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Market Update

U.S. Movers: Cisco, ConAgra, Molycorp, Solutia, Target

Mukesh Buch
14 Sep, 2011
New York City

Cisco lowered its annual sales growth between 5% and 7% annually for next three years. ConAgra reiterated its $94 a share all-cash proposal to acquire Ralcorp. Solutia lowered earnings per share outlook for 2011.

UK Jobless Claims Rise, Unemployment at 7.9%

Arthi Gupta
14 Sep, 2011
New York City

The UK indexes gained after jobless claims rose less than estimated but unemployed soared to 7.9%. The European Central Bank offered to lend $575 million to two euro-zone banks. BP surged 4.6% after it acquired full control of Brazilian biofuel company Tropical BioEnergia.

U.S. Mortgage Applications Rise; Retail Sales, Producer Prices Flat

Arthi Gupta
14 Sep, 2011
New York City

U.S. indexes traded sideways after mortgage and refinancing activity improved but retail sales and producer prices remained flat in August. Oaktree offered to acquire Jakks Pacific for $670 million. ConAgra reaffirmed its $94 a share proposal to acquire Ralcorp. Cisco lowered sales outlook.

Nikkei in Japan Falls 1.1%; Sharp Up, Mitsubishi UFJ Down

Nigel Thomas
14 Sep, 2011
New York City

Stocks in Japan edged lower and banks led the decline on the worries of the exposure to the euro zone. Sony plans to release its next version of PlayStation hand held game device late in the year in Japan but will not discount the price. Resource linked stocks, banks and shipping companies fell.

Euro Area Production Rebounds; Russia Holds Repo Rate at 5.25%

Arthi Gupta
14 Sep, 2011
New York City

Euro area industrial production rebounded in July on strong German factory output. Finnish annual inflation slowed but Swiss producer and import price index fell in August. Dutch trade surplus rose in July.

Credit Agricole, Soc Gen Ratings Cut; Greece in Focus

Arthi Gupta
14 Sep, 2011
New York City

The European indexes rose after euro area production bounced back in July. Ratings agency downgraded the long term debt ratings of French banks Credit Agricole and Societe Generale. Gerry Weber first nine months of the year net rose boosted by strong growth in sales.

Australian Index Drops 1.6%; Core inflation Lowered

Marcus Jacob
14 Sep, 2011
New York City

The benchmark index in Australia declined 1.6% following the indexes in Asia lower. Australian banks declined as French banks faced trimmed access to short term funding in the U.S. money markets. Cochlear dropped 14% as the competitor won the U.S. regulatory approval.

U.S. Indexes Higher; French Banks Confirm Capital Access

Bikram Pandey
13 Sep, 2011
New York City

U.S. stocks struggled to inch higher and banks and financial services faced the brunt of selling. European markets rebounded but Italian bond auction drew tepid demand. UK inflation stayed above the target of central bank for the third month in a row.

U.S. Movers: Best Buy, Cracker Barrel, Intersil, IHS, Steel Dynamics

Mukesh Buch
13 Sep, 2011
New York City

Best Buy second quarter net income declined 30% to $177 million. Intersil revised lower guidance for revenues in third quarter. IHS reiterated 2011 revenue in the range of $1.31 billion to $1.34 billion. Spansion updated its business outlook for the third quarter.

UK Inflation Accelerates to 4.5%, Home Prices Ease; Cairn Slumps 10%

Arthi Gupta
13 Sep, 2011
New York City

The UK indexes closed higher but inflation accelerated in August and exports and imports rose to a record high in July. Mitchells & Butlers rebuffed takeover bid by Piedmont citing that it significantly undervalues the company.

U.S. Import Prices Drop; Best Buy Net Falls 30%

Arthi Gupta
13 Sep, 2011
New York City

U.S. import prices fell but export prices rose in August. The Bank of America planned to cut 30,000 jobs and $5 billion in costs annually till 2014. The IEA lowered 2011 and 2012 oil demand growth outlook. Best Buy said quarterly net dropped 30%.

Stocks in Japan Rebound; Suzuki, Volkswagen Alliance Unravels

Nigel Thomas
13 Sep, 2011
New York City

Stocks in Japan rebounded after a steep selloff in the last five days. The benchmark index is still down 16% for the year and hovered above the low last seen in March. The euro dropped to a 10-year low against the yen. Suzuki Motor and Volkswagen alliance unravels.

OECD Unemployment at 8.2%; Inflation Rises in France, Sweden, Hungary

Arthi Gupta
13 Sep, 2011
New York City

The jobless rate in the OECD area remained steady in July. Swedish unemployment rate dropped in August. Inflation in France, Hungary, and Sweden rose but Spanish inflation slowed in August.

Australian Manufacturing in Recession Conditions; Stocks Rebound

Marcus Jacob
13 Sep, 2011
New York City

The benchmark index in Australia rebounded nearly 0.9% a day after it plunged more than 3.5%. The latest survey from a private bank showed manufacturing is conditions that are similar to a recession.

French Banks Default Swaps Soar; Italy Sells

Arthi Gupta
13 Sep, 2011
New York City

The European indexes extended losses as French banks base difficulty in rolling over loans in the U.S. Italy held talks with Chinese officials for possible bank stake sale. The Italian Treasury sold