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May 9, 2006

New York markets mixed at mid-session

Permalink: New York markets mixed at mid-session
by Elaine Frei

The equities markets in New York were mixed at the mid-point of the session on Tuesday on weakness in the technology sector, set off by an unexpected profit warning from computer maker Dell. The Dow Jones Industrial Average was up 0.3 percent to 11,620.48, but the Nasdaq Composite and the S&P 500 were both essentially flat, with Nasdaq at 2,343.05 and the S&P at 1,325.43.

Dell Comptuer said after trading closed on Monday that its quarterly profits would likely be over 7 percent lower than it had forecast previously because of price cuts that had as their aims increases in market share and revenue. With three banks issuing price forecast cuts, Dell dropped 4.8 percent by mid-session to $25.16.

The automobile manufacturing sector had better news, as General Motors revised its first-quarter report, sending the company into profit for the first quarter. Deutsche Bank upgraded GM from “sell” to “hold”, and shares in the automaker added 4.6 percent to $24.64. Ford Motor was also up, gaining 1.9 percent to $7.10.

Miners also did well after the price of gold hit a 25-year peak at just below $700 per troy ounce. Newmont added 3.5 percent to $57.67, while Barrick gained 2.7 percent to $34.90.

Mortgate providers Freddie Mac and Fannie Mae were both up after upgrades from Bank of America. Fannie Mae was upgraded from “sell” to “neutral” even though there reports that more accounting problems had been found there, sending shares up 3.1 percent to $51.70. Freddie Mac’s shares were upgraded to “buy” from “neutral” and added 1.7 percent to $63.32.



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