| Market Summary |
Major markets all closed ahead today, as positive news overshadowed investors' concerns about North Korea's nuclear test and a rise in oil prices. Once again, the Dow hit an intraday trading record, and the Nasdaq had its highest close in 5 months. A number of big deals made news today. Google (GOOG: Charts, News, Offers) will buy YouTube in a $1.65 billion deal. Google gained more than 2 percent today, which helped the Nasdaq's performance. The Dolan family, which owns a controlling stake in Cablevision (CVC: Charts, News, Offers) made an offer to take the company private, which sent shares up 10 percent. PNC Financial Services (PNC: Charts, News, Offers) agreed to buy Mercantile Bankshares (MRBK: Charts, News, Offers) in a $6 billion deal.
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| Market News |
Web search leader Google Inc. on Monday said it agreed to acquire top video entertainment site YouTube Inc. for $1.65 billion in stock, putting a lofty new value on consumer-generated media sites.
The deal, the first to value one of the new crop of user-participation Web sites at more than $1 billion, combines two of the most popular Internet brands: Google, synonymous with Web search and rapid innovation, and YouTube, a Silicon Valley upstart that has spearheaded the video-sharing craze. (Source: Reuters) Full Story
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Oil prices rose Monday on assumptions that OPEC is plotting its first output cut in nearly two years.
Forecasts calling for colder weather in the Midwest also helped to push energy futures higher, analysts said. Following a late-summer freefall of almost 25 percent, oil prices have bounced around the $60 level in the past week. Traders must weigh rhetoric from some OPEC members calling for output cuts against denials by Saudi Arabia, the cartel's largest producer, that a deal to reduce production exists. (Source: Yahoo! Finance) Full Story
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The yen slid to an eight-month low, Asian stocks skidded and oil and gold rose on Monday after North Korea said it had conducted a nuclear test.
The U.N. Security Council had urged North Korea against conducting a nuclear test, warning Pyongyang of unspecified consequences. Washington said it expected the U.N. to take immediate action. Worries about North Korea had cast a shadow over otherwise strong Asian markets in the past several days as investors braced for an escalation of tensions. (Source: CNN Money) Full Story
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| Market Analysis |
Stocks have been flying lately -- and so have pink slips.
The Dow Jones Industrial Average hit a record high last week, finally moving past a peak set way back in 2000. Spirits on Wall Street have been buoyed by falling oil prices, which investors expect to boost earnings by easing costs.
But the big stock indices aren't the only numbers on the rise lately. U.S. layoffs surged 53% in September, according to a survey. (Source: TheStreet) Full Story
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As an investor, how can you avoid the next Amaranth?
As more and more individuals invest directly in hedge funds or through packages called funds of funds, it's essential to police risk since the U.S. Securities and Exchange Commission offers little oversight. A federal appeals court recently voided the SEC's right to register funds and check their books. (Source: Bloomberg) Full Story
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Is There an Innovation Drought?
Venture capital firms are having a hard time selling their companies. That may lead to less investment in breakthrough innovations. (Source: BusinessWeek) Full Story
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| Market Overview |
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| DJIA |
11,857.81 |
+7.60 |
| S&P |
1,350.66 |
+1.08 |
| NASDAQ |
2,311.77 |
+11.78 |
| 10Yr |
4.6980% |
+0.0020 |
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| On This Date |
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| October 9, 1998: Inacom agrees to acquire Vanstar for $480 million in stock. This deal would create the world's largest corporate distributor of Compaq, IBM, and Hewlett-Packard computers. |
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| Notable Quotable |
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| When A takes money from B to give to C, and A is a legislator, the process is called taxation. But when A is an officer or director of a corporation, it is called philanthropy. - Warren Buffett |
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| Previous Newsletters |
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| October 6, 2006 |
| October 5, 2006 |
| October 4, 2006 |
| October 3, 2006 |
| October 2, 2006 |
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