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Tokyo Stocks Pare Losses, Exporters, Financials Lead Decliners

Hiruki Nakamura
22 Feb, 2013
New York City

Stocks in Tokyo traded rebounded after a day of sell-off and morning weakness. The yen eased but the makers of automobiles and electronics fell and financials led the decliners. Prime Minister Shinzo Abe is scheduled to hold a summit with the U.S. President Barack Obama.

Australian Markets Rebound; Billabong Forced to Revise Debt Terms

Marcus Jacob
22 Feb, 2013
New York City

Financial markets in Sydney traded higher after slightly positive comments from RBA Governor Glenn Stevens. Billabong reported a large loss and was forced to revise its debt terms with banks. Casino operator Crown reported 40% decline in first half profit.

U.S. Movers: AIG, Abercrombie, HP, Heinz, Safeway, Washington Post

Mukesh Buch
22 Feb, 2013
New York City

AIG fourth quarter net swung to a loss and Abercrombie & Fitch climbed more than two-fold. Hewlett-Packard first quarter net plunged 16% and said no plans to break up. Heinz third quarter net jumped 5% and Washington Post posted quarterly net swung to a loss.

Europe Movers: Elan, Millennium & Copthorne, SES, Valeo

Nigel Thomas
22 Feb, 2013
New York City

Elan Corp plans to buy back $1 billion of stock. Millennium & Copthorne Hotels profit for the year plunged 11% and slipped 2% for the fourth quarter. SES SA profit climbed 5% to

India Movers: Adani Power, Gujarat Gas, Jet Airways, SKF India, Voltas

Mukesh Buch
22 Feb, 2013
New York City

Gujarat Gas fourth quarter net surged 182.4%. Hindustan Motors in talks with European sports utility vehicle makers. Etihad chairman said it needs to revise the deal with Jet Airways. SKF India net declined 20.2%. Voltas joined hands with Benninger AG for marketing and selling.

U.S. Jobless Claims Rise 20,000; Existing Home Sales Gain 0.4%

Nichole Harper
21 Feb, 2013
New York City

Market indexes in New York declined after Fed comments rattled market nerves. Existing home sales increased 0.4% in January and inventories of unsold homes dropped 25% from a year ago month. Weekly jobless claims rose 20,000. Wal-Mart lifted its dividend.

Widespread Losses in European Markets on Weak Economic Data

Barry Randall
21 Feb, 2013
New York City

Euro zone markets fell sharply after the latest data manufacturing and service sector index showed a shrinking growth rate. Markets in Paris, London and Frankfurt dropped more than 1.7%. Markets in Milan declined 3% ahead of general election this weekend.

U.S. Movers: Chesapeake, Dana, Fluor, Quanta, Wal-Mart

Mukesh Buch
21 Feb, 2013
New York City

Chesapeake fourth quarter net declined 40% and Dana Holding net climbed 27%. Fluor Corp net swung to a loss and Quanta Services net surged 49%. Tesla Motors net loss widened and Wal-Mart net jumped 9% to $5.61 billion.

Nikkei Fall 1.4% in Asian Sell-off

Hiruki Nakamura
21 Feb, 2013
New York City

Tokyo markets declined in a regional selloff and energy and metal prices fell. Machinery exporters to China closed lower on the worries that China may tighten lending to curb property speculation. NTT East plans 20% reduction in staff.

Australian Indexes Drop 2.3%; AMP, IAG, Qantas Net Rise

Marcus Jacob
21 Feb, 2013
New York City

Australian market rally came to an abrupt halt as regional markets dropped. The benchmark index dropped 2.3%, largest one day decline in nine months. IAG said its profit more than tripled and increased insurance premium. Origin Energy net tumbled on margin compression.

India Movers: ABB Net Plunges 73%, Nestle India Net Climbs 21%

Mukesh Buch
21 Feb, 2013
New York City

ABB fourth quarter net plunged 73% and Nestle India net climbed 21%. SAIL board is likely to decide share buy-back plan on February 25. Shriram Transport dropped. Videocon jumped on Mozambique stake sale talk with ONGC.

Europe Movers: Allianz Net Doubles, BAE Profit Falls

Nigel Thomas
21 Feb, 2013
New York City

Allianz SE net doubled to

Office Depot to Buy OfficeMax for $1.2 Billion

Devan Biswas
20 Feb, 2013
New York City

Office Depot agreed to acquire OfficeMax in all stock deal that will create a company with total sales of $18 billion. The office supply industry consolidates after the weak economy drags sales and the competition from online retailers shrink margins.

U.S. Stocks Fall After Home Construction Declines 8.5%

Nichole Harper
20 Feb, 2013
New York City

U.S. stocks declined after home construction fell 8.5% in January after surging 15.7% in December. The weakness in the housing data dragged market sentiment. Office Depot agreed to buy OfficeMax for $1.2 billion.

UK Jobless Claims Decline, Spain Estimates Deficit to Fall to 7%

Barry Randall
20 Feb, 2013
New York City

Markets in Europe traded higher but trading volume was weak. Spain estimated budget deficit in 2012 to decline just below 7%, the lowest in four years. UK jobless claims fell more than expected in January.

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