Laptop Battery Stocks fell sharply on Wednesday after a surprise decision by OPEC to cut oil output sparked concerns higher energy costs could hamper consumer spending and put the brakes on an economic rebound.
By Voanews OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. If you would like to receive late breaking news on oil & gas stocks covered by AXcess News then you need to subscribe. By joining, box first.Print This Page Dec 10, 2004 (AXcess News) OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day.
Thinkpad Technology stocks, which have been an area of particular strength through the spring and summer, led the retreat.
-- IBM is a global leader in the creation, development and manufacture of cutting edge computer systems.
- Microsoft
Microsoft The Organization of Petroleum Exporting Countries agreed to remove 900,000 barrels a day from supply limits for 10 members to 24.5 million barrels per day on Nov. 1. The move will likely hike energy costs in the United States and other oil-importing countries as the peak demand of winter approaches.
According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
Laptop Computers In New York trading, crude oil for November delivery jumped $1.27 to $28.22 -- well above a four-month low of $26.65 set just last Friday.
"The prices in New Jersey are not all that bad compared to other places, " Dressler said. Dressler blamed the high gasoline prices in New Jersey and nationwide on the Organization of Petroleum Exporting Countries (OPEC). Since April 1, the international organization of 11 developing countries that rely on oil revenues as their main source of income began to cut oil output by 1 million barrels a day. A reduction of 1 million barrels a day is a 4 percent cut in OPEC output. They pump 40 percent of the world's oil, according to their Web site.
Laptop Computer The OPEC decision ``caught everyone by surprise,'' said Peter Dunay, chief market and options strategist at brokerage Wall Street Access in New York. ``Higher oil prices are a tax on the economy.''
to do with fundamentals. According to him, oil supplies are adequate, Saudi Arabia’s production capacity is increasing on schedule, and a potential OPEC production increase will be on the table December 5 at a meeting of oil ministers. He further maintains that OPEC has very little direct control over the price of oil, which is influenced by a myriad of market forces (such as OPEC supply, the U.S. dollar and geopolitical tension), and has not
Desktop Computer ``This, on top of the dollar weakness we saw earlier in the week, may make economic growth not as strong as everyone is hoping for,'' Dunay added.
Notebooks The Dow Jones industrial average skidded 137.06 points, or 1.43 percent, to 9,438.98. The broader Standard & Poor's 500 Index was down 17.66 points, or 1.72 percent, at 1,011.37. The technology-laced Nasdaq Composite Index was down 45.21 points, or 2.38 percent, at 1,856.51.
Lenovo Strong gains in major market gauges in recent months have left stocks vulnerable to investors anxious to lock in profits, traders said. So far this year, the Dow is up 13 percent, the S&P 500 is up 15 percent, and the Nasdaq up 39 percent.
Hard Drive Cisco Systems Inc. topped the Nasdaq's most actively traded list, a day after its board authorized up to $7 billion in additional repurchases of its common stock. Shares of Cisco, the world's largest maker of gear that directs Internet traffic, fell 49 cents, or 2.3 percent, to $20.66.
Travelstar Other tech bellwethers like Intel Corp., off 71 cents at $28.22, and Microsoft Corp., down 84 cents at $28.76, also weighed on the Nasdaq.
Gateway Media company Viacom Inc. shares fell after it cut earnings and revenue forecasts for the year, citing a slower local advertising market. Shares of Viacom, which owns CBS, MTV and Nickelodeon, fell $1.32, or 3 percent, to $38.95.
Laptop Parts Oil-sector stocks rose on the OPEC news. Exxon Mobil Corp., a Dow component, rose 4 cents to $37.10 after earlier hitting an intraday high of $37.49, and was among the blue-chip average's only gainers. The Standard & Poor's 500 energy, made up of shares of big oil companies and oil service companies, rose 0.5 percent.
Software Reuters - 9/24/2003
Topic: Petroleum Industry
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