Last Trades on Island ECN
ORCL: 39 at 5:14 p.m. EDT.
CPWR: 33 1/16 at 4:00 p.m. EDT.
SUNW: 84 at 5:05 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
With the exception of technology issues, stocks took it on the chin today, after a stronger-than-expected retail sales report injected some fear into the market. The
Dow Jones Industrial Average
closed down 120 to 10,910, a notch above its intraday low. The jumpy, tech-laden
Nasdaq Composite Index
managed to close the day up 23.2 points to 2867.
The big European indices closed lower, with France's
down 19.39 to 4697.39 and Germany's
off 45.44, or 0.8%, to 5401.47. London's
was down 53, or 0.9%, to 6116.
Asian markets also fell as Hong Kong's
lost 56.82 to 13,804, and Tokyo's
shed 132.07, or 0.7%, to 17,777.22.
Mergers, Acquisitions and Joint Ventures
agreed to sell its
division to investment firm
for about $345 million, including about $325 million in cash, resulting in a fourth-quarter gain of approximately $140 million. Cendant will retain an approximately 16% stake worth $20 million.
, a unit of
, bought a 12.4% stake in electronic communications network
joins a list of high-profile investors including
. The value of the stake was not disclosed, though E*Trade, Goldman and Merrill paid roughly $20 million to $25 million each for their stakes of about 20% to 25%.
Finnish telecom company
won a $76 million deal with
U.S. Picus Communications
to supply high-speed data and voice-digital subscriber line, or DSL, broadband network.
said it expects fourth-quarter earnings to meet or exceed analyst estimates of 87 cents a share. The company also said it is considering a sale of its land-based phone business, citing competition, supply shortages and shrinking profit margins. The company said discussions were under way with several parties and that it hoped to enter an agreement before the end of the year. Qualcomm added that it plans to reduce expenses and increase margins further, which may result in a charge to earnings.
said it is in talks to acquire
Danfoss Fluid Power Business
, a Danish manufacturer of hydraulic products. Sauer said the combined entity, named
, would have about $860 million in sales and employ about 6,200.
Scottish and Newcastle
, one of the largest pub companies in the U.K., agreed to buy 826 bars, restaurants and hotels from
for $1.8 billion, in an effort to keep pace with fast-growing rivals.
said it would buy
Smart Modular Technologies
in a deal valued at $2 billion in stock.
Credit Suisse First Boston
jacked up its price target on Solectron to 90 from 70.
Earnings/Revenue Reports and Previews
reported first-quarter earnings of 47 cents a share, in line with the nine-analyst estimate and flat with year-ago earnings per share.
reported second-quarter operating earnings of 24 cents a share, excluding charges. The results were in line with the 14-analyst estimate and up from 19 cents a year ago.
reported first-quarter earnings of 3 cents a share, in line with the two-analyst estimate and down from 6 cents a year ago.
Pier 1 Imports
reported second-quarter income of 12 cents a share, in line with the 16-analyst estimate and down from a year ago. The company said same-store sales for the quarter declined 1.8%.
Offerings and Stock Actions
said its board has authorized the repurchase of up to 2 million common shares over the next year.
will ask its board to approve a 25 million share-repurchase program and change its name to
Mellon Financial Corp.
The company said the name change follows research that showed the word "financial" better emphasizes the bank's shift in focus to a wider array of financial services.
looked like an old pro at this market thing on its first day of trading, more than doubling its $12 debut price. The stock closed up 14 3/16, or 118.2%, to 26 1/8.
said its board approved a buyback of up to $100 million in common stock.
Credit Suisse First Boston got busy in the oil sector, upgrading
to buy from hold and setting a price target of 109. The stock was placing on Credit Suisse's recommended list for its attractive risk/reward quotient. In turn,
got the ax to hold from buy and was cut from the list.
Credit Suisse also downgraded several exploration and production stocks.
was downgraded to a buy from a strong buy, while
were cut to hold from buy.
to accumulate from neutral and set a share price target close to 50.
Salomon Smith Barney
Donaldson Lufkin & Jenrette
started coverage of
with a buy rating.
third-quarter estimates to a loss of 3 cents from a profit of 2 cents a share.
to market performer from buy following news that the company will spin off its
unit, saying 3Com's remaining businesses lack any significant growth drivers for the foreseeable future.
, a unit of
Delta Air Lines
will introduce a fleet of 16 new
737-800 Stage III Aircraft. Delta said the fleet will be quieter and burn less fuel.
said it would retain ownership of its manufacturing plant in Greenock, Scotland, citing a surge in demand for analog products. In October, the company had said it would seek out investors to spin off the operation independently. National Semiconductor also said it was poised for very solid profits in its second quarter.
said it has nearly doubled the estimated number of employees it will lay off, to 3,000. The company said it expects to turn a profit in the second quarter due to a restructuring plan, but warned that the recent
departure of Rick Belluzzo could hurt its bottom line.
Bank stocks may be ripe for a beating according to today's Heard on the Street column in
The Wall Street Journal
. Bank stocks have fallen 11% since the most recent rate increase, compounding the existing problems of slower loan growth and other revenue challenges. Bigger problems may lie ahead, the column says, as a result of declining commercial-loan quality and rising interest rates weighing down securities portfolios.
Federal prosecutors charged
Princeton Economics International
Chairman Martin Armstrong with securities fraud for allegedly stealing $1 billion from Japanese investors. Prosecutors said that Princeton Economics, which isn't affiliated with the
university, hid hundreds of millions of dollars in trading losses in 300 Japanese investors' accounts. Officials claim that Princeton, which told investors that their accounts would be individually handled and conservatively invested, combined the accounts, applying money from one to the interest payments on another. Armstrong could serve up to 10 years in jail if convicted.
Thai Airways International
is seeking to obtain $576 million in new 12-year foreign currency loans to finance the acquisition of five Boeing aircraft.
Proving that where there's a will there's a way, a resourceful Waukesha, Wis., woman with three prior convictions for drunken driving, tricked a court-ordered ignition interlock system on her car by asking her 12-year-old son to breathe into the device so she could drive. Kimberly A. Beier, 39, was arrested after employees at the local SuperSaver told her to save her vodka money and instead called the police. When police questioned Beier's 16-year-old daughter about whether she helps out when mom has car trouble, the daughter responded, "Almost always, unless my brother does."