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Economy

Economic Data (USA)

Wednesday, October 11, 2006

The 3 Majors Declined On Modified Outlook for Interest Rates

All 3 major indices declined today despite crude for future delivery falling below the $58 mark. Investors got bearish in response to the minutes from the September 20 Federal Open Market Committee (FOMC) monetary policy meeting and recent comments made by high-ranking Federal Reserve officials: the Fed is still worried about inflation, and therefore probably won't cut interest rates on January 31. 1,595,828,400 shares were traded @ The New York Stock Exchange®.


Shares of Dow Jones Industrial Average (DJIA) component Alcoa (AA) lost $1.44 (-5.09%) to close @ $26.85.


Miscellaneous Gainers:

Shares of RTI International Metals (RTI) added $2.43 (+5.37%) to close @ $47.71.


Shares of First Federal Banc of the Southwest (FFSW) added $5.32 (+29.31%) to close @ $23.47 on news that Washington Federal Inc. is purchasing First Federal in a deal worth about $99 million.


Shares of Sigma Designs Inc. (SIGM) added $2.68 (+18.07%) to close @ $17.51. Currently, Sigma Designs is delinquent in its regulatory filings.


Shares of Green Plains Renewable Energy (GPRE) added $4.07 (+17.22%) to close @ $27.70.


Shares of Cabela's Inc. (CAB) added $1.53 (+6.52%) to close @ $24.98.


Shares of Flamel Technologies SA (FLML) added $2.53 (+13.00%) to close @ $21.99.


Shares of Jacuzzi Brands Inc. (JJZ) added $2.00 (+19.32%) to close @ $12.35 on news that the company may be bought out by a private equity firm in a deal worth about $990 million.


Miscellaneous Decliners:

Shares of NYSE Group (NYX) lost $1.68 (-2.18%) to close @ $75.31. NYSE Group owns the New York Stock Exchange®.


Shares of Legg Mason Inc. (LM) lost $18.16 (-17.24%) to close @ $87.15.


Shares of Media General Inc. (MEG) lost $3.50 (-9.21%) to close @ $34.50.


Shares of Medis Technologies Ltd. (MDTL) lost $3.66 (-12.00%) to close @ $26.83.


Shares of E*TRADE Financial Corporation (ET) lost $2.15 (-8.79%) to close @ $22.31 on news that Bank of America will permit investors with at least $25,000 on deposit to trade equities online for free.


Shares of TD AMERITRADE Holding Corporation (AMTD) lost $2.28 (-11.94%) to close @ $16.82.


Shares of Systemax Inc. (SYX) lost $3.76 (-20.00%) to close @ $15.04.


Shares of Audiovox Corporation (VOXX) lost $2.20 (-14.77%) to close @ $12.70.


Summary of The U.S. Markets:

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

DJIA: Closed @ 11,852.13 (-15.04)

NASDAQ: Closed @ 2,308.27 (-7.16)

S&P 500: Closed @ 1,349.95 (-3.47)

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

NYMEX Crude Oil Future is currently @ $57.60/barrel

NY Spot Gold is currently @ $572.50/ounce (+$0.40)

In New York, The U.S. Dollar buys 0.7977 Euros

In New York, The Euro buys 1.2536 U.S. Dollars

The U.S. Prime Rate is 8.25%

10-Year Treasury Note Yield is currently @ 4.784%


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