Technology stocks look set to end the week with losses having climbed in value this week thanks t...
Technology stocks look set to end the week with losses having climbed in value this week thanks to a clutch of redundancy notices on both sides of the Atlantic.
Prudential gained 8.5p to 854.5p after dropping out of the bidding for American General and collecting a $600m bonus for doing so. Its decision leaves the way open for American International Group to move in.
Royal & Sun Alliance fell 9p to 477p after Goldman Sachs analysts Burden, Dias and Brege cut their 2001 year earnings while Scottish Power gained 9p to 487.5 thanks to an analyst upgrade.
US market indices fell amid speculation that the Federal Reserve is close to calling it a day on cutting interest rates after retail revenues gained more than expected in April. The tech focused Nasdaq fell 10.65 points to 2118.21 while the Dow Jones lost 100.33 to 10,810.11 and the Standard & Poor's 500 declined 7.78 to 1247.40.
Leading software and computer groups in decline include Computer Associates International 40 cents to $27.97, Microsoft 89 cents to $69.11 and I2 Technologies 77 cents to $20.96. After the Pru withdrew from the bidding for American General the latter gained 43 cents to $45.05 while American International lost 53 cents to $82.47.
Pharmaceutical stocks gained in value after Merck offered $91bn in stock to buy rival group Schering-Plough for $65 per share. Schering gained $1.90 to 30, Pfizer increased 14 cents to $43.88, Bristol Myers 24 cents to $55.75. Merck fell $1.12 to 75.40.
Has run Cautious Managed fund since 2011
What’s right – not what sells
Richards fires back at committee report
Available on Investcentre platform
Invested from 2006-2011