All 3 Majors Declined Today on Higher Crude Prices and Bearishness Related to Interest Rates
The 3 major indices lost ground today as crude for future delivery got more expensive and the pall of bearishness related to impending interest rate hikes continued to affect the New York markets. 1,557,590,050 shares were traded @ The New York Stock Exchange®.
Shares of Dow Jones Industrial Average (DJIA) component General Motors (GM) fell by $1.85 to close @ $25.90. The company announced that sales for this month (June) will be low in comparison to sales from June, 2005, when many buyers took advantage of GM's "employee discount" promotion.
Shares of DJIA component Dupont (DD) fell by $1.16 to close @ $40.48. Vivendi sold 16.4 million shares of Dupont today.
Univision Communications has been sold to a group of investors who've agreed to pay a 13% premium above yesterday's closing stock price. Univision is the U.S. #1 Spanish-language broadcasting network.
Shares of Univision Communications (UVN) gained $1.97 to close @ $34.00.
Shares of U.S. #2 newspaper publisher Tribune (TRB) gained $1.57 to close @ $32.47 on news that the company is buying back 45 million shares.
Shares of global #1 Internet auctioneer eBay (EBAY) fell by $1.47 to close @ $28.25 on news that Google's GBuy service may be rolled out sooner than many expected. Google's GBuy service will compete directly with eBay's PayPal online payment system.
Shares of Marvell Technology Group (MRVL) fell by $7.76 to close @ $44.14 on news that the company is purchasing a division of Intel that makes computer chips for popular handheld devices in a deal that's worth about $600 million.
Citizens Banking Corporation is paying $1.05 billion to purchase Republic Bancorp. The combined bank will be a major financial player in the Midwest.
Shares of Republic Bancorp (RBNC) gained $1.88 to close @ $12.45.
Shares of Citizens Banking (CBCF) fell by $2.37 to close @ $24.66.
Shares of Genentech (DNA) lost $1.22 to close @ $77.89 on news that the company won't pursue the development of its Avastin® drug as a treatment for advanced pancreatic cancer. Avastin, when combined with a specific type of chemotherapy, is an FDA approved treatment for colorectal cancer.
Summary of The U.S. Markets:
----------------------------------------------------------
DJIA: Closed @ 10,924.74 (-120.54)
NASDAQ: Closed @ 2,100.25 (-33.42)
S + P 500: Closed @ 1,239.20 (-11.36)
----------------------------------------------------------
NYMEX Crude Oil Future is currently @ $72.30/barrel
NY Spot Gold fell by $3.10 to close @ $581.70/ounce
In New York, The U.S. Dollar buys 0.7974 Euros
In New York, The Euro buys 1.2542 U.S. Dollars
The U.S. Prime Rate (Fed Prime Rate) is 8.00%
Shares of Dow Jones Industrial Average (DJIA) component General Motors (GM) fell by $1.85 to close @ $25.90. The company announced that sales for this month (June) will be low in comparison to sales from June, 2005, when many buyers took advantage of GM's "employee discount" promotion.
Shares of DJIA component Dupont (DD) fell by $1.16 to close @ $40.48. Vivendi sold 16.4 million shares of Dupont today.
Univision Communications has been sold to a group of investors who've agreed to pay a 13% premium above yesterday's closing stock price. Univision is the U.S. #1 Spanish-language broadcasting network.
Shares of Univision Communications (UVN) gained $1.97 to close @ $34.00.
Shares of U.S. #2 newspaper publisher Tribune (TRB) gained $1.57 to close @ $32.47 on news that the company is buying back 45 million shares.
Shares of global #1 Internet auctioneer eBay (EBAY) fell by $1.47 to close @ $28.25 on news that Google's GBuy service may be rolled out sooner than many expected. Google's GBuy service will compete directly with eBay's PayPal online payment system.
Shares of Marvell Technology Group (MRVL) fell by $7.76 to close @ $44.14 on news that the company is purchasing a division of Intel that makes computer chips for popular handheld devices in a deal that's worth about $600 million.
Citizens Banking Corporation is paying $1.05 billion to purchase Republic Bancorp. The combined bank will be a major financial player in the Midwest.
Shares of Republic Bancorp (RBNC) gained $1.88 to close @ $12.45.
Shares of Citizens Banking (CBCF) fell by $2.37 to close @ $24.66.
Shares of Genentech (DNA) lost $1.22 to close @ $77.89 on news that the company won't pursue the development of its Avastin® drug as a treatment for advanced pancreatic cancer. Avastin, when combined with a specific type of chemotherapy, is an FDA approved treatment for colorectal cancer.
Summary of The U.S. Markets:
----------------------------------------------------------
DJIA: Closed @ 10,924.74 (-120.54)
NASDAQ: Closed @ 2,100.25 (-33.42)
S + P 500: Closed @ 1,239.20 (-11.36)
----------------------------------------------------------
NYMEX Crude Oil Future is currently @ $72.30/barrel
NY Spot Gold fell by $3.10 to close @ $581.70/ounce
In New York, The U.S. Dollar buys 0.7974 Euros
In New York, The Euro buys 1.2542 U.S. Dollars
The U.S. Prime Rate (Fed Prime Rate) is 8.00%
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posted by Steve Brown | 6/27/2006 10:36:00 PM
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