BUSINESS 7D
THE HIGH POINT ENTERPRISE FRIDAY, JANUARY 29, 2010 www.hpe.com
Tech forecasts drag down stocks NEW YORK (AP) — The stock market resumed its slide Thursday as disappointing forecasts from technology companies brought new concerns about the economy. A weaker outlook from technology maker Qualcomm Inc. dragged the Nasdaq composite index lower. Drops in Motorola Inc. and Apple Inc. also hurt tech stocks. The Dow Jones industrial average fell almost 116 points, its sixth drop in nine days. The market also fell in response to a report from Standard & Poor’s that said it no longer considers Britain’s banking system among the “most stable
and low-risk.” The report added to concern about rising debt levels other countries, such as Greece, and drove the dollar higher as investors sought safety. That sent some commodities prices lower, hurting materials stocks. The tech forecasts and debt worries were yet more concerns for investors who have been focused on politics, not the economy. Stocks have been sliding as concern builds that a fragile economic recovery could be derailed by missteps in Washington. The questions have some analysts saying that a 10-month surge of 60.3 percent in the Standard & Poor’s 500
index isn’t warranted. President Barack Obama’s plan to overhaul banking regulations and restrict trading at large financial institutions spooked the market during the past week. The possibility Federal Reserve Board chairman Ben Bernanke wouldn’t be confirmed for a second term also had investors on edge, though those worries have subsided as the vote neared. The Senate voted to confirm Bernanke for a second term as the market was closing. His first fouryear term ends Sunday. “Our full-contact politics is really beginning to affect the markets as it’s migrating into sub-
LOCAL FUNDS %Change
50-day Average
AMERICAN FDS AMERICAN BALANCED 16.11 - 0.11
- 0.68%
16.35
15.67
AMERICAN FDS BOND FD OF AMERICA 11.95 0.00
0.00%
11.90
11.73
AMERICAN FDS CAP INCOME BUILDER 46.74 - 0.32
- 0.68%
48.05
46.74
AMERICAN FDS CAPITAL WORLD GROW 32.45 - 0.39
- 1.19%
34.07
32.67
AMERICAN FDS EUROPACIFIC GROWTH 36.46 - 0.39
- 1.06%
38.53
37.20
AMERICAN FDS FUNDAMENTAL INVS A 31.78 - 0.41
- 1.27%
32.87
31.08
AMERICAN FDS GROWTH FD OF AMERI 26.43 - 0.31
- 1.16%
27.41
26.08
AMERICAN FDS INCOME FD OF AMERI 15.21 - 0.11
- 0.72%
15.57
14.90
AMERICAN FDS INVESTMENT CO OF A 25.20 - 0.29
- 1.14%
26.10
24.73
AMERICAN FDS NEW PERSPECTIVE A 24.59 - 0.30
- 1.21%
25.70
24.46
AMERICAN FDS WASHINGTON MUTUAL 24.09 - 0.23
- 0.95%
24.82
23.47
DAVIS NEW YORK VENTURE FUND A 30.08 - 0.17
- 0.56%
30.91
29.34
DODGE COX INCOME FUND 13.10
Name
jects that investors care deeply about like who is our Fed chairman going to be,” said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors. “That wasn’t uncertain two weeks ago.” The Dow fell 115.70, or 1.1 percent, to 10,120.46. The drop put the psychological barrier of 10,000 back in investors’ sights. The Dow, which had been down as much as 181 points, hasn’t traded below 10,000 since Nov. 6. The Standard & Poor’s 500 index fell 12.97, or 1.2 percent, to 1,084.53, while the Nasdaq fell 42.41, or 1.9 percent, to 2,179.00.
