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Averages Fall Despite Strong Economic Reports
Dec 15, 4:44 PM EST |
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| Philip Morris wins a court ruling reversing previous judgement of $10.1 billion. Bear Stearns and Goldman Sachs report strong earnings growth. |
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| Flood of economic reports suggested that labor market is steady, factory production is rising and consumer prices are in check. November CPI reported biggest monthly decline in 56 years. Bear Stearns and Goldman Sachs reported strong rise in earnigs following a similar rise reported by Lehman Brothers this week. Philip Morris registered victor as Illinois Supreme Court reversed lower court judgement of $10.1 billion, stock of the parent company jumps 4%. |
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Industrial Output Rises
Dec 15, 1:30 PM EST |
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| Altria Group jumped 6% as the Illinois Supreme Court reversed a $10.1 billion verdict against the company's tobacco unit, Philip Morris. |
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| Industrial output at the nation''s factories, mines and utilities rose 0.7% last month, following a 1.3% rise in October. November CPI fell 0.6%, below an expected 0.4% decline, while the more closely watched core rate rose 0.2%, matching expectations. In the week ending Dec. 10, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 1,000 from last-week revised figure of 328,000. |
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November CPI Down 0.6%
Dec 15, 9:22 AM EST |
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| Oil prices declined below $61 on increased crude oil inventories. Gold fell to a two-week low. The dollar fell 1% vs. the yen. |
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| Consumer prices fell 0.6% in November, the biggest drop in more than half a century due to record-low gasoline prices. In the week ending Dec. 10, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 1,000 from last-week revised figure of 328,000. In earnings news, homebuilder Lennar posted Q4 profit jump of 53% on improved building process and higher revenue. |
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