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Shares were higher today after the weekly jobless claims were reported as 357,000, down 18,000 from last week. While new claims are down, the four week average of those filing for benefits was up to 3.086 million, the highest level since March 2004. The good news is that the markets largely ignored that S&P downgrade of bond insurers today. The stock market even ignored a $5.00 rise per barrel in oil today. Here are the unofficial closing levels today:

DJIA 12,598.10 (+207.62)
S&P500 1,403.30 (+26.10)
NASDAQ 2,549.94 (+46.80)
10YR-TNote 4.03% +(0.09%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Broadcom Corp. (NASDAQ: BRCM) was an example of just how strong today was by being up almost 3% at $28.90 late in the day. If you read trough the co-founder and former CEO's indictment charges you might think shareholders would have gone the other way.

Continue reading Closing bell: Retail and tech ignore woes and oil gains

Closing bell: Retail and tech ignore woes and oil gains originally appeared on BloggingStocks on Thu, 05 Jun 2008 16:09:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alltellbond insurersBondInsurersbroadcomciena corporationCienaCorporationverizon wirelessVerizonWirelessThu, 05 Jun 2008 16:09:00 EST<![CDATA[Newspaper wrap-up: Verizon Wireless may acquire Alltel]]>http://www.bloggingstocks.com/2008/06/05/newspaper-wrap-up-verizon-wireless-may-acquire-alltel/http://www.bloggingstocks.com/2008/06/05/newspaper-wrap-up-verizon-wireless-may-acquire-alltel/http://www.bloggingstocks.com/2008/06/05/newspaper-wrap-up-verizon-wireless-may-acquire-alltel/#commentsFiled under: , , , , , ,

MAJOR PAPERS:
  • Verizon Wireless, a joint venture of Vodafone Group Plc (NYSE: VOD) and Verizon Communications Inc (NYSE: VZ), is in talks to acquire Alltel Corp. in a deal valued at about $27B, the Wall Street Journal reported. If successful, the combined companies would create the largest cellphone company, and would be better positioned to compete against AT&T Inc (NYSE: T).
  • Gregory B. Penner, the son-in-law of Wal-Mart Stores Inc (NYSE: WMT) chairman S. Robson Walton, is expected to join the company's board of directors, a move seen as the beginning of a leadership change at the company, according to the Wall Street Journal.
  • The Financial Times reported that Singaporean sovereign wealth fund Temasek refused to provide funds to Bear Stearns shortly before Bear's sale to JPMorgan Chase & Co (NYSE: JPM). Temasek reportedly refused the request for practical and political reasons.
  • Russia's Interior Ministry questioned the head of BP Plc's (NYSE: BP) Russian oil venture as part of a criminal investigation into possible large-scale tax evasion, the Financial Times reported.

Newspaper wrap-up: Verizon Wireless may acquire Alltel originally appeared on BloggingStocks on Thu, 05 Jun 2008 08:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alltellATTbear stearnsbear stearns bailoutbear stearns cos bscBearStearnsBearStearnsBailoutBearStearnsCosBscBPBP PlcBpPlcinc.jp morganjp morgan chasejpmJpMorganJpMorganChaseTTemasekverizon communicationsverizon wirelessVerizonCommunicationsVerizonWirelessVODvodafoneVZwal-martwal-mart storesWal-martStoresWMTThu, 05 Jun 2008 08:15:00 EST