Dow Loses on Downgrades - Market Update

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Market Update Analysis:

Dow Loses on Downgrades

Author: Elena Todorova
123jump.com
Last Update: 11:44 AM EST January 12 2006

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Stocks opened lower on rising oil and downgrades of Dow components Coca-Cola and J.P. Morgan Chase. Investors preferred consolidating recent gains to taking advantage of the upbeat economic news released. Trade deficit in November declined by 5.7% to $64.2B after hitting a record of $68.1B in October. Economists had expected a narrower deficit of $66 B. The number of initial jobless claims rose by 17,000 last week to 309,000 vs. expectations of an increase by 24,000.

Guidant (GDT: chart) revealed that it reached a new deal to be acquired by Johnson & Johnson (JNJ: chart) as it offered a higher value of $23.2 billion, an increase compared to J&J''s previous bid, but still below the $25 billion offered by Boston Scientific (BSX: chart).

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