Friday's Market: Stocks Strengthen Late, Finish Higher
Updated from 4:10 p.m. EST
The
Dow Jones Industrial Average finished with a triple-digit gain, and the tech-heavy
Nasdaq, after spending most of the session in negative territory, managed a slight gain Friday.
The Dow with a gain of 133.47 points, or 1.4%, to 9968.15. The Nasdaq finished higher by 8.30 points, or 0.5%, to 1724.54, and the
S&P 500 was up 8.89, or 0.8%, at 1089.84.
Computer Associates
received confirmation that the
Securities and Exchange Commission
and the U.S. attorney's office have launched preliminary investigations into the company's finances. Shares of the software developer fell $2.91, or 15.4%, to $15.99.
BEA Systems
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posted a fourth-quarter profit, excluding impairment and restructuring charges, of $31.3 million, or 7 cents a share, in line with analysts' expectations. Revenue for the quarter dropped to $231.3 million from $256 million. The company lowered guidance for the first quarter, forecasting revenue of $220 million to $225 million. The stock dropped 95 cents, or 6%, at $14.86.
Circuit City
(CC) - Get Chemours Company (The) Report
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was one of the biggest percentage losers on the
New York Stock Exchange after the consumer electronics retailer said it plans to spin off its
CarMax
operation. The company also warned that fourth-quarter profits and sales will be lower than anticipated. The stock fell $7.04, or 30%, to $16.55.
Xilinx
(XLNX) - Get Xilinx Inc. Report
raised its revenue outlook for the fiscal fourth quarter, projecting 10% growth based on stronger-than-expected sales of its programmable chips. The stock was up 92 cents, or 2.7%, to $34.93.
TRW
(TRW)
rose after
Northrop Grumman
(NOC) - Get Northrop Grumman Corporation Report
proposed to acquire the defense and engineering concern. TRW shares jumped 26.4% to $50.30, while Northrop Grumman lost 6.7% to $109.95.
Overseas, stocks were mostly lower. London's FTSE 100 lost 0.4% to close at 5051, and Germany's Xetra Dax slid 2.2% to 4746. Japan's Nikkei 225 gained 0.6% to 10,357, and the Hang Seng lost 1.2% to close at 10,665.
Government fixed-income securities were mostly higher. Around 4 p.m. EST, the 10-year Treasury note was up 6/32 to 100 12/32, yielding 4.82%.
