Portfolio Crafter
11-16-2007, 11:39 PM
End of Day Market Summary - Friday, November 16, 2007
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Stocks shifted gears yet again to close with modest weekly gains as an erratic market closed a roller coaster ride focused on the credit crunch and its impact on the financial sector and the overall economy. Major indexes capped a rather volatile session where investors closely eyed corporate earnings and attempted to gauge the Federal Reserve's next step.
The Dow Jones industrial average closed up 66.74 or 0.51% to 13,176.79, the broader S&P 500 closed up 7.59 or 0.52% to 1,458.74, and the tech-fueled Nasdaq composite closed up 18.73 or 0.72% to 2,637.24. For the week, the Dow gained 1%, the S&P dropped 0.3% and the Nasdaq rose 0.4%.
Market breadth was negative. Decliners beat advancers by 9 to 7 on the New York Stock Exchange on volume of 1.76 billion shares. Losers topped winners by 4 to 3 as 2.5 billion shares exchanged hands.
Investors sifted through corporate earnings news, hawkish remarks by a Federal Reserve official and nursed ongoing credit market worries. Federal Reserve Gov. Randall Kroszner, hinted that the central bank may not continue to lower interest rates, even if the economy worsens. With commodity prices in check and the dollar modestly weaker, investors turned their attention to the corporate front, where they were greeted by more troubling news. Additionally, industrial production suffered its biggest decline in nine months during the month of October, the reading came in worse than expected.
Shares of FedEx closed down $4.57 or 4.51% to $96.80, after cutting its earning outlook, citing higher fuel costs and a strained U.S. freight market. It expects to earn $1.45 to $1.55 per share, compared with a previous forecast of $1.60 to $1.75 per share.
Stock of Starbucks closed down $0.93 or 3.86% to $23.17, despite reporting strong quarterly results, and also trimming its fiscal 2008 guidance. Its fiscal fourth-quarter profit jumped 35%, despite a slowdown in store openings and a drop in U.S. traffic. It posted net earnings of $158.5 million, compared with $117.3 million for the same period last year. Quarterly revenue was $2.44 billion, up from $2 billion last year. Same-store sales, increased 4%, toward the low end of the company's guidance.
Shares of Kohl's closed up $0.76 or 1.55% to $49.68, despite reporting lower profits and also cutting its earnings outlook. It earned $194 million, compared with $224.5 million a year ago. Sales were up to $3.83 billion for the quarter from $3.65 billion in the year-ago period, a 5% increase.
Oil prices rose on expectations that supplies would stay tight, with crude-oil futures for December delivery up $1.67 to close at $95.10 a barrel on the New York Stock Exchange.
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by Portfolio Crafter (http://www.wealthpire.com/cmd.php?Clk=1838416)
Stocks shifted gears yet again to close with modest weekly gains as an erratic market closed a roller coaster ride focused on the credit crunch and its impact on the financial sector and the overall economy. Major indexes capped a rather volatile session where investors closely eyed corporate earnings and attempted to gauge the Federal Reserve's next step.
The Dow Jones industrial average closed up 66.74 or 0.51% to 13,176.79, the broader S&P 500 closed up 7.59 or 0.52% to 1,458.74, and the tech-fueled Nasdaq composite closed up 18.73 or 0.72% to 2,637.24. For the week, the Dow gained 1%, the S&P dropped 0.3% and the Nasdaq rose 0.4%.
Market breadth was negative. Decliners beat advancers by 9 to 7 on the New York Stock Exchange on volume of 1.76 billion shares. Losers topped winners by 4 to 3 as 2.5 billion shares exchanged hands.
Investors sifted through corporate earnings news, hawkish remarks by a Federal Reserve official and nursed ongoing credit market worries. Federal Reserve Gov. Randall Kroszner, hinted that the central bank may not continue to lower interest rates, even if the economy worsens. With commodity prices in check and the dollar modestly weaker, investors turned their attention to the corporate front, where they were greeted by more troubling news. Additionally, industrial production suffered its biggest decline in nine months during the month of October, the reading came in worse than expected.
Shares of FedEx closed down $4.57 or 4.51% to $96.80, after cutting its earning outlook, citing higher fuel costs and a strained U.S. freight market. It expects to earn $1.45 to $1.55 per share, compared with a previous forecast of $1.60 to $1.75 per share.
Stock of Starbucks closed down $0.93 or 3.86% to $23.17, despite reporting strong quarterly results, and also trimming its fiscal 2008 guidance. Its fiscal fourth-quarter profit jumped 35%, despite a slowdown in store openings and a drop in U.S. traffic. It posted net earnings of $158.5 million, compared with $117.3 million for the same period last year. Quarterly revenue was $2.44 billion, up from $2 billion last year. Same-store sales, increased 4%, toward the low end of the company's guidance.
Shares of Kohl's closed up $0.76 or 1.55% to $49.68, despite reporting lower profits and also cutting its earnings outlook. It earned $194 million, compared with $224.5 million a year ago. Sales were up to $3.83 billion for the quarter from $3.65 billion in the year-ago period, a 5% increase.
Oil prices rose on expectations that supplies would stay tight, with crude-oil futures for December delivery up $1.67 to close at $95.10 a barrel on the New York Stock Exchange.
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