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Familiar Late Afternoon Sell-off
Dec 19, 4:49 PM EST |
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| Third utility merger between FPL and Constellation Energy in less than a year for $11 billion failed to spark market rally. |
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| Market played to a familiar tone of morning rally followed by a late afternoon sell-off. Tech stocks rallied in the morning only to face few semiconductor stocks downgrades. Retailers advanced on strong weekend buying from consumers. Gold rose, oil fell but natural gas rose at close. Google rose to all-time high of $446 before tracking all the way back to $426. Google was added to Nasdaq 100 index. |
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Market Ignores Pfizer, Google, FPL
Dec 19, 1:58 PM EST |
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| Circuit City posted Q3 profit rise of 6 cents a share vs. a loss of 3 cents a year ago on 15% sales grpowth, exceeding estimates of 4 cents a share. |
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| Stocks traded mixed Monday morning, despite a strong initial boost from merger and corporate news. Pfizer rose 11% after exclusivity of two of its patents was upheld. FPL Group confirmed a deal to buy Constellation Energy Group for $11 billion, creating one of the nation''''s biggest energy suppliers. Google gained 3.2% on a reported 5% stake in Time Warner''''s AOL division for $1 billion, pacing out Microsoft Corp. |
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Circuit City Tops Estimate
Dec 19, 11:05 AM EST |
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| Circuit City posted Q3 profit rise of 6 cents a share vs. a loss of 3 cents a year ago on 15% sales grpowth, exceeding estimates of 4 cents a share. |
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| European pharma stocks advanced, boosted by Pfizer which rose 11% after the exclusivity of two of its patents was upheld. In corporate news, FPL Group and Constellation Energy Group agreed to merge, forming a company with a market capitalization of about $28 billion. Google gained 3.2% on a reported 5% stake in Time Warner''s AOL division for $1 billion, pacing out Microsoft Corp. |
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Pfizer to Lift Pharma Stocks
Dec 19, 8:36 AM EST |
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| Oil prices rose to $58.48 after recent losses. Gold in Euroope gained to $509 per ounce after sharp falls last week. The dollar rose vs. the yen. |
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| Asian-Pacific benchmarks finished higher with the Nikkei rising 1.4% on bargain hunting and exporter issues. European stocks traded mixed with the German DAX 30 down 0.2%, while averages in France and the U.K. gained each 0.1%. In corporate news, FPL Group and Constellation Energy Group agreed to merge, forming a company with a market capitalization of about $28 billion. Pfizer rose after the exclusivity of two of its patents was upheld. |
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