Portfolio Crafter
10-08-2007, 10:44 PM
End of Day Market Summary - Monday, October 8, 2007
by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks closed mostly lower with the market taking cues from falling oil and gold prices, while investors awaited third-quarter reports, with Dow component Alcoa Inc. unofficially launching earnings season tomorrow. The Dow Jones industrial average closed down 22.28 or 0.16% to 14,043.73, the broader S&P 500 closed down 5.01 or 0.32% to 1,552.58, and the tech-fueled Nasdaq composite closed up 7.05 or 0.25% to 2,787.37.
Volume on the New York Stock Exchange topped 851 million shares, with declining issues outpacing advancers more than 2 to 1. On the Nasdaq, nearly 1.5 billion shares exchanged hands and decliners topped advancers 4 to 3.
While stocks had risen Friday after a strong jobs report raised bets that the economy will be able to avoid a recession, despite the impact of the housing and mortgage market meltdown, today investors were a little wary. The focus is now on third-quarter earnings, with two Dow components set to get the ball rolling. However, a bigger batch of reports doesn't arrive until later in the month.
Shares of Ryder Systems closed down $3.33 or 6.76% to $45.92, after warning that third quarter earnings won't meet estimates, due to the impact from the economic slowdown. Ryder operates a fleet of more than 140,000 vehicles, sees a slowdown in business activity from its clients.
Shares of SAP declined $2.87 or 4.85% to $56.36, after it agreed to buy software maker Business Objects for $6.8 billion in cash. Shares of Business Objects closed up $7.56 or 15.04% to $57.83. This acquisition is SAP's largest and a reversal of its avowed organic-growth strategy.
Stock of Textron closed down $1.37 or 2.10% to $64.01, after stating that it was buying United Industrial for $1.1 billion in cash. Shares of United Industrial closed up $4,77 or 6.31% to $80.39, as this is 7% premium over its $75.32 closing price on Friday. The deal is expected to be completed by the end of the year.
Shares of Merrill Lynch closed down $2.55 or 3.33% to $74.12, on a pair of analyst downgrades. Last Friday, the company warned it would post a quarterly loss and take a big charge due to the credit and mortgage market turmoil.
Stock of Sprint Nextel closed up $0.51 or 2.68% to $18.50, after it agreed to settle a patent lawsuit against Vonage for about $80 million. Shares of Vonage closed up $2.42 or 3.54% to $70.77, and topped the New York Stock Exchange's most-actives list.
U.S. light crude oil for November delivery declined $2.20 to settle at $79.02 a barrel on the New York Mercantile Exchange.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks closed mostly lower with the market taking cues from falling oil and gold prices, while investors awaited third-quarter reports, with Dow component Alcoa Inc. unofficially launching earnings season tomorrow. The Dow Jones industrial average closed down 22.28 or 0.16% to 14,043.73, the broader S&P 500 closed down 5.01 or 0.32% to 1,552.58, and the tech-fueled Nasdaq composite closed up 7.05 or 0.25% to 2,787.37.
Volume on the New York Stock Exchange topped 851 million shares, with declining issues outpacing advancers more than 2 to 1. On the Nasdaq, nearly 1.5 billion shares exchanged hands and decliners topped advancers 4 to 3.
While stocks had risen Friday after a strong jobs report raised bets that the economy will be able to avoid a recession, despite the impact of the housing and mortgage market meltdown, today investors were a little wary. The focus is now on third-quarter earnings, with two Dow components set to get the ball rolling. However, a bigger batch of reports doesn't arrive until later in the month.
Shares of Ryder Systems closed down $3.33 or 6.76% to $45.92, after warning that third quarter earnings won't meet estimates, due to the impact from the economic slowdown. Ryder operates a fleet of more than 140,000 vehicles, sees a slowdown in business activity from its clients.
Shares of SAP declined $2.87 or 4.85% to $56.36, after it agreed to buy software maker Business Objects for $6.8 billion in cash. Shares of Business Objects closed up $7.56 or 15.04% to $57.83. This acquisition is SAP's largest and a reversal of its avowed organic-growth strategy.
Stock of Textron closed down $1.37 or 2.10% to $64.01, after stating that it was buying United Industrial for $1.1 billion in cash. Shares of United Industrial closed up $4,77 or 6.31% to $80.39, as this is 7% premium over its $75.32 closing price on Friday. The deal is expected to be completed by the end of the year.
Shares of Merrill Lynch closed down $2.55 or 3.33% to $74.12, on a pair of analyst downgrades. Last Friday, the company warned it would post a quarterly loss and take a big charge due to the credit and mortgage market turmoil.
Stock of Sprint Nextel closed up $0.51 or 2.68% to $18.50, after it agreed to settle a patent lawsuit against Vonage for about $80 million. Shares of Vonage closed up $2.42 or 3.54% to $70.77, and topped the New York Stock Exchange's most-actives list.
U.S. light crude oil for November delivery declined $2.20 to settle at $79.02 a barrel on the New York Mercantile Exchange.
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