Why You May Not Find Your Favorite Soft Drink On Tap
The market sold off convincingly — the Dow in triple digits — with
virtually every sector in the red. The indices have closed down three of the
past four weeks now, leaving many traders no doubt eager to close out the year
next week.
The Dow closed down 128.83 to 8303.78, the Nasdaq down 19.43 to 1348.46, and the S&P is
down 14.24 to 875.42.Volume was light, as many traders are done for the year. NYSE
volume was only 757,918,000 shares. NYSE
Advancers 1048; Decliners 2147.
New home sales rose 5.7% in November, but this failed to prop up the
market. Pulte Homes
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PHM |
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PowerRating) closed down .91 to 48.10, while
KB Homes
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closed down .91 to 42.87.
JP Morgan
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JPM |
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PowerRating) and Morgan Stanley
(
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PowerRating), among other financial firms, said
there will be fewer investment bankers a year from now. Investment banking
industry revenues have plunged 40% in the past two years. JPM closed at 23.80,
down .65, while MWD closed at 40.13, down 1.35.
Lockheed Martin
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PowerRating) won a $3.5 billion contract to deliver 48 F-16
fighters to the Polish air force. LMT closed at 57.70, up .80. Also in
defense, General Dynamics
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GD |
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PowerRating) closed up .34 to 79.10.
An appeals court dismissed a suit by
Pepsico
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PowerRating) against Coca-Cola
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KO |
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PowerRating) over
access to the fountain-dispensed market. PEP is trading at 41.67, down .74.
Unocal
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PowerRating) cut its Q4 guidance, to .40-.50 from .50-.60. UCL closed at 30.12,
down 1.53.