NewsMine — economy — united-states — 2004 — 2004-june-aug — Viewing Item

Stocks fall july 19 2004 Original Source Link: (May no longer be active)    http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5708582 http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5708582 Stocks Fall; Soggy 3M Forecast Hits Dow Mon Jul 19, 2004 02:22 PM ET By Elizabeth Lazarowitz NEW YORK (Reuters) - U.S. stocks dropped on Monday, as a disappointing forecast from diversified manufacturer 3M Co. (MMM.N: Quote, Profile, Research) hit the Dow and weakness in Internet companies like Yahoo Inc. (YHOO.O: Quote, Profile, Research) dragged on the Nasdaq. Investors also were cautious ahead of congressional testimony from Federal Reserve Chairman Alan Greenspan on Tuesday and Wednesday. In his twice-yearly report on monetary policy, Greenspan is likely to assure lawmakers that recent signs of a slowdown are merely a lull and that interest rates need to rise gradually to keep the recovery healthy. "All eyes will be glued on Mr. Greenspan tomorrow and Wednesday," said Peter Cardillo, chief market analyst and chief strategist at SW Bach & Co. "Basically, the biggest uncertainty is the economy, with the threat of higher oil prices and a Fed that has started a rate-hike campaign." Technology bellwether Microsoft Corp. (MSFT.O: Quote, Profile, Research) was one bright spot in the market after a Goldman Sachs analyst said the software maker may beat the consensus forecasts when it reports quarterly results later this week, citing evidence from the reports of computer makers. The Dow Jones industrial average was down 53 points, or 0.53 percent, at 10,087. The Standard & Poor's 500 Index was down 2 points, or 0.18 percent, at 1,099. The technology-laced Nasdaq Composite Index was down 6 points, or 0.33 percent, at 1,877. Dow component 3M, whose products range from Post-It notes and Scotch tape to drugs and flexible circuits, capped the gains on the Dow after it forecast third-quarter earnings a penny below analysts' consensus estimates. It also said it expects 2004 earnings to be in line with or below analysts' consensus forecast. 3M dropped $4.84, or more than 5 percent, to $83 and was the biggest drag on the Dow and the broader S&P 500. Microsoft gained after Goldman Sachs analyst Rick Sherlund said it may beat the consensus forecasts. But the veteran Microsoft analyst left his estimates for the company's fourth quarter, ended in June, unchanged. Microsoft was up 37 cents, or 1.4 percent, at $27.85, making it the biggest boost to the broad S&P 500 and the technology-packed Nasdaq. Toolmaker Black & Decker Corp. (BDK.N: Quote, Profile, Research) soared above a 20-year high after it said it will buy Pentair Inc.'s (PNR.N: Quote, Profile, Research) power tools group for about $775 million, nearly doubling the sales of its North American professional tools business. It also reported a 61 percent rise in second-quarter profit. After rising as high as $69.50, Black & Decker was up $7.36, or 12 percent, at $67.68. Yahoo, down $1.54, or 5 percent, at $27.65, and eBay Inc. (EBAY.O: Quote, Profile, Research) , off $2.79 or 3 percent, at $77.57, were among the biggest drags on the Nasdaq Composite. Alibaba.com Corp., China's world-leading export/import Web site, said on Monday it would invest $42 million in its online auction subsidiary Taobao.com to compete with eBay and Yahoo. Boston Scientific Corp. (BSX.N: Quote, Profile, Research) fell after it expanded its recall of a popular heart device because of a malfunction. It lost $1.60, or 4 percent, to $35.80 on the NYSE.

Att profit plummets stops residential service Consumer prices gain at slower pace in june { July 17 2004 } Consumer prices rise in may Consumer spending wanes and growth slows Defense spending helps small town jobs { May 11 2004 } Dollar declines against euro Dollar falls 3 week low versus euro Dow falls below 10k level Dow sinks to 2004 lows on oil prices hp earnings Dow strumbles on growth fears { July 24 2004 } Employment growth surprisingly weak in july { August 6 2004 } Fed boosts rate a quarter point Fed raises rates in august First quarter economic growth slows Food fuel advance consumer prices in may GM and Ford suffer sharp fall in June sales { July 1 2004 } Gold to hold above 400 this year and next { July 19 2004 } Greenspan says fed ready to act on inflation { June 8 2004 } Hourly pay not keeping up with price rises { July 18 2004 } Inflationary pressures building Price index higher than expected Report says 9 perc layoffs due to outsourcing { June 10 2004 } Stocks dip on inflation fears Stocks end lower after profit warning Stocks fall july 19 2004 Stocks fall sharply on weak job figures Stocks flat on greenspan raising interest rate worries Stocks higher on news of fed rate hike Stocks sag as oil prices steam higher Stocks tumble early aug on oil worries { August 5 2004 } Trade deficit sours US jobs growth slows down US stocks give back opening gains US trade gap widened in april to record 48b { June 14 2004 } Workers lack skills says greenspan { July 22 2004 } Files Listed: 35

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