Market diary.
Profit taking swept through the markets during the week ended Nov.
29 as all the major indices finished lower after a two-month run-up. The
Dow Jones industrial average posted its biggest drop in four months on
Nov. 27 on fears of an economic slowdown before recovering some to close
down 100 points, or 0.8 percent, on the week at 12,226.70. The
tech-heavy Nasdaq index fell more steeply, down 1.4 percent to 2,432.23.
The Standard & Poor's 500 index was off 0.5 percent to 1399.48,
as was the local LABJ 200, which felt to 142.66. Locally, 67 stocks
advanced while 126 declined. All major sectors fell or were unchanged,
except for the aerospace/defense sector, which eked out a 1 percent
gain. Yet 16 stocks still managed to hit new highs, including seven in
the real estate sector, which is still benefiting from the impact of the
Blackstone Group's buyout offer for Equity Office Properties Trust.
Five stocks hit new lows on the year, including Crown Media Holdings. A
big gainer was Valueclick Inc., up 10 percent despite Citigroup putting
a "hold" on the stock, saying it has hit its $24 a share
target. The biggest percentage loser on the week was Patient Safety
Technologies Inc., down 38 percent as the company announced it would be
late in filing its 10-K report and it received warning of possible
delisting from the American Stock Exchange.
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