The Market Story
Elsewhere, Apple (AAPL - Cramer's Take - Stockpickr) added 2.1% on an upgrade to buy at AmTech Research. In more analyst calls, Stifel Nicolaus brought Google's (GOOG - Cramer's Take - Stockpickr) price target up $65 to $675, after which the search giant's shares climbed 2.3%. Lehman Brothers shaved down Nortel's (NT - Cramer's Take - Stockpickr) price target, pressuring the stock by 2.2%, but lifted its price targets on mining-equipment makers Joy Global (JOYG - Cramer's Take - Stockpickr) and Bucyrus International (BUCY - Cramer's Take - Stockpickr). Shares advanced 2.2% and 3.8%, respectively. On the data side, the Institute for Supply Management said its April nonmanufacturing index came in at 52, indicating expansion -- albeit slight -- for the first time in four months. Improved employment, among other things, buoyed the reading, which has a break-even point of 50. Economists were projecting slight contraction to 49.1. Treasury prices were little changed. The 10-year note rose 3/32 in price to yield 3.85%, and the 30-year bond slipped 3/32 in price, yielding 4.58%. Markets abroad were mixed. Hong Kong's Hang Seng Index slipped 0.2%. In Europe, Germany's Xetra Dax was up 0.1%, and the Paris Cac dipped by roughly that same amount. Tokyo's Nikkei 225 and London's FTSE 100 were each closed for a public holiday.
The three major indices track lower as gold and oil climb. Yahoo! is hard hit on a broken courtship with Microsoft. And Countrywide also drags.
The three major indices continue to track lower as gold and oil climb. Yahoo! is hard hit on a broken courtship with Microsoft.
The major averages in New York fall, while gold and oil are climbing. Yahoo! is hard hit, and Countrywide is also tumbling.
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