The stock market turned its focus away from the hurricane-induced carnage and destruction on the Gulf Coast to hail a record high for the Dow Jones utility average.
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Along with the index, shares of Exelon Corp., the nation’s largest nuclear utility, leaped. They closed at $55.66, up 55 percent from a 52-week low of $35.99.
Trumpet sounds and crashing cymbals greeted Motorola Inc.’s announcement that it is teaming up with Apple Computer Inc. to market cell phones with features of the iPod digital mini-stereo. The gizmo, called the Rokr, plays music downloaded from Apple’s iTunes music store.
Despite the ear-splitting publicity, some industry observers said the new phones lack sufficient storage to make them more than a meek alternative to the iPod, which can harbor hundreds of tunes.
“It’s a no-brainer to do this, but whenever a new device comes in, every first generation has issues,” said one analyst.
Even so, shares of Motorola advanced, closing the week at $22.88, up 58 percent from a 52-week low of $14.48.
The stock of McDonald’s continued to sizzle, as Bear Stearns upgraded the Oak Brook-based fast-fooder to “outperform.” The investment house also upped its rating of the restaurant sector, arguing that shares have become more attractive after a sell-off in the wake of the hurricane.
Sales of new premium chicken sandwiches gave a boost to McDonald’s latest sales figures. Shares ended at $34.14, up 27 percent from a 52-week low of $26.89.
And shares of Navistar International Corp. headed higher after profit rose 28 percent in its most recent quarter. However, the Warrenville-based maker of diesel engines and commercial trucks warned that rising fuel prices have slowed medium-duty truck sales and that rising steel prices are creating a cost squeeze.
Navistar stock ended at $34.26, up 21 percent from a 52-week low of $28.30.
Sears sliding
On the downside, shares of retailer Sears Holdings Corp. sank after the company issued disappointing results and replaced Alan Lacy as chief executive.
Hedge-fund manager Edward Lampert, the company’s chairman, said he will take a more active role in day-to-day operations, adding that the retailer must “raise the bar of our expectations and standards.”
Shares of Hoffman Estates-based Sears Holdings finished at $132.74, down 19 percent from a recent peak of $163.50.
And the stock of Alberto-Culver Co. slipped after the Melrose Park-based beauty products-maker scaled back revenue forecasts, partly blaming the hurricane, which forced it to shutter some retail outlets.
However, some Wall Street analysts praised the company’s recent Nexxus hair-care brand acquisition and called its stock attractive.
Shares of Alberto-Culver finished at $45.08, off 20 percent from a 52-week high of $56.31.
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