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.
123jump.com Staff
20 Jun, 2008
New York City
U.S. stocks dropped sharply on a weakness in financial, techs and consumer discretionary sectors. Banks led the decliners after Wachovia Bank drifted to as low as 12-year low on the mounting worries that banks will have to eliminate dividend and raise more capital. SanDisk fell after Citigroup analyst said that the company may miss the earnings for the current quarter on slower sales. Regional banks rose after Huntington Bancshares reaffirmed its loan loss estimate.
123jump.com Staff
20 Jun, 2008
New York City
Latest wholesales inflation index at the surged to a 13-year high to 11.11%. The sharp rise in inflation was fueled by the rising costs of fuel, food and materials. Higher inflation numbers has sparked fears of tighter monetary policy by the central bank, stocks fell sharply. Last week, the Reserve Bank of India made a surprise interest rate rise last week.
123jump.com Staff
20 Jun, 2008
New York City
European indexes drifted lower on persistent worries in the credit markets and rising inflation in the region. Germany reported a sharp rise in producer price index in May. The index increased at a rate of 6% from a year ago. Separately, Deutsche Boerse reported earnings per share increase of 61% in the first quarter but trading volume so far in the quarter has declined 33% from a year ago.
123jump.com Staff
20 Jun, 2008
New York City
U.S. stocks fell sharply as financial stocks decline. Rating agency Moodys removed bond insurance companies MBIA and Ambac Financial Group from its top rating. Mortgage lenders Fannie Mae and Freddie Mac declined and leading banks traded lower. Wachovia Bank fell to a 12-year low. Latest read on inflation in India showed annual rate of 11.5%, a 13-year high. Sensex in India plunged 3.5%.
123jump.com Staff
19 Jun, 2008
New York City
Australian stocks fell after the worries related to credit market rises. Hedge fund manager Paul Johnson estimated credit market related losses to increase to $1.3 trillion. In additon, Morgan Stanley reported 61% decline in earnings. On the news, stocks of five retail banks in Australia fell between 2% and 4%. Babcok Brown Power cancels dividend for the six month period to lower its debt.
123jump.com Staff
19 Jun, 2008
New York City
Stocks in Japan fell on the rising estimate of losses relatd to the U.S. credit market and elevated crude oil prices. Hedge fund manager John Paulson estimated credit market related losses at $1.3 trillion and expects the second half to be tougher for investors. In addition, Citigroup and JP Morgan estimated that the U.S. car sales will decline to a 15-year low. The new estimated lowered the stocks of Japanese auto makers and exporters. Banks, brokers and realty companies fell.
