Darlington Musarurwa
05 Dec, 2008
New York City
Tokyo stocks fell marginally but for the week Nikkei 225 index plunged 7%. Japan lawmakers are likely to pass banks recapitalization plan next week allowing government to take direct stakes in struggling banks. Goldman Sachs slashed price targets for most banks by 50%. Honda trimmed workforce.
Mayank Mehta
04 Dec, 2008
New York City
Bleak automakers future, weak retail sales and falling commodities and crude oil futures droves stocks lower. Tiffany and Nordstrom jumped more than 10%. General Motors dropped 16% after more lawmakers voiced their skepticism. Of the stocks in S&P 500 index, 260 dropped more than 3%.
123jump.com Staff
04 Dec, 2008
New York City
Pacific Sunwear third quarter sales declined 5% to $324 million. Total company same-store sales decreased 7%. Net loss from continuing operation was $3.5 million or 5 cents a diluted share compared to income of $17.1 million, or 25 cents a share. Pacific expects a loss in the fourth quarter.
123jump.com Staff
04 Dec, 2008
New York City
The largest home improvement retailer reported net income of $756 million or 45 cents a share compared to $1.1 billion or 60 cents a share on sales decline of 6.2% to $17.8 billion. The retailer reaffirmed its projection of 5% decline in sales and 24% drop in earnings per share.
123jump.com Staff
04 Dec, 2008
New York City
U.S. stocks closed lower after weak same store retail sales. U.S. auto industry sought $34 billion in emergency funding and may need $75 billion more. The Bank of England cut its key lending rate to 2% and the ECB cut its rate by 0.75% to 2.5%. Sweden lowered its rate too. Stocks in Japan fell.
123jump.com Staff
04 Dec, 2008
New York City
The Bank of England lowered its key lending rate by 1% to 2% and cited that the economic downturn has gathered pace. The sharper than expected rate cut raised questions about the health of the economy. The central bank expects inflation to decline as food and energy prices fall. Home prices fell.
123jump.com Staff
04 Dec, 2008
New York City
Stocks in Mumbai trading sharply after the hopes that Reserve Bank of India will lower rates significantly to sustain economic expansion. Key benchmark index closed above 9,000. Realty, financials and metals stocks gained. Wholesale inflation fell to 8.4% stoking rate cut expectations.
123jump.com Staff
04 Dec, 2008
New York City
Australia Bureau of Statistics reported that balance of goods and services was a surplus of A$2.9 billion in October from a revised surplus of A$1.25 billion in the previous month. Separately ABS reported that total dwelling units approved dropped 5.4% to 10,730 units in October from a year ago.
123jump.com Staff
04 Dec, 2008
New York City
Tokyo stocks fell 1% on the worries that automakers in Japan will suffer if GM and Chrysler are forced to seek bankruptcy protection. Separately, Profits at Japanese companies dropped 22.4% in the three months to September. Yen dropped against dollar but remains at the highest level for the year.
123jump.com Staff
04 Dec, 2008
New York City
Stocks in Hong Kong fell but in Shanghai rose on trading volume below average level last year. Earlier stock dropped as much as 2% on the higher mortgage rates. Realty stocks fell sharply but banks rose.
123jump.com Staff
04 Dec, 2008
New York City
Initial claims of unemployment fell at the end of last week but number of insured unemployed persons rose above 4 million. November same store sales fell sharply, despite initial surge in the holiday period. AT&T Inc plans to eliminate 12,000 jobs, nearly 4% of its staff.
123jump.com Staff
03 Dec, 2008
New York City
Vehicle sales decline accelerated in November as more customers avoided purchase of automobiles. Total vehicles sales plunged 37%. Honda, Hyundai and Kia were the few auto companies where passenger car sales rose in the first eleven months. BMW Mini continues to increase sales.
123jump.com Staff
03 Dec, 2008
New York City
U.S. stocks closed higher in volatile trading on a rise in holiday Internet sales and an increase in mortgage applications. Amazon.com surged nearly 10%. Auto makers are threatening that they will run out of cash soon. Australia third quarter GDP growth rate fell. Japan considers stimulus package.
Mayank Mehta
03 Dec, 2008
New York City
Freeport McMoran eliminated dividend and stock fell 20%. Research in Motion gained on 65% rise in revenues. Del Monte Foods rose 18% on revenue rise of 11.5%. General Electric rose after it tightened its earnings near low end of its forecast and confirmed the dividend. Constellation Energy up 12%.
123jump.com Staff
03 Dec, 2008
New York City
Cognizant Technology third quarter increased 31% to $734.7 million from a year ago. Net income was $112.8 million or $0.38 per diluted share compared to $96.2 million or $0.32 per share. The company estimates fourth quarter earnings of 45 cents a share.
