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Market Update

Production in India Expands; Ambanis Reconcile

Mayank Mehta, Chandrasekhar Atreya and Sanjay Barot
24 May, 2010
New York City

Mumbai stocks traded higher after industrial production index increased in March and in the fiscal year ending in the month. Ambani brothers agree to cooperate to resolve natural gas distribution dispute. Standard Chartered Plc is scheduled to launch its public offering.

TJX Q1 Earnings Call Transcript

123jump.com Staff
24 May, 2010
New York City

Sales rose 15.4% to $5.02 billion and net income rose 58.4% to $331.4 million or 80 cents a share. Consolidated comparable store sales were up 9% on top of last year''s 2% increase. Consolidated pretax profit margin was 10.7%. The gross profit margin was 250 basis points above last year.

Abbott Agrees to Buy Piramal

Chandrasekhar Atreya
22 May, 2010
New York City

Abbott Laboratories enters into a definitive agreement with Piramal Healthcare to buy its generic branded business in an all cash deal of $3.7 billion. This deal will make Abbott the largest drug company in India with 7% share of the market.

Markets in U.S. Rebound, in Asia at Lows

Mayank Mehta, Chandrasekhar Atreya and Darlington Musarurwa
21 May, 2010
New York City

U.S. stocks closed higher in a late rally after the Senate passes financial reform bill. Banks and financial services gained from the recent lows. Gold declined and copper gained. U.S. bonds traded sideways but near recent lows. Markets in Asia closed near the lows for the year.

UK Indexes Down; Budget Deficit Revised

Arthi Gupta, Mayank Mehta and Sanjay Barot
21 May, 2010
New York City

The FTSE 100 index plunged as low as below 5000 but managed to close down 0.2% as euro-zone financial crisis remains in focus. U.K. deficit surges to a new record in April but business investment grows. Germany passes euro-zone rescue bill. British Airways reports record annual loss.

European Austerity Measures; Nervous Markets

Arthi Gupta, Mayank Mehta and Sanjay Barot
21 May, 2010
New York City

The European indices fell to an eight-month low as euro-zone financial crisis slowly migrates to fiscal crisis. Spain approved austerity measures and German lawmakers passed their share of $1 trillion of bailout package. Statoil agrees to sell its stake in a Brazil based field to Sinochem.

Ann Taylor, Marvell Gain; Brocade Falls

Mayank Mehta
21 May, 2010
New York City

Brocade Communications Systems, Inc. led the decliners in the S&P 500 index with a loss of 12.9%. Aeropostale''s first-quarter profit jumps 43%. Brocade swings to a profit as sales dip. Salesforce.com net slips though sales rise 24%.

China Stocks Rebound, Weekly Drop of 4%

Mayank Mehta, Chandrasekhar Atreya and Darlington Musarurwa
21 May, 2010
New York City

Finance Ministry in China completed the sale of 28 billion yuan bonds maturing in 2060 at an average of 4.03%. For the week indexes in Shanghai declined 4.2%. PetroChina Company Ltd halts CNPC assets purchase plan. Huadian Power plans to acquire power plant for 900 million yuan.

Australian Markets Track Global Losses

Mayank Mehta, Chandrasekhar Atreya and Darlington Musarurwa
21 May, 2010
New York City

Stocks fell in Australia as investors fear widening euro-zone crisis may slowdown global economic recovery. The Australian dollar rebounded by 1.2%. Sigma Pharmaceuticals receives a takeover offer from an unidentified bidder. Fire at the Hobart smelting facility curtails 20% zinc production.

Largest Weekly Drop in Tokyo Stocks

Mayank Mehta, Chandrasekhar Atreya and Darlington Musarurwa
21 May, 2010
New York City

Stocks in Japan declined the most in the week in a year. On Friday, Nikkei dropped as much as 3.9% before closing down 2.5% after falling nearly to its lowest in the year. Bank of Japan offers one-year loans to counter deflation. Toyota Motors agreed to acquire $50 million stake in Tesla motors.

Hinduja Group Acquires KBC

Chandrasekhar Atreya
21 May, 2010
New York City

Hinduja group of India has agreed to acquire the Luxembourg-based KBL EuropeanPrivate Bankers for 1.35 billion euros in an all cash deal.

Sensex Falls;Abbott, Piramal in $2.2 B Deal

Mayank Mehta, Chandrasekhar Atreya and Darlington Musarurwa
21 May, 2010
New York City

Stocks in Mumbai trade lower as global markets trade near their six-month lows. Rupee trades crosses 47 to a dollar. Piramal Healthcare retracts from record high after selling generic business to Abbott Labs for $2.2 billion and earn-out of as much as $1.6 billion in the next four years.

U.S., Global Markets in Correction Phase

Arthi Gupta, Mayank Mehta and Sanjay Barot
21 May, 2010
New York City

U.S. and global markets continue to trend lower. The U.S. Senate passed the financial overhaul bill and German lawmakers approved their contribution to the euro-zone $1 trillion rescue package. Spanish Government approves

Symantec to Acquire VeriSign's Security Arm

Chandrasekhar Atreya
20 May, 2010
New York City

Mountain View, California-based Symantec Corp is to acquire the security business of VeriSign in a definitive agreement for $1.28 billion. The transaction is expected to get regulatory approvals in 60 to 90 days.

Qatar Holdings Acquires Department Store Harrods

Chandrasekhar Atreya
11 May, 2010
New York City

Qatar Holdings has agreed to buy the world famous London Department stores Harrods from Al-Fayed in a deal of 1.5 billion pounds, including Harrods Estate and a charter aircraft service.