Market this Monday 11/12

ron · #1 (**permalink**) 11-12-2007, 03:43 PM

Topping headlines this morning was the announcement that IBM (IBM) is going to acquire Cognos (COGN) for $58 per share in cash, or approximately $5 billion. Meanwhile, E*Trade Financial (ETFC) is the latest in the growing list of companies that is warning of further credit losses and has said it no longer expects to achieve its prior FY07 earnings guidance.

ron · #2 (**permalink**) 11-12-2007, 03:45 PM

The stock market opened with modest losses, but quickly recovered to the unchanged mark. The major indices have since traded in choppy fashion, although their ranges have been somewhat limited. Currently, the indices are trading mixed with the Nasdaq in the red.

ron · #3 (**permalink**) 11-12-2007, 03:46 PM

Reuters reports that the Energy Information Administration said oil will stay 'well over' $80 per barrel without more OPEC oil supply from the cartel's December meeting.

ron · #4 (**permalink**) 11-12-2007, 03:47 PM

After spending the majority of the day in the green, the S&P 500 has slid into negative territory following an increase in broad-based selling pressure. Six of the ten economic sectors are now in the red, including the heavily weighted tech sector (-0.7%).

ron · #5 (**permalink**) 11-12-2007, 03:59 PM

Stock indices still range bound but rotate off afternoon lows... Dow +74.54, Naz -10.33 rtq.....13,116.80 2,617.58 rtq.