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Friday, September 5 2008 9:00pm ET - U.S. Markets Closed.

 MARKET OVERVIEW
 Market Summary[edit]
Nasdaq Intraday
Dow Intraday
Dow11,220.96+32.73(+0.29%)
Nasdaq2,255.88-3.16(-0.14%)
S&P 5001,242.31+5.48(+0.44%)
10-Yr Bond3.66+0.017(+0.47%)
NYSE Volume5,089,406,000
Nasdaq Volume2,271,596,000
Brokers:
 Most Actives
Nasdaq
QQQQ43.45-0.21
MSFT25.65-0.70
INTC20.61+0.09
SNDK17.64+4.18
ORCL20.07+0.14
NYSE
FRE5.10+0.15
BAC32.23+1.63
C19.07+0.77
FNM7.04+0.62
WB16.75+1.22
quotes delayed 15-20 minutes
Complete List
 Advances & Declines
 NYSENasdaq
Advances1689(48%)1288(43%)
Declines1677(48%)1525(51%)
Unchanged108(3%)147(4%)

Up Vol*-21461098(48%)
Down Vol*18611162(51%)
Unch. Vol*3112(0%)

New Hi's19 28 
New Lo's301 178 
*in millionsmore...
 Market UpdateAdd to My Yahoo!  Set Alert

4:25 pm : Friday was shaping up to be another session of hefty losses until buyers emerged midsession to lend support. Leadership came from the financial sector, which carried the major indices off their session lows.

The tone Friday turned decidedly pessimistic early on when the latest dose of government data revealed nonfarm payrolls fell by 84,000 during August, bringing the unemployment rate to 6.1%. The decline in payrolls was essentially in-line with expectations, but the headline unemployment rate was higher than expected.

Sentiment received little help from technology, which is the largest among the major economic sectors. Shares of tech firms have been hit during recent sessions amid fears that a global slowdown will weigh on their performance. Nokia (NOK 20.62, -1.69), a global leader in phones and handsets, believes its third quarter market share will be down sequentially, which seemed to confirm the aforementioned concerns.

Meanwhile, Dell (DELL 20.41, +0.05) is looking to divest its factories, according to The Wall Street Journal. The move would free up capital for the firm by ridding itself of aging assets and allow Dell to avoid the costs of idling factories during slow demand.

However, the tech sector did receive leadership from flash memory storage company SanDisk (SNDK 17.64, +4.18). SanDisk saw its shares surge amid takeover chatter.

Financials garnered attention after Reuters reported that Blackstone Group (BX 16.43, -0.31) and KKR are each looking to buy parts of Lehman Brothers (LEH 16.20, +1.03). Their interest reportedly centers on the firm's real estate and asset management businesses. Shares of LEH

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6:25PM Mariner Energy reports no material damage From Gustav (ME) 27.40 -0.54 : Co provided a preliminary update on the impact of Hurricane Gustav on the co's Gulf of Mexico production and assets. The co has completed initial assessments of virtually all ME-operated offshore structures and received reports from most operators at its third-party operated assets. Based upon these assessments and reports, it does not appear that any of the structures sustained any material damage. As of Thursday, September 4, ~220 mln cubic feet of natural gas equivalent per day (MMcfe/d) of offshore production was online. Pre-hurricane production from Mariner's Gulf of Mexico properties was ~360 MMcfe/d.

5:59PM Ashford Hospitality Trust Board authorizes additional $75 mln for stock repurchase plan (AHT) 4.51 +0.11 : Co announced that the Board of Directors has authorized an additional $75 mln of the co's common stock that may be purchased under its share repurchase program. The co had recently completed substantially all of the repurchase of the $50 mln previously allocated under its existing share repurchase program.

5:51PM Potash Announces Private-Agreement Purchase of Common Shares Under Current Share Repurchase Program (POT) : ...

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 Today's Highlights
Upgrades
Company NameSymbolDetailsAnalyst
Tyco ElectronicsTELBuyLongbow
Lithia MotorsLADNeutralJP Morgan
Asbury AutomotiveABGOverweightJP Morgan
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Downgrades
Company NameSymbolDetailsAnalyst
UCBH HoldingsUCBHNeutralFTN Midwest
Sterling FinancialSTSANeutralFTN Midwest
Center FinlCLFCNeutralFTN Midwest
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Splits
Company NameSymbolSplit Ratio 
Cleveland-CliffsCLF2-1 
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Earnings
Company NameSymbolEPS EstimateCall
ABERCROMBIE & FITCHANF0.65Call
FAIRPOINT COMM INCFRPN/ACall
MULTI COLOR CPLABL0.28Call
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Economic
StatisticFor/TimeActualPrior
Apr/8:00 am978K932K
Apr/8:00 am1032K954K
May/10:00 am59.562.6
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