Wednesday August 25, 2010
DOW JONES 10,040.45 -133.96
NASDAQ 2,123.76 -35.87
S&P 1,051.87 -15.49
Business: Pam Haynes PHaynes@hpe.com (336) 888-3617
5D
Home sales hit 15-year low WASHINGTON (AP) – Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas. July’s sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country. The plunge in home sales also magnified fears about the broader economy. “The housing market is
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McDonald’s names first global chief OAK BROOK, Ill. – McDonald’s Corp. said Tuesday it named Steve Easterbrook, current CEO of its U.K. division and president of Northern Europe operations, to the newly created role of global chief brand officer. The world’s largest burger chain said Easterbrook will oversee marketing, menu innovation, consumer insights and other brand assets. Easterbrook, a 16-year McDonald’s veteran, assumes the post Sept. 1.
Oil prices sink on weak economy NEW YORK – Oil prices sank again on Tuesday after a disappointing report on home sales underlined the slow economic recovery and weak demand for oil and gas. Benchmark crude for October delivery fell $1.10 to $72 a barrel in morning trading on the New York Mercantile Exchange.
Barnes & Noble posts quarterly loss NEW YORK – Barnes & Noble Inc. posted a first-quarter loss on legal expenses related to its proxy fight with a major shareholder, the struggling book seller said Tuesday. The company cut its annual earnings outlook on the costs related to fighting billionaire financier Ron Burkle. The largest U.S. traditional book seller said it lost $62.5 million, or $1.12 per share, in quarter ending July 31. ENTERPRISE NEWS SERVICE REPORTS
DILBERT
undermining the already faltering wider economic recovery,” said Paul Dales, U.S. economist with Capital Economics. “With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse.” Sales were particularly weak among homes in the lower- to mid-priced ranges. For example, in the Midwest, homes priced between $100,000 and $250,000 tumbled nearly 47 percent. The weakness follows a strong spring, when nowexpired government tax credits sparked sales, especially among first-time buyers of lower-priced homes. The tax credits caused
many of those buyers to speed up their home purchases. Sales have weakened since the credits expired on April 30. As sales have slowed, the inventory of unsold homes on the market grew to nearly 4 million in July. That’s a 12.5month supply at the current sales pace, the highest level in more than a decade. It compares with a healthy level of about six months. One reason the market is hurting is that buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices, and buyers are hesitating because they think home prices haven’t bottomed out.
US steps up probe of Corollas WASHINGTON (AP) – U.S. safety regulators have stepped up their investigation into complaints of stalled engines on Toyota Corolla sedans and Matrix hatchbacks, but government officials stopped short of announcing a recall. The National Highway Traffic Safety Administration upgraded its investigation last week and is looking at two possible causes behind the stalling: Improper coating on circuit boards and a crack in the surface of a glass coating. Both could have happened during production of the cars. The new probe, called an engineering analysis, covers 1.8 million Corolla and Matrix cars from model years 2005 to 2007. It is a more in-depth investigation of the vehicles than the preliminary probe be-
gun by NHTSA in December. That probe covered vehicles from the 2006 model year only. NHTSA said it has received 163 complaints of stalling engines in the cars as of last week. Toyota spokeswoman Monika Saito in Tokyo confirmed the NHTSA investigation. She said Toyota was cooperating fully but declined to give more details. It was unclear whether a recall will be necessary, though the engineering analysis will determine if there is a safety defect that needs to be fixed. A problem with the Corolla, one of Toyota’s top-selling models, would further embarrass the Japanese automaker, which has long prided itself on its quality controls.
