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Thursday 28th of August 2008
December 19, 2006

Wall Street lower at midday


by Elaine Frei

Wall Street was slightly lower at midday on Tuesday, with the Dow Jones Industrial Average dropping 0.2 percent to 12,417.80. The Nasdaq Composite had lost 0.7 percent by mid-session, to 2,418.17, while the S&P 500 was 0.2 percent lower to 1,419.03. The small-cap Russell 2000 was down 0.3 percent to 779.90.

The New York Stock Exchange dropped 0.7 percent to $100.69 on the news that Euronext stockholders have approved a merger between the two exchange operators.

Electronics retailers were also lower. Best Buy fell 3 percent to $47.87, while Circuit City was 18.2 percent lower to $18.61. Circuit City’s declines came after the announcement that it had lost 9 cents per share its fiscal third quarter after having projected a profit of 5 cents per share.

Digital security company Applied Signal was down 16 percent to $13.22 after its quarterly report showed that its profits were only 5 cents per share, well below the expected 22 cent per share profit.

Software manufacturer Oracle dropped 4.4 percent to $17.13 even though its earnings report, released Monday, said that the company had equaled expectations.

Morgan Stanley, on the other hand, added 2 percent, to $81.96 after its profits hit $2.08 per share, well above its predicted profit of $1.77 per share.

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