Stock Market News
US midday: Wall Street hardly changed
12-03-2010 17:30
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Wall Street is barely changed after losing its early gains. Better than expected retail sales figures were offset by indications of weak consumer confidence.
Retail sales showed an unexpected rise in February, up by 0.3% on the previous month, according to the Commerce Department. Analysts were looking for a 0.2% fall.
The University of Michigan preliminary consumer sentiment index fell from 73.6 in February to 72.5 in March. The figure had been expected to rise. Rising unemployment has hit sentiment.
The Dow Jones is 5 points higher at 10,617, with the Nasdaq down 1 points at 2,367. The S&P 500 is 1 point lower at 1,150.
KKR, the parent company of private equity firm Kohlberg Kravis Roberts, today announced plans to list its shares in New York.
The IPO would give the group a market capitalisation of $7.5bn, according to a regulatory filing. KKR said it would offer 204.9m common units worth about $2.2bn.
Former bosses at Lehman Brothers have been heavily criticised for employing an accounting "gimmick" that managed to hide the failed bank's insolvency. A year-long investigation into the collapse of Lehman by court-appointed examiner, Anton Valukas, found that ex-chairman and chief executive, Dick Fuld, and senior executives regularly ignored the bank's own risk controls.
The chairman of law firm Jenner & Block decided there had been no systematic wrong-doing, but called the use of the accounting practice known as Repo 105 "inherently improper". That, unknown to investors or regulators, managed to temporarily wipe $50bn of assets from Lehman's balance sheet in 2008, giving the illusion that debt was falling.
Global pharmaceuticals leviathan GlaxoSmithKline has dumped the rest of its holding in former subsidiary Maxygen. Glaxo said it no longer owns any shares in the US-based protein drug developer after selling its entire holding of 1.433m shares.
Rival drug giant Pfizer is lower on the back of studies that suggest that its drug Sutent does not halt the progression of breast cancer.
Fileters maker Pall Corp says 2010 earnings will be $2.05 at best, which is slightly lower than expected.
United Technologies says its 2010 earnings per share will be $4.40 to $4.65.
Iron ore producer Cliffs Natural Resources is the biggest riser in the S&P after JPMorgan Chase increased its share price estimate from $60 to $83.
Bid speculation pushed up shares in US grocery chain Supervalu.
S&P 500 - Risers
Cliffs Natural Resources Inc (CLF) $63.50 +5.29%
Supervalu Inc. (SVU) $16.89 +5.10%
Zimmer Holdings Inc. (ZMH) $58.94 +3.35%
Paccar Inc. (PCAR) $41.14 +3.34%
Micron Technology Inc. (MU) $10.07 +2.76%
Huntington Bancshares Inc. (HBAN) $5.53 +2.50%
Microchip Technology Inc. (MCHP) $28.19 +2.47%
Ford Motor Co (F) $13.21 +2.32%
Pioneer Natural Res (PXD) $52.26 +2.29%
Invesco Ads (IVZ) $20.35 +2.21%
S&P 500 - Fallers
Pall Corp. (PLL) $38.92 -4.70%
CF Industries Holdings Inc. (CF) $96.75 -3.84%
Keycorp (KEY) $7.62 -3.30%
Slm Corp. (SLM) $12.14 -3.23%
Abbott Laboratories (ABT) $53.94 -2.87%
Harris Corp. (HRS) $45.56 -2.55%
Citigroup Inc. (C) $4.08 -2.45%
GANNETT CO INC (GCI) $15.93 -2.21%
Compuware Corp. (CPWR) $8.34 -2.11%
Archer Daniels Mdlnd (ADM) $28.83 -2.07%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $60.20 +2.21%
American Express Inc. (AXP) $40.85 +1.84%
Home Depot Inc. (HD) $32.43 +0.93%
General Electric Co. (GE) $16.59 +0.67%
JP Morgan Chase & Co. (JPM) $43.40 +0.51%
McDonald's Corp. (MCD) $65.53 +0.49%
Hewlett-Packard Co. (HPQ) $52.23 +0.40%
