Market Update Close: Stocks closed lower across the board, as widespread profit-taking following four consecutive days of market gains was exacerbated by a warning from Toll Brothers (TOL 34.14 -5.27) that raised concerns about a possible end to the housing boom. Perhaps placing even more emphasis on TOL's disappointing FY06 guidance, which weighed heavily on everything from homebuilding and home improvement to construction materials and household appliances, was the absence of noteworthy economic data. To wit, Consumer Discretionary, which Briefing.com has had an Underweight rating on since April...
Getting to Know You When things slow down, getting to know your body a little better may help bring back your regularity.
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General Health Tip
Firm Up Your Dinner Plans. Deciding ahead of time what you are having for dinner will keep you from grabbing the wrong foods when you are in a pinch. Set a deadline for yourself, say 3 p.m., to know what you're serving. This will give you plenty of time to plan and pick up what you need.
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JESSICA'S DIVA DEMANDS
Jessica Simpson, 25, likes to act clueless, but she can swing her celebrity weight like a pro. According to a studio source, weeks before the press tour for The Dukes of Hazzard began, "we were bombarded with a six-page pamphlet of demands for Jessica from the office of her dad, Joe Simpson." Among Jessica's requests: paid accommodations for her hairstylist and assistant in the same hotel as Jessica; a wardrobe budget estimated in the thousands of dollars; cases of Evian water; and paid private... •JEN FREAKS OVER ANGELINA'S NEW BABY •JULIA STILES, GWYNETH PALTROW AND MORE!
Democrats Win Gov. Races in Va., N.J. Virginia Lt. Gov. Tim Kaine, waves to the crowd during a victory celebration the in Richmond, Va., Tuesday Nov. 8, 2005. Kaine defeated Republican challenger Jerry Kilgore in the state's gubernatorial election. (AP Photo/Steve Helber)
9:59 pm PT Stone Energy announces restatement of historical financial statements (SGY) 45.40 :Co announces that it will restate certain historical financial statements and provided selected financial data for the three and nine month periods ended September 30, 2005 and the comparable periods of 2004. On October 6, 2005, Stone announced a downward revision of its proved reserves of approximately 171 billion cubic feet of natural gas equivalent (Bcfe). Since the announcement, Stone has been reviewing whether portions of the revision should be applied to prior years, which might result in a restatement of prior years' financial statements and related supplemental oil and gas reserve disclosures. Based on Stone's internal review, a restatement of the financial statements will be required for the periods from 2001 to 2004 and for the first six months of 2005. Accordingly, the 2004 financial statements and the independent registered public accounting firm's report related to the fiscal 2004 period contained in Stone's prior filings with the SEC should no longer be relied upon.
9:55 pm PT Illumina to conduct large scale genotyping for UK-based research groups studying molecular basis of colorectal cancer (ILMN) 16.03 :Co announces that it has signed a multi-phase genotyping services agreement to support colorectal cancer researchers funded by Cancer Research UK, the world's leading independent charity dedicated to cancer research. The multi-million dollar agreement extends over several years and includes two major phases. In the first phase of the project, ILMN's service group will conduct dense, whole-genome genotyping (greater than 500,000 single nucleotide polymorphisms, or SNPs, per sample) for at least 4,000 well-classified colorectal patients and controls. In the second phase, ILMN will genotype over 10,000 samples using a custom, multi-sample BeadChip that will enable analysis of 20,000 SNPs per sample.
9:47 pm PT American Intl announces delay of Q3 Form 10-Q (AIG) 65.85 :Co announces it will delay the filing of its Form 10-Q for Q3. AIG currently expects that it will file its Q3 Form 10-Q on November 14, 2005 and hold a conference call at 8:30 a.m. EST the following morning. The five day extension will allow AIG time to incorporate into its Q3and nine month financial statements the correction of certain errors, the preponderance of which were identified during the remediation of previously disclosed material weaknesses in internal controls. The most significant errors identified relate to the previously disclosed material weaknesses in internal controls surrounding accounting for derivatives and related assets and liabilities under FAS 133, reconciliation of certain balance sheet accounts and income tax accounting. AIG continues to believe its hedging activities have been and remain economically effective, but do not qualify for hedge accounting treatment.
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