US Market Wrap, (NASDAQ: COMS), (NYSE: ALU), (NYSE: C), (NYSE: F)Monday October 1 8:51 AMThe Commerce Department reported consumer spending rose a better-than-forecast 0.6 per cent last month, led by strong sales of durable goods. And income increased 0.3 per cent, down from a 0.5 percent rise in July but in line with Wall Street forecasts. Investors were hoping continued negative economic news would force the Federal Reserve to cut interest rates once again. Turning to the markets, the Dow Jones Industrials finished 17 points lower to 13,896; the S&P500 lost 5 points 1,527, and the Nasdaq eased 8 points to finish at 2,702. The full report is available at the following video and audio links. Video Link http://abnnewswire.net/fnnlnk/87E5S6I9 Audio Link http://abnnewswire.net/lnk/1VS9RX3P In company news, shares in 3 Com were up 34.24% to $4.94 after it agreed to be bought by Bain Capital Partners and China's Huawei Technologies for $2.2 billion. The deal has raised some eyebrows with critics worried that 3Com's networking technology could allow China to more readily eavesdrop on US domestic conversations. Shares in Alcatel-Lucent jumped 4.41% to $10.18 on reports that its CEO is under pressure to produce a major restructuring plan soon, or she may be forced to step down. Earlier this month, the telecom reported its third profit miss of the year. Meanwhile, shares in Citigroup were down 0.45% to $46.67 after a report in the Wall Street Journal that it was one of a number of Wall Street investment banks that sold $9.4 billion in loans that will be used in the leveraged buyout of First Data Corp. And Ford shares were down 1.62% to $8.49 after the Detroit News reported it may seek deeper cost cuts from the United Auto Workers union than those that the union granted to rival General Motors. Turning to the best and worst performers in the Nasdaq Top 100. First on the list was Logitech International shares were up 3.25% to $29.55 Intuit and Express Scripts also performed well. Wynn Resorts fell by 5.64% to $157.56. Starbucks and Network Appliance failed to perform on Friday Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au About Finance News Network Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network. http://www.finnewsnetwork.com.au Source: ABN http://www.ABNnewswire.net Copyright (C) 2007 ABN Newswire. All rights reserved. |
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