| The KUIK Morning Market Report for Tuesday, November 20: | |||||||
| Markets are down this morning. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (36) | points | 12,760 | 7:02 AM | ||
| S&P500 | Down | -0.2% | percent | 1,384 | (2.92) | points | |
| Nasdaq Composite | Down | -0.2% | percent | 2,910 | (5.76) | points | |
| 30 Year Treasury | Up | 1 | Basis Points | 2.77 | Annual Yield | ||
| Housing starts are up. The Commerce Department reports housing starts in October unexpectedly climbed to a four-year high, showing improvement in residential construction. Starts rose 3.6 percent to a 894,000 annual rate, the fastest since July 2008 and exceeding all estimates. Economists expected 840,000. | |||||||
| But Hewlett Packard is hurting the stock market. It disclosed “serious accounting improprieties” at Autonomy Corp. that led to an $8.8 billion asset-impairment charge. In a statement, H-P said the impairment charge was due to “serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy” that occurred prior to H-P’s acquisition of the company. H-P bought Autonomy in 2011 for $10 billion as part of the company’s bid to expand its software portfolio and its presence in the corporate IT market. The acquisition was controversial and, together with H-P’s announcement that it was getting out of the PC business hurt HP’s stock by about 20% in August 2011. HP is currently down more than 12% to 11.67 a share. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/h-p-shares-blasted-by-autonomy-charge-2012-11-20 | |||||||
| http://www.bloomberg.com/news/2012-11-20/housing-starts-in-u-s-unexpectedly-increase-to-four-year-high.html | |||||||
| For today’s Morning Market Report click to listen-> | https://beaconrwa.com/audio/Morning-Market-Report.mp3 | ||||||
| Shortlink-> | |||||||