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US close: Mixed finish on Wall Street
Wed, 08 Feb, 2012
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US close: Mixed finish on Wall Street
Fri, 12 Mar 2010, 22:19:00
US shares were mixed at the end of trading as better than expected retail sales figures were offset by indications of weak consumer confidence. Retail sales showed an unexpected rise in February, up by 0.3% on the previous month, according to the Commerce Department. Analysts were looking for a 0.2% fall. However, the University of Michigan preliminary consumer sentiment index fell from 73.6 in February to 72.5 in March. The figure had been expected to rise. Rising unemployment has hit sentiment. The Dow Jones closed 12 points higher at 10,624, with the Nasdaq flat at points at 2,367. The S&P 500 was also flat at 1,150. KKR, the parent company of private equity firm Kohlberg Kravis Roberts, today announced plans to list its shares in New York. The IPO would give the group a market capitalisation of $7.5bn, according to a regulatory filing. KKR said it would offer 204.9m common units worth about $2.2bn. Former bosses at Lehman Brothers have been heavily criticised for employing an accounting "gimmick" that managed to hide the failed bank's insolvency. A year-long investigation into the collapse of Lehman by court-appointed examiner, Anton Valukas, found that ex-chairman and chief executive, Dick Fuld, and senior executives regularly ignored the bank's own risk controls. The chairman of law firm Jenner & Block decided there had been no systematic wrong-doing, but called the use of the accounting practice known as Repo 105 "inherently improper". That, unknown to investors or regulators, managed to temporarily wipe $50bn of assets from Lehman's balance sheet in 2008, giving the illusion that debt was falling. Global pharmaceuticals leviathan GlaxoSmithKline has dumped the rest of its holding in former subsidiary Maxygen. Glaxo said it no longer owns any shares in the US-based protein drug developer after selling its entire holding of 1.433m shares. Rival drug giant Pfizer fell on the back of studies that suggest that its drug Sutent does not halt the progression of breast cancer. Filters maker Pall Corp says 2010 earnings will be $2.05 at best, which is slightly lower than expected. United Technologies says its 2010 earnings per share will be $4.40 to $4.65. Iron ore producer Cliffs Natural Resources jumped after JPMorgan Chase increased its share price estimate from $60 to $83. Bid speculation pushed up shares in US grocery chain Supervalu.
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