US Stocks Mixed; DJIA Will Revamp Its Stock Membership -- 10:07 AM EST
NEW YORK, Apr 01, 2004 (ODJ Select via COMTEX) -- By Karen Talley Of DOW JONES NEWSWIRES
(Dow Jones)--The Dow Jones Industrial Average is off Thursday, the same day it said it is taking three members out to make room for three new components - Verizon Communications, Pfizer and American International Group.
The Dow Jones Industrial Average is off 9.41, or 0.1%, to 10349, the Nasdaq Composite has gained 8, or 0.4%, to 2002 and the Standard & Poor's 500 Index has advanced 3.08, or 0.3%, to 1129.29. The Russell 2000 Index of small stocks is ahead 2.73, or 0.5%, to 593.03 and the Standard & Poor's SmallCap 600 Index has risen 1.36, or 0.5%, to 288.
American International Group is ahead 1.20, or 1.7%, to 72.57, Verizon has risen 84 cents, or 2.2%, to 37.40 while Pfizer has gained 65 cents, or 1.9%, to 35.70 on word they will be added to the index. AT&T is off 37 cents, or 1.9%, to 19.20, Eastman Kodak has declined 87 cents, or 3.3%, to 25.30 and International Paper is down 80 cents, or 1.9%, to 41.44. They will be removed from the 30-member average to make way for the new members, with the change taking effect at the beginning of trading next Thursday. All six stocks are moving because they are or will now be linked to some investors' portfolios through an exchange traded fund called the Dow Diamonds, or DIA, and various index funds.
In other action, L.M. Ericsson Telephone is ahead 2.26, or 8.1%, to 30 after the mobile phone network equipment maker said gross margins for the first quarter will be higher than expected on strong performance in the last quarter of 2003 and cost-cutting.
Martha Stewart Living Omnimedia is up 25 cents, or 2.3%, to 11.25 as her lawyers asked for a new trial, alleging that one of the jurors who convicted Martha Stewart lied about his criminal record.
There are a lot of developments among retailers including American Eagle Outfitters, up 72 cents, or 2.4%, to 27.67 after saying that it sees first-quarter earnings of 25 cents to 30 cents a share, when Wall Street was expecting 16 cents.
But Dillard's is down 86 cents, or 4.5%, to 18.31, Wal-Mart has lost 1.18, or 2%, to 58.50, Target is off 99 cents, or 2.2%, to 44.01 and Neiman Marcus has declined 1.10, or 2%, to 52.84 after being downgraded by Merrill Lynch, which said retail stocks may underperform in the second half for reasons that include rising interest rates that may come after the presidential election.
Pier 1 Imports is down 75 cents, or 3.2%, to 22.86 after fourth-quarter earnings fell 11% despite a 6.6% increase in sales, as the home furnishings chain booked higher operating costs and took a charge related to a labor settlement in California.
H&R Block is down 2.04, or 4%, to 49 after the tax preparer said the total number of clients served increased just 0.4% in the current tax season through March 15.
By Karen Talley, Dow Jones Newswires; 201-938-5106; karen.talley@dowjones.com |
