstrom
is the department store chain known for its elegance, its attentive service
-- So what I`m using on you is the long-wear gel liner.
EASTABROOK: ... and its shoes. Can I measure both feet for you?
EASTABROOK: But the Seattle-based retailer could be known for
something else, as well: its commitment to diversity.
BLAKE NORDSTROM, PRESIDENT, NORDSTROM: As our country evolves, it`s a
pretty diverse community out there, and so it`s important that we`re
reflective of that.
EASTABROOK: Nordstrom launched its diversity program nearly 20 years
ago when it began rapidly expanding outside of Washington to 26 other
states. The retailer assesses every new market it enters and sets hiring
benchmarks that reflect regional demographics. Today, 40 percent of
Nordstrom`s 50,000 employees are minorities; 30 percent of its managers are
women and people of color.
DELENA SUNDAY, EXEC. V.P., DIVERSITY AFFAIRS, NORDSTROM: We`re in the
service industry and we want to service anybody. We want to service
everyone. So in order to do that, we have to have, you know, someone for
everyone. So when our customers shop with us, they need to see people who
reflect themselves, whether that`s ethnicity, age, whatever.
EASTABROOK: The kinds of shoppers Nordstrom seeks to attract are reflected in its catalogs. It also reaches shoppers through advertisements
in magazines such as "Latina," "Black Enterprise" and "Essence." Nordstrom
also uses its clout as a retailer to back up its commitment to diversity.
The company does business with nearly 6,000 minority-owned suppliers and
vendors. Clothing from Asian designer Misook to African American
designer Tracey Reese to Hispanic jewelry designer Liz Palacios
appear in many Nordstrom stores. The company thinks it has benefited from
those relationships as much as its suppliers have.
NORDSTROM: We`ve been able to have fresh product that maybe you can`t
find somewhere else and so as merchants we`re always looking for new
things.
EASTABROOK: Nordstrom`s commitment to diversity extends beyond what
customers see in its more than 100 stores. The company often acts as a
mentor of sorts to its many suppliers, helping them to expand and improve
their businesses. Alliance Relocation, a division of the Affluence Group, is a prime
example. Before it began doing business with Nordstrom seven years ago,
Alliance helped other companies coordinate employee relocations by simply
contracting with local moving companies. But Nordstrom wanted something
more. It insisted Alliance also help relocated employees sell their homes
and buy new ones. Herb Stokes, CEO of the Affluence Group, says
Nordstrom`s faith in his company helped to transform it.
HERB STOKES, CEO, THE AFFLUENCE GROUP: Not many corporations would
give us an opportunity to participate in that real estate component,
because there is a lot of expertise required and a lot of financial
investment and we couldn`t do that. Nordstrom, however, felt that we could
if given the opportunity.
EASTABROOK: Nordstrom`s commitment to diversity seems almost ironic,
considering it is headquartered in a city whose population is more than 70
percent white. Still, the company says its commitment is part of its
heritage. Founder John W. Nordstrom was a poor Swedish immigrant who
arrived in the U.S. in 1887. He opened his first shoe store in Seattle in
1901. Blake Nordstrom says, in a sense, the diversity program carries on
his great grandfather`s business philosophy.
NORDSTROM: Taking care of every single person, giving them the
courtesy and respect they deserve, that`s a key component of how this
company was founded.
EASTABROOK: Experts say while diversity programs are very common in
retailing, Nordstrom`s is a cut above the rest.
MARY ANN ODEGAARD, MANAGEMENT PROFESSOR, UNIV. OF WASHINGTON: And they
practice what they say, which I think differentiates them some from some
other companies that have a policy, but it isn`t necessarily embraced by
everybody.
EASTABROOK: Nordstrom says it is always looking for ways to improve
its diversity program, either in its stores or in its catalogs or through
its suppliers.
SUNDAY: It`s not anything you ever reach the finish line. You never
say, "oh, my gosh, you know, now we can take a deep breath," because our
customers will continue to change. Their needs will continue to change, and
we have to evolve with that. So we just continue to try to get better.
EASTABROOK: And that, says Nordstrom, has always been the key to its
success. Diane Eastabrook, NIGHTLY BUSINESS REPORT, Seattle.
