| Index | Last | Change | % Chg |
| DJ Industrials | 13314.57 | -57.15 | -0.43% |
| Nasdaq Comp | 2637.13 | -23.83 | -0.90% |
| S&P 500 | 1472.42 | -8.72 | -0.59% |
| DJ Wilshire 5K | 14848.71 | -83.97 | -0.56% |
| Russell 2000 | 759.97 | -7.8 | -1.02% |
| Nasdaq 100 | 2067.45 | -21.65 | -1.04% |
| Issues | NYSE | Nasdaq | Amex |
| Advancing | 1,357 | 1,012 | 506 |
| Declining | 1,951 | 1,993 | 715 |
| Unchanged | 71 | 116 | 94 |
| Total | 3,379 | 3,121 | 1,315 |
| | | | |
| New 52 Week High | 57 | 40 | 15 |
| New 52 Wk Low | 92 | 117 | 50 |
| | | | |
| Total | 1,327,196,690 | 1,959,251,681 | 31,114,989 |
| Advancing | 447,931,930 | 655,670,557 | 8,805,300 |
| Declining | 866,277,260 | 1,286,118,430 | 20,041,489 |
| Unchanged | 12,987,500 | 17,462,694 | 2,268,200 |
| Futures | Last | Change |
| Crude Oil | 89.83 | 0.52 |
| Natural Gas | 7.207 | -0.007 |
| Gold, Feb | 797 | 2.3 |
From Briefing.com:
| Moving the Market |  | Sector Watch |
| Treasury Secretary Paulson comments on subprime mortgage bailout plan November ISM Index comes in at 50.8, leaving it essentially unchanged from last month Homebuilder Lennar has sold 11,000 home sites to a new partnership with Morgan Stanley Real Estate for $525 million. Berkshire Hathaway buys $2.1 bln worth of TXU junk bonds | Strong: homebuilding; fertilizer & agriculture chemicals; construction & engineering; footwear; distillers & vintners; gas utilities; oil & gas storage; wireless services; IT consulting & services; oil & gas equipment Weak: human resources & employment services; auto manufacturers; personal products; health care facilities; thrifts & mortgages; industrial conglomerates; publishers & printing; airlines; auto retail; aluminum |
On Monday, stocks kicked off the month of December on a negative note, finishing near their worst levels of the session. Stocks traded in positive territory for a decent portion of the day following a White House official's comments, but momentum eventually fizzled as the major indices fell back into the red. A bit of a pullback is not surprising, considering the S&P surged 40.88 points (2.8%) last week. Treasury Secretary Henry Paulson said he hoped the plan to provide relief for homeowners with subprime mortgages will be ready by the end of the week. He noted that the Treasury is working with the mortgage industry to give suitable borrowers sustainable home loans. The Wall Street Journal previously reported that the plan involves temporarily freezing interest rates on certain subprime loans that would be at increased risk of default following a reset in the low teaser rates. In corporate news, homebuilder Lennar Corp. (LEN 16.74, +0.90) and Morgan Stanley Real Estate, an affiliate of Morgan Stanley (MS 52.28, -0.44), announced an investment joint venture to acquire, develop, manage and sell residential real estate. Concurrently, Lennar, which is reeling from a slowdown in the U.S. housing market, agreed to sell the venture a diversified portfolio of land valued at $1.3 billion for $525 million. This in itself isn't a big deal, but it could reflect a trend in which capital is attracted to the housing market wreck. Shares of Lennar opened lower, but quickly recovered. The homebuilding group (+2.5%) had the largest gain today, as investors warmed up to news of the deal. Shares of Activision (ATVI 24.97, +2.82) soared almost 13% on news that Vivendi SA has agreed to acquire a controlling stake in the company, and combine the company with its Vivendi Games unit. Activision shareholders will receive $27.50 per share, which is a 24% premium to Friday's closing price. Berkshire Hathaway (BRK.A 143,200.00, +3,100.00) is purchasing $2.1 billion in junk bonds from power producer TXU Corp.'s $3.9 billion offering. Berkshire's participation in the offering should not be mistaken as a signal the bottom of the debt market has been reached. The purchase is pertinent only to Berkshire and TXU and does not reflect financial conditions across the entire market. U.S. automakers were under pressure today. General Motors (GM 28.61, -1.22) reported North American auto sales of -11% versus -3.6% Street expectations. Meanwhile, Ford Motor Company (F 7.25, -0.26 ) reported November North American auto sales of +0.4% versus -3.4% Street expectations. On the economic front, the November ISM Index, a national survey of purchasing managers, came in at 50.8, which is basically unchanged from the previous month and in-line with expectations. A number above 50 is intended to reflect growth. Stocks traded in a choppy manner following the announcement. Seven of the ten major sectors finished in the red, with financials ( 1.2%) pacing the decline. The defensive oriented utilities sector ( +0.7%) provided leadership. |
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