123jump.com Staff
28 Jul, 2008
New York City
Stocks in Japan edged higher on a rise in commodities related stocks. Yahoo Japan reported 18% rise in earnings and gained 4% in trading. Honda lowered its earnings outlook on higher raw materials costs and Toyota Motor Corp lowered its annual sales outlook by 3.6% to 9.85 million units and production estimate by 4.5% to 9.5 million vehicles. Tokyo Electric Power estimated annual loss of 280 billion yen and increase rates by 12%.
123jump.com Staff
28 Jul, 2008
New York City
Stocks in London fell after weak housing market data and lack of interest in financial stocks. Two separate surveys showed a decline in home prices in June and indicated further declines are likely as credit markets remain tight. Financial stocks fell after Australia and New Zealand Banking Group tripled its loan delinquencies rate. Royal Bank of Scotland sold its stake in a joint venture with Tesco to the retailer.
123jump.com Staff
28 Jul, 2008
New York City
U.S. stocks intensified their decline in the early afternoon. Benchmarke indexes, Dow Jones, S&P 500 and Nasdaq fell nearly 1%. Investors sold financial stocks after the passage of housing bill and braced for more losses at the banks. Crude oil traded flat and gold edged lower. Germany, France and Italy closed down 1% or more. Amgen rose 12% after it reported positive results from its experimental drug to treat bone loss.
123jump.com Staff
28 Jul, 2008
New York City
U.S. stocks traded lower as investors avoided financial stocks in the morning trading. Fannie Mae and Freddie Mac traded mix after the passage of housing bill over the weekend. Verizon Communications second quarter net income rose 12% on less than 4% rise in revenue. The wirelss carrier added 1.2 million net new subscribers. One of the largest buyout firms, KKR plans to sell a stake in a public offering.
123jump.com Staff
23 Jul, 2008
New York City
The Asia Development Bank reported on its web site that China
123jump.com Staff
23 Jul, 2008
New York City
Crude oil continues its slide from the record high and dropped 1.6% to below $126 a barrel. The U.S. dollar edged higher after lawmakers passed a resolution to inject funds in Fannie Mae and Freddie Mac. In the earnings news, Boeing earnings fell 14% to $1.16 per share on flat revenues. AT&T second quarter revenue rose 4.7% and net income increased 23% to $3.8 billion or 63 cents per share. Pfizer revenue increased 9% and net income surged 54% to $2.8 billion or 41 cents per share.
123jump.com Staff
22 Jul, 2008
New York City
Japan stock indexes, a day after closure of markets, rose catching up with global markets rise in the U.S. and in the region. Financials rallied, despite continued string of losses at U.S. banks. However, lower than expected losses at banks bolstered enthusiasm for financial stocks. Tech stocks fell after weaker than expected earnings outlook at Texas Instruments and Apple Inc.
123jump.com Staff
22 Jul, 2008
New York City
Stocks in Hong Kong and China edhed lower as cautious investors stayed on the sidelines. Oil prices traded at elevated level as a storm in Gulf of Mexico headed in the direction of oil installations. In the first half ending in June, China tax revenues tose 30.5% to 3.3 trillion yuans on rising corporate profits. Home prices in seventy largest citie rose 8.2% in June from a year ago but declined 1% from May.
123jump.com Staff
22 Jul, 2008
New York City
After choppy trading, stocks in UK closed lower on a weakness in energy, mining and financial sectors. Crude oil futures dropped for the second week in a row and is now nearly $20 a barrel lower from its record $147 level. Vodafone Group dropped 14% after it indicated annual revenue at the low end of its estimate. Cairn Energy led the FTSE 100 index gainer with a rise of 6% and Vodafone led the decliner.
123jump.com Staff
22 Jul, 2008
New York City
Early struggle in U.S. market indexes turned into a late rally with financials and airlines closing higher and crude oil futures losing another 2%. Investors set aside recent losses at banks and other financial companies and bid up stocks. Tech stocks closed higher despite disappointment to some investors on 31% increase in earnings at Apple Inc. SanDisk plunged after it reported 1% decline in sales and a quarterly loss. Yahoo after the close reported lower earnings.
123jump.com Staff
22 Jul, 2008
New York City
U.S. stocks struggled in the early afternoon as investors digest a barrage of earnings. American Express second quarter earnings fell 38% on 8% rise in sales. SanDisk plunged 25% after it reported second quarter revenue decline and a loss in the quarter. The company will also delay start of new fabrication facility to lower the supply of storage products in the market. Assured Guaranty plunged 47% after Moodys may review its credit rating.
123jump.com Staff
22 Jul, 2008
New York City
U.S. stock futures edged lower in the pre-market trading after a large loss at Wachovia Bank, surprise fall in earnings at American Express and 31% earnings rise at Apple Inc. the troubled bank also cut its dividend by 87% and proposed to eliminate nearly 6,400 jobs. In addition, American Express, the credit card lender reported 8% rise in sales and 38% fall in earnings. Canadian National Railway second quarter revenue rose 4% but net income declined 11%.
123jump.com Staff
21 Jul, 2008
New York City
Stocks in Hong Kong and Shanghai rallied after three of the five leading banks in the U.S. reported better than expected earnings. Benchmark indexes rose 3% in Shanghai and Hong Kong after media speculation that China Investment Corp may inject capital in HSBC. Four leading brokerage houses reported a surge in profit at the end of the first half according to industry reports. HSBC, ICBC, Bank of Communications and Bank of China closed higher.
123jump.com Staff
21 Jul, 2008
New York City
Stocks in New York and Europe closed higher on rising crude oil prices, strength in financial stocks and an offer to acquire Genentech at a premium. Bank of America reported 41% decline in earnings but higher than what most analysts had estimated, lifting stocks in the sector. Fannie Mae and Freddie Mac rose after investors put faith in comments from Treasury Secretary. Merck and Schering Plough fell on Vytorin research study. Crude oil rebounded on impending storm in the Gulf of Mexico.
123jump.com Staff
21 Jul, 2008
New York City
Roche offered to acquire 44% of Genentech that it does not own at $89 per share, nearly 9% above Friday closing price. Roche will raise cash through debt offering and from internal resources to pay for Genentech and keep the company as independent research operation. Roche, struggling with new product development has acquires several smaller research companies in the past to keep its pipeline of new drug offering active. Roche fell 4% and Genentech closed up 15% near $94.
