Stocks End Big Rally Week Flat, Mixed
Stocks paused after days of solid gains and a strong non-farm payrolls report this morning that dampened hopes of a 50 basis point rate cut when the Federal Open Market Committee meets early next week.
Consumer confidence is nearing a two-year low, and oil struggles to remain above $90 a barrel. The subprime mortgage rate freeze plan proposed by the White House, the Treasury and big lenders has been met with both support and skepticism, with many wonder exactly how the plan will be implemented and how effective it will ultimately be.
Shares of both Gemstar-TV Guide
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PowerRating) and Macrovision
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PowerRating) slipped on news that Macrovision was purchasing the TV listings company for $2.8 billion in cash and stock (read more).
An earnings warning from Palm
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PowerRating) sent shares tumbling to fresh lows today. Problems ranging from product delays to growing competition from
Apple
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PowerRating) and Research in Motion
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PowerRating) continue to plague the company (read more).
Merrill Lynch
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PowerRating) downgraded American Express
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AXP |
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PowerRating) from “neutral” to “sell” on concerns over a deteriorating consumer economy. Shares of American Express were down significantly on the news (read more).
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