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Market Update

Weak Iron Ore Prices Dampen Australian Stocks, Rio Cuts Guinea Investment

Marcus Jacob
12 Mar, 2013
New York City

Australian stocks declined and closed at the low of the day after resource sector stocks fell for the second day in a row. Spot price of iron ore eased to $144 a ton. Rio Tinto said it will cut its investment in Guinea iron ore project.

India Movers: Berger Paints, Eros, GVK Power, Titagarh Wagons

Mukesh Buch
12 Mar, 2013
New York City

Eros climbed after the U.S. based retirement fund acquired a minority stake. Australia based Aurizon agreed to buy 51% in GVK Hancock''s projects. French subsidiary of Titagarh Wagons secured order worth

Stocks on Hold in New York, Sixth Quarterly Decline in Italian GDP

Nichole Harper
11 Mar, 2013
New York City

Stocks in New York traded sideways and market indexes paused on the global worries. China reported inflation rose at the fastest pace in ten months in February and factory output and retail sales lagged expectations. Italy reported its sixth quarter decline in economic activities in a row.

U.S. Movers: Dick's Sporting, Emulex, Genworth Financial, Renren, Simcere

Mukesh Buch
11 Mar, 2013
New York City

Dick''s Sporting fourth quarter net jumped 7% to $129.7 million. Emulex extended offer period to UK based Endace Limited. China based social networking Renren fourth quarter net swung to loss.

Europe Movers: Brady, Elan, Nordex, Ladbrokes, Soco

Nigel Thomas
11 Mar, 2013
New York City

Brady profit for the year declined 76%. Elan plans to buy back $1 billion of shares. Nordex earnings for the year climbed 33%. Ladbrokes expanded partnership with Playtech. Soco profit for the year surged 134%.

Nikkei Rally Lifts Yearly Gain to 19%, Yen Drops to a 3-Year Low

Hiruki Nakamura
11 Mar, 2013
New York City

Stocks in Tokyo extended rally for the eighth day in a row and the Nikkei index closed at a new 5-year high. The yen dropped to a low not seen since August 2009. Warehouse and real estate stocks led the surge.

Australian Stocks Extend Rally to Lift ASX 200 at a 5-Year High

Marcus Jacob
11 Mar, 2013
New York City

Australian stocks inched higher after banks and resource stocks led the gainers. The benchmark ASX 200 index closed at a new high since June 2008. CSR said it plans to cut 150 jobs. Retailer Woolworths gained 1% to close at a new record high.

India Movers: Amtek Auto, GVK Power, Indiabulls, GMR

Mukesh Buch
11 Mar, 2013
New York City

Amtek Auto agreed to acquire German based NeumayerTek Group for $500 million. GVK Power signed partnership with Australia based Aurizon for two projects. Indiabulls merged with its housing finance company.

Mild Optimism on Wall Street After Payrolls Data and Bank Stress Test

Nichole Harper
08 Mar, 2013
New York City

Stocks in New York searched for direction after employers added more-than-expected 236,000 jobs and jobless rate declined to 7.7%. Housing sector strength also contributed to the jobs increase in financial services and other sectors. Wholesale inventories increased 1.2% in January.

U.S. Movers: Ann, Foot Locker, Genesco, Kroger, Cooper, Workday

Mukesh Buch
08 Mar, 2013
New York City

Ann fourth quarter net jumped 9% and Arcos Dorados net slipped 4%. Foot Locker fourth quarter net climbed 28% to $104 million and Genesco net dropped 7%. Kroger fourth quarter net swung to $461.5 million profit. The Cooper quarterly net jumped 37%.

Nikkei Soars 2.6%, GDP Estimate in Japan was Revised to 0.2% Increase

Hiruki Nakamura
08 Mar, 2013
New York City

Stocks in Tokyo extended gains and the Nikkei index soared to a new 5-year higher. Economic growth in the final quarter was revised to 0.2% increase from the previous estimate of 0.4% contraction. The yen eased.

Europe Movers: Admiral Group, Fugro, Lagardere, Serco

Nigel Thomas
08 Mar, 2013
New York City

Admiral Group profit for the year jumped 17% to

Chinese Exports Surge in February Lifts Australian Stocks

Marcus Jacob
08 Mar, 2013
New York City

Australian stocks were empowered and commodities linked stocks led the surge after China reported a surge in exports in February. For two months to the month, exports soared 23.6% and imports gained 5%.

India Movers: Colgate Approved Stock Split, Hindustan Motors Sales Surge

Mukesh Buch
08 Mar, 2013
New York City

Colgate-Palmolive board approved a 2-for-1 stock split. Hindustan Motors February sales surged 166.5%. Kalpataru Power secured orders worth more than $300 million. NYSE Euronext postponed 4.8% stake sale in MCX.

U.S. Movers: Ciena, PetSmart, Staples, Time Warner, Vail Resorts

Mukesh Buch
07 Mar, 2013
New York City

Ciena first quarter net loss narrowed. Nexstar fourth quarter net surged to $161 million and PetSmart net jumped 6.2% to $134 million. Staples net jumped 72%. Time Warner plans to spinning off its magazine unit Time Inc. Vail Resorts net climbed 30%.