Nite, Nite..now maybe we'll find out what MMs really do.
Reuters Finance News
Stocks Flat on Worries Over Tyco, Knight
Jun 3 9:51am ET
NEW YORK (Reuters) - Stocks opened little changed on Monday after the abrupt departure of the chairman at Tyco International Ltd. and rumors of a federal probe into sharedealer Knight Trading Group Inc. blunted investors' enthusiasm ahead of a key economic report.
The blue-chip Dow Jones industrial average <.DJI> added 10 points, or 0.10 percent, at 9,935. The broader Standard & Poor's 500 Index <.SPX> was up 0.26 of a point, or 0.03 percent, at 1,067. The technology-laced Nasdaq Composite Index <.IXIC> was down 5 points, or 0.32 percent, at 1,610.
Equity futures had pointed to a higher open ahead of a report from the Institute of Supply Management on U.S. manufacturing activity, slated for release at 10 a.m. The report is expected to show a rise to 55.0 in May from 53.9 in April. A reading higher than 50 represents growth, while one below that means contraction.
Embattled conglomerate Tyco International Ltd. had not yet opened for trading but was indicated to open lower. Tyco said before the open its chairman and chief executive, Dennis Kozlowski, resigned for personal reasons and stepped down from the board of directors.
Shares of Knight were halted for news pending after plunging more than 50 percent before the open. Traders attributed the fall to market speculation that the trading company, a Nasdaq market-maker, was the subject of investigations by federal authorities. |
