Stocks Pause in Advance of Employment Report
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The markets were subdued Wednesday, anticipating the upcoming employment report on Friday.
internet.com's Internet Stock Index ended off 9.61, or 1.97 percent, to 478.63, the Nasdaq Composite climbed 11.46 to 2,750.81 and the Dow Jones industrial average jumped 107.65 to 10,936.93.
The high-speed networking company Juniper (JNPR) plunged 24-3/4 to 180-1/4. The company, which has been red-hot since its June IPO, announced it will offer as many as 5.7 million shares in a secondary offering. The pricing details were not disclosed.
Intel Corp. (INTC) was up 1-1/4 to 83-7/16. The chip-maker announced its new network processor that is based on its Internet Exchange Architecture. The company also announced a new investment fund of $200 million to support IX Architecture companies.
There were more signs of consolidation in the brokerage business, as H&R Block (HRB) purchased privately-held Olde Financial Corp. for $850 million. H&R Block says it intends to enter the online trading market. The stock was off 4-5/8 to 51.
It will now swap $105 million in advertising for a 30 percent stake. It will also get three seats on the company's board and will have warrants allowing it to buy an additional 5 percent.
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