AGs want Craigslist to drop adult services HARTFORD, Conn. (AP) – State attorneys general nationwide are demanding that Craigslist remove its adult services section because they say the website cannot adequately block potentially illegal ads. Several attorneys general, including Connecticut, Ohio and Missouri, announced Tuesday that they have sent a joint letter calling on the classified advertising website to get rid of its adult services category. A total of
17 states are involved. The attorneys general say Craigslist is not completely screening out ads that promote prostitution and child trafficking. The site creators pledged in 2008 to improve their policing efforts. Other states joining the effort are Arkansas, Idaho, Illinois, Iowa, Kansas, Maryland, Michigan, Montana, New Hampshire, Rhode Island, South Carolina, Tennessee, Texas and Virginia.
LOCAL FUNDS % Chg.
50-day Average
AMERICAN BALANCED FUND, CLASS A 16.11 - 0.13
- 0.80%
16.30
16.41
AMERICAN FDS BOND FD OF AMERICA 12.44 0.03
0.24%
12.29
12.09
CAPITAL INCOME BUILDER CL A SHS 46.45 - 0.31
- 0.66%
46.76
46.69
AMERICAN FDS CAPITAL WORLD GROW 31.15 - 0.39
- 1.24%
32.01
32.28
AMERICAN FDS EUROPACIFIC GROWTH 35.77 - 0.47
- 1.30%
36.76
36.61
AMERICAN FDS FUNDAMENTAL INVS A 30.93 - 0.49
- 1.56%
31.96
32.52
AMERICAN FDS GROWTH FD OF AMERI 25.52 - 0.43
- 1.66%
26.53
27.17
AMERICAN FDS INCOME FD OF AMERI 15.26 - 0.10
- 0.65%
15.38
15.42
AMERICAN FDS INVESTMENT CO OF A 24.08 - 0.30
- 1.23%
24.98
25.54
AMERICAN FDS NEW PERSPECTIVE A 24.02 - 0.34
- 1.40%
24.84
25.03
WASHINGTON MUTUAL INVS FD CL A 23.60 - 0.29
- 1.21%
24.18
24.56
DAVIS NEW YORK VENTURE FUND A 28.96 - 0.44
- 1.50%
30.07
30.84
DODGE COX INCOME FUND 13.43
Name
Last
Change
0.02
200-day Average
0.15%
13.31
13.20
DODGE COX INTERNATIONAL STOCK 30.16 - 0.30
- 0.98%
31.00
31.04
DODGE COX STOCK FUND 88.47
- 1.62
- 1.80%
93.13
96.73
FIDELITY CONTRA FUND 56.08
- 0.81
- 1.42%
57.85
58.56
FIDELITY DIVERSIFIED INTERNATIO 25.47 - 0.35
- 1.36%
26.34
26.55
FIDELITY FREEDOM 2020 FUND 12.30 - 0.11
- 0.89%
12.54
12.63
FIDELITY GROWTH CO FUND 66.68 - 1.07
- 1.58%
68.66
70.24
FIDELITY LOWPRICED STOCK FUND 31.56 - 0.39
- 1.22%
32.62
33.35
FIDELITY MAGELLAN 58.10
- 1.64%
61.20
64.01
TGIT TEMPTON INCOME FUND CLASS 2.56 0.00
- 0.97
0.00%
2.56
2.58
HARBOR INTERNATIONAL FUND INSTI 50.48 - 0.74
- 1.44%
52.59
52.30
PIMCO FUNDS TOTAL RETURN FUND C 11.54 0.03
0.26%
11.38
11.15
PIMCO FUNDS TOTAL RETURN FUND A 11.54 0.03
0.26%
11.38
11.15
PIMCO FUNDS TOTAL RETURN FUND I 11.54 0.03
0.26%
11.38
11.15
VANGUARD 500 INDEX FD ADMIRAL S 97.14 - 1.43
- 1.45%
100.72
103.37
VANGUARD INDEX TRUST 500 INDEX 97.13 - 1.42
