Dow back above 12,000 at midday

| October 19, 2006 | 0 Comments

The New York equities markets were mixed at midday on Thursday on news from corporate earnings reports and new data from the Philadelphia Fed that showed its manufacturing index down 0.7 percent in October when an advance had been predicted. The Dow Jones Industrial Average was 0.15 percent higher to 12,011, while the Nasdaq Composite was down 0.1 percent to 2,339.57 and the S&P 500 was just 0.01 percent lower to 1,365.

Among gainers on the day were Apple Computer, which added 6.35 percent to $79.26 on higher net income on sales of both Macintosh computers and iPod music players. Also up were Yahoo, 1.1 percent higher to $23.24 and UPS, which added 4.23 percent to $75.54 on higher earnings. AT&T was up 2.9 percent to $33.89 on an upgrade from Lehman Brothers.

The semiconductors sector was significantly lower. Cypress Semiconductor was 9.1 percent lower to $17.24 on the announcement that is no longer thinking of selling. Advanced Micro Devices dropped 10.4 percent to $21.72 after it said Wednesday that its gross margins were down. AMD added, however, that it expects higher demand and sales in the fourth quarter. Intel declined a lesser 1.1 percent to $20.88 on quarterly earnings that were lower.

Other losers on the session included McDonalds, down 1.4 percent to $40.90 despite meeting its revised guidance. Citigroup dropped 0.8 percent to $49.79 on lower net income in its third quarter. In addition, General Electric was down 0.9 percent to $35.56 on the news that its NBC Universal entertainment unit will make cost-cutting moves.

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