Stocks Slip, Oil Inventory Strong, HP Takeover
Stocks gave up their winning ways today, falling across the board. Energy shares led the decline when larger than estimated oil reserves depressed prices. Hewlett-Packard’s multi-billion dollar move to takeover 3Com did little to stem the selling. The U.S. dollar continued to gain strength against a basket of currencies further depressing the stock market. The DJIA sunk -93.79 to 10197.47, the tech heavy Nasdaq gave up -17.88 to 2149.02 and the broad based S&P 500 slipped -11.27 to1087.24.
3Com
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PowerRating): Surged 31.11% or $1.77 to $7.46/share after Hewlett-Packard bid for a takeover.
Wal-Mart
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PowerRating): Climbed 0.51% or 27 cents to $53.24/share upon beating third quarter profit estimates.
Dow Chemical
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PowerRating): Advanced 7.08% or $1.89 to $28.60/share upon saying positive words about its Rohm Haas acquisition and cost cutting measures.
Playboy
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PowerRating): Shares jumped higher by 42.31% or $1.21 to $4.07/share after word that it may sell itself soon to Iconix Brand.
Gold fell $8.00 to $1106.60, oil dropped $2.34 to $76.70 and the VIX index pushed higher by 5.21% to 24.24.
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