Wonder if Grasso resigning will affect markets tomorrow?
DJ Dow Jones News Highlights Top Stories Of The Day
TOP STORIES
Grasso Tenders Resignation; NYSE Accepts
NYSE Chairman Dick Grasso tenders his resignation at NYSE emergency meeting amid rising fury over his $140 million pay package. The meeting followed Grasso's call for a special board meeting next week and the day before floor brokers were to meet to address outrage among NYSE traders.
Tobacco Shares On Fire After RJR Cuts
R.J. Reynolds shares gain 11% as investors cheer plans to slash 2,600 full-time jobs and take $340 million charge in 3Q. Altria up around 10% after Illinois Supreme Court orders reinstatement of reduced bond in "light" cigarette case.
Isabel Picks Up Forward Speed
Hurricane Isabel 315 miles south of Cape Hatteras, N.C., moving north at about 14 miles an hour, increasing its forward speed. Maximum winds near 105 mph. Landfall expected Thursday
NYC Debt-Refinancing Act Constitutional
New York State Supreme Court judge rules that a controversial act allowing New York City to refinance $2.5 billion of debt is constitutional, handing temporary victory for Mayor Bloomberg over Gov. Pataki.
GE Unveils Executive Pay Changes
Changes include granting CEO "performance share units" instead of stock options and restricted stock units it awards to other executives.
United To Launch Low-Cost Carrier
United Airlines will launch a new low-cost operation in Denver as the airline, under Chapter 11 protection, attempts to stop the slide of market share in the Mile High City toward low-cost competitors.
SBC Gets FCC OK For Michigan Service
Wins FCC approval to provide long-distance phone service in Michigan, despite concerns raised in the past about its application.
Tobacco Bonds Buoyed By Altria Ruling
Riding the currents of a positive court development for Philip Morris, tobacco bonds issued by state and local government entities are bid sharply higher in price.
Expiration, Warnings Barely Rouse Options
Warnings of profit weakness from companies like DuPont and New York Times weigh down stocks, but fail to rouse implied volatility and option premiums from their comfortable perches at the bottom of their recent ranges.
Tremont Plans Hedge Fund Sale Via Life Policies
Treasury's crackdown on use of life insurance as a tax shelter hasn't discouraged hedge-fund managers who see insurance policies as a way to attract new investors.
Isabel Likely Not Devastating For Insurers
Hurricane Isabel likely won't be a devastating event for insurers, probably causing about $2 billion in insured damage. Storm is expected to take an inland track, rather than curve around the coast, which should reduce its damage.
Merrill Bankers Plead Not Guilty In Enron Case
Former Merrill Lynch executives Daniel Bayly, Robert Furst and James Brown plead not guilty to charges to commit fraud in Enron debacle, CNBC reports. Executives are first Wall Street figures charged criminally in Enron probe.
Medtronic Latest Firm With Strong Stent Data
Shows potential to compete in drug-eluting stent field as it reports four-month reclogging rate of 2.1% in 100 patients in an Australian trial. That compares favorably with rates reported by Johnson & Johnson and Boston Scientific.
Las Vegas Casinos See Gaming Rebound
Host of CFOs from major Las Vegas casino operators say things are getting back to normal in Las Vegas after two years of challenges.
DOJ Takes Action Against Grant Thorton
Justice Department asks federal court to enforce summonses issued to Grant Thornton concerning an IRS tax shelter investigation of the accounting firm.
Edward Jones Changes Portfolio To Cut Exposures
Brokerage makes some changes to its model portfolio in the last few months to reduce exposure to housing and credit-card markets and rising interest rates.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
FOREX VIEW
Currency Manipulation In Eye Of Beholder
While industry groups and some lawmakers regard China's currency policies as an unfair trade advantage that is destroying manufacturing jobs, China considers steady exchange rate to be indispensable for country's economy.
GETTING PERSONAL
Self-Employed Face Retirement Deadline
If you're recently self-employed or just opened your own business, it's time to consider a retirement plan other than your IRA.
SMALL CAPS
End Flat As Tobacco Rallies, Steel Buckles
Finish flat as cigarette makers gain on Philip Morris' favorable bond ruling. Carolina Group jumps 5.6%, while Vector Group advances 4.1%.
============ U.S. MARKETS ACTION ===========
DJIA down 21.69 points to 9545.65
NASDAQ down 4.15 points to 1883.10
S&P 500 down 3.35 points to 1025.97
10-year T-note up 25/32 at 100 72/32 yield 4.181
NYMEX Spot Crude down $0.53 at $27.03/bbl at close
Dollar/Euro dn 0.0005 at 1.1277
(END) Dow Jones Newswires
09-17-03 1827ET- - 06 27 PM EDT 09-17-03
My posts my opinion only, make your own financial decisions.
