| Market Summary |
Equities put together another solid day as the blue chip Dow Jones Industrial Average added another chapter to what is now a four and a half year bull market run by breaking the 13,000 barrier and closing at all time new record of 13089.89, up 1.05%. The rally was broad-based as other major indices including the tech heavy NASDAQ and the broader S&P 500 also posted handsome gains. The major propellants for the market today were a better than expected report on durable good orders and strong earnings report from Amazon (AMZN: Charts, News, Offers) and Corning (GLW: Charts, News, Offers), among others. The Fed did its part too by indicating in its 'beige book' survey of economic activity that prices remain largely stable, easing inflation concerns. There was some negative data too for traders to consume today including disappointing news from the housing sector but the market managed to overlook it. Bond prices fell pushing the yield on the benchmark 10 year Treasury note upto 4.64%. The dollar was pretty stable against the euro and the yen.
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| Market News |
Apple Inc. (AAPL: Charts, News, Offers) said its quarterly profit soared 88 percent, fueled by lower component costs and sales of its MacBook computers and iPods, sending its shares up 8 percent to a record.
Apple reported on Wednesday net income for its fiscal second quarter jumped to $770 million, or 87 cents per share, from $410 million, or 47 cents per share. Revenue rose 21 percent to $5.26 billion. (Source: Reuters) Full Story
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Most parts of the country logged moderate economic growth in the early spring, despite sluggish manufacturing largely because of the housing slump.
The fresh snapshot of the national economy, released Wednesday by the Federal Reserve, found that "manufacturing activity was slow" in many areas and that "residential real estate activity continued to weaken, with sales declining in many districts and flat in a number of others."
Overall, most regions reported "only modest or moderate expansions," the Fed said. There were some exceptions, though. The Minneapolis region reported "firm growth" and the Dallas region characterized economic activity as "moderately strong." (Source: USA Today) Full Story
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Wendy’s International Inc. (WEN: Charts, News, Offers), which underwent jarring structural changes in the past 12 months, announced Wednesday that more may be in the offing - including the possible sale of the company. Shares rose 13 percent in after-hours trading to $37.
The nation’s No. 3 hamburger chain said it has formed a special committee of directors to review options that could include a possible sale, merger or other business combination. (Source: MSNBC) Full Story
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| Market Analysis |
China's economy has humbled many smart people in recent years.
It has defied those arguing it would slow, those predicting a hard landing, those saying its currency would surge and those concerned that social unrest would shake Asia's second-biggest economy to its core.
Yet no one has been more outmaneuvered by China than the world's two biggest economic powers: the U.S. and Japan.
As Japanese Prime Minister Shinzo Abe and U.S. President George W. Bush meet in Washington later this week, both leaders may think markets give a hoot. Abe and Bush may hope that by solidifying ties, investors will somehow feel the global marketplace is a safer, more prosperous place. (Source: Bloomberg) Full Story
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If it was looking for a fight when it made its $91 billion bid for ABN Amro (ABN: Charts, News, Offers) earlier this week, Barclays (BCS: Charts, News, Offers) has certainly succeeded.
After a little over a day's consideration, a rival group led by Royal Bank of Scotland has thrown down its own $101 billion bid, almost 70% of it in cash, and demanded that the Dutch banking giant cancel its planned sale of a Chicago-based banking division.
"The banks are of the clear view that their proposals are superior for ABN Amro's shareholders and are straightforward from a shareholder, regulatory and execution perspective," the Royal Bank consortium said in a statement Wednesday. (Source: Forbes) Full Story
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Before emerging from one of the most high-profile options backdating cases with little more than a slap on the wrist, former Apple (AAPL: Charts, News, Offers) executive Fred Anderson landed some parting shots of his own.
The Securities & Exchange Commission brought an apparent end to its investigation of the handling of stock options at Apple by charging two former executives, Chief Counsel Nancy Heinen and Chief Financial Officer and Director Anderson, for their roles in improperly issuing two large options grants in 2001. (Source: BusinessWeek) Full Story
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