123jump.com Staff
05 Dec, 2008
New York City
November unemployment rose 6.7% in the U.S. as 533,000 people lost their jobs, largest monthly cut in 33 years. Stocks closed higher after Hartford Financial lifted earnings outlook and Prudential offered better than expected earnings views.
123jump.com Staff
05 Dec, 2008
New York City
Insurance stocks rallied after Hartford and Prudential revised earnings outlook. Hartford Financial surged after it lifted its earnings guidance and Prudential soared 30% on its better outlook for 2009. Royal Bank of Canada declined 5%.
123jump.com Staff
05 Dec, 2008
New York City
Mumbai stocks dropped 2.6% on economic slowdown worries and terrorist attack rumors in New Delhi. Traders are expecting a large rate cut from the Reserve Bank of India after central banks in Europe cut rates. Rupee rose against the U.S. dollar. Larsen & Toubro suspended its entry in shipbuilding.
123jump.com Staff
05 Dec, 2008
New York City
U.S. stocks dropped after the November employment report showed 533,000 jobs were eliminated. The rate of job loss was the highest since 1974. Mortgage delinquencies and foreclosure rates rose to the record level in 30 years. Insurance stocks led gainers and energy stocks led decliners in S&P 500.
123jump.com Staff
05 Dec, 2008
New York City
European stocks fell sharply in the region after the release of higher than expected unemployment data in the U.S. German factory orders in October dropped 6.1% after dropping 8.3% in September. HSBC will retake its headquarters building from Metrovacesa after it failed to refinance the loan.
123jump.com Staff
05 Dec, 2008
New York City
Stocks in Shanghai and in Hong Kong surged after China offered more capital to stimulate the economy. U.S. and China provided together $20 billion for export financing. India and China plan to carry out a joint military exercise to combat rising terrorism in Mumbai.
Mukesh Buch
05 Dec, 2008
New York City
Stocks in Japan, Australia and India fell. Banks in Japan are likely to face declining revenues and falling earnings. Japan is likely to pass legislation next week to inject fresh capital in banks. Yanzhou Coal is expected to offer A$3 billion for Felix Resources.
123jump.com Staff
05 Dec, 2008
New York City
LDK Solar, a manufacturer of multicrystalline solar wafers reported revenue rise of 23% to $541.8 million. Net income declined to $88.4 million or $0.77 per diluted ADS from $149.5 million or $1.29 per diluted ADS.
123jump.com Staff
05 Dec, 2008
New York City
Australian construction industry shrank for the ninth month in a row in November as housing market demand falls. Weak demand, tight lending and falling employment are dragging the housing sector. Sydney stocks fell 1.2%. Four largest banks are expected to offer loans to domestic car industry.
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.
