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FRIDAY, AUGUST 1, 2003
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| 4:31PM |
S&P takes notch out of A&P's ratings (GAP) by Jennifer Waters |
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CHICAGO (CBS.MW) -- Standard & Poor's lowered to B its corporate credit rating on the Great Atlantic & Pacific Tea Co. late Friday. The grocery-store chain was taken off the watch list, but slapped with a "negative outlook," according to the credit agency. "The downgrade is based on continued weak cash flow and a very cautious outlook for improvement, mitigated by a marginally adequate liquidity position," said credit analyst Mary Lou Burde. The move affects about $792 million in debt. Shares of the grocer known as A&P (GAP) rose 12 cents, or 1.4 percent, to $8.85 ahead of the news.
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| 4:18PM |
Disney closes higher; cable, broadcasters pull back (DIS, CHTR, COX, CMCSK, UVN, GBTVK, TVL) by David B. Wilkerson |
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SAN FRANCISCO (CBS.MW) -- Shares of Walt Disney Co. touched a 12-month high Friday, as investors were cheered by its strong fiscal third-quarter profit report. Burbank, Calif.-based Disney (DIS) advanced to a 52-week high of $23.80 just after the market opened, and closed on a gain of 60 cents at $22.52. Cable shares were mostly lower after Stifel Nicolaus analyst Ted Henderson said most stocks in the group had gotten "ahead of themselves." Charter (CHTR) shares fell 31 cents, or 6.4 percent, to $4.54; and Comcast Communications (CMCSK), the nation's largest cable operator, lost 21 cents to $29.16. Cox (COX) picked up 66 cents to $32.45. Broadcasting stocks, up sharply Thursday, retreated Friday. Spanish-language television giant Univision (UVN) shed 45 cents to $30.75; Granite Broadcasting (GBTVK) lost 20 cents to $2.80; and Lin TV (TVL) shed 30 cents to $21.48.
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| 4:15PM |
Airlines close down on Friday, week ($XAL, XJT, DAL, JBLU, AMR) by August Cole |
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SAN FRANCISCO (CBS.MW) -- The Amex Airline Index ($XAL) ended Friday down 2.4 percent to 51.23, lower than the level of 53.55 that marked the beginning of the week. The session's notable decliners included AMR Corp. (AMR), ExpressJet (XJT) and Delta Air Lines (DAL). JetBlue Airways (JBLU) rose 56 cents to $46.15.
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| 4:09PM |
Metals shares close lower ($XAU, GFI) by Myra P. Saefong |
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SAN FRANCISCO (CBS.MW) -- Most metals and mining shares closed lower following the $8-per-ounce drop in December gold, which closed earlier at $347.80 an ounce. The Philadelphia Gold and Silver Index ($XAU) fell 1.1 percent to close at 80.21. Gold Fields Ltd. (GFI), which reported a 5 percent rise in fourth-quarter profit, saw its shares close at $11.83, down 1.3 percent.
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| 4:06PM |
Oil service stocks get a boost from crude, natural gas ($OSX) by Lisa Sanders |
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DALLAS (CBS.MW) -- Taking their cue from rising commodity prices, oil service stocks (OSX) closed up 0.5 percent to 85.73 -- the only group in the energy sector to finish the session in the positive territory. September crude rose $1.77 to settle at $32.31 a barrel, and September natural gas gained 15.6 cents to settle at $4.874 per million British thermal units.
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