| Stocks Backtrack On Earnings Misses, Data Slips
Small caps slipped, with the S&P 600 dropping 0.1%. A strong jump in transportation sector durable goods orders gave the sector a boost, with the Dow Transports showing a 1.5% gain. NYSE volume eased, but was still up 7%. Trading was 12% higher on the Nasdaq. Advancing issues led decliners by 3-to-2 on the NYSE and by a narrow margin on the Nasdaq. The Electrical-Parts Distributor group posted the best gain by midday, hoisted higher by Anixter International's (AXE) gap-up gain of 11.08 to 69.38. The 19% jump followed a Q4 earnings and sales report that topped expectations. The company reaffirmed its '08 profit guidance. Anixter has slumped since a steep run-up to highs in July. Tuesday's move punched the stock above its 50-day moving average to just below its 200-day line. The two averages inverted -- generally a bad sign for stocks -- early in December.
Goodyear Announces Conversion Period for Convertible Notes
AKRON, Ohio, Jan. 17 /PRNewswire-FirstCall/ -- The Goodyear Tire & Rubber Company (NYSE: GT) today announced that its 4.00 % Convertible Senior Notes due June 15, 2034 are now convertible at the option of the holders and will remain convertible through March 31, 2008, the last business day of the current fiscal quarter. The notes became convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending on January 16, 2008 (the 11th trading day of the current fiscal quarter), was greater than 120 percent of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters. The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to March 31, 2008.
Williams Pipeline Partners stay flat in first-day public trading
Williams Pipeline units, each priced at $20, ended their first day of trading at $20 apiece. In after-hours trading, the units shed 4 cents. That's relatively good news on a day when stocks dipped at the end of one of Wall Street's weakest weeks. "On a down day, they ended up not down," Tulsa portfolio manager Jake Dollarhide said. "I think it further reinforces Williams' reputation." Williams Pipeline is the first major initial public offering of the year. Bad economic news has pushed share prices down and sent other fledgling issues to the sidelines. In fact, Williams was the only one of three initial public offerings planned for this week that made it to market. "It's a very skittish market, and there are no do-overs," Dollarhide said. "When you do an IPO, you have one chance to raise money." Williams initially said it expected to price its new units between $19 and $21.
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