Why They’re Raising Projections
In another light session, computer-related shares led the field, as investors
bought in hopes that Fed rate cuts have begun to help corporate bottom lines,
and hoping for a “January Effect” next week. First Call reports a
slowing pace of companies lowering forecasts, and a pick up in the number of
companies raising projections.
The Dow gained 43.17 to 10,131.31;Â the Nasdaq rose 15.72 to 1976.42;
the S&P 500 added 7.76 to 1157.13. Volume was light.
Consumer spending picked up near the holiday, with Wal Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) saying that same-store sales will come in at the high end of the range. WMT gained .22,
to 58.37.
Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) will buy HotJobs.com
(
HOTJ |
Quote |
Chart |
News |
PowerRating) for $10.50 per share in a
cash/stock deal. This, after rival bidder TMP Worldwide
(
TMPW |
Quote |
Chart |
News |
PowerRating)Â failed
to sweeten their $9.19 all cash bid. Some analysts have speculated that
help-wanted ads will be a rapidly growing segment of internet advertising. YHOO
gained .26 to 17.77.
Sears
(
S |
Quote |
Chart |
News |
PowerRating) will pay $63 million to the government to settle a defective
DieHard battery suit. S closed at 48, down .27.
Pharmaceutical firms fell as money went into high tech shares in hopes of an
earnings rebound. Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) lost .17 to 59.78; Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) fell .27
to 40.35.
Better-than-expected holiday sales lifted Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating)
and AOL Time Warner
(
AOL |
Quote |
Chart |
News |
PowerRating).
ImClone
(
IMCL |
Quote |
Chart |
News |
PowerRating) fell again as rumors persist that the FDA will ask for
more data on IMC-C225. IMCL lost 5.32 to 58.30.
Oil drillers and refiners were a focus, as OPEC is expected to agree Friday
to lowered quotas. Schlumberger
(
SLB |
Quote |
Chart |
News |
PowerRating) lost .44 to 55.51; BJ Services
(
BJS |
Quote |
Chart |
News |
PowerRating)
fell .95 to 33.05, and ExxonMobil
(
XOM |
Quote |
Chart |
News |
PowerRating) gained .19 to 39.79.
 Jobless claims numbers will be released Friday, delayed from Thursday.