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Market Update

Teekay Declines; Red Hat, Jabil Gain

Mayank Mehta
23 Jun, 2010
New York City

CarMax, Inc. led gainers in the S&P 500 index with a rise of 7.3%. Red Hat said its first-quarter net income rose 30%. Adobe reported second quarter net increased 18%. CarMax said its quarterly net more than tripled. Rite Aid narrows quarterly loss.

European Markets Slide

Arthi Gupta, Mayank Mehta and Sanjay Barot
23 Jun, 2010
New York City

European stocks stumble after new home sales in the U.S. slumped 33% in May. Euro-zone composite PMI falls to three-month low in June. BASF agrees to buy Cognis in $3.8 billion deal.

U.S. Stocks Decline on Weak Home Sales

Arthi Gupta, Mayank Mehta and Sanjay Barot
23 Jun, 2010
New York City

U.S. stocks rise on optimism that the Federal Reserve will hold a key interest rate at a record low. White House said appeals block on drilling ban. AT&T acquires rural wireless assets from Verizon Wireless. Adobe Systems Inc. said second quarter net rises 18%.

U.S. Stocks Decline; Judge Lifts Drilling Ban

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
22 Jun, 2010
New York City

U.S. stocks traded sideways after existing home sales indicated a fragile state of housing market. Oil drilling rigs providers traded volatile after a judge lifted a ban on drilling in the Gulf of Mexico. Obama administration said it will appeal the decision.

UK Budget to Trim Expenses; VAT to Rise

Arthi Gupta, Mayank Mehta and Sanjay Barot
22 Jun, 2010
New York City

The UK indexes traded lower after the interim budget that proposed higher VAT and eliminated nearly one million tax payers with low income and lowered the corporate tax to 24% . The government also cuts growth outlook and public sector pay freeze for two years.

Australian Exports to Rise; Stocks Decline 1%

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
22 Jun, 2010
New York City

According to the revised estimates, exports are likely to increase 23% to A$202.5 billion in the 12-month period ending June 2011, according to the Australian Bureau of Agricultural and Resource Economics today.

Japan Caps Spending; Nikkei Declines 1%

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
22 Jun, 2010
New York City

Stocks in Japan decline on the euro-zone worries. Japan releases its fiscal 10-year plan to reduce debt, fight deflation and cap government spending. Japanese parts plants in China resort to mechanization to fight labor problems.

Sensex in India Declines; Yes Bank Falls

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
22 Jun, 2010
New York City

Stocks in Mumbai traded lower on the worries related to the euro-zone. Rabobank Nederland plans to sell stake in Yes Bank Ltd. Reliance, MTNL are in 3G franchise talks. Cox and Kings India is looking to raise $430 million. Orbit Corp issues a 1-to-1 bonus.

China Stocks Volatile; ICBC Loans Up

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
22 Jun, 2010
New York City

Shanghai, the city targeted by China to be becoming its global financial center by 2020, is preparing to allow foreign companies to list their shares and sell bonds in the city

PetSmart, Lockheed Rise; Transocean Fell

Mayank Mehta
22 Jun, 2010
New York City

American Italian Pasta Company led gainers in the S&P 500 index with a rise of 6.7%. Lockheed wins again $5 billion U.S. contract. Jefferies profit up 37%. Commercial Metals narrows quarterly loss. Toyota suffers another supplier labor strike.

Spanish Banks Ratings Kept; European Stocks Down

Arthi Gupta, Mayank Mehta and Sanjay Barot
22 Jun, 2010
New York City

European markets fell after Fitch downgrades BNP Paribas

U.S. Home Sales Fall; Walgreen Net Falls

Arthi Gupta, Mayank Mehta and Sanjay Barot
22 Jun, 2010
New York City

U.S. stocks trade lower after May home sales declined. Existing home sales in the month fell 2.2% to 5.66 million and increased 19.2% from a year ago month. Fitch downgrades its debt rating on BNP Paribas SA. Walgreen third quarter profit declines.

U.S. Stocks Erase Gains; World Markets Up

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
21 Jun, 2010
New York City

U.S. stocks closed lower after rallying on the back of global markets. China permitted wider trading band for the yuan after pegging the currency to the dollar for nearly two years. Stronger yuan raised expectations of higher exports to China but also raised fears that retailers will pay more.

Valeant and Biovail to Merge

Arthi Gupta
21 Jun, 2010
New York City

Valeant and Biovail Corp. have unanimously approved a merger agreement under which the companies would combine to generate enhanced value for stockholders.

Corn Products to Buy National Starch

Darlington Musarurwa
21 Jun, 2010
New York City

Corn Products agrees to acquire National Starch from AkzoNobel for $1.3 billion in cash. The transaction is projected to generate cost synergies of at least $50 million.