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Market Update

U.S. Stocks Struggle, Greek Contagion Worries

Bikram Pandey
16 Jun, 2011
New York City

U.S. stocks meandered as investors digested slightly better news on the jobs and housing market after a string of weak economic data. Greece remained the focus as prime minister sought to unify the nation for austerity measures. India lifted rates for the tenth time in last sixteen months.

U.S. Movers: Actuant, Energy Transfer, MediaMind, Pier 1, Kroger

Mukesh Buch
16 Jun, 2011
New York City

Actuant third quarter net earnings soared 75%. Energy Transfer Equity will acquire Southern Union for $7.9 billion. MediaMind agreed to be acquired by DG FastChannel for $517 million. Pier 1 first quarter net income surged 84%. Kroger first quarter net earnings rose 1.6%.

UK Stocks Slide 1% as Retail Sale Fall 1.4%

Arthi Gupta
16 Jun, 2011
New York City

The UK indexes edged lower on euro debt concerns and political strife in Greece. UK retail sales fell in May. Rolls-Royce secured orders worth over

U.S. Jobless Claims Drop; Energy Transfer to Buy Southern Union

Arthi Gupta
16 Jun, 2011
New York City

U.S. indexes declined after weekly jobless claims fell 16,000 and housing starts rose 3.5% in May. Energy Transfer agreed to buy Southern Union for $7.9 billion. Ford planned addition investment of $500 million to increase engine production in China.

Nikkei in Japan Drops 1.7%

Nigel Thomas
16 Jun, 2011
New York City

Stocks in Japan fell tracking losses in New York and European markets. Greek worries and uneven economic recovery in the U.S. dragged market indexes. Greek troubles intensified as riots broke out in Athens and European leaders struggle to decide the share of losses if Greece defaults on loans.

European Markets Lower on Greek Strife; Demag Agrees to $1.4 Billion Offer

Arthi Gupta
16 Jun, 2011
New York City

The European indexes slumped on ongoing concerns in Greece. Euro-zone annual inflation eased to 2.7% in May. The International Energy Agency lifted global oil demand growth forecast for 2011. U.S. based Terex Corp agreed to acquire Demag Cranes for $1.4 billion.

Australian Index Down 1.9%; Hancock Sells Mines for $2.4 Billion to GVK

Marcus Jacob
16 Jun, 2011
New York City

The Australian index dropped 1.9% following the sharp decline in New York. Asian markets declined more than 1% tracking losses in Europe as focus shifted to Greek troubles. The European leaders and the ECB failed to agree on second bailout terms for Greece.

Euro Area Inflation at 2.7%; Greek Unemployment Soars to 15.9%

Arthi Gupta
16 Jun, 2011
New York City

Euro-zone annual inflation eased in May and employment remained flat in the first quarter. The jobless rate in Greece surged in the first quarter to 15.9%. Switzerland left key rate unchanged at 0.25%. Dutch retail sales improved in April.

U.S. Economy Worries, Greece Strife Drive Dow Down 200 Points

Bikram Pandey
15 Jun, 2011
New York City

World markets traded lower as Greece gained centre stage and U.S. economic worries grew. The rising tensions in peripherals nations and growing evidence of weak economic data knocked the U.S. indexes as low as much as 1.8%. Crude oil falls 4.5% and metals weaken as stocks dive.

UK Jobless Claims Increase; Consumer Sentiment Surges

Arthi Gupta
15 Jun, 2011
New York City

The UK indexes slid after weak economic data from the U.S. and European leaders struggle to chalk out second bailout for Greece. The UK jobless claims increased more than estimated and consumer confidence surged to its highest level in May.

U.S. Movers: Aveo, Clarcor, Ecology, Korn/Ferry, Owens-Illinois

Mukesh Buch
15 Jun, 2011
New York City

Aveo announced pricing of underwritten public offering of 57.5 million shares at $17.50 per share. Clarcor second quarter net earnings improved 37%. Korn/Ferry fourth quarter net income surged 128%. Scotts Miracle-Gro anticipates adjusted earnings $3.10 to $3.20 per share for fiscal year 2011.

World Indexes Down; U.S. Consumer Prices Rise 0.2%

Arthi Gupta
15 Jun, 2011
New York City

U.S. and global indexes declined after European finance ministers failed to reach a consensus on resolving the bailout plan for Greece. U.S. consumer prices increased 0.2% in May and mortgage applications surged last week. Manufacturing declined in New York region.

Greece Woes Drag European Indexes; Aegon Repays Dutch Government

Arthi Gupta
15 Jun, 2011
New York City

The European indexes slumped after euro area finance ministers failed to reach a consensus on a second bailout package for Greece. Nyrstar agreed to acquire Canada-based Breakwater for C$663 million. Sensata Technologies agreed to buy Sensor-NITE for

Stocks in Japan Extend Gains; Honda Estimates Net to Drops 64%

Nigel Thomas
15 Jun, 2011
New York City

Stocks in Japan extended gains for the second day in a row after the government passed the bill to provide compensation to nuclear power plant disaster. China linked stocks also gained for the second day on strong economic data. Honda advanced on higher than expected profit estimate.

Australian Stocks Fall After Hawkish Comments from RBA Governor

Marcus Jacob
15 Jun, 2011
New York City

Australian stocks sold off after hawkish comments from the RBA governor Glenn Stevens. Two-speed economic developments in Australia are expected to widen more as mining investment increase and inflation accelerates in the future. Qantas plans to cut $700 million of spending.