| The KUIK Market Update for Monday, September 29: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (85) | points | 17,029 | 8:02 AM | ||
| S&P500 | Down | -0.4% | percent | 1,975 | (8.10) | ||
| Nasdaq Composite | Down | -0.2% | percent | 4,504 | (8.24) | ||
| 30 Year Treasury | Down | (4) | Basis Points | 3.17 | Annual Yield | ||
| Lenovo Group will complete its $2.1 billion acquisition of IBM’s low-end server business this week. Lenovo bought IBM’s personal computer business in 2005, and is the world’s largest PC maker, after overtaking Hewlett-Packard and Dell. Lenovo is challenging them in the server market with the acquisition of IBM’s x86 server unit. The deal turns Lenovo into one of the major players in the $50 billion market. | |||||||
| Pending home sales fell 1% in August, pulling back from an 11-month high in July, accoridng to the National Association of Realtors. The index of pending home sales hit a seasonally adjusted 104.7 in August, down from 105.8 in July. The drop is likely due to falling investor demand as the pool of cheap, distressed properties dries up. By region, home sales fell 3% in the Northeast, 2.1% in the Midwest, and 1.4% in the South, but up 2.6% in the West. Rising mortgage rates and prices cut home sales this year, and August’s index is down 2.2% from August 2013. Existing-home sales for all of 2014 are expected to hit 4.94 million, below 2013’s 5.09 million. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/lenovo-set-to-close-21-billion-server-deal-with-ibm-2014-09-29 | |||||||
| http://www.marketwatch.com/story/pending-home-sales-fall-1-in-august-2014-09-29-109108?link=MW_Nav_NV | |||||||
| For today’s Market Update Report click to listen-> | |||||||