123jump.com Staff
01 Aug, 2008
New York City
U.S. stocks fell after a rise in unemployment rate in July and weak earnings from several companies including General Motors. In the month U.S. shed 51,000 jobs matching losses in June and unemployment rate rose to 5.7% from 5.5% in June. Except government sector all other sectors in the economy shed jobs. General Motors reported quarterly loss of $15.5 billion or $27.33 a share on worldwide sales decline of 18% to $38.2 billion.
123jump.com Staff
31 Jul, 2008
New York City
European markets closed mixed but traded with a negative bias. Mixed earnings from Deutsche Bank, Shire, Sanofi-Aventis, Unilever and AstraZeneca dominated trading sentiment in the region. Deutsche Bank reported higher than expected write down in mortgage assets and earnings fell sharply in the quarter. Unilever earnings declined on stronger euro and higher restructuring costs. The drug maker Sanofi-Aventis second quarter sales rose 5.2% but adjusted earnings fell 4.4%.
123jump.com Staff
31 Jul, 2008
New York City
Stocks in Hong Kong and Shanghai traded weak as financials and export sensitive sectors declined. OCCL, a container company stock fell 11% after it reported first half revenue rose 27.4% and profit plunged nearly 95%. The previous year period included one-time gain from a sale of terminal division, excluding the gains, earnings in the period dropped 30% before tax.
123jump.com Staff
31 Jul, 2008
New York City
Stocks in Japan traded in a tight range after wages declined for the first time this year in June. Nintendo reported first quarter profit rise of 34% to 107 billion yen and sales increased 24% to 423 billion yen. The company cut its annual earnings outlook by 26% to 325 billion yen. Taked Pharmaceuticals reported first quarter profit decline of 98% and but projected full-year profit rise of 25% to 200 billion yen.
123jump.com Staff
31 Jul, 2008
New York City
Stocks in UK fell as consumer confidence dipped to a new low and home prices fell in July. The steady drop in home prices and tight monetary conditions have soured consumer moods and expectations of further economic weakness are pervasive. Of the stocks in FTSE 100 index, HBOS led advancers with a rise of 7% and BT Group led decliners with a loss of 7%. Retailers, Next, Kingfisher and Sainsbury fell on the weak consumer related sectors.
123jump.com Staff
31 Jul, 2008
New York City
Investors sold stocks after the second quarter economic growth was reported at 1.9% annual rate by the Commerce Department. The department revised economic growth lower for several quarters dating back to 2005 and economy in the fourth quarter 2007 shrank at 0.2% rate lower than earlier projection of 0.6% growth. Exxon Mobil reported a decline in production of 7.5% and technology shares fell after Akamai Technologies lowered its earnings guidance.
123jump.com Staff
31 Jul, 2008
New York City
U.S. stocks traded lower after the release of weak U.S. economic growth estimate and lowered estimates of the previous years. The economy grew at 1.9% annual rate in the second quarter and growth rate for the first quarter was lowered to 0.9% from 1%. The economy shrank at 0.2% in the fourth quarter of 2007 compared to earlier estimate of a rise of 0.6%. In the earnings news, MasterCard reported a loss on settlement with American Express and Visa reported earnings rise of 41%.
123jump.com Staff
30 Jul, 2008
New York City
U.S. stocks closed higher for the second day in a row after crude oil price fell $5 a barrel and the Fed offered longer term notes and extended access to the discount window for commercial banks. CB Richard Ellis plunged 25% after it reported 88% decline in earnings. Of the stocks in S&P 500 index, 360 increased, 134 declined and 6 were unchanged. Brazil surged 3.4% and India soared 3.6%. Most European markets gained more than 1.4%.
123jump.com Staff
30 Jul, 2008
New York City
Stocks in Japan rallied after a fall in crude oil prices in the region, a sharp rise in Matsushita earnings and expectations of better economic conditions in the U.S. June industrial production in Japan fell 2%. In earnings news, Matsushita earnings in the first quarter rose 86% to 73 billion yen. Nidec, precision motor maker reported 36% rise in net income to 15 billion yen.
123jump.com Staff
30 Jul, 2008
New York City
UK stocks closed higher led by miners and financials. The Fed in a conjunction with the Swiss National Bank and the ECB increased its dollar loan facility in Europe, offered longer dated short term loans and extended its access to discount window facility to commercial banks. Separately, Lloyds TSB fell 5% after it reported 70% decline in profit for the first half. However, Xstrata rose 6% after it estimated higher copper and nickel prices and higher output in the second half.
123jump.com Staff
30 Jul, 2008
New York City
U.S. stocks traded higher in the early afternoon as crude oil futures rose and financials kept their gains of the day. Crude oil rose more than $5 a barrel after a weekly inventory report showed a larger than expected decline in inventories. Supplies at the end of the last week declined about 5 million barrels. Connecticut sued three bond rating agencies for assigning lower rating on municipal bonds for comparable corporate debt structures.
123jump.com Staff
30 Jul, 2008
New York City
U.S. stocks edged higher for the second day after financials gained and crude oil futures declined. Banks and mortgage lenders Fannie and Freddie rose after SEC extended controversial trading ban on short selling till August 12. In earnings, Cummins rose after second quarter earnings gained 37% but CB Richard Ellis plunged 19% after earnings fell 88%. An employment survey by ADP showed a gain of 9,000 jobs in July. The Fed extended its access to discount window to investment banks till January.
123jump.com Staff
29 Jul, 2008
New York City
U.S. benchmark indexes staged a sharp reversal and closed 2.4% higher on a drop in oil, better than expected earnings and Merrill Lynch plan to raise capital. Crude oil dropped $2.54 a barrel dragging energy stocks lower with it. Financials closed higher after Merrill Lynch planned to raise $8.5 billion and sell $30 billion of troubled loans at a steep discount. McGraw Hill, U.S. Steel and Hartford Financial Services were few of the companies reported better than expected earnings.
123jump.com Staff
29 Jul, 2008
New York City
Stocks in Hong Kong and Shanghai fell as investors worried that U.S. credit market crisis may last longer than estimated. A surprise write down at Merrill Lynch and a gloomy outlook from IMF dragged financials and bench mark indexes lower. In earnings, China Coal Energy reported 59% rise in first half profit on 33% rise in coal prices and 15% rise in production volume. Separately, Yunnan Aluminium net income fell 44% on higher raw materials costs.
123jump.com Staff
29 Jul, 2008
New York City
Stocks in Japan fell sharply after June unemployment rose to 4.1% and retail sales in the month edged up only 0.3%. The weak employment and retail sales data dragged market averages lower. In addition, Sony first quarter net income fell 47% to 35 billion yen and Kansai Electric estimated full-year loss of 55 billion yen. Nomura Holdings in the first quarter lost 76.6 billion yen after it set aside 63.1 billion yen.