GHARIB: Continuing now our discussion on diversity, we`re back again
with Bernard Anderson of the Wharton School and David Thomas of the Harvard
Business School. Dr. Anderson, let me begin with you this time about how
can minorities move into the executive suite. What`s your best advice?
ANDERSON: My best advice is for boards of directors, senior
executives, to seek out and as a matter of a specific goal, attract
minorities and women into some of the senior positions. That is something
that is rarely done in American industry today. Let me be clear. What I
mean is seeking out minorities and women, preparing them, tutoring them,
mentoring them, doing what is necessary to see that they rise to the
highest levels of the corporation.
GHARIB: Let`s hear what Dr. Thomas has to say. What thoughts do you
have on minority advancement in the executive suite?
THOMAS: Well, I wholeheartedly agree with what Dr. Anderson has said.
I would add that the thinking about bringing minority executives into the
executive suite has to start fairly early in the young executive`s career.
My observation is that many of the minority senior managers, by the time
they get to be considered for executive level, have missed key
developmental experiences and opportunities that then don`t allow them to
clear that bar. And so I think addressing that development very early in
career is critical.
GHARIB: And let me ask you, Dr. Thomas, do you think that affirmative
action has been a success or a failure?
THOMAS: I think that affirmative action has been a success in terms of
creating access at the entry levels of organizations at lower levels in the
professional ranks. I don`t think affirmative action has had a great
influence on the movement of minorities into the executive level. And in
part, that`s because of the focus on numbers, not also on position and
access in companies.
GHARIB: Let me ask both of you. We`ve been talking a lot about
diversity. Is there anything missing from the current debate and
discussion on diversity in America? What should people be focusing on? Dr.
Anderson?
ANDERSON: I think what`s missing is to connect affirmative action and
diversity. Diversity is a major goal. It is part of the conversation. We
hear very little today about affirmative action. But let me tell you, you
can`t get to diversity without affirmative action. And so I will use that
much maligned word, affirmative action, to say that businesses need to have
policies and practices in place that seek out minorities and women.
GHARIB: Dr. Thomas, what do you think is missing in the debate and
discussion?
THOMAS: What I think is missing in the debate and discussion is really
how you connect, how we lead organizations to the desire to have diversity
in an organization. And if those two things aren`t connected, I think we
wind up with a numbers game that gets played at the bottom of the
corporation and at the periphery of it and not at the core and not at the
top.
GHARIB: All right. Just to wrap it up, it is, after all, Martin
Luther King Day and much of Dr. King`s legacy has centered on racial
inequality in America. Give us a progress report on where we stand on that
today. What more still needs to be done? And Dr. Anderson and Dr. Thomas,
real quickly, just in a few words.
ANDERSON: I think a great deal of progress has been made in expanding
the doors of opportunity since Dr. King was on the scene. However, let me
emphasize we still have a long way to go.
GHARIB: Dr. Thomas, last word.
THOMAS: I think that we need to focus more on class and education.
There is a group of the African-American community who are essentially
being put on a path to be locked out of the economy in the 21st century and
it will be a major, cataclysmic problem I think for this nation, if we
don`t begin to connect that and businesses begin to see that as being in
their interests.
GHARIB: Gentlemen, thank you so much. We appreciate your time and
your insights.
ANDERSON: Thank you.
THOMAS: Thank you.
GHARIB: And we`ve been speaking with Bernard Anderson, professor of
management of the Wharton School of the University of Pennsylvania and
David Thomas, the professor of business administration at the Harvard
Business School.
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.
1/16/06: Xerox's Blue Print For Diversity
PAUL KANGAS: Xerox is known as a pioneer in document processing, but it`s
also a pioneer in workplace diversity. For over 40 years, the company has
made it a priority to actively recruit and promote minorities and women.
As Erika Miller reports, Xerox says the moves are designed to give it a
competitive edge.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s 3:15 p.m.
and Rita Sherman is home to greet her kids as they get off the bus. It`s
something she looks forward to every school day, but Sherman is not a stay-
at-home mom. She`s a senior manager at Xerox. She has arranged to work
just 30 hours a week during the school year and full-time during the
summer. Schedule flexibility is one reason Xerox has been successful in
recruiting and retaining a diverse pool of workers.
