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Economy

Economic Data (USA)

Friday, July 07, 2006

The 3 Majors Declined Today On Concerns About Corporate Profits and Interest Rates

The 3 major indices declined today as investors worried that the disappointing earnings report released by 3M today for Q2, 2006 may be followed by more lackluster numbers from other Dow Jones Industrial Average (DJIA) member companies in the coming weeks. Today's Employment Situation report--which indicated possible wage inflation--contributed to the day's bearishness, as investors understood that worries about inflation may prompt the Fed to raise interest rates again on August 8TH. 1,426,488,190 shares were traded @ The New York Stock Exchange®.

For the week, the DJIA fell by 0.5%, the NASDAQ Composite Index fell by 1.9%, and the S&P 500 Index fell by 0.4%.


Shares of DJIA component 3M (MMM) fell by $7.29 (-8.96%) to close @ $74.10 on news of disappointing second-quarter earnings.


Shares of LaBranche & Co. (LAB) fell by $3.02 (-24.28%) to close @ $9.42.


Shares of Redback Networks (RBAK) fell by $2.17 (-12.39%) to close @ $15.35.


Shares of Business Objects SA (BOBJ) fell by $5.76 (-21.50%) to close @ $21.03.


Shares of USG Corp. (USG) fell by $3.15 (-5.86%) to close @ $50.63.


Shares of Valassis Communications (VCI) fell by $1.11 (-5.67%) to close @ $18.46.


Shares of LESCO Inc. (LSCO) fell by $5.59 (-35.93%) to close @ $9.97.


Shares of Horizon Health Corp. (HORC) fell by $6.46 (-31.84%) to close @ $13.83.


Shares of TOM Online (TOMO) fell by $3.33 (-19.59%) to close @ $13.67; the stock then recovered $0.42 in after-hours action this evening.


Shares of UAP Holding Corp. (UAPH) fell by $2.83 (-12.90%) to close @ $19.11.


Shares of webMethods Inc. (WEBM) fell by $3.06 (-31.94%) to close @ $6.52.


Shares of PMC-Sierra Inc. (PMCS) fell by $1.17 (-12.94%) to close @ $7.87.


Shares of RadioShack Corp. (RSH) gained $3.20 (+23.26%) to close @ $16.96; the stock then gained an additional $0.19 in after-hours action this evening. The company has picked Julian Day to take over as chairman and Chief Executive Officer.


Shares of China GrenTech Corp. Ltd. (GRRF) gained $3.16 (+28.47%) to close @ $14.26; the stock then fell by $0.76 in after-hours action this evening.


Shares of AmerUs Group (AMH) gained $4.39 (+7.02%) to close @ $66.90.


Shares of FirstFed Financial Corp. (FED) gained $1.97 (+3.40%) to close @ $59.99.


Shares of Alcan Inc. (AL) gained $1.40 (+3.03%) to close @ $47.57; the stock then gained an additional $0.28 in after-hours trading this evening.


Shares of AMREP Corp. (AXR) gained $3.44 (+6.90%) to close @ $53.27; the stock then gained an additional $0.47 in after-hours trading this evening.


Shares of Frontier Oil Corp. (FTO) gained $1.32 (+4.11%) to close @ $33.42; the stock then gained an additional $0.20 in after-hours trading this evening.


Shares of St. Jude Medical Inc. (STJ) gained $1.53 (+4.77%) to close @ $33.60; the stock then gained an additional $0.40 in after-hours trading this evening.


Shares of Comstock Homebuilding Companies Inc. (CHCI) gained $1.03 (+17.11%) to close @ $7.05.


Summary of The U.S. Markets:

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

DJIA: Closed @ 11,090.67 (-134.63)

NASDAQ: Closed @ 2,130.06 (-25.03)

S&P 500: Closed @ 1,265.48 (-8.60)

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

NYMEX Crude Oil Future is currently @ $73.86/barrel

NY Spot Gold fell by $1.60 to close @ $632.60/ounce

In New York, The U.S. Dollar buys 0.7815 Euros

In New York, The Euro buys 1.2796 U.S. Dollars

The U.S. Prime Rate (WSJ Prime Rate) is 8.25%


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