Dow Falls 100 Points, Possible Ceiling Forming at 18k
Yet again the Dow has bumped up against the recently-set 18,000 point ceiling and dropped back. Today, the Dow lost -104.90 points and closed at 18,011.14. The NASDAQ was down as well, losing -16.24 points and closing at 4,994.73. The S&P 500 fell -12.92 points and ended the day's trading at 2,091.50. In overseas trading, Asian markets fell slightly while Germany posted gains. London's FTSE dropped -17.94 points to close at 7,019.68.
Time Warner Down Amid Merger Concerns. Time Warner Cable (TWC) fell 3% today, in the wake of recent concerns by the FCC over the merger between Time Warner and Comcast (CMCSA) -- the two largest cable providers in the country.
Google Gets A New CEO, Spurs Talk Of Capital Return. Tech giant Google (GOOG) announced today that it would be bringing on a new CEO in May. Current CEO and founder Larry Page is set to step down and be replaced by Morgan Stanley's Ruth Porat. The change in leadership has sparked talk of a stock buyback or possible dividend in order to placate shareholders who might be looking to sell after Page steps down. Google gained ground on the news, rising 2%, or 11.38 points, to $570.19 per share.
Biogen's Big Correction. After more than a week of solid gains, biotech giant Biogen (BIIB) saw their share prices fall today. The loss in share price came after the company topped $470 and investors began to sell the positions they took last week. Biogen lost -11.02 points today, and fell to $452.71 per share. Fellow biotech mover Amgen (AMGN) also fell today after a strong week. Amgen dropped -0.53 points to close at $166.01 per share.
Freeport-McMoRan Cuts Dividends By 84%. Metal refiner Freeport-McMoRan (FCX) fell slightly today after an announcement that it will cut dividends by 84%. The company's share price dipped -0.15 points on the news, and ended trading today at $19.18 per share. Valmie Resources (VMRI), a micro-cap that also competes in the non-energy minerals sector, rose 0.59 points today, or 22%, to close at $3.35 per share.
Natural Gas Up, But Not For Long. The price of natural gas rose today, and has been trending back upwards in recent days. This trend is likely to be short-lived, however, because of the reduced demand for heat produced by natural gas over the summer. Today, the futures price of 1 million BTUs of natural gas rose 2% to $2.79. The energy sector, which relies in part on natural gas prices in order to profit, fell by 3.5%.