123jump.com Staff
10 Mar, 2008
New York City
January machinery orders received by the 280 manufacturers operating in Japan rose by 26.5% to 3.1 trillion yen in January from a 6.8% decline or 2.4 trillion yen in December. Domestic machinery orders, excluding from ships and power companies rose 19.6% to 1.2 trillion. Stocks in Japan fell despite a rise in orders on the ongoing worries related to the health of the U.S. economy. Sumitomo Metal Mining led decliners in the Nikkei 225 index shares with a drop of 10.61%.
123jump.com Staff
10 Mar, 2008
New York City
The largest mortgage lender in Australia raised its rate on the mortgage loans by 35 basis points, more than 25 basis points raised by RBA last week. Several other banks have raised rates more than the increase from the RBA. AED Oil soared 19.5% after it agreed to sell its Timor Sea based oil field unit to Sinopec. The field delivered far lower than expected output. Heral Resources accepted $2.50 per share bid from a group of companies based in Indonesia and China.
123jump.com Staff
10 Mar, 2008
New York City
The ongoing U.S. credit market turmoil may force Carlyle Capital to face liquidation of $16 billion portfolio if lenders and the company do not reach an agreement. Bovis Homes plunged after it reported 17% decline in second half profit. Havas, Paris based ad agency, reported 4% rise in 2007 revenue of 1.5 billion and net income of 83 million euros compared to 46 million euros a year ago. Hypo Real Estate plunged 14% on the worries related to earnings.
123jump.com Staff
10 Mar, 2008
New York City
Financial and insurance companies fell sharply as investors worried that the current quarter earnings may be lower than estimated. Bear Stearns led the decline after several of its uderwritten bonds were downgraded by a rating agency. Fannie Mae and Freddie Mac fell on the worries that they may need to raise capital in the face of rising losses. Merrill, Morgan Stanley, Bear Stearns, and Wachovia traded at several-year lows. Oil closed at a record high near $108 a barrel.
123jump.com Staff
10 Mar, 2008
New York City
Familiar worries of the U.S. economic malaise dragged mining and banks lower. Rio Tinto and BHP Billiton declined 6% after the weak trading in the U.S. and in the European region. Copper, zinc, and nickel, tin, and led prices in London declined. HSBC fell on the persisten uncertainty related to credit markets. Bovis Homes Group plunged 12% and led the home builder lower after it reported lower earnings and said that home prices may not rise in 2008. Persimmons dropped 4%, Taylor Wimpey lost 6%.
123jump.com Staff
10 Mar, 2008
New York City
Bear Stearns plunged 10% after rumors circulated that it faces liquidity crunch. The company denied the rumors. Banks, brokers and insurance companies are trading at their lows last seen five to ten years ago. Fears of more credit market losses dragged stocks in the banking sector to their seven year lows. Bear Stearns is trading at a level last seen in 2002, Fannie Mae is trading at 1993 level, Citigroup at 1998, Lehman Brothers at 2004 level, and Merrill reached 2000 level.
123jump.com Staff
10 Mar, 2008
New York City
U.S. stocks fell after two hours of trading as market worried about the weak economic conditions. Oil fell at the opening but quickly recovered from its loss of 1% to trade at intra-day record high. McDonalds reported a rise in same store sales in February on systemwide sales rise.
123jump.com Staff
10 Mar, 2008
New York City
Nationwide received $47.20 per share or $2.2 billion buyout bid from a controlling group of shareholder. The group consists of Nationwide insurance companies and Nationwide Corp. The stock rallied after the news and traded above the offer price. The Nationwide stock traded as high as $65.50 last year and as low as $32 in the last five years. The company offer may be revised above $52 per share according to our estimate.
123jump.com Staff
07 Mar, 2008
New York City
UK stocks fell after base metal prices declined. China reported a decline in copper inventories, prompting a decline in mining stocks. Broader market fell on probable fire sale of mortgage securities of 25 billion francs at UBS. JD Wetherspoon, pub operator reported 0.4% decline in sales to
123jump.com Staff
07 Mar, 2008
New York City
Hang Seng fell 3.6% and closed down 7.5% for the week after the weakness in global markets dragged banks and energy companies. China Enterprise Index fell 9.5% for the week. China Netcom and Sun Hung Kai fell after brokers lowered their ratings on stocks.
123jump.com Staff
07 Mar, 2008
New York City
European marekts closed lower, dragged by a weakness in the U.S. stocks, rising euro, and worries related to the U.S. economic recession. Veolia Environment fell 10% after its earnings disappointed analysts. Mediobanca second quarter profit rose 57%. Telecom Italia dropped 9% after it forecasted 2008 revenue to match that of 2007. Piaggio, Vespa scooter maker, dropped after 2007 earnings dropped to 59.6 million euros.
123jump.com Staff
07 Mar, 2008
New York City
The Fed acted to bolster the liquidity in the credit market by increasing the size of the next two auctions to $50 billion each and also extended facility to lend $100 billion in the short term. The news helped to limit the declines in banks and brokerage stocks. The February payroll declined 63,000 after the revised employment in January fell 22,000. The sharpest decline in five years prompted economists to predict the arrival of recession. Thornburg Mortgage has margin call of $610 million.
123jump.com Staff
07 Mar, 2008
New York City
U.S. stocks reversed earlier losses after the Fed raised its limits and acceptance of wider collateral. The Fed now plans to provide $100 billion in TAF auction and also accepts agency debt for its collateral for the repurchase of short term debt for up to $100 billion. February payroll declined by 63,000. Ciena led the gainers in S&P 500 with a rise of more than 10%.
123jump.com Staff
07 Mar, 2008
New York City
Stocks in Tokyo declined as financial markets worried that the ongoing U.S. economic slowdown will impact exports from Japan. The new foreclosure data in the U.S. suggested record rise in filings and outlook for the rest of the year is gloomy. Nikkei 225 fell 3.27% or 432.62 to 12,782.80 down 6% for the week, and the broader Topix Index tumbled 3.1% or 39.78 to 1,247.77.
123jump.com Staff
06 Mar, 2008
New York City
The ECB left its key rate at 4% and lowered the growth rate for this and the next year. It also increased its inflation estimate on the rising food and energy prices. The Bank of England also left its key rate at 5.25%. On the rate news, dollar reached a new low against euro to $1.53. Royal Ahold reported fourth quarter profit increase of 9% to 260 million euros on unchanged sales of 6.6 billion euros.
