Market Update 4:20PM: Despite the good November employment report that topped the week's list of better than expected data, the indices spent most of the session in the red. Considerable profits registered during yesterday's broad-based rally, not to mention the average 4.1% booked by the indices last month, perhaps gave investors incentive to consolidate. With respect to the jobs data, the report was essentially in-line with expectations. Continuing to reflect strong hiring trends, non-farm payrolls rose slightly more than anticipated (215K). The unemployment rate held at 5%, and average hourly...
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!
Bomb Kills 10 Marines, Wounds 11 in Iraq U.S. Army soldiers from the 101st Airborne Division inspect the site of a car bomb in Samara, Iraq Friday, Dec. 2, 2005, which caused no loss of life. In a separate incident ten U.S. Marines were killed and 11 wounded by a roadside bomb near Fallujah on Thursday, which was announced by the Marine Corps on Friday, in the deadliest attack on American troops in three months. (AP Photo/Hameed Rasheed)
1:11 pm PT Alliance One (AOI) Announces Closure of Spanish Production Facilities 3.30 :Co announces it will close its two production facilities in Spain after the completion of the 2006 processing season. The closure actions, which will affect approx 200 employees, are subject to the approval of Spanish Labor authorities. The co estimates total one-time costs of approx $12 to $14 mln, substantially all of which are cash, will be recognized to complete these closings; including severance, asset impairment and other cash costs and potential inventory valuation charges. Approx two-thirds of these costs, which relate to the former Standard operations, will be reflected as an adjustment to the purchase price of the merger; while the remaining costs will be charged as restructuring, asset impairment and other costs. These charges are in addition to the previously announced one-time costs of $55 mln the co expects to incur in the merger and integration process. These actions are expected to generate additional annual savings of between $5 and $6 mln per year after the plan is completed.
1:03 pm PT Walt Disney raises annual dividend by 12.5% to $0.27/share (DIS) :
1:01 pm PT Selective Insurance announces sale of managed care subsidiary (SIGI) 56.83 -1.09:Co announces the sale of its subsidiaries comprising its managed care operation, CHN Solutions, to Consolidated Services Group, which provides managed care and medical consulting services. The sale was for $16 mln and will result in an after-tax loss of approx $2.5 mln in the fourth quarter of 2005. Selective purchased the managed care operation to reduce the co loss costs and deliver fee-based income as part of its diversification strategy.
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