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Published on Tuesday, Nov 03, 2009
Good news boosts Dow, S&P, Nasdaq
The Dow Jones industrial average rose 76.71 points, or 0.8 percent, to 9,789.44 in Monday trading. The Standard & Poor's 500 index rose 6.69, or 0.7 percent, to 1,042.88, and the Nasdaq composite index rose 4.09, or 0.2 percent, to 2,049.20.
Seesaw trading came after the Institute for Supply Management reported that manufacturing activity grew in October at the fastest pace since April 2006. The ISM index clocked in at 55.7, much better than the 53 economists had expected. It was the third month in a row the index came in above 50, indicating growth.
The National Association of Realtors said pending home sales increased for the eighth straight month in September.
Cooper Tire's profits beat expectations
Cooper Tire & Rubber Co. (NYSE: CTB) posted a third-quarter profit that exceeded analysts' estimates as the second-largest U.S.-based tire maker benefited from lower raw material costs.
Profit excluding a one-time expense for closing a plant in Albany, Ga., was 99 cents a share, beating the 66-cent average of five analyst estimates compiled by Bloomberg News.
Net income was $46.8 million, or 77 cents a share, compared with a net loss of $55.4 million, or 94 cents, a year earlier, the Findlay-based company said in a statement.
Wal-Mart to settle for up to $85 million
Wal-Mart Stores Inc. won approval of a settlement paying as much as $85 million to hourly workers who sued over allegations of unpaid wages. U.S. District Judge Philip M. Pro in Las Vegas approved the settlement and awarded one-third of the recovery in fees to the workers' lawyers, up to about $28 million depending on the claims made.
Automakers unlikely to fully repay bailout
Taxpayers are unlikely to recover their full investment in General Motors or Chrysler, government investigators said in the latest review to cast doubts that $80 billion will be recovered. The Government Accountability Office concluded that GM and Chrysler likely won't be valuable enough for the Treasury Department to break even.
To recover the loans Treasury gave Chrysler and GM to keep them afloat, the automakers would have to reach valuations they didn't approach when healthier.
Treasury officials said they were considering a series of initial public offerings to dispose of the government's 61 percent stake in GM. For Chrysler, a private sale of the nearly 10 percent stake is more likely because of the government's minority ownership.
GM would need a market capitalization, or the market value of the company's outstanding shares, of $66.9 billion for Treasury to make its money back. GM's peak market value was $57 billion in 2000. Chrysler, which was last publicly valued at $37 billion in 1998 when it merged with Daimler AG, would need a market value of $54.8 billion.
Good news boosts Dow, S&P, Nasdaq
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