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Nasdaq Rallies 1.5%
Nov 17, 4:53 PM EST |
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| A five-month oil drop and economic data on industrial output and jobless claims eased down inflation worries and sent averages on a rally. |
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| Hewlett-Packard posted 62% profit drop in the fourth quarter on $1.1 billion restructuring charges. The company released earnings of 14 cents a share on revenue of $22.9 million, but excluding charges it earned 51 cents a share, beating estimates of 46 cents. Shares of Google broke above $400 for the first time, rising 1% to $401.90 in morning trades. In its IPO of Aug 2004, Google held pricing at $85. |
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Natural Gas Inventories Rise
Nov 17, 2:18 PM EST |
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| Shares of Google broke above $400 for the first time, rising 1% to $401.90 in morning trades. In its IPO of Aug 2004, Google held pricing at $85. |
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| Stock advanced on upbeat economic data. The Fed Reserve, informed that U.S. industrial production rose unexpectedly by 0.9% in October, fueled by manufacturing output. In another report, the Labor Department said that initial jobless claims dropped to 303,000, their lowest level since April, versus expected decline of 322,000. In less positive report, the Dept of Commerce said that new construction of U.S. homes fell 5.6% to seasonally adjusted annual rate of 2,014 million. |
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Jobless Claims Sharply Drop
Nov 17, 11:58 AM EST |
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| IMS Health agreed to let Holland's VNU cancel its $7 billion acquisition of it, as a majority of VNU shareholders opposed the deal. |
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| Stock advanced on upbeat economic data. The Fed Reserve, informed that U.S. industrial production rose unexpectedly by 0.9% in October, fueled by manufacturing output. In another report, the Labor Department said that initial jobless claims dropped to 303,000, their lowest level since April, versus expected decline of 322,000. In less positive report, the Dept of Commerce said that new construction of U.S. homes fell 5.6% to seasonally adjusted annual rate of 2,014 million. |
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Industrial Output Grows 0.9%
Nov 17, 9:32 AM EST |
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| Oil prices hit $58 a barrel on cold weather and supply concerns. Gold neared an 18-year high. The dollar fell vs. the yen and pound. |
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| Asian-Pacific benchmarks closed broadly higher, led by the Nikkei which rose 1.7%, hitting a fresh four-year high of 14,411,79. Seoul''''s Kospi also reached an all-time high of 1,272,80. European stocks gained at mid-day on mergers and commodities. In U.S. corporate news, Applied Materials posted Q3 46% profit drop but beat estimates by a penny. Oil producer ConocoPhillips was downgraded by J.P. Morgan to neutral from overweight. |
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