Knobias ClipReport (8-27-2007)
Submitted from Knobias ClipReport
Friday’s session was greeted with positive economic data in the better than expected jump in new home sales. Sales of new homes increased 2.8% in July to a seasonally adjusted annual rate of 870,000 as the inventory of homes for sale dropped for a fourth straight month estimated by the Commerce Department. The Commerce Department also reported that orders for U.S. made durable goods surged in July, jumping 5.9% on higher demand for airplanes, vehicles, computers, machinery, steel and most other kinds of long-lasting manufactured goods. The gain far out paced the expected 1.5% forecast. The culmination caused a triple digit gain on the Dow putting aside subprime fears for the time being.
Some names weren’t included in the day’s gains. One name that didn’t see some of the appreciation was Cortex Pharmaceuticals (COR).