Portfolio Crafter
11-23-2006, 09:06 PM
End of Day Market Summary Wednesday 11/22/2006
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Stocks closed slightly higher as a big drop in crude oil prices and better than expected earnings from Dell Inc. offset an unexpected drop in consumer confidence. The Nasdaq composite surged to its highest point in nearly six years, but the blue chip averages meandered the day before Thanksgiving, with investors distressed by a slump in GM shares on news that one of its major shareholders has shed stock.
Today, the Dow Jones industrial average closed up 5.36 or 0.04% to 12,326.95, the broader S&P 500 index closed up 3.28 or 0.23% to 1,406.09, and the Nasdaq composite index closed up 11.14 or 0.45% to 2,465.98, ending at its highest point since February 2001.
Market breadth was mixed and volume was moderate. On the New York Stock Exchange, winners beat losers 19 to 12 on volume of 1.3 billion shares. On the Nasdaq, decliners and advancers were narrowly mixed on volume of 1.6 billion shares.
Stocks seesawed throughout the day, as investors reacted to falling oil prices and the day's corporate news. Stocks were expected to remain volatile, due to lower than usual volume, with many Wall Streeters checking out early ahead of Thanksgiving holiday.
In economic news, the weekly jobless claims rose by a greater-than-expected 12,000 last week to 321,000, but remained at levels still pointing to a healthy labor market. The University of Michigan consumer sentiment index inched lower to 92.1 in late November from 92.3 earlier in the month and 93.6 in October. This reduced confidence also led to some weakness in the markets.
Shares of General Motors closed down $1.52 or 4.7% to $31.09, on news that billionaire investor Kirk Kerkorian's Tracinda Corp. has cut its stake in the automaker to 7.4% from 9.9%. This is in the aftermath of lifting of the moratorium that had prevented Tracinda from trading the shares for 45 days.
Shares of Dell closed up $2.31 to $27.13, after reporting higher quarterly earnings that topped estimates on revenue that was just short of estimates. It reported net income of $677 million, up 12% from $606 million, last year. Its revenue rose 3.5% to $14.38 billion, up from $13.91 billion but slightly lower than the $14.44 billion expected by analysts.
Stock of Alcoa closed up $1.24 or 4.2% to $30.43, after it unveiled a broad restructuring program. The company would cut its work force by about 10%, and lead to a spin-off of its molded soft-alloy business via a joint venture with Norway's Orkla ASA.
Stock of Merck closed up $0.15 to $44.37, after it was dealt a court victory when a federal judge denied a motion that would have allowed class-action status for injury and death cases involving Vioxx, the company's withdrawn painkiller. Judge Eldon Fallon of New Orleans, who is overseeing federal lawsuits involving Vioxx, denied a request by plaintiffs' attorneys for the class-action status.
Shares of International Business Machines Corp. rose 0.5% after it said the Defense Advanced Research Projects Agency has given it a four year, $244 million contract to develop a supercomputer that is more efficient and simpler to program.
U.S. light crude oil for January delivery closed down 90 cents to $59.27 a barrel on the New York Mercantile Exchange. This is due to the bearish inventory data from the American Petroleum Institute and the Energy Department.
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Stocks closed slightly higher as a big drop in crude oil prices and better than expected earnings from Dell Inc. offset an unexpected drop in consumer confidence. The Nasdaq composite surged to its highest point in nearly six years, but the blue chip averages meandered the day before Thanksgiving, with investors distressed by a slump in GM shares on news that one of its major shareholders has shed stock.
Today, the Dow Jones industrial average closed up 5.36 or 0.04% to 12,326.95, the broader S&P 500 index closed up 3.28 or 0.23% to 1,406.09, and the Nasdaq composite index closed up 11.14 or 0.45% to 2,465.98, ending at its highest point since February 2001.
Market breadth was mixed and volume was moderate. On the New York Stock Exchange, winners beat losers 19 to 12 on volume of 1.3 billion shares. On the Nasdaq, decliners and advancers were narrowly mixed on volume of 1.6 billion shares.
Stocks seesawed throughout the day, as investors reacted to falling oil prices and the day's corporate news. Stocks were expected to remain volatile, due to lower than usual volume, with many Wall Streeters checking out early ahead of Thanksgiving holiday.
In economic news, the weekly jobless claims rose by a greater-than-expected 12,000 last week to 321,000, but remained at levels still pointing to a healthy labor market. The University of Michigan consumer sentiment index inched lower to 92.1 in late November from 92.3 earlier in the month and 93.6 in October. This reduced confidence also led to some weakness in the markets.
Shares of General Motors closed down $1.52 or 4.7% to $31.09, on news that billionaire investor Kirk Kerkorian's Tracinda Corp. has cut its stake in the automaker to 7.4% from 9.9%. This is in the aftermath of lifting of the moratorium that had prevented Tracinda from trading the shares for 45 days.
Shares of Dell closed up $2.31 to $27.13, after reporting higher quarterly earnings that topped estimates on revenue that was just short of estimates. It reported net income of $677 million, up 12% from $606 million, last year. Its revenue rose 3.5% to $14.38 billion, up from $13.91 billion but slightly lower than the $14.44 billion expected by analysts.
Stock of Alcoa closed up $1.24 or 4.2% to $30.43, after it unveiled a broad restructuring program. The company would cut its work force by about 10%, and lead to a spin-off of its molded soft-alloy business via a joint venture with Norway's Orkla ASA.
Stock of Merck closed up $0.15 to $44.37, after it was dealt a court victory when a federal judge denied a motion that would have allowed class-action status for injury and death cases involving Vioxx, the company's withdrawn painkiller. Judge Eldon Fallon of New Orleans, who is overseeing federal lawsuits involving Vioxx, denied a request by plaintiffs' attorneys for the class-action status.
Shares of International Business Machines Corp. rose 0.5% after it said the Defense Advanced Research Projects Agency has given it a four year, $244 million contract to develop a supercomputer that is more efficient and simpler to program.
U.S. light crude oil for January delivery closed down 90 cents to $59.27 a barrel on the New York Mercantile Exchange. This is due to the bearish inventory data from the American Petroleum Institute and the Energy Department.
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