|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Tuesday 02nd of December 2008
December 13, 2006

US airlines gain on bids news


by Elaine Frei

Wall Street was slightly higher at mid-session on Wednesday. The Dow Jones Industrial Average had added 0.1 percent to 12,329.28 but was well down from the new record high of 12,368.61 it reached earlier in the day. Meanwhile, the Nasdaq Composite was up a bare 0.02 percent to 2,432.03 and the S&P 500 had gained 0.2 percent to 1,414.26. The small and mid-cap Russell 2000 index was 0.08 percent higher to 789.01.

Airlines were higher after United Airlines said that it has opened talks with Continental Airlines concerning the possibility of a merger. United was 4.5 percent higher to $45.54, while Continental gained 5.2 percent to $45.11. Elsewhere, the news that AirTran Holdings’ bid for Midwest Air had been rejected sent Midwest 21.26 percent higher to $11. AirTran added 1.5 percent to $12.53.

The retail sector was mixed. Home Depot added 1.3 percent to $39.22 on the news that it has acquired 12 stores in China. Best Buy and Circuit City both declined, however, after Prudential Securities issued a downgrade on both consumer electronics retailers on worries about the low price of flat-screen televisions. Circuit City dropped 1.4 percent to $23.24, while Best Buy was 1.5 percent lower to $50.51.

Anadarko Petroleum fell 3 percent to $46.19 after Goldman Sachs dropped its rating on the oil company from “buy” to “neutral”.

A broker upgrade helped Apple Computer to a 1.9 percent gain to $87.80. Morgan Stanley kept its recommendation for the computer maker at “overweight”, but upped its target share price from $90 to $110 on the theory that revenues could be increased by the introduction of new products.

Discuss this in the Finance Markets forums

Story link: US airlines gain on bids news


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

 

Previous: « Austrian banks up on eastern European exposure
Next: Most government bond prices fall »

Visited 280 times, 1 so far today