123jump.com Staff
29 Jul, 2008
New York City
UK home loans and mortgage loans fell to an eight-year low in June and below last six month average. Tight credit market conditions played a key role in the weak lending. UK retail sales in July fell and further weakness is expected in August according to a trade report. In London trading banks continued to decline and British Air entered in merger talks with Iberia of Spain. Vedanta Resources first quarter profit rose 6.3% on higher iron ore output.
123jump.com Staff
29 Jul, 2008
New York City
U.S. stocks traded near high of the day after earnings from U.S. Steel, McGraw Hill, Group One Automotive and Hartford Financial Services. The deal between two Canadian mining companies Teck Cominco and Fording Canadian Coal Trust valued at $14 billion also lifted trading sentiment. However, Merrill Lynch took a surprise write down of $5.7 billion and plans to raise $8.5 billion after saying it has adequate capital only ten days ago.
123jump.com Staff
29 Jul, 2008
New York City
Teck Cominco increases its stake in Fording Canadial Coal Trust after it acquires the rest of 60% stake in the metallurgical coal miner that it does not own. The deal values the company at $14 billion and will be financed with a short term debt of $9.8 billion and $1.5 billion in equity offering. The merger of two mining companies is expected to be accretive by the end of the year and increase operating earnings by 50% in 2009.
123jump.com Staff
29 Jul, 2008
New York City
U.S. stocks traded higher in the morning after earnings from U.S. Steel and Amgen beat expectations. U.S. Steel surged nearly 10% after it reported second quarter earnings surge of 55% to $668 million or $5.65 per share. Amgen reported earnings of $1.14 a share. Valero, the largest crude oil refiner reported earnings decline of 67% to $734 million or $1.37 a share.
123jump.com Staff
28 Jul, 2008
New York City
Another day another sell-off in financial stocks. IMF report warned that the U.S. housing market has yet to reach a bottom and estimated nearly $1 trillion in losses for global banks. The report put investors on the defensive and stocks in financial, home builders and banking sectors fell. Merrill Lynch dropped to a new low in the last ten years. Toyota lowered its outlook for annual unit sales and Honda lowered its earnings estimate for the quarter. UK home prices fell in June.
123jump.com Staff
28 Jul, 2008
New York City
Stocks in Hong Kong trading fell but in Shanghai rose. Banks and telecom services companies declined in Hong Kong led by a decline in HSBC and China Mobile. Shipping companies, China Cosco, Pacific Basin and China Shipping Container Lines fell on weak global outlook. China trade with Asean member nations increased 27% in the first five months of the year.
123jump.com Staff
28 Jul, 2008
New York City
Stocks in Japan edged higher on a rise in commodities related stocks. Yahoo Japan reported 18% rise in earnings and gained 4% in trading. Honda lowered its earnings outlook on higher raw materials costs and Toyota Motor Corp lowered its annual sales outlook by 3.6% to 9.85 million units and production estimate by 4.5% to 9.5 million vehicles. Tokyo Electric Power estimated annual loss of 280 billion yen and increase rates by 12%.
123jump.com Staff
28 Jul, 2008
New York City
Stocks in London fell after weak housing market data and lack of interest in financial stocks. Two separate surveys showed a decline in home prices in June and indicated further declines are likely as credit markets remain tight. Financial stocks fell after Australia and New Zealand Banking Group tripled its loan delinquencies rate. Royal Bank of Scotland sold its stake in a joint venture with Tesco to the retailer.
123jump.com Staff
28 Jul, 2008
New York City
U.S. stocks intensified their decline in the early afternoon. Benchmarke indexes, Dow Jones, S&P 500 and Nasdaq fell nearly 1%. Investors sold financial stocks after the passage of housing bill and braced for more losses at the banks. Crude oil traded flat and gold edged lower. Germany, France and Italy closed down 1% or more. Amgen rose 12% after it reported positive results from its experimental drug to treat bone loss.
123jump.com Staff
28 Jul, 2008
New York City
U.S. stocks traded lower as investors avoided financial stocks in the morning trading. Fannie Mae and Freddie Mac traded mix after the passage of housing bill over the weekend. Verizon Communications second quarter net income rose 12% on less than 4% rise in revenue. The wirelss carrier added 1.2 million net new subscribers. One of the largest buyout firms, KKR plans to sell a stake in a public offering.
123jump.com Staff
23 Jul, 2008
New York City
The Asia Development Bank reported on its web site that China
123jump.com Staff
23 Jul, 2008
New York City
Crude oil continues its slide from the record high and dropped 1.6% to below $126 a barrel. The U.S. dollar edged higher after lawmakers passed a resolution to inject funds in Fannie Mae and Freddie Mac. In the earnings news, Boeing earnings fell 14% to $1.16 per share on flat revenues. AT&T second quarter revenue rose 4.7% and net income increased 23% to $3.8 billion or 63 cents per share. Pfizer revenue increased 9% and net income surged 54% to $2.8 billion or 41 cents per share.
123jump.com Staff
22 Jul, 2008
New York City
Japan stock indexes, a day after closure of markets, rose catching up with global markets rise in the U.S. and in the region. Financials rallied, despite continued string of losses at U.S. banks. However, lower than expected losses at banks bolstered enthusiasm for financial stocks. Tech stocks fell after weaker than expected earnings outlook at Texas Instruments and Apple Inc.
123jump.com Staff
22 Jul, 2008
New York City
Stocks in Hong Kong and China edhed lower as cautious investors stayed on the sidelines. Oil prices traded at elevated level as a storm in Gulf of Mexico headed in the direction of oil installations. In the first half ending in June, China tax revenues tose 30.5% to 3.3 trillion yuans on rising corporate profits. Home prices in seventy largest citie rose 8.2% in June from a year ago but declined 1% from May.
123jump.com Staff
22 Jul, 2008
New York City
After choppy trading, stocks in UK closed lower on a weakness in energy, mining and financial sectors. Crude oil futures dropped for the second week in a row and is now nearly $20 a barrel lower from its record $147 level. Vodafone Group dropped 14% after it indicated annual revenue at the low end of its estimate. Cairn Energy led the FTSE 100 index gainer with a rise of 6% and Vodafone led the decliner.
