First Time In A Year
U.S. factory orders, excluding military aircraft
and other defense equipment, rose in November for the second straight month, the
first back-to-back increase in a year and a sign manufacturing may be on the
mend. The 0.8% increase followed a 2.9% rise
in October, the Commerce Department said. A record decline in military aircraft
bookings helped push down the value of all factory orders by 3.3%, to $321.7
billion, after a 7% October increase. The
report mirrors the latest surveys on manufacturing from the Philadelphia Federal
Reserve Bank and the Institute for Supply Management, and it supports comments
this week by Fed officials that the economy is showing signs of recovering from
the first recession in a decade.
The Nasdaq
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higher, up 10.88 to 1660.71. The S&P 500
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trading down 2.88 to 1162.01. Nine of the index’s 10 broad industry groups are
lower. The Dow Jones Industrial Average
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to 10156.06.
The Nasdaq Composite Index
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on the rise for a fourth day in five after chipmaker Altera
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said fourth-quarter sales fell less than expected, boosting optimism
semiconductor profits will rebound this year. General
Electric
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stocks lower after a $3 billion share sale by Vivendi Universal
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Europe’s biggest media company, flopped, and as analysts cut earnings estimates
for AOL Time Warner
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RealNetworks
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to $6.71. The maker of the most popular software for playing Internet audio and
video said consumer electronics chipmakers Hitachi Ltd. and NEC Corp. will make
sure their chips work with RealNetworks’ new programs, making it easier for
makers of devices that use those chips to choose RealNetworks software.
Tiffany & Co.
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2.02 to 34.91. The jewelry store operator said fiscal fourth-quarter profits
will be at the “upper end” of its forecast of 49 to 56 cents a share.
Analysts expected 50 cents.
Sears, Roebuck & Co.
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cents to $50.42. The biggest U.S. department store chain will cut 1,500 sales
positions as it closes its carpet sales and installation business next month.
Flextronics International
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down 1.35 to 25.65 The second-largest maker of electronics for brand-name
companies said it plans to sell 20 million shares at $25.96 each to raise cash
for acquisitions and other purposes.
Gateway
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to 8.10. The second-biggest direct seller of personal computers said
fourth-quarter sales were lower than analysts had expected.
Andrx
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63.76. The maker of generic drugs said fourth-quarter profits were “significantly
lower” than the 35 cents a share it earned in the third quarter because of
delays introducing generic versions of top-selling treatments such as
AstraZeneca PLC’s
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Alcoa
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AA |
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The world’s largest aluminum company unexpectedly announced its first quarterly
loss since 1994 because of falling prices and expenses related to closing plants
and firing workers.
CIENA
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is at 16.41, down 0.34 (-2.0%). Ciena’s CEO said he sees no sign of a
recovery in telecom equipment.
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