Last
Change
0.00
200-day Average
0.00%
13.06
12.90
DODGE COX INTERNATIONAL STOCK 30.81 - 0.25
- 0.80%
32.11
30.89
DODGE COX STOCK FUND 94.96
- 1.32
- 1.37%
97.31
91.77
FIDELITY CONTRA FUND 56.12
- 0.53
- 0.94%
57.95
54.71
FIDELITY DIVERSIFIED INTERNATIO 26.76 - 0.32
- 1.18%
27.98
27.10
FIDELITY FREEDOM 2020 FUND 12.32
- 0.10
- 0.81%
12.73
12.29
FIDELITY GROWTH CO FUND 66.23
- 1.14
- 1.69%
68.74
64.19
FIDELITY LOWPRICED STOCK FUND 31.69 - 0.25
- 0.78%
32.12
30.34
FIDELITY MAGELLAN 62.29
- 0.63
- 1.00%
64.50
61.40
TGIT TEMPTON INCOME FUND CLASS 2.54 - 0.01
- 0.39%
2.61
2.52
HARBOR INTERNATIONAL FUND INSTI 51.73 - 0.74
- 1.41%
54.94
52.35
PIMCO FUNDS TOTAL RETURN FUND C 10.94 0.00
0.00%
10.89
10.84
PIMCO FUNDS TOTAL RETURN FUND A 10.94 0.00
0.00%
10.89
10.84
PIMCO FUNDS TOTAL RETURN FUND I 10.94 0.00
0.00%
10.89
10.84
VANGUARD 500 INDEX FD ADMIRAL S 99.96 - 1.19
- 1.18%
103.41
97.97
VANGUARD INDEX TRUST 500 INDEX 99.95 - 1.19
- 1.18%
103.36
97.97
VANGUARD GNMA FUND ADMIRAL SHS 10.73 - 0.01
- 0.09%
10.74
10.74
VANGUARD INSTITUTIONAL INDEX 99.29 - 1.18
- 1.17%
102.69
97.34
VANGUARD INSTITUTIONAL INDEX FU 99.29 - 1.18
- 1.17%
102.73
97.33
VANGUARD MID CAP GROWTH FUND 14.73 - 0.19
- 1.27%
15.30
14.35
VANGUARD PRIMECAP FUND 57.42
- 1.48%
59.57
55.71
VANGUARD BOND INDEX FD TOTAL BO 10.46 0.00
- 0.86
0.00%
10.43
10.39
VANGUARD TOTAL INTERNATIONAL ST 13.80 - 0.15
- 1.08%
14.61
14.11
VANGUARD TOTAL STOCK MARKET IND 26.77 - 0.33
- 1.22%
27.62
26.13
VANGUARD WELLINGTON INCOME FUND 28.49 - 0.19
- 0.66%
29.11
28.04
VANGUARD WELLINGTON FD ADMIRAL 49.20 - 0.34
- 0.69%
50.31
48.42
VANGUARD WINDSOR II FUND 23.28
- 0.98%
23.94
22.62
- 0.23
STOCKS OF LOCAL INTEREST Last
Chg
High
Low
ATT 26.43 AET 30.36 ALU 3.42 AA 12.92 ALL 29.95 AXP 37.43 AIG 24.16 AMP 39.97 ADI 27.15 AON 39.02 AAPL 199.29 AVP 31.01 MSDXP 27.7 BNCN 7.75 BP 57.33 BAC 15.37 BSET 4.39 BBY 36.35 BA 62.56 CBL 10.1 CSX 43.68 CVS 32.33 COF 36.74 CAT 51.86 CVX 73.24 CSCO 22.52 C 3.24 KO 54.18 CL 79.99 CLP 10.9 CMCSK 14.99 GLW 18.61 CFI 12.37 DAI 45.54 DE 51.11 DELL 13.28 DDS 16.25 DIS 29.35 DUK 16.62 XOM 64.96 FNBN 1.6 FDX 79.07 FBP 2.54 FCNCA 172.64 F 11.41 FO 43.38 FBN 5.04 GPS 19.03 GD 67.6 GE 16.16 GSK 39.82 GOOG 534.29 HBI 23.78 HOG 23.35 HPQ 47.79 HD 27.34 HOFT 12.48 INTC 19.92 IBM 123.75 JPM 39.48 K 54.81 KMB 59.11 KKD 2.79 LH 71.04 LNCE 22.33
0.13 -0.07 -0.02 -0.38 -0.33 -1.24 -0.75 -0.94 -0.55 -0.01 -8.59 -0.11 0.07 0 -0.73 0.18 0.28 -0.57 0.63 -0.25 -1.86 -0.14 0.19 -1.58 -0.46 -0.63 0.04 -0.33 -0.4 -0.2 -0.26 -0.53 0.3 -1.06 -1.28 -0.25 -0.23 0.03 -0.12 -0.58 0.02 -1.35 0.2 -3.48 -0.14 0.11 0.06 -0.17 0.37 -0.14 -0.6 -7.81 0.62 -0.17 -1.66 -0.5 -0.21 -0.32 -2.58 0.15 -0.24 -0.39 -0.04 -1.15 0.03
26.29 30.56 3.49 13.42 30.52 38.67 25.85 41.18 27.66 39.25 205.32 31.25 27.7 N/A 58.4 15.4 4.27 36.95 62.15 10.42 45.77 32.58 36.51 53.82 73.97 23.19 3.25 54.71 80.71 11.18 15.33 19.22 12.3 46.58 52.32 13.57 16.49 29.43 16.77 65.85 1.61 80.98 2.4 176 11.9 43.33 5.06 19.35 67.61 16.43 40.49 544.55 22.5 23.74 49.41 27.93 12.69 20.34 127.03 39.68 55.03 59.82 2.85 72.47 22.41
26.49 31.05 3.49 13.47 30.52 38.67 26.02 41.28 27.7 39.25 205.5 31.54 27.7 N/A 58.48 15.59 4.45 37.09 62.95 10.45 46.08 33.26 37.23 53.83 74.18 23.22 3.29 54.84 81.73 11.23 15.5 19.47 12.48 46.58 52.52 13.64 16.51 29.48 16.78 65.85 1.65 80.98 2.56 177.38 11.95 43.65 5.18 19.37 68.25 16.45 40.55 547 24.21 23.82 49.43 27.95 12.83 20.39 127.04 40.04 55.45 60.08 2.89 72.74 22.45
Symbol
AP | FILE
A Time Warner Cable truck is parked in New York in this February 2009 photograph.
