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Market Update

Billionaire Fund Manager Rajaratnam Arrested

123jump.com Staff
17 Oct, 2009
New York City

Prosecutors charged billionaire hedge fund manager Raj Rajaratnam with insider trading scheme. The prosecutors used for the first time wiretaps in an insider trading case in recent years. The investigation lasted nearly four years and snarled executives at Intel, IBM and McKinsey & Co Inc.

EU Trade Deficit; Germany Lifts Outlook

Mayank Mehta
16 Oct, 2009
New York City

Exports from euro-zone decreased 5.8% in August and imports fell 1.3%. Trade surplus fell to

Weak UK Stocks; National Express Plunges 26%

Mayank Mehta
16 Oct, 2009
New York City

UK stocks struggled on the weakness in financial and resource stocks. National Express and Stagecoach dropped sharply after a private equity led merger talks were discontinued. The pound rose 2.1% against the euro in the week. Clinton Cards advanced after it estimated better outlook.

U.S. Stocks Turn Lower, Dollar in Focus

123jump.com Staff
16 Oct, 2009
New York City

Stocks in New York closed lower after investors turned cautious. Industrials declined in New York and Europe after GE reported 20% decline in sales. Dollar hovered near lows after EU reported sharply lower trade deficit compared to a year ago.

Estee Lauder, Tempur-Pedic, Harris Rise

Mayank Mehta
16 Oct, 2009
New York City

Earnings revision at the Estee Lauder Companies Inc and Tempur-Pedic International lifted stocks. AMD fell after the quarterly sales fee 22%. Citizens First Corp surged 87%. Harris Corp gained on the military radio contract of $419 million.

Mumbai Stocks Advance; Cairn India Stake Sale

Mayank Mehta
16 Oct, 2009
New York City

Stocks in Mumbai traded higher ahead of Diwali celebration and Hindu New Year 2066. Cairn India surged after Malaysia based Petronas acquired additional stake. Tata Consultancy reported better than expected sales and earnings.

U.S. Stocks Down; GE Sales Fall, BofA Loss

123jump.com Staff
16 Oct, 2009
New York City

U.S. stocks traded lower after weaker than expected earnings from General Earnings and Bank of America. Investors also focused on rising loan losses at BofA and 20% sales decline at GE. AMD fell after it reported a quarterly loss and Google earnings surged 27%.

China Stocks Up on Home Prices; China Travel IPO

123jump.com Staff
15 Oct, 2009
New York City

China region stocks maintained upward momentum as home prices gained across the nation and lending increased. Investors are revising earnings expectations higher for the latest quarter. China International Travel surged 45% on its first day of listing.

Japan Stocks to Open higher; Weak Shippers

123jump.com Staff
15 Oct, 2009
New York City

Tokyo stocks are indicating higher opening as the yen weakened and crude oil gained more than 3% in New York trading. Shipping companies are indicating lower opening. In trading on Thursday electronics exporters and steelmakers advanced.

Australian Dollar, Stocks to Gain; UMC Bid

123jump.com Staff
15 Oct, 2009
New York City

Australian stocks are expected to open firm after a surge in crude oil prices in New York. Australian dollar reached another high as investors see higher interest rates on the back of global economic recovery. BHP Billiton and Rio Tinto abandon their marketing venture for Pilbara region iron ore.

European Markets Weak; Nokia, Accor Fall

123jump.com Staff
15 Oct, 2009
New York City

European markets hovered near their recent highs. Accor third quarter sales declined 8.4%. Metro AG and Henke AG increased on brokers recommendations. Remy Cointreau SA fell after first half sales were flat. Solar energy modules makers in Germany fell again as lawmakers prepare to cut subsidies.

UK Pound Rises; Ashmore, Aggreko, Sainsbury Up

Mayank Mehta
15 Oct, 2009
New York City

UK stocks closed lower on weak banking stocks and speculation lifts the pound. Aggreko gained on full-year guidance. WH Smith full-year profits climb. Ashmore Group asset under management surges 25%. J Sainsbury surges 10% on Qatar speculation.

Nokia, Fairchild Plunge; DSW, PetSmart, Rise

Mayank Mehta
15 Oct, 2009
New York City

Aptar Group fell on the quarterly sales decline of 11%. Shoe retailer DSW Inc surged after it lifted annual earnings outlook. Nokia plunged 11% after it reported a quarterly loss. Winnebago Industries quarterly loss surges.

Crude Oil 1-Year High Lifts U.S. Stocks

Mukesh Buch
15 Oct, 2009
New York City

Stocks in New York closed higher on an afternoon rally in energy complex stocks as crude oil futures close near one-year high. Banks closed lower. Bank of American chief will give up his bonus and salary for 2009.

Indiabulls Power IPO 22 Times Subscribed

123jump.com Staff
15 Oct, 2009
New York City

Stocks in India edged lower after a strong run in the last ten days. Indiabulls Power IPO receives 22 times bids on the last day of subscription. Euro Multivision trades lower 7% on its first day of trading.