Du Pont E I De Nemours and Co. (DD) $35.47 +0.34%
International Business Machines Corp. (IBM) $128.03 +0.34%
Alcoa Inc. (AA) $13.68 +0.29%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $17.02 -1.53%
Walt Disney Co. (DIS) $33.50 -0.91%
United Technologies Corp. (UTX) $71.41 -0.87%
Boeing Co. (BA) $69.57 -0.72%
Exxon Mobil Corp. (XOM) $66.74 -0.71%
Chevron Corp. (CVX) $73.61 -0.51%
Verizon Communications Inc. (VZ) $29.70 -0.46%
Coca-Cola Co. (KO) $53.41 -0.35%
Travelers Company Inc. (TRV) $53.44 -0.34%
Bank Of America Corp. (BAC) $17.07 -0.29%
Nasdaq 100 - Risers
Liberty Media Corp. Interactive Class A (LINTA) $14.10 +3.68%
Paccar Inc. (PCAR) $41.14 +3.34%
Microchip Technology Inc. (MCHP) $28.19 +2.47%
First Solar Inc. (FSLR) $116.13 +2.15%
Ebay Inc. (EBAY) $25.96 +2.04%
Sears Holdings Corp. (SHLD) $103.25 +1.60%
Bed Bath & Beyond Inc. (BBBY) $41.95 +1.48%
Vodafone Group Plc ADR (VOD) $23.06 +1.23%
Wynn Resorts Ltd. (WYNN) $71.92 +1.03%
Nvidia Corp. (NVDA) $17.35 +0.93%
Nasdaq 100 - Fallers
Hologic Inc. (HOLX) $18.46 -4.25%
Warner Chilcott Plc (WCRX) $26.15 -1.73%
Cephalon Inc. (CEPH) $70.38 -1.36%
Mattel Inc. (MAT) $22.52 -1.31%
Seagate Technology (STX) $19.00 -1.20%
News Corp. Class A (NWSA) $14.09 -1.19%
Comcast Corp. (CMCSA) $17.37 -1.14%
Expeditors International Of Washington Inc. (EXPD) $36.84 -1.13%
Marvell Technology Group Ltd. (MRVL) $20.29 -1.07%
Priceline.Com Inc. (PCLN) $239.66 -1.05%
Retail sales showed an unexpected rise in February, up by 0.3% on the previous month, according to the Commerce Department. Analysts were looking for a 0.2% fall.
The University of Michigan preliminary consumer sentiment index fell from 73.6 in February to 72.5 in March. The figure had been expected to rise. Rising unemployment has hit sentiment.
The Dow Jones is 5 points higher at 10,617, with the Nasdaq down 1 points at 2,367. The S&P 500 is 1 point lower at 1,150.
KKR, the parent company of private equity firm Kohlberg Kravis Roberts, today announced plans to list its shares in New York.
The IPO would give the group a market capitalisation of $7.5bn, according to a regulatory filing. KKR said it would offer 204.9m common units worth about $2.2bn.
Former bosses at Lehman Brothers have been heavily criticised for employing an accounting "gimmick" that managed to hide the failed bank's insolvency. A year-long investigation into the collapse of Lehman by court-appointed examiner, Anton Valukas, found that ex-chairman and chief executive, Dick Fuld, and senior executives regularly ignored the bank's own risk controls.
The chairman of law firm Jenner & Block decided there had been no systematic wrong-doing, but called the use of the accounting practice known as Repo 105 "inherently improper". That, unknown to investors or regulators, managed to temporarily wipe $50bn of assets from Lehman's balance sheet in 2008, giving the illusion that debt was falling.
Global pharmaceuticals leviathan GlaxoSmithKline has dumped the rest of its holding in former subsidiary Maxygen. Glaxo said it no longer owns any shares in the US-based protein drug developer after selling its entire holding of 1.433m shares.
Rival drug giant Pfizer is lower on the back of studies that suggest that its drug Sutent does not halt the progression of breast cancer.
Fileters maker Pall Corp says 2010 earnings will be $2.05 at best, which is slightly lower than expected.
United Technologies says its 2010 earnings per share will be $4.40 to $4.65.
Iron ore producer Cliffs Natural Resources is the biggest riser in the S&P after JPMorgan Chase increased its share price estimate from $60 to $83.
