Thierry Martin
02-06-2007, 01:23 AM
End of Day Market Summary Monday, February 5, 2007
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Stocks closed mixed with better-than-expected sales at Wal-Mart Stores Inc. providing mild support for the Dow Jones Industrial Average, while a bearish report on Microsoft Corp. weighed on the stock and the technology sector. With fourth-quarter earnings season winding down, investors were also contemplating the market's recent advance. The slew of merger news could not give boost to the market.
Today, the Dow Jones industrial average closed up 8.25 or 0.07% to 12,661.74, the S&P 500 closed down 1.40 or 0.10% to 1,446.99, and the tech-heavy Nasdaq composite closed down 5.28 or 0.21% to 2,470.60.
Market breadth was negative. On the New York Stock Exchange, losers edged out winners on volume of 1.4 billion shares. On the Nasdaq, decliners topped advancers four to three on volume of 1.9 billion shares.
It appears that we are going through a period of consolidation. Stocks may not show much direction over the next few days until the fourth-quarter productivity report on Wednesday, December's reports on consumer credit and wholesale inventories later in the week. The ISM index rose to 59.0 from 56.7 in December, above the median forecast of 57.0 among analysts.
Shares of Wal-Mart Stores closed up $0.44 or 1% to $48.52, after stating that January rose 2.2%, beating its prior forecast calling for a gain of 1% to 2%. However, this is the lowest annual sales growth in more than 25 years.
Stock of Microsoft closed down $0.58 or 2% to $29.61, after financial weekly Barron's suggested that shares are not likely to get a boost from Vista since bets on its success are likely already priced into the stock.
Stock of Triad Hospitals closed up $6.38 or 15% to $49.65, after it agreed to a $4.7 billion private equity buyout offer. The deal includes about $1.7 billion of debt and is valued at $6.4 billion. The buyers will pay $50.25 per share, which is a 16% premium over the Friday closing. Triad can solicit superior proposals from third parties during the next 40 days.
Shares of State Street closed down $4.67 or 6% to $67.08, after stating that it was buying Investors Financial for $4.5 billion in stock. Shares of Investor Financial closed up $12.81 or 27% to $59.80. Both boards have approved the deal, which calls for the exchange of 0.906 State Street share for each share of Investors Financial Services Corp.
Stock of Apple fell 1% even after the tech icon reached an agreement with the Beatle's Apple Corps. Ltd over their to long-standing trademark dispute. This may pave the way for Beatles songs to be made available for sale on Apple's iTunes Music Store.
America Real Estate Partners, has made an offer to buy Lear Corp for about $2.4 billion. Shares of Lear Corp closed up $3.97 or 11.5% to $38.64. Lear is a global supplier of automotive interior systems and the offer represents a 3.8% premium to its closing price of $34.67 on Friday.
U.S. light crude oil for March delivery fell 31 cents to $58.71 a barrel on the New York Mercantile Exchange.
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Stocks closed mixed with better-than-expected sales at Wal-Mart Stores Inc. providing mild support for the Dow Jones Industrial Average, while a bearish report on Microsoft Corp. weighed on the stock and the technology sector. With fourth-quarter earnings season winding down, investors were also contemplating the market's recent advance. The slew of merger news could not give boost to the market.
Today, the Dow Jones industrial average closed up 8.25 or 0.07% to 12,661.74, the S&P 500 closed down 1.40 or 0.10% to 1,446.99, and the tech-heavy Nasdaq composite closed down 5.28 or 0.21% to 2,470.60.
Market breadth was negative. On the New York Stock Exchange, losers edged out winners on volume of 1.4 billion shares. On the Nasdaq, decliners topped advancers four to three on volume of 1.9 billion shares.
It appears that we are going through a period of consolidation. Stocks may not show much direction over the next few days until the fourth-quarter productivity report on Wednesday, December's reports on consumer credit and wholesale inventories later in the week. The ISM index rose to 59.0 from 56.7 in December, above the median forecast of 57.0 among analysts.
Shares of Wal-Mart Stores closed up $0.44 or 1% to $48.52, after stating that January rose 2.2%, beating its prior forecast calling for a gain of 1% to 2%. However, this is the lowest annual sales growth in more than 25 years.
Stock of Microsoft closed down $0.58 or 2% to $29.61, after financial weekly Barron's suggested that shares are not likely to get a boost from Vista since bets on its success are likely already priced into the stock.
Stock of Triad Hospitals closed up $6.38 or 15% to $49.65, after it agreed to a $4.7 billion private equity buyout offer. The deal includes about $1.7 billion of debt and is valued at $6.4 billion. The buyers will pay $50.25 per share, which is a 16% premium over the Friday closing. Triad can solicit superior proposals from third parties during the next 40 days.
Shares of State Street closed down $4.67 or 6% to $67.08, after stating that it was buying Investors Financial for $4.5 billion in stock. Shares of Investor Financial closed up $12.81 or 27% to $59.80. Both boards have approved the deal, which calls for the exchange of 0.906 State Street share for each share of Investors Financial Services Corp.
Stock of Apple fell 1% even after the tech icon reached an agreement with the Beatle's Apple Corps. Ltd over their to long-standing trademark dispute. This may pave the way for Beatles songs to be made available for sale on Apple's iTunes Music Store.
America Real Estate Partners, has made an offer to buy Lear Corp for about $2.4 billion. Shares of Lear Corp closed up $3.97 or 11.5% to $38.64. Lear is a global supplier of automotive interior systems and the offer represents a 3.8% premium to its closing price of $34.67 on Friday.
U.S. light crude oil for March delivery fell 31 cents to $58.71 a barrel on the New York Mercantile Exchange.
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