123jump.com Staff
22 Oct, 2007
New York City
Bear Stearns battered by recent credit market malaise have been rumored for weeks to seek investment in China. China controlled Citic Securities has agreed to invest in Bear Stearns and limit its stake in the troubled brokerage to 9.9%. Bear Stearns will invest in Citic and seek deals in Asian markets through a joint venture in Hong Kong. Bear will invest $1 billion which can convert upto 2% of the stake in the securities firm and later can be raised to 5% stake in Citic.
123jump.com Staff
22 Oct, 2007
New York City
U.S. stocks recovered from a sharply lower opening on the weakness in the Asian and European markets. Oil traded at elevated level in the opening hours. Dollar continues to slide against the European and Asian currencies. Merck reported 62% jump in third quarter earnings on 12% rise in sales and lower charges related to Vioxx. Schering Plough earnings in the quarter more than doubled on 9% rise in sales.
123jump.com Staff
22 Oct, 2007
New York City
Stocks in Asia fell across the region. Tokyo index dropped 2.3% to 16,438.47 dragged by a weakness in financial and export driven stocks. Yen reached a seven week high after a statement from the G7 group of nations focused on global economic slowdown. Except India, ten other markets in Asia fell. Private equity group Permira agreed to buy agro chemical maker Arysta Lifescience for $2.2 billion. Indonesia, Philippines, and Singapore fell more than 3%.
123jump.com Staff
19 Oct, 2007
New York City
Global markets fell on the worries that U.S. mortgage market related losses are likely to grow. Wachovia reported 10% decline in earnings on $1.33 billion of charges related to leveraged loans. The hefty charge was just one of the many reported by banks during the week. Comments from the Bank of Japan governor suggested that the credit markets may take longer to stabilize. Banks in Europe, Japan, and the U.S. fell. Oil crossed $90 but settled lower. Japan, Brazil, India, UK drop more than 3%.
123jump.com Staff
19 Oct, 2007
New York City
U.S. stocks fell after earnings report from Wachovia Corp showed $1.3 billion charge related to leveraged loans and structured products. The bank also suggested that more problems may be ahead. Weakness in earnings from 3M and Caterpillar weighed on the market sentiment. Schlumberger dropped 10% after revenue in the North America fell. Record weakness in dollar and firmness in oil near $90 hurt stocks. Asian markets closed sharply lower. In Europe, UK fell more than 1%.
123jump.com Staff
19 Oct, 2007
New York City
Stocks in Mumbai trading fell for the fourth day in a row. CNX Nifty dropped 2.5% and Sensex lost 2.45% on the broad weakness but on a strong volume. International investors with short term tradig focus remained nervous. SEBI may allow longer time period to unwind investment in
participatory notes. Earnings at Bajaj Auto increased 6%, at Wipro gained 13.5%, and at Reliance Industries soared 28%.
123jump.com Staff
19 Oct, 2007
New York City
Wachovia Corp reported earnings decline of 10% to $1.69 billion from $1.88 billion. Earnings per share fell to 89 cents from $1.17 a year ago. The results included charges related to merger with Golden West Financials but excluded acqusition of A G Edwards. The company took a charge of $1.3 billion related to leveraged loans and structured products and warned that more credit problems may lie ahead. Total non-performing assets rose to $3 billion or 0.63% of loans.
123jump.com Staff
19 Oct, 2007
New York City
Nikkei 225 index in Tokyo fell 1.71% to close at 16,814.37 reflecting weakness in Asian markets. Investors paid attention to the lower closing in Europe and comments from the Governor of the Bank of Japan. After a meeting with the Fed chairman Bernanke, he said that credit market dislocation is taking longer to stabilize than estimated earlier. Oil rose above $90 per barrel and lifted explorer and other energy related stocks.
123jump.com Staff
18 Oct, 2007
New York City
UK stocks closed lower as retailers came under pressure. Electronics retailer DSG International lowered its earnings guidance by 20 million pounds. DSG fell 8.8%. September retail sales rose 0.6% after gaining 0.7% in August. Other retailers fell as well. Kingfsher fell 4.2%, Home Retail dropped 3.5%, and Marks Spencer dropped 1.7%.
123jump.com Staff
18 Oct, 2007
New York City
Stocks in New York and Europe fell, but in Asia and Latin America scaled higher. Bank of America took a charge of more than $4 billion on trading and mortgage loans hurting the trading sentiment. Oil rose to a record high as dollar fell to a record low against euro. After the close Google reported $1.07 billion in earnings. AMD loss widened and SanDisk earnigs declined. Oil and gold continued their climbs on record weakness in dollar.
123jump.com Staff
18 Oct, 2007
New York City
Nokia earnings soared 85% in the third quarter on revenue increase of 28%. In the quarter, sales were recorded at 12.9 billion euros and earnings at 1.56 billion euros. Nokia sales in the Asia Pacific of 29.5 million exceed that in Europe of 29 million units. Sales in China rose to 18.9 million units, up 45% and in the Middle East and Africa increased 37% to 19.3 million units. Unit sales in North America fell 1.7% to 5.4 million.
123jump.com Staff
18 Oct, 2007
New York City
Reliance Industries earnings jumped 31% on revenue increase of 9% in the first half of the fiscal 2008. Reliance with the largest market cap in India crossed $100 billion mark. Earnings per share increased to 51.40 rupees from 39.30 rupees. Total debt at the end of the period stood at 28,600 crore rupees or $7.2 billion. Reliance Retail now has 329 stores. Reliance expects to complete its expansion to build the largest crude oil refinery in the world ahead of schedule.
123jump.com Staff
18 Oct, 2007
New York City
Sensex in Mumbai,India dropeed 717 or 3.8% lower to close at 17,998.40. CNX Nifty fell 3.6% as well. Jittery investors worried that international fund flows may slow down after the recent regulatory changes in the derivatives trading. More than $75 billion have been linked to the trading vehicle called Participatory Notes. Reliance Industries profit jumped 31% on 9% increase on sales in the first half.
123jump.com Staff
18 Oct, 2007
New York City
Stocks in the morning trading in New York fell on weaker than expected earnings from Bank of America and Pfizer. Bank of America earnings fell 32% and earnings at Pfizer plunged 80% on the account of charge related to Exubera. Ebay reported a loss on write-down related to Skype acquisition. Nokia reported a sharp rise in earnings on 26% increase in handset sales. Dollar fell to a record low against euro. Oil, natural gas, and precious metals rose. Corn and Wheat edged higher.
123jump.com Staff
18 Oct, 2007
New York City
Bank of America reported third quarter revenue decline of 12% to $16.30 billion, earnings plunged 32% to $3.70 billion, and earnings per share declined 31% to 82 cents. The company reported loan loss reserve of $2.03 billion and trading losses of $1.4 billion hurt the earnings. Bank of America fell 3.5% after the earning report.
