Market Watch Diary Summary June 16 2005
NYSE diary shows 2 221 new highs 1 062 declines 239 new lows with 150 unchanged and volume 1 826 000 598. Nasdaq diary lists 1 990 new highs 137 declines 1 033 ageing 1/577 unchanged with volume 1 816 592 686.
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Jun 17, 2005
Page
7
NYSE diary shows 2 221 new highs 1 062 declines 239 new lows with 150 unchanged and volume 1 826 000 598. Nasdaq diary lists 1 990 new highs 137 declines 1 033 ageing 1/577 unchanged with volume 1 816 592 686.
AK Steel Corp told flat rolled steel customers of a $208 per ton surcharge on July invoices and electrical steel customers of a $200 per ton surcharge for shipments next month. The surcharges reflect higher raw material and energy costs used in steel production.
Smucker, the leading jelly maker, posted a drop in fourth quarter profit despite higher sales, hit by restructuring charges and costs from brand acquisitions from International Multifoods. The company warned fiscal 2006 earnings would miss Wall Street expectations.
Valero Energy Corp Tesoro Corp and Sunoco Inc will install about 1 billion dollars in new pollution controls at 20 oil refineries. They will also pay total fines of 8.5 million dollars in settlements with the federal government and seven states over alleged clean air law violations. The covered refineries account for about 15 percent of U.S. refining capacity.
Pfizer Inc. offers 29.10 a share for Vicuron Pharmaceuticals in a 1.9 billion cash deal a 74 percent premium to Vicuron's 90 day average. The transaction aims to acquire Vicuron's new breed of antibiotics and expand Pfizer's biotech portfolio.
Airbus announced 138 new passenger orders at Le Bourget, bringing its total to 261 jets sold at the Paris Air Show. Boeing closed with 146 total deals as IndiGo, a new Indian airline, placed a surprise 100-plane order, widening the gap in dealmaking on day four. Boeing indicated no further announcements were expected at the show.
Lawmakers in the Senate Commerce Committee move toward bipartisan federal legislation requiring businesses to notify consumers when security breaches expose personal data. Support comes from both parties, with emphasis on timely consumer protection and penalties up to 50 000 per day for noncompliance.
Freddie Mac reports 30-year fixed mortgage averages at 5.63 percent, up from 5.56 percent, marking the first weekly increase in five weeks. The report notes strong demand with housing starts at 2.009 million in May, and ongoing rate declines earlier aiding home sales and construction. Frank Nothart of Freddie Mac comments the rate remains below last year’s levels.
Oil prices rose about a dollar to a ten week high as gasoline demand stays strong. Light crude for July increased to 56.58 on the New York Mercantile Exchange and August Brent to 56.12 on the London ICE. Analysts say tight refining capacity and limited production capacity keep prices elevated, with a forecast to reach 60 a barrel unless demand slows.
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