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Closing Update: Stocks Lower for Session, Week as Jobs Data Revive Economic Worries
By: Midnight Trader   Thursday, July 2, 2009 6:00 PM
Symbols: CSCO, ELN, EXC, FSR, IPCR, JNJ, NRG, RAD, VR, WAG


NRG Energy (nrg) shares slip after Exelon (exc) boosted its hostile buyout offer for the electricity generator by 12%.EXC said it would exchange 0.545 shares of its own stock for every NRG share, up from 0.485 shares per NRG share. NRG told shareholders not to act on the offer yet as its Board considers the revised offer.

Tech shares broadly declined. Cisco (csco) fell even as Deutsche Bank started coverage on the stock with a Buy rating. Xilinx (XLNX) shares are soft after the company says it expects June quarter sales to be down about 5% sequentially, worse than prior guidance for down 4% to up 4% sequentially.

Retailers were down after Rite Aid (rad) slid on a 0.6% drop in June same-store sales. Walgreens (wag) was a touch softer after the company said same-store sales rose 3.4% in June.

August crude futures closed down $2.58, or 3.7%, to $66.73 a barrel, the lowest price in a month. The contract hit an intraday low of $66.54 in the wake of deeper-than-expected job losses for June, which may reflect weakening consumer demand for energy going forward. Futures lost 3% this week and posted the third straight weekly loss.

NYSE down 177.3 (2.9%) to 5,776.76.

-DJIA down 223.3 (2.6%) to 8,281.

-S&P 500 down 26.8 (2.9%) to 896.54.

-Nasdaq down 49 (2.7%) to 1,797.

GLOBAL SENTIMENT

Hang Seng down 1.09%

Nikkei down 0.64%

FTSE down 2.34%

UPSIDE MOVERS

(+) ELN confirms deal with J&J (JNJ).

(+) IPCR gains on hopes for bidding war.

(+) MESA gains as appeals court rules in favor of company in Delta (DAL) deal.

(+) FCSX to merge with IAAC.

(+) CAL gets analyst upgrade.

(+) HRSH to be bought by CEO for $0.31 per share cash.

(+) GST sells Australian assets for $240 mln.

(+) ESLR gets upgrade.

(+) ACUR gets complete response letter for Acurox NDA.

DOWNSIDE MOVERS

(-) XLNX sees June quarter sales down sequentially.

(-) TIVO comments on contempt order stay granted EchoStar.

(-) RAD says June same-store sales down 0.6%.

(-) WAG says June same-store sales up 3.4%.

(-) MANH lowered Q2 earnings outlook.

(-) CSCO declines with broader market; Deutsche Bank starts coverage at Buy.

(-) ILMN continues evening decline that followed revenue warning.

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