Market Update

Toyota Lifts Profit Outlook; Expanding Recall

Darlington Musarurwa
04 Feb, 2010
New York City

Toyota raised its profit outlook for the current fiscal year despite the worldwide recall that may include as much as 8 million vehicles. Toyota is likely to face at least 29 class action lawsuits in the U.S. and Canada. Sony narrows annual loss forecast. Mitsubishi UFJ Financial returs to profit.

India Stocks Decline on Weak NTPC Offering

Mayank Mehta
04 Feb, 2010
New York City

Mumbai stocks declined after NTPC secondary offering drew fewer than expected bids and 3G license auction is delayed till the end of March. Investors worried that government may face difficulties in keeping the deficit in control. Automakers declined on a higher tax proposal.

Spain Leads Euro Zone Drop with 6% Plunge

Mayank Mehta
04 Feb, 2010
New York City

European Central Bank left its key lending rate at 1% and also hoped that the decision needed to reach 3% deficit target set for Greece will be followed. Market indexes in every member nation in the euro zone declined between 2% and 6%. Banco Santander plunged 9%.

U.S, 30 Nations Indexes Drop; Brazil Drops 4%

123jump.com Staff
04 Feb, 2010
New York City

Every benchmark index in 30 nations declined today. Spain led the world market sell-off with a plunge of 6% followed more than 4% losses in Brazil, Portugal, Greece and Argentina. Indexes in the U.S., Canada, Germany, France and UK declined at least 2%. Gold, copper and crude oil tumbled 4%.

FTSE 100 Index in London Drops 2.2%

Mayank Mehta
04 Feb, 2010
New York City

The UK benchmark index dropped more than 2% after a rise in jobless claims in the U.S. Bank of England left its key lending rate at 0.5% and ended the program to support government printing money to revive the economy. Vodafone lifted cash flow outlook. Unilever sales growth slowed.

Visa, Macy's Gap Rise; MasterCard, Moody's Fall

Mayank Mehta
04 Feb, 2010
New York City

Starwood Hotels & Resort led gainers in the S&P 500 index with a rise of 8.3%. Ameriprise returns to profit on higher fees. International growth boosts Yum Brands. Visa quarterly net income jumps 33%. MasterCard plunges. Same store sales and outlook lifts Gap, Macy

Indexes in U.S. Europe Drop; Euro, Gold Weak

123jump.com Staff
04 Feb, 2010
New York City

European market indexes and the euro were under pressure after investors worried that Spain and Portugal have not done enough the meet EU deficit requirements. The benchmark index in Portugal dropped 4.2% and in Spain declined 3.5%.

Berkshire to Raise $8 Billion in Debt

123jump.com Staff
04 Feb, 2010
New York City

Berkshire Hathaway filed to sell $8 billion in debt to fund its purchase of Burlington Northern Santa Fe. Berkshire is using cash new stock and debt to acquire its largest purchase in four decades and spend $26 billion.

S&P 500 Drops 2% as Jobless Claims Rise

123jump.com Staff
04 Feb, 2010
New York City

U.S. stocks turned lower after the weekly jobless claims in last week increased 8,000 to 480,000. Non-farm business productivity surged 6.2% in the fourth quarter and increased 5.1% over the last four quarters, the largest increase since 2002.

Valero Energy Q4 Earnings Call Transcript

123jump.com Staff
04 Feb, 2010
New York City

Valero Energy reported 2009 fourth quarter net loss of $1.41 billion or $2.51 a share on earnings of $18.87 billion as against net loss of $3.28 billion or $6.36 a share in the year-ago quarter. The narrower loss was due to cost reduction initiatives and improved revenues.

United Parcel Q4 Earnings Call Transcript

123jump.com Staff
04 Feb, 2010
New York City

The package delivery company reported revenue declined 2.5% to $12.38 billion in the quarter. Net quarterly income soared 198% to $757 million. Earnings per share rose to 75 cents from 25 cents a year-ago quarter. The company estimates earnings per share between $2.70 and $3.05 for 2010.

Foreign Investors Pour $18 B in India

Mayank Mehta
03 Feb, 2010
New York City

Stocks in Mumbai traded higher after foreign investor continue to pour new funds into stock market. 2009 new fund flows of $18 billion exceed the previous high of 2007. Hindustan Dorr-Oliver looks to expand in nuclear power plant business. INOX buys 43.2% stake in Fame India.

Australian Trade Deficit Up; CSR Spinoff Halted

Darlington Musarurwa
03 Feb, 2010
New York City

Australian trade deficit widens in December as imports increase faster than exports. Federal court rejected CSR plan to spin-off its sugar unit. Australia

Indexes in Shanghai, HK Surge 2% Plus

Mayank Mehta
03 Feb, 2010
New York City

Stocks in Hong Kong closed higher tracking gains in the U.S. Cnooc Ltd surged after it indicated as much as 27% increase in crude oil and natural gas production. Metallurgical Corp of China Ltd. may take as much as 5% for $200 million in Australia based Resourcehouse.

Markets in U.S., Europe Fall After 2-day Rally

123jump.com Staff
03 Feb, 2010
New York City

Stocks in U.S. and Europe declined after weaker than expected growth in service sector. Commodities closed lower with copper and zinc down more than 3% as the dollar gained. Imperial Capital Group postponed its $115 million initial public offering.