Market Watch May 2 2005 Diary Snapshot
NYSE: advances 2,130 new highs 70 declines 1,140 new lows 48 unchanged 165 volume 2,004,759,900. Nasdaq: advances 1,664 new highs 28 declines 1,403 new lows 141 unchanged 166 volume 1,575,185,727.
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
May 03, 2005
Page
12
NYSE: advances 2,130 new highs 70 declines 1,140 new lows 48 unchanged 165 volume 2,004,759,900. Nasdaq: advances 1,664 new highs 28 declines 1,403 new lows 141 unchanged 166 volume 1,575,185,727.
Time Warner Inc reports that backup tapes containing data on about 600000 current and former employees and some dependents were lost by an external storage vendor. Customer data were not on the tapes. The container vanished during routine shipping to a storage facility. The vendor has handled tapes for years.
The Institute for Supply Management reported that the May North American manufacturing index slipped to 53.3 in April from 55.2 in March, signaling a slower expansion for the fifth straight month. The reading was below analysts’ expectations of 55.0, marking the index’s lowest level since July 2003 yet still indicating continued growth for the 23rd consecutive month.
New York area papers show declines as do top U S dailies. The Audit Bureau of Circulations reports three leading newspapers Los Angeles Times Chicago Tribune and San Francisco Chronicle each lost more than six percent in the six months ending March. Across the top twenty papers twelve posted at least 1.5 percent declines and four rose slightly.
Fed watchers assess oil costs and consumer spending as Alan Greenspan and economists anticipate an eighth quarter-point rate hike to 3 percent amid higher energy bills. Americans like Kamal Ziadar curb vacations and car purchases while businesses fear slower hiring and weaker demand.
Jeffrey Berman, 24, has no student loans and $1,200 in credit card debt while starting a $85 monthly 401(k) contribution. Experts warn many in his age group lack saving habits as student loan balances reach $18,900 and average credit card debt for 24 to 34-year-olds climbs to $4,088.
Verizon Communications defeated Qwest in a three month bidding war to acquire MCI Inc for 8.54 billion dollars. MCI directors favored Verizon amid Qwest debt concerns and a higher offer was rejected. The merger will strengthen Verizon alongside SBC and reshape the U.S. phone market.
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