123jump.com Staff
12 Sep, 2008
New York City
Gross domestic products in Japan for three months ending in June was revised lower to a decline at annual rate of 3% compared to 2.4% decline in the previous estimate. Domestic demand was lowered from a decline of 0.6% to 0.7% and private residential investment was estimated at a decline of 3.5% from 3.4% loss in the preliminary estimate.
123jump.com Staff
12 Sep, 2008
New York City
Stocks in Europe and London rose after a decline for four days in a row. Rising metals prices and improved sentiment in financial sector lifted broader market averages. Traders pinned their hopes on a possible deal between Lehman Brothers and a consortium led by Bank of America and a possible interest from Barclays. Lehman is seeking to sell the company to a buyer after the troubled mortgage securities dealer reported record quarterly loss.
123jump.com Staff
12 Sep, 2008
New York City
July industrial production in India rose 7.1% from June production when I increased at 5.4%. Volatile capital goods production in the month surged 21.9% from 12.3% increase in June. Manufacturing accounting for 80% of total rose 7.5% in the month, mining output increased 5% and electricity generation increased 4.5%.
123jump.com Staff
12 Sep, 2008
New York City
U.S. stocks fell in the morning trading after Lehman Brothers searches for a buyer. The potential buyers are looking for a guarantee or assitance of the Fed in evaluating Lehman assets. The acqusition price increasingly looks at or below current market price as the stock has declined 80% this week. Japan economy shrank at 3% rate in the second quarter. U.S. retail sales in August fell 0.3% but in China rose 23.2%.
123jump.com Staff
11 Sep, 2008
New York City
The relentless selling in the precious metals markets continued today as gold and silver fell to a new lows for the year. Gold has declined 11% for the year and dropped 28% from its peak in March. Silver traded at a 2-year low and platinum traded to one-year low. The sudden rise in dollar and drop in base metals and precious metals has surprised investors. Gold is trading only 5% higher than its one-year low.
123jump.com Staff
11 Sep, 2008
New York City
Stocks in UK declined, as investors focused on the weak economy and struggling consumers. The benchmark index FTSE 100 declined for the third day in a row and dropped 47.80 or 0.9% to 5,318.40. For the year the index has declined 18% as most European markets have fallen more than 15% in the period. Home Retail Group dropped 5.7% or 13.75 to 228 pence after it reported same stores sales decline in the second quarter.
123jump.com Staff
11 Sep, 2008
New York City
U.S. stocks rebounded in the afternoon trading as crude oil fell to near $100 a barrel and natural gas declined. Optimist traders hoped that Lehman Brothers will find a buyer for its assets or key investors, which increasingly looks unlikely. Lehman fell 41%. Railroad operator CSX lifted its earnings estimate. Separately, Brazil raised its interest rate to 13.75% in a split decision. Gold dropped 2% and lost 6% in two days and has lost 11% for the year. European markets closed lower.
123jump.com Staff
11 Sep, 2008
New York City
Developing nations financial system weakness and continued worries of global markets dragged stocks in India lower. The benchmark indexes Sensex and CNX Nifty declined 2.3% and 2.5% respectively dragged by a decline in energy, realty and financial sectors. After the close inflation report showed a slight decline from the previous weekly read. Reliance fell below 2,000 rupees for the second time this year after the worries that exports from the refinery may be banned.
123jump.com Staff
11 Sep, 2008
New York City
Joy Global Inc surged $3.49 or 9% to $48.37 after it increased its share repurchase program to $2 billion. CSX rose 9% after it lifted its earnings outlook for the year and beyond. Kenexa Corporation dropped 27% after it lowered its revenue and earnings guidance for the quarter and the year. FactSet, a financial data service provider fell 2% after it was dropped from a small cap index.
123jump.com Staff
11 Sep, 2008
New York City
U.S. stocks edged lower after analysts lowered their views on Lehman Brothers. The troubled broker lost 40% after it fell 45% in the previous session. Trade deficit in July increased as exports and imports both increased. The elevated crude oil imports and persistent deficit with Asian nations contributed to the high deficit. Initial jobless claims for the week ended Sept 6 declined to 445,000 from a revised 451,000 at the end of the prior week.
123jump.com Staff
10 Sep, 2008
New York City
U.S. stocks closed higher after trading sideways for the most of the session. Crude oil and natural gas closed lower as Hurricane Ike eneters the Gulf of Mexico and heads in the direction of oil installation. Separately, financial stocks came under selling pressure after Wamu Inc plunged 29% as the company ended talks with several investors for capital infusion. Carlos Slim acquires 6.4% stake in New York Times after the stock trades near eleven years low. Gold plunges 4%.
123jump.com Staff
10 Sep, 2008
New York City
U.S. stocks edged higher in the afternoon trading with a decline in oil, natural gas and precious metal prices. Energy and metals related stocks led the gainers. Of the stocks in S&P 500 index, 60% traded higher. Washingon Mutual led the decliners in the index with a loss of 19% after its credit rating was cut. Lehman traded sideways after it reported record quarterly loss. Las Vegas Sands dropped 9% after July gaming revenue in Nevada fell.
123jump.com Staff
10 Sep, 2008
New York City
Lehman Brothers reported largest quarterly loss ever of $3.9 billion and wrote down assets of $5.6 billion. The company said it has liquidity of $42 billion and has a plan to sell its asset management unit and spin-off real estate portfolio of between $25 billion and $30 billion by the first quarter of 2009. Lehman lowered its dividend to 5 cents a share form 68 cents a share and expects to save $450 million annually.
123jump.com Staff
08 Sep, 2008
New York City
Stocks in Sydeny fell 1.7% after metal prices fell and the Australian dollar edged lower aginst the U.S. dollar. The ABS reported retail sales in July rose 0.1%. Separately, in a survey published by National Australian Bank reported business confidence at 7-year low and the bank lowered its forecast for economic growth to 2.5% in 2008 and kept it unchaged at 2.25% in 2009.
123jump.com Staff
09 Sep, 2008
New York City
Lehman Brothers stock lost nearly half its value after it failed to strike a deal with Korea based bank. The financial service firm is struggling to attract investors or sell assets at a price it deemed they are worth. Investors sold financial stocks and the U.S. benchmark indexes declined between 2.4% and 3.6%. A sharp sell-off in natural resource stocks also dragged metals, mining and energy stocks lower. Silver and lead dropped more than 4% and gold and zinc lost more than 2%.