Time Warner Cable posts low outlook NEW YORK (AP) — Time Warner Cable Inc. reported a profit for the fourth quarter Thursday but the economy was still weighing on its customers, who cut back on their subscriptions of premium movie channels and ordered fewer videos on demand. The nation’s secondlargest cable TV provider also said it will start paying a quarterly dividend of 40 cents per share. That makes Time Warner Cable the third major cable TV company to do
so, after Comcast Corp. and Cablevision Systems Corp. Cable operators typically plow cash back into their operations but have been under pressure from investors to provide a better return. Investors liked the payoff. Shares of Time Warner Cable rose $2.21, or 5.1 percent, to $45.83 in morning trading. Even so, the earnings report showed that Time Warner Cable continues to lose video subscribers. Now the company expects 2010 earnings of
BRIEFS
---
Oil above $74 on renewed US optimism NEW YORK (AP) — Natural gas prices slid Thursday for the fourth straight day as a fresh stack of economic data provided little evidence that the country will increase its appetite for oil and gas anytime soon. The natural gas contract for March delivery gave up 7.4 cents to $5.150 per 1,000 cubic feet on the New York Mercantile Exchange. Benchmark crude for March delivery fell 14 cents to $73.53 a barrel on the Nymex. In London, Brent crude for March delivery rose 30 cents to $72.54 a barrel on the ICE Futures exchange.
Soft US data send world markets lower LONDON (AP) — World stock markets fell Thursday after economic data reignited fears about the pace of the U.S. economic recovery, while the euro slid to a sixmonth low against the dollar as traders fretted about the public finances in Portugal as well as Greece. In Europe, the FTSE 100 index of leading British shares closed down 71.73 points, or 1.4 percent, at 5,145.74 while Germany’s DAX plunged 102.87 points, or 1.8 percent, to 5,540.33 The CAC-40 in France was 71.01 points, or 1.9 percent, lower at 3,688.79. Europe’s main markets had been trading higher before sentiment was hit by the news that U.S. jobless claims last week were higher than expected and factory orders in December rose by less than anticipated.
$3.25 to $3.50 per share, which is less than the $3.60 analysts had been forecasting. Many cable operators have been losing video customers to satellite TV, but Time Warner Cable also faces stiff competition from Verizon Communications Inc. in New York City, a key market the phone company recently entered with its FiOS fiber-optic service. Time Warner Cable earned $322 million, or 91 cents per share, in the
fourth quarter. In the same period a year earlier it lost $8.16 billion, or $25.07 per share, because of a charge to write down the value of the rights that municipalities have granted it to provide cable TV. Revenue rose 3 percent to $4.53 billion, in line with the expectations of analysts polled by Thomson Reuters. Time Warner Cable’s earnings exceeded analysts’ expectations for a profit of 88 cents per share.
Procter & Gamble sales increase CINCINNATI (AP) — The Procter & Gamble Co. sees budget-focused households responding to price cuts, promotions and new versions of its products, and the maker of Pampers diapers and Gillette shavers says its sales are growing at pre-recession rates. P&G reported Thursday that sales rose 6 percent for its second quarter, a turnaround from sales slumps amid the recession. Its profit slid 7 percent on a lower gain from selling business lines. P&G shares rose $1.49, or 2.5 percent, to $62.30 in morning trading, near their 52-week high of $63.48. They were as low as $49.93 last March. The world’s largest consumer products maker said it earned $4.66 billion,
or $1.49 per share, with sales of $21 billion. Earnings got a 47-cent boost from the sale of P&G’s prescription drug business. Analysts expected $1.40 a share on $21.07 billion in sales. P&G said organic sales — a key gauge that excludes acquisitions, currency fluctuations and other such effects — were up 5 percent. The company Thursday raised its full-year forecast by 1 percent to a range of 3 to 5 percent for that measure. “After several years of relative underperformance, category softness and modest share losses, P&G is clearly fighting back,” Deutsche-Bank North America analyst Bill Schmitz Jr. said in a client note.
