Last Trades on Island ECN
COMS: 27 3/32 at 5:12 p.m. EDT.
QTRN: 35 1/8 at 3:58 p.m. EDT.
INTU: 90 at 3:56 p.m. EDT.
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday. Island ECN offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 5:15 p.m. EDT.
updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.
also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session.
Day Session Report
Major stock indices finished the day lower after paring losses somewhat. The
Dow Jones Industrial Average
ended down 94.67 at 10843.21, while the
Nasdaq Composite Index
was down 16 at 2734.20.
The interest-rate sensitive financial sector remained in the red in the wake of today's
comments, which alluded to a possible interest-rate hike.
Chase Manhattan Bank
all trade lower.
The big European indices also ended in the red today. France's
skidded 1.8% to 455.60, Germany's
declined 2.4% to 5189.92 and London's
finished down 1.3% to 6195.60.
Asian markets stumbled, with Japan's
closing down 1% at 17,631.25 and Hong Kong's
finishing down 1.3% at 13,367.56
Mergers, acquisitions and joint ventures
announced plans to buy
Peninsula Bank of San Diego
for $104 million in stock. The deal calls for U.S. Bancorp to swap $40 of its stock for each share of Peninsula.
Fleet Financial Group
would divest $13.2 billion in deposits and 306 bank branches to settle antitrust issues relating to their upcoming merger. The majority of their assets would be sold to one buyer, creating a regional bank that would insure competition that the deal would otherwise eliminate.
Missouri Public Service Commission
announced its approval for the pending merger between
Kansas City Power & Light
. The transaction calls for a rate freeze and a one-time credit for the companies' Missouri customers.
Earnings/revenue reports and previews
was pummeled after the retailer posted an 11% increase in its same-store sales, missing
Salomon Smith Barney's
estimate for a 13% to 15% gain. Best Buy fell 10 1/2 or 14.6% to 61 7/16.
traded down in sympathy, down 4 7/16, or 10.6%, to 37 3/8.
posted disappointing earnings of 28 cents a share, missing the 15-analyst estimate of 29 cents and far below the year-ago 40 cents.
said it anticipates its fourth-quarter earnings to be in line with the analyst estimate of 76 cents a share, not including a $30 million after-tax charge. According to the retailer, the tobacco price hike helped raise sales by 1%, with same-store sales rising 13%.
said it saw a 0.1% increase in same-store sales, reiterating that it agreed with third-quarter analyst earnings estimates.
posted a 3.2% decrease in same-store sales for the four weeks ending Aug. 28.
said same-store sales climbed 3.4%.
posted third-quarter earnings of 41 cents a share, missing the four-analyst estimate of 45 cents but up from the year-ago 37 cents.
reported second-quarter earnings of 39 cents a share, missing the two-analyst estimate by a penny, but better than the year-ago 10-cent loss.
was got hammered after slicing its third-quarter and full-year earnings estimates. The company, which posted soft same-store sales, is expected to report third-quarter earnings of 63 to 67 cents a share, greatly missing the consensus estimate of an 82-cent gain.
Donaldson Lufkin & Jenrette
downgraded the stock to a market perform rating from a buy.
announced an 8.7% increase in same-store sales.
raised its rating on
to a buy from an attractive.
rolled out coverage of
with an initial buy rating.
raising its rating on
to an intermediate accumulate from a neutral, maintaining a long-term buy.
Morgan Stanley boosted
Sun International Hotels
rating to a strong buy from a market outperform.
said it does not anticipate a huge Budweiser recall to cause a significant cost impact on the company. Vice president and managing director for Anheuser-Busch European Trade William McNulty said that although he did not have a cost estimate for the recall, he did not expect the company to assume a charge.
biggest union said that fears of a strike have been eased after members unanimously favored a three-year contract mapped out by the union and management negotiators last week. According the contract, Boeing would not let go workers due to shifting labor to subcontractors or other Boeing facilities. Analysts said the changes are necessary to ensure profitability and competition with Airbus with Boeing's shrinking commercial airplane deliveries.
unveiled its new programmable communications processor in an effort to become the world's largest communications microelectronics supplier by 2003. IBM said the processors are made to be enhanced by software rather than hardware upgrades. To continue new application development, the company is uniting with third parties to set software standards. On Tuesday, IBM announced a pact with
to swap some of its network equipment lines for a five-year deal to provide Cisco with network components worth about $2 billion.
announced on its Web site that it has tapped the former
CEO Richard Belluzzo to become a group vice-president. The company plans to make a formal announcement this afternoon, explaining Belluzzo's new role in Microsoft's Internet strategy.
broke the news of Belluzzo's move to Microsoft in a
story last month.
Republic New York's
stock price stumbled after
The Wall Street Journal
reported that U.S. prosecutors and regulators are probing its securities division for "allegedly inflating the net asset value of an investment fund in which Japan investors may have placed up to $1 billion."
seemed to be losing its breath today. Like other ADRs, the British telecom service provider traded down throughout the session, showing caution following the Fed comments that alluded to a possible rate hike. Vodafone declined 4 to 194 1/2.