123jump.com Staff
22 Jul, 2008
New York City
Early struggle in U.S. market indexes turned into a late rally with financials and airlines closing higher and crude oil futures losing another 2%. Investors set aside recent losses at banks and other financial companies and bid up stocks. Tech stocks closed higher despite disappointment to some investors on 31% increase in earnings at Apple Inc. SanDisk plunged after it reported 1% decline in sales and a quarterly loss. Yahoo after the close reported lower earnings.
123jump.com Staff
22 Jul, 2008
New York City
U.S. stocks struggled in the early afternoon as investors digest a barrage of earnings. American Express second quarter earnings fell 38% on 8% rise in sales. SanDisk plunged 25% after it reported second quarter revenue decline and a loss in the quarter. The company will also delay start of new fabrication facility to lower the supply of storage products in the market. Assured Guaranty plunged 47% after Moodys may review its credit rating.
123jump.com Staff
22 Jul, 2008
New York City
U.S. stock futures edged lower in the pre-market trading after a large loss at Wachovia Bank, surprise fall in earnings at American Express and 31% earnings rise at Apple Inc. the troubled bank also cut its dividend by 87% and proposed to eliminate nearly 6,400 jobs. In addition, American Express, the credit card lender reported 8% rise in sales and 38% fall in earnings. Canadian National Railway second quarter revenue rose 4% but net income declined 11%.
123jump.com Staff
21 Jul, 2008
New York City
Stocks in Hong Kong and Shanghai rallied after three of the five leading banks in the U.S. reported better than expected earnings. Benchmark indexes rose 3% in Shanghai and Hong Kong after media speculation that China Investment Corp may inject capital in HSBC. Four leading brokerage houses reported a surge in profit at the end of the first half according to industry reports. HSBC, ICBC, Bank of Communications and Bank of China closed higher.
123jump.com Staff
21 Jul, 2008
New York City
Stocks in New York and Europe closed higher on rising crude oil prices, strength in financial stocks and an offer to acquire Genentech at a premium. Bank of America reported 41% decline in earnings but higher than what most analysts had estimated, lifting stocks in the sector. Fannie Mae and Freddie Mac rose after investors put faith in comments from Treasury Secretary. Merck and Schering Plough fell on Vytorin research study. Crude oil rebounded on impending storm in the Gulf of Mexico.
123jump.com Staff
21 Jul, 2008
New York City
Roche offered to acquire 44% of Genentech that it does not own at $89 per share, nearly 9% above Friday closing price. Roche will raise cash through debt offering and from internal resources to pay for Genentech and keep the company as independent research operation. Roche, struggling with new product development has acquires several smaller research companies in the past to keep its pipeline of new drug offering active. Roche fell 4% and Genentech closed up 15% near $94.
123jump.com Staff
19 Jul, 2008
New York City
Retail investors snubbed recent Barclays offering at 282 pence and only 20% of the existing holders participated in the offering. The stock has since falln another 20%. Sovereign wealth funds of Qatar and Singapore have agreed to invest in the fund and institutional investors in China and Japan participated in the offering.
123jump.com Staff
21 Jul, 2008
New York City
UK edged higher on a rebound in energy prices and expectations of milder than expected recession. Home prices in July dropped 1.8% from June and 2% from a year ago. Rebound in energy and metals prices lifted metals and energy companies stocks. A member of the UK Monetary Policy in an interview stated that UK is probably in a recession and unemployment will jump to 7% from current rate of 5.2%.
123jump.com Staff
21 Jul, 2008
New York City
U.S. stocks trended lower after rallying at the opening. Swiss pharmaceutical company Roche offered $89 per share to Genentech stock holders for 44% of the company that it does not own. The stock rallied in the hope that Roche may raise its offer above $100 per share. Separately, financials rallied in the morning after Bank of America reported 41% drop in earnings and estimated Countrywide merger will add earnings faster than earlier expected.
123jump.com Staff
21 Jul, 2008
New York City
U.S. stocks edged higher in the morning trading on better than expected earnings from Bank of America. Crude oil futures edged higher as Tropical Storm Dolly brewed in the Gulf of Mexico. European markets at mid-day edged upwards. In Asia, Australia and Hong Kong added more than 3%.
123jump.com Staff
18 Jul, 2008
New York City
UK budget deficit at the end of June soared to 38.3% of GDP. The debt does not iclude loans to the BoE and Northern Rock. The sharp rise in debt is fueled by rising public expenses and rapidly slowing economic expansion. The government hopes to keep debt below 40% of the GDP and lowe than 43 billion pounds, which increasingly looks difficult to achieve. Aberdeen asssets under management rose nearly 5% at the end of June quarter.
123jump.com Staff
18 Jul, 2008
New York City
Stocks in Japan fell on Friday and dropped 1.8% for the week. The fourth monthly declined was led by persistent weakness in financials, exporters and energy related stocks. Japan estimates its primary budget deficit to rise to 4 trillion by the end of fiscal 2011 from the previous estimate of 700 billion yen. Fall in crude oil futures for the third day in a row prompted a rise in chemical and tire manufacturers and a drops in refiners and oil importing companies.
123jump.com Staff
18 Jul, 2008
New York City
A drop in oil prices lifted stocks in Shanghai and in Hong Kong. Airlines and realty stocks closed higher. Yuan continue to surge and for the week gained 0.25% to 6.82 to a dollar. For the year yuan has gained 7% and likely to gain at least 1% more in the rest of the year. China yesterday reported gross domestic product surged 10.1% in the second quarter ending in June.
123jump.com Staff
18 Jul, 2008
New York City
Tech benchmarks fell after investors sold Google, Microsoft and AMD stocks. Google dropped 8% after earnings and click through rates declined. AMD reported wider than expected loss. Citigroup rose it reported a loss of $2.5 billion, smaller than estimated and wrote down $12 billion in assets. Merrill Lynch traded weak on higher than expected loss. European markets edged higher on interest in financial stocks.
123jump.com Staff
18 Jul, 2008
New York City
U.S. stocks traded mixed with tech stocks trending lower and select financials rising. Google fell 8% after it reported 39% rise in sales and 35% increase in earnings. Microsoft fell 7% after it reported sales rise of 18% and earnings gain of 40% to $17.7 billion from a year ago. For the fiscal year earnings rose 26% to $17.7 billion or $1.87 per share. European markets closed up 1.5%.
