Textron (TXT) Removing Finance Unit Notes from NYSE

Textron Inc (NYSE:TXT) said today it plans to withdraw the New York Stock Exchange listing of bonds issued by its finance arm, an action it said came from its decision in 2008 to deeply cute back that division.

The diversified U.S. manufacturer said it would withdraw the NYSE listing of Textron Financial Corp's 5.125 percent notes due August 2014 and that the unit would cease to file its own operational reports with the U.S. Securities and Exchange Commission.

The company said the finance arm would continue to release its financial statements on its Web site.

The parent company's NYSE listing and SEC reporting will not be affected by this move, Textron said.




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Oil Futures Trading Plummets: Investors Ditching Oil Stocks

"Concerns over the strength of the global recovery, combined with a stronger dollar, have placed downward pressure on oil," according to analysts at Action Economics. Crude Oil Futures continue to plummet, today falling below $72 a barrel. The cause, mounting worry and concern about the global recovery pace.

In morning trading, The Dow Jones Industrial Average dropped over 100 points. While broader Indexes also saw a decline of over 1 percent. Investors are ditching oil stocks and going back into the safety of the Treasury bond market. The looming concern is that because of the slow recovery, which could push the economy back into a recession.

The Dow Jones slid 103.83 or 1 percent to 10,074.06. While The Standard and Poor 500 Index also declined to 11.60 or 1.1. percent to 1,055.76. The Nasdaq Composite Index dropped 25.52 or 1.2 percent bringing it to 1,786.79. For every one stock that rose on the New York Stock exchange, 10 fell.

Phil Flynn, PFG Best analyst said, "Just when it seems oil is going to rally on strong economic optimism, it gets crushed with the realty of gluttonous supply. When it gets ready to fall apart, like in the emergence of the latest chapter in the economic crisis, some central bank supports it with a flood of printed money."

Oil Stock Prices and Crude Oil Futures Soar: BP (NYSE:BP)

Energy stock prices have reached their highest level in two months and BP (NYSE:BP) shares soar. Crude oil futures have jumped to over $80 a barrel. After months of waiting, wondering, and anticipating a turn around in the stock market, maybe we are now headed in that direction.

The biggest increase was seen in the Philadelphia Oil Service Index gaining 2.4 percent to 186. The NYSE Arca Natural Gas Index increased by 1.8 percent to 525. While the NYSE Arca Oil Index broke through the four digit level rising 2.2 percent to 1,002. The Dow Jones Industrial Average added 135 points.

BP shares inclined 2 percent to $39.29. Chevron and Exxon also saw gains. Chevron rose 2.9 percent to $77.84 and Exxon increased by 2.66 percent reaching $61.26.