- 1.44%
100.71
103.35
VANGUARD GNMA FUND ADMIRAL SHS 11.05 0.01
0.09%
11.05
VANGUARD INSTITUTIONAL INDEX 96.51 - 1.42
- 1.45%
100.06
102.68
VANGUARD INSTITUTIONAL INDEX FU 96.51 - 1.42
- 1.45%
100.07
102.68
VANGUARD MID CAP GROWTH FUND 14.98 - 0.28
- 1.83%
15.36
15.69
VANGUARD PRIMECAP FUND 55.51 - 0.99
- 1.75%
57.02
58.59
VANGUARD BOND INDEX FD TOTAL BO 10.90 0.03
0.28%
10.77
10.58
VANGUARD TOTAL INTERNATIONAL ST 13.47 - 0.18
- 1.32%
13.83
13.81
VANGUARD TOTAL STOCK MARKET IND 26.10 - 0.38
- 1.44%
27.11
27.85
VANGUARD WELLINGTON INCOME FUND 28.35 - 0.23
- 0.80%
28.80
29.00
VANGUARD WELLINGTON FD ADMIRAL 48.96 - 0.40
- 0.81%
49.75
50.10
10.88
Housing data drives stocks down NEW YORK (AP) – Stocks fell for a fourth day after another disappointing report on housing deepened worries that the economic recovery could be fading. Bond yields fell as investors sought out more stable investments. The Dow Jones industrial average lost 134 points Tuesday following news that sales of previously occupied homes fell last month to their lowest level in 15 years. The Dow dipped briefly below 10,000 for the first time in seven weeks and has now lost 375 points since its four-day slump began. The yield on the two-year Treasury note reached another record low as cautious investors piled back into the bond market. “Without a boost in job creation, (buyers) just won’t have the confidence to step in and buy a new home,” David Katz, principal at Weiser Capital Management said. Other world markets also fell. Japanese stocks led the way lower, falling more than 1 percent as the yen hit a fresh 15-year high against the dollar. Japan’s economy relies heavily on exports, so a stronger yen hurts the profits of major Japanese companies. Stocks have been sliding in recent days as investors focus on signs that economic growth is slowing.
STOCKS OF LOCAL INTEREST Name AT&T Aetna Alcatel-Lucent Alcoa Allstate AmEx AIG Ameriprisel Analog Devices Aon Corp. Apple Avon BB&T Corp. BNC Bancorp BP Bank of America Bassett Furniture Best Buy Boeing CBL & Asso. CSX Corp. CVS Caremark Capital One Caterpillar Inc. Chevron Corp. Cisco Systems Inc. Citigroup Coca-Cola Colgate-Palmolive Colonial Prop. Comcast Corp. Corning Inc. Culp Inc. Daimler AG Deere & Co. Dell Inc. Dillard’s Inc. Walt Disney Co. Duke Energy Corp Exxon Mobil Corp FNB United Corp. FedEx Corp. First Citizens Bank of NC Ford Fortune Brands Furniture Brands Gap Inc. General Dynamics General Electric GlaxoSmithKline Google Hanesbrands Harley-Davidson Hewlett-Packard Home Depot Hooker Furniture Intel IBM JP Morgan Chase Kellogg Kimberly-Clark Krispy Kreme La-Z-Boy LabCorp Lance
