123jump.com Staff
24 Jun, 2008
New York City
Metropolitan home price index fell as 13 of the 20 cities show record annual lows on prices. The S&P/Case-Shiller index fell in May 15.3% from a year ago as prices fell in all of the 20 cities that the index tracks. The home prices in Las Vegas and Miami fell 27%. The prices are likely to decline further as inventory of unsold homes continue to build.
123jump.com Staff
23 Jun, 2008
New York City
BG Group, UK based energy company hopes that an offer taken directly to the shareholders of Origin Energy Limited may succeed better than the same offer rejected by the management earlier in May. BG offered $15.50 per share or A$13.8 billion for Origin in all cash. The fundamental difference between the current offer and the management expectations is in the valuation of the CSG reserves. Origin stock rose 5% to A$16.30 and has surged 60% in the last two months of trading.
123jump.com Staff
23 Jun, 2008
New York City
Macarthur may become a subject of takeover from ArcelorMittal after Ken Talbot, director with 19.76% stake resigned from the board and sold 4.3% stake in the company to the steel giant. Separately, Valad Property lowered its earnings and distribution guidance as a weakness in global property market squeeze the activities.
123jump.com Staff
23 Jun, 2008
New York City
Business sentiment dropped as large and small comanies worry about the export market and consumer spending in the three months to June. Sentiment at smaller companies declined the most. In the stocks market financials stocks declined as more analysts voice additional write downs at the U.S. banks and brokerages. Mitsubishi Estate and Daikyo lowered prices for condominiums in Tokyo.
123jump.com Staff
23 Jun, 2008
New York City
U.S. stocks traded in a tight range and as it has been for the most of the year energy complex stocks led the gainers and financial stocks led the decliners. Lehman, Goldman Sachs, Wachovia, Citigroup and Bank America fell. Walgreen Company rose after net income rose 2%. Inflation in China increased to 5.7% and Indian rupee declined on a recent inflation surge to 11.5%. UK home prices fell.
123jump.com Staff
23 Jun, 2008
New York City
Stocks in Shanghai fell 2% and are now 55% lower from its peak in November as inflation in May rose to 5.7%. Inflation is expected to rise in the coming months after recent fuel prices and upsurge in food price increases. Chalco, the Aluminum Corp of China fell 6% after it estimated profit decline of 50% in the first half. Sinopec slipped 2.5% after it said that the recent price hike will not be enough to generate profit.
123jump.com Staff
23 Jun, 2008
New York City
U.S. stocks traded in a tight range after financials led the decliners and energy complex stocks closed higher. Lehman Brothers, Goldman Sachs and Citigroup fell. National Oilwell rose on recommendation and Goodrich Petroleum rose after it raised its production target for the second quarter. MBIA and Ambac fell on the continued worries of the capital adequacy. Range Resources rose and XL Capital fell on brokers rating revisions.
123jump.com Staff
23 Jun, 2008
New York City
The Brent Crude oil prices rose, home prices in the month fell and stocks in trading edged slightly higher. UK home prices fell 1.2% in the month after more sellers list homes for sale and inventory rose to a record level. The Brent Crude oil rose 2% in trading after Nigeria reported oil production declined to a 15-year low. Aggreko, power equipment rental company surged 10% after it issued earnings estimate.
123jump.com Staff
23 Jun, 2008
New York City
Corn Products agreed to be acquired by Bunge Limited in all stock transaction that may value the company between $4.4 billion and $6 billion. Bunge will assume debt of $414 million and will pay between 0.42 and 0.5142 of its share. In addition, Republic Services Group and Allied Waste have agreed to merge. The shareholders of Allied will hold 52% of the combined waste collection company.
123jump.com Staff
23 Jun, 2008
New York City
U.S. stocks edged higher in the morning after the dollar edged lower, crude oil and other commodities prices edged higher. Walgreen Company advanced after it reported 2% rise in net income. BCE Inc advanced after the Supreme Court of Canada ruled that the buy out may proceed, despite a challenge from the bond holders. European market edged higher led by a rise in Germany, France and UK. Markets in Mumbai and Shanghai dropped 2%.
123jump.com Staff
21 Jun, 2008
New York City
Australian stocks fell as global financial stocks declined. The weakness in the U.S. trading and persistent worries related to the health of the U.S. banks kept Australian banks in check. ASX 200 index fell 1.5% to 5,288.30. Xstrata abandoned its offer for Indophil after a bid led by its chief executive offered 28% more. Victoria Supreme Court gave its approval for the merger between Zinifex and Oxiana. The newly merged company will be renamed Oz Minerals.
123jump.com Staff
21 Jun, 2008
New York City
Investors around the world sold stocks on the worries that the U.S. banking crisis may worsen before improving. Stocks of banks linked to the U.S. declined around the globe from Japan to Switzerland. Rising inflation hobbled stocks in Asia and market indexes in India, Malaysia, and Vietnam fell. Pakistan stocks plunged 10%. Indexes in India plunged 3.5%, in Brazil lost 3%, in Germany and France declined 2% and in UK, Mexico and Canada dropped 1.5%. Wachovia Bank drifted to a 12-year low.
123jump.com Staff
20 Jun, 2008
New York City
Hong Kong stocks fell as the decision by the government to raise electricity and oil prices affected mainland airlines. Commodity stocks and power companies were active after China imposed a price freeze on thermal coal prices. In Shanghai trading, CSI 300 Index advanced 2.8% to 2,849.67. In Hong Kong trading Hang Seng Index edged down 0.23% to 22,745.60, rising 0.7% for the week.
123jump.com Staff
20 Jun, 2008
New York City
Stocks in Japan fell after weakness in financial stocks kept broader averages lower. China hiked its fuel prices by as much as 18% inflation in India surged to 13-year high. In Tokyo trading Nikkei 225 declined 1.33% or 188.09 to 13,942.08, falling 0.2% for the week, and the broader Topix Index fell 1.4% to 1,356.74.
123jump.com Staff
20 Jun, 2008
New York City
UK stocks fell after yet another day of weak financial stocks. Sumitomo Bank is reported to agree to inject 100 billion yen in Barclays Bank. The bank has denied that it needs to raise capital to strengthen its capital base and has sufficient capital to cover the losses in its risky loans. Crude oil surged 3% as Israel conducted military exercises in preparation of possible strikes to Iranian nuclear installation.
