Rising Bond Yields Keeps Lid on Stocks

• July 5, 2007
• Darren Wong

Stocks traded mixed on Thursday morning. Investors returned from
their holiday to find new buyout activity, which included
Blackstone’s $26 billion agreement to buy Hilton Hotels. Rising
bond yields kept the major indices in check.

Crude oil futures for August delivery rose as
high as $72.08 a barrel in after-hours electronic trading in on
the New York Mercantile Exchange after renewed violence in
Nigeria.  Gold
futures for August delivery added 0.3% to $655.85 an ounce.

Around Asia, Shanghai’s Composite dropped 5.25% to 3,615.87, Hong
Kong’s Hang Seng index rose 0.16% to 22,252.99, and Tokyo’s Nikkei
index added 0.3% to 18,221.48.

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Stocks in Motion

Blackstone Group To Buy Hilton For $26 Bln (full story). BX shares rose 3.2%, while HLT shares added 26%. Samsonite To Be Bought By CVC-managed Funds For About $1.7 Bln In Cash, Incl. Debt (full story). SAMC shares gained nearly 8%. Champps Entertainment To Be Acquired By F&H Acquisition For $74.8 Mln In Cash (full story). CMPP shares jumped 16%. Research In Motion Receives Clearance To Sell BlackBerry In China : Reports (full story). RIMM shares added 1.5%. Hexion Specialty Chemicals Confirms $10.4 Bln. Bid For Huntsman (full story). HUN shares rose 13%. For more stories as they happen, go to our Breaking News section.

Market Snapshot

Dow -35.61 13,541.69 NASDAQ -0.06 2,644.89 S&P 500 -2.79 1,522.08   NYSE NASDAQ Volume 1,099,311,000 672,639,000 Advances 1289 1281 Declines 1772 1554 Up Volume 440 380 Down Volume 542 233 New Highs 179 154 New Lows 41 45

Strongest/Weakest Sectors

Strongest Sectors Weakest Sectors Disk Drive Index (DDX) S&P Insurance Index (IUX) Gold Bugs Index (HUI) Securities Broker/Dealer Index (XBD) Computer Hardware Index (HWI) CBOE Dow 10 Index (MUT)

 

Economic News

The weekly Energy Department report showed a build of 3151K barrels of crude. ISM Services 60.7 vs 58.0 consensus Initial Claims 318K vs 315K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com