Stock Report: Jun 30-Jul 3
Job losses and high oil prices deflate the US stock market during the holiday-shortened week
Wall Street ended a holiday-shortened trading day on a mixed note, as investors reacted to six straight months of job losses, the continued high price of oil and a contraction of the service sector in June.
The Dow Jones Industrial Average closed the week at 11,288.50, down 0.51 per cent from last week. The Standard & Poor’s 500 index finished at 1,262.90, down 1.21 per cent. The Nasdaq Composite Index ended the week down 3.03 per cent at 2,245.40.
During the week, Atari Inc filed its annual report with the SEC indicating that parent company Infogrames paid departing CEO Bruno Bonnell USD 4.75 million to resign. Activision CEO Bobby Kotick and co-chairman Brian Kelly, received USD 6 million in compensation for "exceeding targets".
The company's merger with Vivendi is expected to be completed next week. Meanwhile, there has been again no further movement in EA's attempted acquisition of Take-Two, with options traders questioning whether the bid will be successful according to the Wall Street Journal.
Selected stock movements in the past week (at time of writing):
| Namco Bandai | 11.91 - 12.64 | +6.13% |
|---|---|---|
| Ubisoft | 54.00 - 56.95 | +5.46% |
| THQ | 19.75 - 19.94 | +0.96% |
| Midway | 2.29 - 2.31 | +0.87% |
| EA | 43.94 - 43.98 | +0.09% |
| Nintendo | 610 - 609 | -0.16% |
| Konami | 35.34 - 34.60 | -2.09% |
| Sony | 43.91 - 42.97 | -2.14% |
| Sega | 9.50 - 9.13 | -3.89% |
| Microsoft | 27.63 - 25.98 | -5.97% |
| Take-Two | 25.76 - 23.80 | -7.61% |
| Activision | 33.71 - 30.9 | -8.34% |
| Infogrames | 10.27 - 9.17 | -10.71% |
| SCi | 44.00 - 36.5 | -17.05% |