Investor's Business Daily
IBD's Top 10 - Wednesday
Wednesday August 29, 7:00 pm ET
Investor's Business Daily


Tech Stocks Ignite Market Rally

1 The tech-heavy Nasdaq surged 2.5%, while the New York composite leapt 2.4%, the S&P 500 2.2% and the Dow 1.9%. Tech and steel thrived, but NYSE volume slipped. The Nasdaq's turnover, while below average, was higher than Tue.'s total. That fits the bill for a follow-through day. The 10-year T-note's yield rose 5 ticks to 4.57%, but short-term yields declined.

Nokia Dials Into Apple's Market

2 The world's largest phone maker unveiled new services and mobile phones that can download music and play games, seeking to draw share from Apple's iPhone as well as iTunes and the iPod. Nokia's new phones will hold up to 6,000 songs and come with other gadgets, such as docking stations and speakers.

Altria To Break Up Philip Morris

3 Altria Group (NYSE:MO - News) said it will spin off Philip Morris Int'l, its largest division, to free the cigarette maker to focus on growth in emerging markets without fear of U.S. regulatory or legal interference. While cigarette sales have been declining in the U.S., world consumption continues to climb, especially in emerging markets.

U.S. Mortgage Applications Fall

4 The Mortgage Bankers Association's applications index fell 4% to a 4-week low of 615.2, as one-year adjustable loan rates rose by the most ever. The purchase and refinancing gauges also declined to 4-week lows. The 1-year ARM rate jumped to 6.51% from 5.84% a week earlier, the biggest gain since records began in 1996. But average 30- and 15-year fixed loan rates fell.

Bush Marks Katrina Anniversary

5 The president toured a somber New Orleans to honor the more than 1,500 lives lost and life-altering devastation wrought by Hurricane Katrina two years ago. In his 15th visit to the region, Bush tried to calm local frustration at the pace of rebuilding efforts. "Better days are ahead," he said. Even after more than $100 bil in aid spending, large swaths of the Gulf region remain in ruins.

Crude Soars As Supplies Dwindle

6 Oct. crude shot up $1.78 to $73.51 a barrel, after stockpiles of crude and gasoline both fell more than expected. Gasoline leapt 8.54 cents to $2.1008 a gallon. U.S. warehouses hold just 20 days' worth of gasoline, an all-time low. And with many refineries slated to be shut soon for maintenance, those tight supplies will likely get tighter.

Pakistani Leader To Quit Military

7 President Pervez Musharraf has agreed to step down as chief of the army before the next presidential election, former Prime Minister Benazir Bhutto said. Musharraf initiated power-sharing talks with Bhutto -- who left Pakistan in 1999 shortly before Musharraf seized power in a coup -- in a bid to maintain control amid growing unrest, including guerrilla attacks by Islamic radicals.

Al-Sadr Suspends Militia Activity

8 Radical Shiite cleric Muqtada al-Sadr ordered his Mahdi Army to halt all attacks, including those against U.S. forces, for 6 months. An aide said he wants to "rehabilitate" his organizatio after deadly clashes between Shiite fighters in Karbala that killed 52. The cleric is battling for control against Iran-backed foes, U.S. analysts said.

Taliban OKs Korean Handover

9 Twelve South Korean missionaries were released after being held captive by Taliban militants for nearly 6 weeks. The final 7 captives should be handed over in the next 48 hours. Korea agreed to Taliban demands to prevent further missionary work in the country and to withdraw as planned at the end of the year.

Retailers Top, Big Lots Profit Up

10 Discounter Big Lots (NYSE:BIG - News) jumped 10% to 28.91 after its Q2 EPS rose 400% to 21 cents ex items, 9 cents above views. Sales rose 2.7% to $1.08 bil, as same-store sales jumped 5.2%. Big Lots sees full-year EPS of $1.43-$1.48, above views. Upscale home decor retailer Williams-Sonoma (NYSE:WSM - News)'s Q2 EPS dipped 4% to 24 cents ex items, but it beat views by 8 cents. Sales rose 4.1% to $859.4 mil. Shares leapt 10.6% to 32.70.