RITA SHERMAN, TECHNOLOGY ASSESSMENT MANAGER, XEROX: Xerox has
understood that in order to have the diversity that it wants, you have to
be flexible -- I mean, not just for women, but for men, and whatever the
different needs are of the different people.
MILLER: At Xerox, differences are not just tolerated; they are
considered vital for business success. That belief starts at the top with
Anne Mulcahy, the company`s first female chairman and CEO.
ANNE MULCAHY, CHAIRMAN & CEO, XEROX: When you have an environment
that is diverse, really having it allowing people to make their full
contribution and really develop and be a part of the development system of
the company, I think, delivers incredible returns in terms of full employee
productivity and a workplace that really does enable great work.
MILLER: Mulcahy started as a sales representative in 1976. Now she`s
one of only seven women running a "Fortune" 500 company.
MULCAHY: At times during my career while I was, you know, having my
children and trying to balance work and family, Xerox partnered with me to
make sure that I didn`t get off track and that they helped insure that I
stayed a part of Xerox and had some flexibilities at times that kept me
with Xerox. There`s no question about it.
MILLER: From the corner office to the factory floors, diversity is
evident throughout the organization. Xerox employees are roughly 15
percent African American, 8 percent Hispanic, 5 percent Asian and 1 percent
Native American. More than 40 percent of senior executives are women,
people of color or both. Xerox`s effort to promote diversity began here in
Rochester in the early 1960s. At that time, race riots shook the city,
prompting Xerox to mount an aggressive campaign to recruit and hire African
Americans. Over time, the firm`s diversity efforts have extended to
include other underrepresented groups. Currently, the company has active
caucuses for Asians, Hispanics, blacks, black women, women and homosexuals.
Each group has its own champion with clout.
PHILIP HARLOW, CHIEF DIVERSITY OFFICER, XEROX: We assign a senior-
level corporate executive to each one of the caucus groups that are
represented within the Xerox culture. And the purpose of that is to have
someone that`s directly connected to the CEO of the company to allow for
ongoing exchange of communications.
MILLER: For example, Xerox says the black employee caucus helped it
develop a consistent performance evaluation format company-wide. The
women`s organizations advocated family friendly policies like flextime, job
sharing and telecommuting. Xerox says all the groups help with minority
recruitment. They also foster informal mentoring and networking.
SHERMAN: I feel that, you know, being one of fewer, you know, female
minorities in the company, I have something to offer. I`ve had a lot of
experience, I`ve been in a lot of different groups and I can help people
understand, you know, here are the possible opportunities.
MILLER: Another way Xerox promotes diversity is through community
outreach programs. Willie Robinson started as an engineer there 13 years
ago. Now he oversees a program that places company engineers in Rochester
public schools to teach science.
WILLIE ROBINSON, MANAGER, COMMUNITY EDUCATION PROGRAMS: We go in,
letting them know that there is different career opportunities that you
might want to consider regardless of where you come from, whether or not
you are a male or a female.
MILLER: Because diversity is seen as a business imperative, managers
are evaluated on whether they achieve diversity targets. And when layoffs
take place, the company strives to mirror balanced workforce goals. Still,
Xerox says this commitment to diversity does not conflict with its goal of
finding the best employees.
HARLOW: This is not about quotas. This is about trying to create an
environment that`s inclusive and representative based on the markets that
you operate in. Xerox is a company that has very high standards as it
relates to the capabilities that we look for people to have to come in.
MILLER: Xerox says its effort to encourage diversity remains a top
priority. The company hopes to recruit more Hispanics and female
engineers. It also wants to see more women working for Xerox abroad.
Erika Miller, NIGHTLY BUSINESS REPORT, Rochester, 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.
1/13/06: "Paul Kangas' Stocks In The News"
PAUL KANGAS: Wall Street opened modestly higher as investors shrugged off
that sharp rise in the producer price index and focused instead on the
small increase in the core rate. The smaller than expected rise in retail
sales last month reinforced the case for the Federal Reserve to stop hiking
interest rates. The Dow rose 20 points at the outset of trading, NASDAQ up
one point. The early upturn was too tepid to gain much of a following, so
sellers took control this afternoon amid caution ahead of the long
weekend.