Symbol
Last
T 26.72 26.69 AET ALU 2.56 AA 10.06 ALL 27.52 AXP 39.57 AIG 34.27 AMP 42.19 ADI 29.32 AON 36.57 AAPL 239.93 AVP 29.48 BBT 22.4 BNCN 9.94 BP 34.92 BAC 12.64 BSET 4.8 BBY 31.68 BA 60.93 CBL 11.9 CSX 47.45 CVS 27.93 COF 37.33 CAT 65.04 CVX 73.78 CSCO 21.13 C 3.71 KO 55.66 CL 75.47 CLP 15.05 CMCSK 15.98 GLW 15.72 CFI 9.6 DDAIF.PK 48.98 DE 62.34 DELL 11.59 DDS 21.36 DIS 32.14 DUK 17.21 XOM 58.94 FNBN 0.53 FDX 79.09 FCNCA 173.75 F 11.24 FO 42.97 FBN 4.53 GPS 16.86 GD 57.87 GE 14.57 GSK 37.18 GOOG 451.39 HBI 24.98 HOG 24.08 HPQ 38.39 HD 27.78 HOFT 9.48 INTC 18.41 IBM 124.9 JPM 36.21 K 49.72 KMB 64.72 KKD 3.59 LZB 6.52 LH 75.53 LNCE 21.76
Chg. 0.23 -0.46 -0.03 -0.31 -0.39 -0.63 -0.77 -1.02 -0.59 -0.35 -5.87 -0.31 -0.22 0.2 -1.2 -0.23 0.09 -0.54 -2.37 -0.13 -1.19 -0.54 -0.55 -1.8 -1.27 -0.55 -0.04 0.06 -0.05 -0.1 -0.42 -0.22 -0.48 -0.61 -0.68 -0.36 0.01 -0.79 0.15 -0.56 -0.02 -2.35 4.72 -0.37 -0.03 -0.21 -0.28 -1.46 -0.32 -0.83 -12.68 -0.87 -0.81 -0.65 -0.05 -0.24 -0.3 -1.57 -0.67 -0.19 -0.24 -0.07 -0.23 -0.08 -0.04
High 26.85 27.02 2.57 10.3 27.88 39.98 34.79 43.24 29.5 36.88 243 29.64 22.75 9.94 35.25 12.83 4.86 32.28 62.81 12.12 48.04 28.28 37.65 65.84 74.9 21.45 3.75 55.94 75.94 15.23 16.3 15.91 10.11 49.2 63.27 11.75 21.81 32.7 17.29 59.45 0.58 80.69 174.16 11.49 43.25 4.7 17.02 58.79 14.75 37.4 458.37 25.59 24.49 38.86 28.08 9.86 18.68 126.02 36.7 49.94 65.16 3.69 6.84 75.76 22.01
Low 26.2 26.5 2.48 10.06 27.42 39.24 34.06 42.18 28.68 36.29 238.65 29.16 22.34 9.7 34.5 12.59 4.71 31.38 60.53 11.66 46.75 27.87 36.95 64.31 73.62 21.1 3.68 55.15 74.65 14.67 15.94 15.47 9.51 48.19 61.5 11.34 20.62 31.97 16.92 58.79 0.53 78.13 165.36 11.09 42.19 4.48 16.65 57.62 14.41 37.04 450.92 24.89 23.93 38.34 27.1 9.22 18.39 124.57 35.92 49.5 64.39 3.58 6.47 74.79 21.39
Name
Symbol
Last
Chg.
High
Low
Legg Mason Leggett & Platt Lincoln National Lowe’s McDonald’s Merck MetLife Microsoft Mohawk Industries Morgan Stanley Motorola NCR Corp. New York Times Co. NewBridge Bancorp Norfolk Southern Novartis AG Nucor Old Dominion Office Depot PPG Industries Panera Bread The Pantry J.C. Penney Pfizer Pepsico Piedmont Nat.Gas Polo Ralph Lauren Procter & Gamble Progress Energy Qualcomm Quest Capital RF Micro Devices Red Hat Reynolds American RBC Ruddick Corp. SCM Micro Sara Lee Sealy Sears Sherwin-Williams Southern Company Spectra Energy Sprint Nextel Standard Micro Starbucks Steelcase Inc. SunTrust Banks Syngenta AG Tanger Targacept Inc. Target 3M Co. Time Warner US Airways Unifi Inc. UPS Inc. VF Corp. Valspar Verizon Vodafone Vulcan Materials Wal-Mart Wells Fargo Yahoo Inc.