Bid speculation pushed up shares in US grocery chain Supervalu.
S&P 500 - Risers
Cliffs Natural Resources Inc (CLF) $63.50 +5.29%
Supervalu Inc. (SVU) $16.89 +5.10%
Zimmer Holdings Inc. (ZMH) $58.94 +3.35%
Paccar Inc. (PCAR) $41.14 +3.34%
Micron Technology Inc. (MU) $10.07 +2.76%
Huntington Bancshares Inc. (HBAN) $5.53 +2.50%
Microchip Technology Inc. (MCHP) $28.19 +2.47%
Ford Motor Co (F) $13.21 +2.32%
Pioneer Natural Res (PXD) $52.26 +2.29%
Invesco Ads (IVZ) $20.35 +2.21%
S&P 500 - Fallers
Pall Corp. (PLL) $38.92 -4.70%
CF Industries Holdings Inc. (CF) $96.75 -3.84%
Keycorp (KEY) $7.62 -3.30%
Slm Corp. (SLM) $12.14 -3.23%
Abbott Laboratories (ABT) $53.94 -2.87%
Harris Corp. (HRS) $45.56 -2.55%
Citigroup Inc. (C) $4.08 -2.45%
GANNETT CO INC (GCI) $15.93 -2.21%
Compuware Corp. (CPWR) $8.34 -2.11%
Archer Daniels Mdlnd (ADM) $28.83 -2.07%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $60.20 +2.21%
American Express Inc. (AXP) $40.85 +1.84%
Home Depot Inc. (HD) $32.43 +0.93%
General Electric Co. (GE) $16.59 +0.67%
JP Morgan Chase & Co. (JPM) $43.40 +0.51%
McDonald's Corp. (MCD) $65.53 +0.49%
Hewlett-Packard Co. (HPQ) $52.23 +0.40%
Du Pont E I De Nemours and Co. (DD) $35.47 +0.34%
International Business Machines Corp. (IBM) $128.03 +0.34%
Alcoa Inc. (AA) $13.68 +0.29%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $17.02 -1.53%
Walt Disney Co. (DIS) $33.50 -0.91%
United Technologies Corp. (UTX) $71.41 -0.87%
Boeing Co. (BA) $69.57 -0.72%
Exxon Mobil Corp. (XOM) $66.74 -0.71%
Chevron Corp. (CVX) $73.61 -0.51%
Verizon Communications Inc. (VZ) $29.70 -0.46%
Coca-Cola Co. (KO) $53.41 -0.35%
Travelers Company Inc. (TRV) $53.44 -0.34%
Bank Of America Corp. (BAC) $17.07 -0.29%
Nasdaq 100 - Risers
Liberty Media Corp. Interactive Class A (LINTA) $14.10 +3.68%
Paccar Inc. (PCAR) $41.14 +3.34%
Microchip Technology Inc. (MCHP) $28.19 +2.47%
First Solar Inc. (FSLR) $116.13 +2.15%
Ebay Inc. (EBAY) $25.96 +2.04%
Sears Holdings Corp. (SHLD) $103.25 +1.60%
Bed Bath & Beyond Inc. (BBBY) $41.95 +1.48%
Vodafone Group Plc ADR (VOD) $23.06 +1.23%
Wynn Resorts Ltd. (WYNN) $71.92 +1.03%
Nvidia Corp. (NVDA) $17.35 +0.93%
Nasdaq 100 - Fallers
Hologic Inc. (HOLX) $18.46 -4.25%
Warner Chilcott Plc (WCRX) $26.15 -1.73%
Cephalon Inc. (CEPH) $70.38 -1.36%
Mattel Inc. (MAT) $22.52 -1.31%
Seagate Technology (STX) $19.00 -1.20%
News Corp. Class A (NWSA) $14.09 -1.19%
Comcast Corp. (CMCSA) $17.37 -1.14%
Expeditors International Of Washington Inc. (EXPD) $36.84 -1.13%
Marvell Technology Group Ltd. (MRVL) $20.29 -1.07%
Priceline.Com Inc. (PCLN) $239.66 -1.05%
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