123jump.com Staff
16 Jul, 2008
New York City
Stocks in Japan traded in a listless fashion but the broader Topix index declined for the fourth day in a row. Tech stocks rose after Intel reported 25% rise in earnings and lifted its sales guidance. Inpex, the largest refiner fell after crude oil futures prices declined in the region. Realty stocks fell. Sumitomo Mitsui Financial Group has already suffered loss of more than $700 million in its investment in pending Barclays Plc public offering at a fixed price.
123jump.com Staff
16 Jul, 2008
New York City
Stocks in Shanghai fell sharply but in Hong Kong edge higher. Huaxin Cement reported first sales rise of 31% to 2.7 billion yuan and net income increased 74% to 191 million yuan or 0.50 yuan per share. Shanghai Electric Power probably lost money in the first half after record coal prices. Huaneng Power also estimated loss in the first quarter. Casino stocks Melco Entertainment and Galaxy Entertainment fell 6% on tighter travel restrictions for mainland visitors.
123jump.com Staff
16 Jul, 2008
New York City
UK stocks edged lower after a fall in crude oil and base metal prices. Miners and energy stocks led the decliners dragging FTSE 100 index lower 0.4%. Financial rebounded on the rally in sector in the U.S. and in Europe after better than expected earnings from Wells Fargo. Barclays investors in the recent public offering have suffered a loss of 14%, before the completion of the offering. Separately, unemployment claims rose but the rate remained at 5.2%.
123jump.com Staff
16 Jul, 2008
New York City
U.S. benchmark indexes increased more than 2% after investors bid up banks and other lenders. Wells Fargo reported 25% decline in earnings but exceed expectations of some investors and increased its quarterly dividend by 10% to 34 cents per share. The news of better earnings lifted stocks of banks, insurers and lenders. Crude oil futures dropped as much as 5% after the weekly inventories data showed an increase.
123jump.com Staff
16 Jul, 2008
New York City
U.S. stocks rise after $10 billion merger deal, losses fom American Air and Delta Air Lines and talks of dividend cut at Fanne and Freddie. Cleveland-Cliffs agreed to acquire coal miner Alpha Natural Resources for $128 a share or $10 billion. AMR, the parent of American Air reported quarterly loss of $1.45 billon and Delta Air Lines lost $1.04 billion. Wells Fargo rose afte it reported second quarter profit of $1.75 billion or 53 cents per shrare on reveue rise of 16% to $11.5 billion.
123jump.com Staff
15 Jul, 2008
New York City
Investors continue to sell financial stocks and stocks of Fannie and Freddie. Both lenders dropped 27% and led the decliners in the S&P 500 index. Kimberly Clark lowered its annual earnings outlook. State Street Corp rose after earnings increase more than 50%. UK inflation rose in June to 3.8% and the Bank of Japan left its key rate unchanged at 0.5%. Markets in Shanghai and Hong Kong dropped more than 4% and in India plunged 5%. Intel profit rises 25% on 9% sales increase.
123jump.com Staff
15 Jul, 2008
New York City
Stocks in London fell after the inflation in June rose at a rate of 3.8% and investors sold stocks of banks. Burberry, the luxury retailer confirmed its earnings guidance and expects to push its stock buyback to the second half of the year. The largest UK food maker, Premier Foods expects to meet annual earnings guidance as it passes on price increase to customers. Rio Tinto Group is expected to release trading update tomorrow.
123jump.com Staff
15 Jul, 2008
New York City
Stocks in China fell with a decline in regional markets, tracking losses in the U.S. and Europe. Benchmark indexes in Hong Kong and Shanghai fell 3.8% and 4.2% respectively. Chinese smelters of lead and zinc will lower production by 10% between July and September. China hopes to lift metal prices with lower supply and also divert electricity to support the Olympic Games. Foreign exchange reserve rose to $1.8 trillion at the end of June, 36% rise from a year ago.
123jump.com Staff
15 Jul, 2008
New York City
The Bank of Japan left its key rate unchanged at 0.5%. The central bank cited rising inflation pressure and weak economy. Financial institutions in Japan estimated exposure to debt issued by Fannie and Freddie of $44 billion. Sumitomo Realty led the decliners in Nikkei 225 index with a loss of 6.5% followed by declines in Sumitomo Mitsui, Tokyu Land Corp, and Mitsubishi UFJ Financial Group.
123jump.com Staff
15 Jul, 2008
New York City
U.S. stocks recovered from the lows of the day as tech stocks edged to the positive territory. Nasdaq recovered from the loss of 1% but Dow and S&P 500 indexes continue to trade near loss of 0.4%. Kimberly Clark dropped more than 5% after it released premiminary results and lowered annual earnigs outlook. Citigroup, Fannie Mae, Freddie Mac and Bank of America fell to their new lows.
123jump.com Staff
15 Jul, 2008
New York City
Benchmark index in Mumbai fell nearly 5% as global markets sold off. Expectations of higher inflation, impending confidence vote in parliament and net outflow of foreign investors kept stocks falling. Banks and realty stocks led the decliners. Banks are trading at one year low on the expectations of rising inflation and slowing economic growth. Latest data on industrial production lowered expectations of economic growth.
123jump.com Staff
15 Jul, 2008
New York City
Unhappy investors are increasingly distrustful of the U.S. government bailout plan of Fannie and Freddie that includes bond holders and excludes stock holders. Fannie and Freddie dipped to another low with a loss of more than 20% today and dragged stocks of banks and financial companies. Citigroup, SunTrust, Wachovia and Bank of America declined to their new lows not seen at least in the last ten years. General Motors cut its dividend.
123jump.com Staff
14 Jul, 2008
New York City
The rescue plan proposed for two troubled lenders by the U.S. Treasury and Fed underwhelmed investors. The bail out plan is expected to excude shareholders. Fearful investors sold regional and large bank stocks. Of the S&P 500 index stocks, top fifteen decliners were banks with a los between 36% and 11%. Citigroup, AIG, Merrill Lynch and Wachovia were among the leading decliners. Washington Mutual, the worst decliner in the S&P 500 index said after the close it has $40 billion liquidity.
123jump.com Staff
14 Jul, 2008
New York City
Anheuser-Busch, the century old family controlled beer brewer agreed to a hostile offer of $70 per share or $52 billion from InBev NV. The newly merged company will not only have the largest market share in the U.S. but also will have largest worldwide revenue, surpassing SABMiller sales. The all-cash offer was agreed on Sunday and investment stake controlled by Warren Buffet expects to make $770 million in capital gains.
123jump.com Staff
14 Jul, 2008
New York City
U.S. stocks traded lower as financial stocks declined. Zions Bancorp, SunTrust, Bank of America and Comercia fell after Goldman Sachs lowered the outlook for the banks. Lehman Brothers, Merrill Lynch and Citigroup fell more than 5% after Fannie and Freddie rescue plan failed to impress investors. Yahoo dropped after it rejected another overture from Carl Ichan and Microsoft. Apple gained after it sold more than one million iPhone 3G version in the first three days of launch.
