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Newspaper
The Gaston Gazette
Location
Gastonia, North Carolina, United States of America
Date
Jun 23, 2007
Page
7
The coming week centers on the Federal Reserve's interest rate decision and a slate of economic reports. Markets may remain volatile as investors gauge the Fed's stance on the economy, though the 5.25 percent rate is not expected to change.
Stocks slid for the second time in three days amid Fed policy nerves and mortgage woes. The Dow dropped 185.58 to 13,360.26 as Blackstone IPO failed to lift sentiment. A Texas wrongful death suit related to stun gun maker was dismissed. a teen suffered a severe injury on a theme park ride.
With about two thirds of the economy tied to consumer spending, a trio of reports gauges the mood. The Conference Board index lands Monday, the University of Michigan sentiment Friday, and investor focus shifts to retailer earnings from Walgreens Monday and the first quarter GDP figures Wednesday. Housing data on existing and new home sales are anticipated to remain weak, underscoring sluggish demand.
Investors note foreign small-cap stocks outperforming domestic peers as economies abroad stay in strong growth. AXA Rosenberg's Stephen Dean highlights up to 10 percent exposure among some institutions while predicting a continued rally for international small caps 12 to 18 months, with valuations not stretched.
Oil at around 70 dollars a barrel boosts deepwater drilling. Transocean Inc and Diamond Offshore Drilling plan rate hikes up to 20 percent, aiming for about 600 000 dollars per day by year end. Analysts from RBC Capital Markets and Leuthard Group see potential gains in oil services and equity ETFs as prices peak.
Columbia Business School finance professor Matthew Rhodes-Kropt says once investors want this type of investment, the biggest private equity firms may go public. Friday's Blackstone Group IPO rose about 15 percent as shares jumped on debut.
Commodities report notes corn prices fell as rainfall in the Midwest reduced drought concerns about this year’s crop. Wheat prices rose on lingering harvest risk despite the favorable weather expectations.
FundFocus manager Dr. Kris Jenner leans toward smaller biotech firms rather than rivals, accepting higher risk to exploit T. Rowe’s research advantages and pick winners ahead of the crowd. Jenner emphasizes niche firms with strong pipelines to gain early insight and potential outsized returns.
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