Symbol
Last
Chg
High
Low
LM LEG LNC LOW MCD MRK MET MSFT MHK MS MOT NCR NYT NBBC NSC NVS NUE ODP ODFL PPG PNRA PTRY JCP PBG PFE 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
26.53 19.81 24.82 21.98 62.83 37.97 35.63 29.16 42.94 27.49 6.48 11.96 13.01 2.3 48.09 54.06 41.4 5.66 27.62 59.01 72.01 13.53 24.81 37.25 18.63 25.7 81.92 61.68 39.15 40.48 1.2 4 27.36 53.81 50.14 26.56 1.88 12.17 3.05 94.5 63.58 31.95 21.81 3.38 20.93 22.08 7.01 24.81 50.9 38.95 20.65 51.91 80.75 26.81 5.14 3.3 58.96 72.51 26.86 29.33 21.64 45.17 52.61 28.45 15.44
-0.47 -0.24 -0.67 -0.14 -0.9 -0.67 -0.77 -0.51 -0.57 -0.46 -0.92 -0.36 -0.22 0.02 -2.34 -0.49 -1.19 -0.18 0.38 -0.5 0.01 0.01 -0.18 -0.2 -0.37 -0.23 -1.09 0.87 -0.36 -6.72 -0.02 -0.1 -0.61 -0.17 -0.16 -0.22 0.01 0.01 0.01 -2.61 -0.29 -0.52 -0.23 -0.11 -0.92 -0.33 0 0.11 -0.77 0.17 -0.07 -0.05 -1.55 -0.14 0.28 -0.16 -0.38 -0.67 -0.57 -0.54 -0.37 -1.05 -0.79 0.25 -0.54
27.22 20.14 25.81 22.22 63.85 38.74 36.47 29.83 43.49 28.2 6.65 12.32 13.27 2.32 49.53 53.87 43.31 5.82 28.12 59.82 71.76 13.45 25.14 37.51 19.07 26.05 83.21 61.67 39.57 42.07 1.22 4.13 27.87 54.15 50.53 26.77 1.87 12.21 3.06 97.75 64.08 32.42 22.17 3.54 21.57 22.51 7 26.01 51.48 38.95 20.72 52.18 82.62 27.09 4.99 3.5 59.51 73.47 27.44 29.84 22 46.45 53.38 28.3 15.91
27.29 20.23 25.81 22.26 63.87 38.94 36.61 29.87 44.27 28.25 6.82 12.34 13.4 2.45 49.94 54.28 43.32 5.92 29.06 59.82 72.44 13.63 25.25 37.57 19.1 26.06 83.51 63.31 39.57 42.11 1.22 4.14 27.96 54.34 50.66 27.03 2.05 12.27 3.12 98.04 64.08 32.58 22.5 3.54 21.81 22.63 7.09 26.2 51.49 39.25 20.97 52.43 82.64 27.13 5.22 3.52 59.65 73.6 27.46 30.2 22.01 46.45 53.45 28.77 15.96
METALS PRICING NEW YORK (AP) — Spot nonferrous metal prices Thursday: Aluminum - $0.9745 per lb., London Metal Exch. Copper -$3.2852 Cathode full plate, LME. Copper $3.2145 N.Y. Merc spot Wed. Lead - $2139.50 metric ton, London Metal Exch. Zinc - $1.0223 per lb., London Metal Exch. Gold - $1088.00 Handy & Harman (only daily quote). Gold - $1084.40 troy oz., NY Merc spot Wed. Silver - $16.330 Handy & Harman (only daily quote). Silver - $16.428 troy oz., N.Y. Merc spot Wed. Platinum -$1527.00 troy oz., N.Y. (contract). Platinum -$1486.10 troy oz., N.Y. Merc spot Wed.
Blue Cross pays penalty on illegal robocalls RALEIGH (AP) – North Carolina’s largest health insurer paid $95,000 to resolve a dispute with the state over 100,000 “robocalls” pushing the company’s views on the national health care debate, officials for the state and the company said Thursday. Attorney General Roy Cooper’s office released a settlement agreement with Blue Cross and Blue Shield of North Carolina. The dis-
pute centered on a wave of calls last fall by an outside political consultant, Raleigh-based Campaign Connections. The voice on a recorded message identified himself as being with Blue Cross. The agreement said Blue Cross didn’t believe it deliberately broke state laws that govern such mass dialings and that any error was technical in nature.