123jump.com Staff
19 Jul, 2008
New York City
Retail investors snubbed recent Barclays offering at 282 pence and only 20% of the existing holders participated in the offering. The stock has since falln another 20%. Sovereign wealth funds of Qatar and Singapore have agreed to invest in the fund and institutional investors in China and Japan participated in the offering.
123jump.com Staff
21 Jul, 2008
New York City
UK edged higher on a rebound in energy prices and expectations of milder than expected recession. Home prices in July dropped 1.8% from June and 2% from a year ago. Rebound in energy and metals prices lifted metals and energy companies stocks. A member of the UK Monetary Policy in an interview stated that UK is probably in a recession and unemployment will jump to 7% from current rate of 5.2%.
123jump.com Staff
21 Jul, 2008
New York City
U.S. stocks trended lower after rallying at the opening. Swiss pharmaceutical company Roche offered $89 per share to Genentech stock holders for 44% of the company that it does not own. The stock rallied in the hope that Roche may raise its offer above $100 per share. Separately, financials rallied in the morning after Bank of America reported 41% drop in earnings and estimated Countrywide merger will add earnings faster than earlier expected.
123jump.com Staff
21 Jul, 2008
New York City
U.S. stocks edged higher in the morning trading on better than expected earnings from Bank of America. Crude oil futures edged higher as Tropical Storm Dolly brewed in the Gulf of Mexico. European markets at mid-day edged upwards. In Asia, Australia and Hong Kong added more than 3%.
123jump.com Staff
18 Jul, 2008
New York City
UK budget deficit at the end of June soared to 38.3% of GDP. The debt does not iclude loans to the BoE and Northern Rock. The sharp rise in debt is fueled by rising public expenses and rapidly slowing economic expansion. The government hopes to keep debt below 40% of the GDP and lowe than 43 billion pounds, which increasingly looks difficult to achieve. Aberdeen asssets under management rose nearly 5% at the end of June quarter.
123jump.com Staff
18 Jul, 2008
New York City
Stocks in Japan fell on Friday and dropped 1.8% for the week. The fourth monthly declined was led by persistent weakness in financials, exporters and energy related stocks. Japan estimates its primary budget deficit to rise to 4 trillion by the end of fiscal 2011 from the previous estimate of 700 billion yen. Fall in crude oil futures for the third day in a row prompted a rise in chemical and tire manufacturers and a drops in refiners and oil importing companies.
123jump.com Staff
18 Jul, 2008
New York City
A drop in oil prices lifted stocks in Shanghai and in Hong Kong. Airlines and realty stocks closed higher. Yuan continue to surge and for the week gained 0.25% to 6.82 to a dollar. For the year yuan has gained 7% and likely to gain at least 1% more in the rest of the year. China yesterday reported gross domestic product surged 10.1% in the second quarter ending in June.
123jump.com Staff
18 Jul, 2008
New York City
Tech benchmarks fell after investors sold Google, Microsoft and AMD stocks. Google dropped 8% after earnings and click through rates declined. AMD reported wider than expected loss. Citigroup rose it reported a loss of $2.5 billion, smaller than estimated and wrote down $12 billion in assets. Merrill Lynch traded weak on higher than expected loss. European markets edged higher on interest in financial stocks.
123jump.com Staff
18 Jul, 2008
New York City
U.S. stocks traded mixed with tech stocks trending lower and select financials rising. Google fell 8% after it reported 39% rise in sales and 35% increase in earnings. Microsoft fell 7% after it reported sales rise of 18% and earnings gain of 40% to $17.7 billion from a year ago. For the fiscal year earnings rose 26% to $17.7 billion or $1.87 per share. European markets closed up 1.5%.
123jump.com Staff
16 Jul, 2008
New York City
Stocks in Japan traded in a listless fashion but the broader Topix index declined for the fourth day in a row. Tech stocks rose after Intel reported 25% rise in earnings and lifted its sales guidance. Inpex, the largest refiner fell after crude oil futures prices declined in the region. Realty stocks fell. Sumitomo Mitsui Financial Group has already suffered loss of more than $700 million in its investment in pending Barclays Plc public offering at a fixed price.
123jump.com Staff
16 Jul, 2008
New York City
Stocks in Shanghai fell sharply but in Hong Kong edge higher. Huaxin Cement reported first sales rise of 31% to 2.7 billion yuan and net income increased 74% to 191 million yuan or 0.50 yuan per share. Shanghai Electric Power probably lost money in the first half after record coal prices. Huaneng Power also estimated loss in the first quarter. Casino stocks Melco Entertainment and Galaxy Entertainment fell 6% on tighter travel restrictions for mainland visitors.
123jump.com Staff
16 Jul, 2008
New York City
UK stocks edged lower after a fall in crude oil and base metal prices. Miners and energy stocks led the decliners dragging FTSE 100 index lower 0.4%. Financial rebounded on the rally in sector in the U.S. and in Europe after better than expected earnings from Wells Fargo. Barclays investors in the recent public offering have suffered a loss of 14%, before the completion of the offering. Separately, unemployment claims rose but the rate remained at 5.2%.
123jump.com Staff
16 Jul, 2008
New York City
U.S. benchmark indexes increased more than 2% after investors bid up banks and other lenders. Wells Fargo reported 25% decline in earnings but exceed expectations of some investors and increased its quarterly dividend by 10% to 34 cents per share. The news of better earnings lifted stocks of banks, insurers and lenders. Crude oil futures dropped as much as 5% after the weekly inventories data showed an increase.
123jump.com Staff
16 Jul, 2008
New York City
U.S. stocks rise after $10 billion merger deal, losses fom American Air and Delta Air Lines and talks of dividend cut at Fanne and Freddie. Cleveland-Cliffs agreed to acquire coal miner Alpha Natural Resources for $128 a share or $10 billion. AMR, the parent of American Air reported quarterly loss of $1.45 billon and Delta Air Lines lost $1.04 billion. Wells Fargo rose afte it reported second quarter profit of $1.75 billion or 53 cents per shrare on reveue rise of 16% to $11.5 billion.
123jump.com Staff
15 Jul, 2008
New York City
Investors continue to sell financial stocks and stocks of Fannie and Freddie. Both lenders dropped 27% and led the decliners in the S&P 500 index. Kimberly Clark lowered its annual earnings outlook. State Street Corp rose after earnings increase more than 50%. UK inflation rose in June to 3.8% and the Bank of Japan left its key rate unchanged at 0.5%. Markets in Shanghai and Hong Kong dropped more than 4% and in India plunged 5%. Intel profit rises 25% on 9% sales increase.