LM LEG LNC LOW MCD MRK MET MSFT MHK MS MOT NCR NYT NBBC NSC NVS NUE ODFL ODP PPG PNRA PTRY JCP PFE PEP PNY RL PG PGN QCOM QCC RFMD RHT RAI RY RDK INVE SLE ZZ SHLD SHW SO SE S SMSC SBUX SCS STI SYT SKT TRGT TGT MMM TWX LCC UFI UPS VFC VAL VZ VOD VMC WMT WFC YHOO
25.72 19.07 20.97 20.22 72.72 34.44 36.49 24.04 43.54 25.13 7.46 12.55 7.55 3.36 52.69 50.22 36.68 23.76 3.75 64.21 78.34 18.99 20.57 15.82 64.78 27 80.55 59.66 42.85 38.04 1.54 5.12 33.01 56.49 47.18 31.46 1.59 14.69 2.4 61.79 67.15 36.42 20.76 3.95 19.75 22.82 6.28 23.18 46.45 43.77 19.01 51.53 80.45 29.81 8.75 4.3 63.85 74.48 29.5 29.47 23.25 37 51.3 23.64 13.4
-1.05 -0.43 -0.32 -0.01 -0.62 -0.53 -0.65 -0.24 -0.24 -0.59 0.02 -0.31 -0.01 -0.09 -0.77 0.12 -1.08 -0.78 -0.21 -0.8 -0.92 -0.16 -0.41 -0.28 -0.04 0.09 -2.36 -0.37 0.47 -0.5 0 0.42 0.24 0.03 -1.86 -0.59 0.09 -0.05 -0.08 0.18 -0.49 0.54 -0.29 -0.14 -0.25 -0.86 -0.47 -0.84 -0.92 0.06 0.12 -0.48 -0.63 -0.3 -0.14 -0.01 -1.37 -0.82 -0.31 0.06 -0.3 -1.06 0.16 -0.59 -0.25
26.51 19.4 21.09 20.43 73.1 34.8 37.3 24.35 44.64 25.42 7.56 12.67 7.62 3.45 53.12 50.34 37.46 24.31 3.95 64.71 79.47 19.36 20.76 15.97 65.24 27.25 81.63 60.02 43.16 38.48 1.55 5.13 33.13 56.67 47.93 31.82 1.59 14.73 2.49 61.85 67.39 36.57 21.03 4.08 20.05 23.3 6.69 23.72 47.22 43.97 19.43 51.85 81 30.24 8.93 4.35 64.8 74.94 29.67 29.7 23.35 37.39 51.72 24.05 13.64
25.69 18.94 20.65 19.78 72.19 34.17 36.17 24 42.61 25.07 7.29 12.39 7.28 3.19 51.53 49.58 36.6 23.33 3.72 64.03 77.41 18.59 20.19 15.77 64.21 26.51 79.86 59.58 42.07 37.76 1.53 4.49 31.88 56 46.91 31.28 1.45 14.53 2.39 60.12 66.13 35.7 20.69 3.94 19.69 22.7 6.25 23.14 46.36 42.71 18.53 50.81 79.47 29.58 8.53 4.23 63.71 73.26 29.32 29.1 23.05 36.42 50.6 23.54 13.39
METALS PRICING NEW YORK (AP) – Spot nonferrous metal prices Tuesday: Aluminum -$0.9330 per lb., London Metal Exch. Copper -$3.2838 Cathode full plate, LME. Copper $3.2915 N.Y. Merc spot Mon. Lead - $2021.00 metric ton, London Metal Exch. Zinc - $0.9132 per lb., London Metal Exch. Gold - $1222.00 Handy & Harman (only daily quote). Gold - $1226.90 troy oz., NY Merc spot Mon. Silver - $18.430 Handy & Harman (only daily quote). Silver - $17.983 troy oz., N.Y. Merc spot Mon. Platinum -$1515.00 troy oz., N.Y. (contract). Platinum -$1508.60 troy oz., N.Y. Merc spot Mon.
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