Some Retail Stores Are Extending Their Hours…Here’s Why
Narrow-range pre-holiday trading was the theme today, as computer technology,
semiconductors and biotech were the strong sectors, and retail and banks were
weak.
The Dow closed at 8493.29, down 18.03, the Nasdaq closed at 1381.69, up
18.64, and the S&P closed at 897.38, up 1.62. NYSE advances were 1773, while
1514 declined.
Federated (FD) said it will miss holiday targets, and Wal-Mart (WMT) said
that same-store sales are running at the low end of expectations.
Also weak were the banks, as Bank Of America announced a $1.2 provision for
loan losses in the fourth quarter, higher than prior quarters. BAC closed at
70.11, down .19. Citigroup (C) said they would take a $1.5 billion charge. C
closed at 37.68, down .46
Moody’s may reduce the rating on McDonald’s (MCD) credit, and the stock lost
.20 to 15.55.
Exxon Mobil (XOM) rose .05 on news that a $3.5 billion verdict against it was
reversed.
Weight Watchers (WTW) was the subject of a negative article in Barron’s over
the weekend, who said the stock was over valued at 29X 2003 earnings. WTW fell
.80 to 46.35.
Yahoo! is buying Inktomi (INKT) for $1.65/share. YHOO closed at 17.72, up
.64.
Tuesday’s session is shortened, with the markets closing at 1:00 PM ET.