Dow industrial average closed down just 2 1/2 points at 10,959.87.
This week, it rose twice, fell three times, still had a net gain of .56.
The NASDAQ Composite rose a fraction to 2317.04 today. It fell only once
and rose four times this week for an overall advance of 11.42 points. The
Standard & Poor`s 500 index up 1 1/2 today, ending at 1287.61. In the bond
market, the 10-year note rose 13/32 to 101 4/32, putting the yield at 4.36
percent.
Most active big board issue on 80 million shares, Lucent Technology
(LU) losing $0.06 after the company lowered its 2006 revenue forecast
because of lower than expected sales in the United States in China and that
was in the first quarter.
Then we see Tyco International (TYC) down $3.19. That split into three
publicly companies is supposed to enhance shareholder value, but as
you heard Jeff, say the company downgraded first quarter guidance from
$0.41 to $0.38. And on top of that, Citigroup downgraded Tyco shares from
"buy" to just a "hold."
Nortel Networks (NT) off $0.15.
Time Warner (TWX) $0.21 loss.
Ford Motor Co (F) slipped just $0.01. That was fifth in volume.
Then the Gap (GPS) off $0.44.
Sprint Nextel (S) moved up $0.57.
Pfizer (PFE) a $0.09 gain.
General Motors (GM) down $0.59, even though the chairman thinks it`s
going to be a better year ahead.
Advanced Micro Devices (AMD) off $1.22. Deutsche Securities downgraded
it from "hold" to "sell," citing increased competition from Intel.
IBM (IBM), another Dow stock, off $0.40 today. The SEC is beefing up
its investigation into the company`s accounting for stock option expensing.
And US Steel (X) did well today, edging up $0.58. CS First Boston
upgraded it from "neutral" to "outperform" with a $57 a share price target.
Wellpoint (WLP) down $2.05. Goldman Sachs downgraded its rating on the
managed care sector from "neutral" to "cautious" today. That affected some
other stocks in that area.
Like Aetna (AET) off $1.53.
Cigna (CI) (UNH) losing just $0.78.
But Unitedhealth Group (UNH) down $1.59 on that downgrade.
RadioShack (RSH) moved up $1.41. Prudential Securities upgraded it
from "neutral" to "over weight" and yesterday, RadioShack reported fourth
quarter same store sales were up a respectable 4 percent.
A retailer on the downside, Abercrombie & Fitch (ANF) losing $2.37
after Prudential downgraded it from "over weight" to just a "neutral" and
did the same with Ann Taylor stock, which slipped $0.98 to $32.96.
Home builders were weak today. Lennar (LEN) losing $1.24. The Raymond
James financial brokerage downgraded four of the housing stocks from
"market perform" to "under perform." Lennar was one of them. Let`s have a
look at the other three that were downgraded.
Pulte Homes (PHM) off just a fraction.
Same story with Ryland Group (RYL) and Standard Pacific (SPF), no big
losses there.
But reinforcing the argument that housing is slowing down was the Toll
Brothers (TOL) stock, off $0.47. Toll says that its new home orders are
indeed slowing.
Google (GOOG) topped the NASDAQ active list, up $2.62.
Followed by Apple Computer (AAPL) with a gain of $1.30.
But Sandisk (SNDK) was down $4.39 after Bear Stearns brokerage
downgraded it from "out perform" to just "peer perform."
Yahoo! (YHOO) lost $0.99.
Intel (INTC) an $0.18 loss. That was fifth in dollar volume.
Microsoft (MSFT) edged up a nickel.
Cisco Systems (CSCO) $0.28 loss.
Applied Materials (AMAT)down $0.67.
Rambus (RMBS) moved up $0.53.
Tenth in volume Sun Microsystems (SUMW) a $0.31 gain.
Hansen Natural (HANS) up $12.16. The company makes natural sodas
and fruit juices and Citigroup issued a "buy" recommendation on the stock
and boosted its price target from $0.88 all the way up to $130 a share.
Nektar Therapeutics (NKTR) up $1.89, over a 10 percent rise.
