Bargain Hunters Return To Markets
New York
Buyers returned to the stock market Wednesday, helping the Nasdaq composite index snap a five-day losing streak as investors sought bargains among blue-chip technology issues.
The Nasdaq composite rose 106.06 to close at 3,270.61.
The Dow Jones industrial average also bounced back from early declines and finished up 113.08.
Sunshine gets help from its creditors Boise Creditors of Sunshine Mining and Refining Co. have extended the due date for $27 million in Eurobonds to June 23.
The extension gives the silver company more time to negotiate an agreement with bondholders. Sunshine has been in negotiations with creditors since March, when it was unable to make the $27million payment.
About 260 company employees work at the Sunshine Mine near Kellogg.
Sunshine officials hope to avoid a Chapter 11 reorganization. A solution may involve giving the bondholders majority ownership in the company in lieu of payments, officials have indicated.
Costco predicts lower earnings New York Costco Wholesale Corp., the No. 1 U.S. wholesale operator, said it expects fourth-quarter earnings to be lower than expected after missing thirdquarter Wall Street estimates by a penny, prompting several analysts to revise their profit forecasts.
The Issaquah, Wash.-based company also said it expects fourth-quarter earnings to be 1 cents to 2 cents lower than analysts’ current consensus estimate of 45 cents per share according to First Call Corp. Costco gave no reason for the profit weakness.
Costco shares were down $8.75 to close at $31.86 on the Nasdaq Stock Market. Short reports Hewlett-Packard Co. has acknowledged the color screen on its new handheld computer doesn’t live up to promised specifications, and may offer customers a refund. The new HP Jornada 540 series Pocket PC handheld device offers a roughly 4,000-color display, the company confirmed Tuesday, rather than the 65,000 colors the company initially promised and advertised.
Priceline.com is expanding its “name-your-price” sales pitch to long-distance phone calls.
Correction: Vicki Veltkamp worked for two years at a mining company in Albuquerque, N.M. The city was incorrect in a Tuesday article about Veltkamp becoming the first woman vice president at Hecla Mining Co.