The Dow Adds 5 Points, Nasdaq Gains 13
The Dow added 5.13 points today to close at 11,469.28, the Nasdaq gained 12.54 points to close at 2,205.70 and the S&P 500 added 2.24 points to close at 1,313.25. The major indexes traded close to the flat line as traders starting making their way back from the holiday weekend. However, individual stories spattered the headlines throughout the day. Chevron (NYSE: CVX) and Devon (NYSE: DVN) reported a major new oil source in the Gulf of Mexico, Intel (Nasdaq: INTC) cuts thousands of jobs,
Ford (NYSE: C) CEO and Chairman, Bill Ford, steps down and Phelps Dodge (NYSE: PD) receives $125 million payment from Inco (NYSE: N) after merger plans fall through. Oil closed down $0.59 to $68.60.
Volume was modest with 1.34 billion shares trading on the NYSE and 1.79 billion on the Nasdaq. Advancers topped decliners by a margin of 19:14 on the NYSE and 18:12 on the Nasdaq.
In individual stories, Click Commerce, Inc. (Nasdaq: CKCM) closed 25.6% higher after Illinois Tool Works Inc. (NYSE: ITW) made a cash tender offer to acquire all of the outstanding shares of Click Commerce. As part of the agreement, ITW would purchase all of Click Commerce's outstanding shares for $22.75 per share. Adolor Corporation (Nasdaq: ADLR) fell 45.3% after announcing top-line results from two identically designed Phase 3 registration studies (012 and 013) of alvimopan (Entereg/Entrareg) for the treatment of opioid-induced bowel dysfunction (OBD) in patients with chronic non-cancer pain. The Study 013 did not achieve statistical significance. Study 012 achieved statistical significance in its primary endpoint.
Tomorrow, investors will be looking for earnings from ABM Industries (NYSE: ABM), Aspen Technology (Nasdaq: ASPN), Casella Waste (Nasdaq: CWST), FuelCell Energy (Nasdaq: FCEL) and Hovnanian Enterprises Inc. (NYSE: HOV). Traders will be looking for economic data U.S. Non-Farm Productivity (8:30AM EST), ISM Services (10:00AM EST), and Federal Reserve's Beige Book (2:00PM EST).
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