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Tuesday 02nd of December 2008
August 1, 2006

Wall Street lower on rate worries


by Elaine Frei

Equities markets in New York were lower at midday on Tuesday as newly released data on personal consumption and manufacturing re-ignited fears that the Federal Reserve will issue another interest rate hike when it meets next week. The Dow Jones Industrial Average was 0.6 percent lower at mid-session, to 11,114.12. The S&P 500 had also dropped 0.6 percent, to 1,268.92, while the Nasdaq Composite was down by 1.3 percent to 2,063.52.

Some of the declines in individuals stocks were substantial. Shipper Expeditors International fell 12.6 percent to $39.75 even though second quarter profits were up 53 percent. The increase in profits was lower than had been predicted by analysts. Eastman Kodak dropped 11.3 percent to $19.74 on its seventh losing quarterly report in a row. Kodak’s revenues were down by 9 percent on slow sales of photographic film. Whole Foods declined by 11.1 percent to $51.11 even though the natural foods retailer saw its third quarter profits grow by 33 percent, well ahead of expectations.

With its quarterly report due out later in the day, Starbucks dropped 4.5 percent to $32.68, its lowest share price in six months. Molson Coors also declined even though its results in the quarter were better than had been expected. The brewer lost 6.1 percent to $67.06.

In the telecommunications sector, on the other hand, Qwest reported that it achieved profits in its second quarter after losing $164 million in the second quarter last year. Qwest added 5.8 percent to $8.24.

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