Temple Inland Up on Spin offs

Market Update Analysis:

Temple-Inland Up on Spin-offs

Author: 123jump.com Staff
123jump.com
Last Update: 3:43 PM EST February 26 2007

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Stocks traded lower in financial and industrial shares and expectations of a big downward revision in gross-domestic product, as merger news, including a buyout deal for utility giant TXU failed to push the major indexes higher. Apax Partners agreed to purchase Chicago insurance brokerage Hub International for about $1.7 billion. Financial companies declined. American Express dropped 1.4%. Among Dow components, Home Depot was 1.2% lower; while AT&T was up 1.2%.

Crude oil for April delivery rose 31 cents to $61.45 a barrel in electronic trading on the New York Mercantile Exchange. April Brent crude on London ICE Futures exchange rose 34 cents to $61.22 a barrel. Gold for immediate delivery advanced $5.20, or 0.8%, to $687.75 an ounce, and traded at $686.65 in early trade in London.

Currencies

The [euro was nearly unchanged against the dollar on Monday as German consumer sentiment fell for a second straight month and worries about Iran''s nuclear ambitions kept currencies on edge. The euro bought $1.3163 in morning European trading, nominally up from $1.3162 in New York late Friday. The British pound fell to $1.9628 from $1.9637 and the dollar also moved lower against the Japanese yen, dropping to 120.78 yen from 121.04 yen.

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