Stock averages close narrowly mixed late in the session, having given
up broad early gains. The DJIA finished up 0.2%. The S&P 500 edged
up 0.4%. The tech-concentrated Nasdaq Composite ends just in the red,
down less than 0.1%.
Stock averages turned narrowly mixed in afternoon trading, having
given up broad early gains. Consolidation kicked in as the Dow Jones
Industrial Average hit fresh highs for the year and near the 10,000
line. Tech share declines partly offset energy share gains. Tech shares
found early support but eventually turned mixed. Several analysts
raised their price targets on Google (
GOOG). Crude oil closes up 2% at
$73.27 a barrel, having hit a six-week high.
Trading was generally quiet with the bond market and the federal
government closed for the Columbus Day holiday in the United States.
Asia traded mixed; Europe got a boost from surprisingly upbeat results
from Dutch conglomerate Philips (
PHG).
Goldman Sachs upped Google's price target to $585 from $560 on
higher earnings estimates from 2009 to 2011, MarketWatch reported.
"Discussions with advertising agencies, including a dinner we hosted
with senior agency executives, point to rising spending on Google since
June, led by travel, clothing and home improvement advertisers," the
broker said. Goldman kept Google's rating at "conviction buy."
Meanwhile, JP Morgan (
JPM) analysts raised their earnings per share and
revenue targets for the tech giant's third quarter. Morgan's team now
sees third quarter earnings per share at $5.41, compared to their prior
$5.20 cents estimate. They upped their revenue target to $4.27 billion
for the third quarter, compared to $4.12 billion previously.
Kaufman reportedly boosted its price target on the issue to $600 from $520 per share.
MDRNA (
MRNA) gainded after the company says new in vivo data show
continued progress in the advancement of the company's oncology
program. The company reported that MDRNA's UsiRNAs, delivered by the
its DiLA2 platform, down-regulated a previously "non-druggable" target
with subsequent reductions in tumor growth in models of liver and
bladder cancer via both systemic and local delivery.
Build-A-Bear Workshop (
BBW) jumped on an upgrade to outperform from market perform at BMO Capital Markets.
In deal news, Sinoenergy (
SNEN) says it will be bought by Skywide Capital Management for $1.90 per share.
On the downside, Digital River (
DRIV) plunged. Symantec (
SYMC) has
notified Digital River that Symantec will not extend its existing
e-commerce agreement.
The agreement, under which Digital River provides a variety of
e-commerce-related services to Symantec, expires on June 30, 2010. In
2008, sales of products for Symantec accounted for 24.3% of Digital
River revenue and sales derived from proprietary Digital River services
sold to Symantec consumers accounted for 9.4% of Digital River revenue.
NYSE up 35.6 (0.5%) to 7,051.16.
-DJIA up 20.9 (0.2%) to 9,886.
-S&P 500 up 4.69 (0.4%) to 1,076.
-Nasdaq down 0.1 (0.01%) to 2,139.
GLOBAL SENTIMENT
Hang Seng down 0.93%
Nikkei up 1.87%
FTSE up 1.3%
UPSIDE MOVERS
(+) GOOG price target hiked at three firms.
(+) SNEN sold for $1.90 a share.
(+) AMGN gets upgrade.
(+) MRNA says UsiRNA reduces tumor growth in Vivo.
(+) BDK raises share guidance.
(+) V, MA get analyst upgrades.
DOWNSIDE MOVERS
(-) DRIV plunges as Symantec will not extend contract.
(-) DEPO quickly loses early upside; reports positive results in trial for menopausal hot flashes.
(-) KBH discloses SEC inquiry.
