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Economy

Economic Data (USA)

Friday, February 17, 2006

The Major Indices Retreated Today, But All 3 Majors Advanced for The Week

All 3 major indexes retreated today as the price on crude oil for future delivery crept upwards, but the majors advanced for the week. An estimated 1.57 billion shares were traded on The Big Board today.

For the week, The Dow Jones Industrial Average (DJIA) gained 1.8%, The NASDAQ Composite Index gained 0.9% and The S&P 500 Index rose by 1.6%.


Looks like Time Warner won't be broken up as investor Carl Icahn wanted. In an agreement reached with Icahn, Time Warner will boost its share-buyback to $20 billion, trim expenses by $1 billion and post 2 new directors to the board.

Shares of Time Warner fell by $0.19 (1.06%) to close @ $17.78 in regular trading; the stock then recovered $0.27 in after-hours trading this evening.


Your local RadioShack store may be closing. RadioShack has plans to close up to 700 stores as part of a campaign to turn the company around. The controversy over RadioShack CEO David Edmondson's resume embellishments was probably a contributing factor to the stock's decline today. RadioShack is the U.S. #3 consumer electronics retailer.

Shares of RadioShack fell by $1.67 (8.05%) to close @ $19.08.


New York City's Consolidated Edison (a.k.a. ConED) and Britain's National Grid Plc have expressed interest in purchasing KeySpan Corp.; KeySpan is the Northeast U.S. #1 natural gas provider.

Shares of KeySpan gained $4.23 (11.69%) to close @ $40.41 in regular trading; the stock then gained an additional $0.17 in after-hours action this evening.

Shares of Consolidated Edison gained $0.10 (0.22%) to close @ $45.45.


Shares of DJIA component Honeywell International gained $0.60 (1.44%) to close @ $42.18 on news that the company is changing its accounting practices.

Shares of DJIA component American International Group (AIG) fell by $0.76 (1.11%) to close @ $67.42.


Shares of Google gained $2.29 (0.62%) to close @ $368.75 in regular trading; the stock then fell by $1.80 in after-hours action this evening.

Shares of Dell fell by $1.58 (4.94%) to close @ $30.38 on a disappointing first quarter profit outlook.

Shares of Intel fell by $0.74 (3.47%) to close @ $20.61.

Shares of Advanced Micro Devices (AMD) fell by $1.41 (3.38%) to close @ $40.33.


Some energy stocks benefited from the day's surge in crude oil prices.

Shares of ConocoPhillips gained $1.19 (1.99%) to close @ $61.09.

Shares of Chevron gained $0.87 (1.55%) to close @ $57.17 in regular trading; the stock then gained an additional $0.08 in after-hours action this evening.

Shares of Valero Energy gained $0.67 (1.24%) to close @ $54.49 in regular trading; the stock then fell by $0.37 in after-hours action.


Last year's hurricanes took their toll on disaster re-insurer PXRE Group Ltd.; Shares of PXRE Group fell by $7.84 (65.94%) to close @ $4.05.


Shares of Sirius Satellite Radio Inc. lost $0.39 (6.9%) to close @ $5.26 on news of a $311 million fourth quarter loss. Sirius Satellite Radio is the #2 fee-based radio service.

Shares of XM Satellite Radio Holdings fell by $2.41 (10.05%) to $21.57 in regular trading; the stock then recovered $0.21 in after-hours trading this evening. XM Satellite Radio is the #1 fee-based radio service.


Shares of Inco Ltd. gained $2.59 (11.83%) to close @ $24.48.

Shares of Torch Energy Royalty Trust Units gained $0.66 (9.10%) to close @ $7.91.


Shares of Premiere Global Services fell by $1.01 (11.23%) to close @ $7.98.

Shares of Ryerson Inc. fell by $3.23 (10.25%) to close @ $28.27.

Shares of JM Smucker fell by $4.18 (9.85% ) to close @ $38.25.


Today's Numbers:

DJIA: Closed Lower @ 11,115.32 (-5.36)

NASDAQ: Closed Lower @ 2,282.36 (-12.27)

S&P 500: Closed Lower @ 1,287.24 (-2.14)

----------------------------------------------------------

NYMEX Crude Oil Future closed Higher @ $59.88/barrel

New York Spot Gold closed Higher @ $551.80/ounce

Currently, The U.S. Dollar buys
0.8375 Euros
Currently, The Euro buys 1.194 U.S. Dollars

The U.S. Prime Rate (WSJ Prime Rate) is 7.5%


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