There`s speculation that Pfizer may try to acquire the company, which has a
product called Exubera, which is an inhalable insulin for
diabetes.
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.
01/13/06:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10959.87 -2.49 - .0
HIGH 10992.69
LOW 10921.53
NASDAQ COMP. 2317.04 +.35 +.0
HIGH 2321.70
LOW 2308.16
VOLUME 1,569.5
PREVIOUS 1,704.3
UP VOLUME 753.6
DOWN VOLUME 784.3
DOW TRANSPORTS 4147.10 -1.28 - .0
DOW UTILITIES 415.85 +3.04 + .7
CLOSING TICK +622
S&P 500 1287.61 +1.55 + .1
S&P 100 584.62 +.37 + .1
MIDCAP 400 766.73 -.31 - .0
REUTERS/CRB 336.84 +2.13 + .6
NYSE COMPOSITE 8025.94 +17.85 + .2
VALUE LINE 428.60 +.53 + .1
RUSSELL 2000 708.44 +1.65 + .2
DJW 5000 12944.52 +15.97 + .1
U.S. TREASURIES
5-YEAR NOTE 4.25%
Jan. 15,2011 99 27/32 +8/32 4.29
10-YEAR NOTE 4.50%
Nov. 15,2015 101 3/32 +13/32 4.36
30-YEAR NOTE 5.375%
Feb. 15, 2031 112 18/32 +28/32 4.53
LEHMAN BROS.
LONG BOND INDEX 1778.43 +15.81
DOW CLOSE 10959.87 -2.49 - .0
ADVANCES 1844
DECLINES 1485
NEW HIGHS 114
NEW LOWS 17
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
LU Lucent Tech 2.65 -.06 -2.2
TYC Tyco Intl 27.12 -3.19 -10.5
NT Nortel Networks 3.22 -.15 -4.5
TWX Time Warner 17.27 -.21 -1.2
F Ford Motor Co 8.55 -.01 -.1
GPS Gap 17.42 -.44 -2.5
S Sprint Nextel 23.35 +.57 +2.5
PFE Pfizer 24.67 +.09 +.4
GM General Motors 20.37 -.59 -2.8
AMD Advanced Micro 34.13 -1.22 -3.5
NASDAQ CLOSE 2317.04 + 0.35 + .0
VOLUME 1,783.5
PREVIOUS 2,057.1
ADVANCES 1666
DECLINES 1331
NASDAQ ACTIVES
GOOG Google 466.25 +2.62 +.6
AAPL Apple Computer 85.59 +1.30 +1.5
SNDK SanDisk 72.83 -4.39 -5.7
YHOO Yahoo! 39.90 -.99 -2.4
INTC Intel 25.79 -.18 -.7
MSFT Microsoft 27.19 +.05 +.2
CSCO Cisco Systems 18.92 -.28 -1.5
AMAT Applied Matl 20.15 -.67 -3.2
RMBS Rambus 34.25 +.53 +1.6
SUNW Sun Micro 4.71 +.31 +7.1
AMEX CLOSE 1815.46 + 22.64 + 1.3
INDEX SHARES
DIA DIAMONDS TRUST 109.57 -.19 -.2
QQQ NASDAQ 100 42.98 -.02 -.1
SPY S&P DEP.RECEIPTS 128.68 -.12 -.1
STOCKS IN THE NEWS
IBM IBM 83.17 -.40 -.5
X US Steel 50.12 +.58 +1.2
WLP Wellpoint 74.89 -2.05 -2.7
AET Aetna 89.94 -1.53 -1.7
CI Cigna 114.39 -.78 -.7
UNH UnitedHealth Gp 60.94 -1.59 -2.5
RSH RadioShack 22.90 +1.41 +6.6
ANF Abercrombie & Fit 63.76 -2.37 -3.6
LEN Lennar 63.99 -1.24 -1.9
PHM Pulte Homes 42.48 -.37 -.9
RYL Ryland Group 78.78 -.66 -.8
SPF Standard Pacific 41.12 -.38 -.9
TOL Toll Brothers 37.74 -.47 -1.2
HANS Hansen Natural 104.31 +12.16 +13.2
NKTR Nektar Therapeutic 20.00 +1.89 +10.4
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