123jump.com Staff
31 Mar, 2008
New York City
U.S. stocks edged higher after a sharp decline in energy and gold prices. USDA report showed that farmers planted more than expected level of soybeans and wheat and less than expected cotton and corn crops. Soybean fell in Chicago trading. Schering Plough and Merck declined sharply after a group of cardiologist said that the expensive drugs for cholesterol treatment are no better than generic drugs. Housing Secretary Jackson quits after a criminal probe investigating contract awards.
123jump.com Staff
31 Mar, 2008
New York City
Northern Rock unveiled a plan to repay the Bank of England by the year 2011 and shrink its balance sheet by more than half. Stocks in London trading recovered after a steady rise in copper and other metal prices lifted mining stocks. Friends Provident gained 3% after it rejected $7 billion takeover offer. Home prices fell 0.2% in March and for the year home sales volume is expected to decline.
123jump.com Staff
31 Mar, 2008
New York City
St George, raised its rate on variable home loans by 0.1% to 9.47%. The bank blamed a rise in interest to an increase in costs in the wholesale markets. Australian billionaire retailer and former Coles Group Ltd Chairman Solomon Lew today launch unsolicited $900 million takeover offer for Just Group Ltd. Sinosteel unveiled its formal offer for Midwest at $1.19 billion, lower than expected offer of $1.49 billion.
123jump.com Staff
31 Mar, 2008
New York City
U.S. farmers are expected to improve their net income in the current year as commodities prices are expected to trade near record levels. In the latest plating report from the USDA, more farmers are expected to plant soybeans to take advantage of higher prices and battle rising costs of fertilizers. Corn planting will be lower but still near record levels as demand for the largest grain production by value, as demand for ethanol drives the economics.
123jump.com Staff
31 Mar, 2008
New York City
U.S. stocks edged higher in the morning trading. Pharmaceuticals and exchanges stocks declined. A committee of cardiologist warned that two drugs jointly marketed by Schering Plough and Merck with total sales of $5 billion were no better than their generic version Zocor. Schering and Merck plunged after the report.
123jump.com Staff
31 Mar, 2008
New York City
Hang Seng fell 1.9% in Monday trading and declined 18% in the first quarter on rising inflation, falling dollar and worries related to global economic slowdown. Chinese Coking Industry Association forecasted higher coke price for the year as supply lags the rising demand. Financial stocks declined after analysts suggested that UBS may need to raise $16 billion in capital.
123jump.com Staff
31 Mar, 2008
New York City
Marubeni will close an investment fund that invested in structured investment vehicles. Separately Lehman is likely to sue Marubeni to recover $350 loss. Marubeni fell 6%. Stocks in Japan and Asia closed lower. In Tokyo trading Nikkei 225 dropped 2.3% or 294.93 at 12,525.54 and the broader Topix Index fell 2.5% or 30.85 at 1.212.96.
123jump.com Staff
28 Mar, 2008
New York City
European markets were on the decline after money markets remained tight and pound fell against euro to a new low. ECB plans to offer, for the first time, 100 billion euros for six months loan in two separate auctions next month. UK March consumer confidence fell to a fifteen-year low and home prices in February rose at 1.1%. Punch Taverns pulled its 2 billion pounds offer to buy Mitchells & Butlers on comments from Lehman Brothers.
123jump.com Staff
28 Mar, 2008
New York City
U.S. stocks edged lowere after worries related to consumer spending resurfaced. February personal spending rose at a slower than expected pace and an index of inflation in the month sharply. Rising food and energy prices are contributing to steady rise in inflation. Retailers were on the decline after JC Penney lowered its earnings outlook. In the earnings news, Accenture reported better than expected earnngs and Williams-Sonoma fell on lowered revenue growth outlook in 2008.
123jump.com Staff
28 Mar, 2008
New York City
U.S. stocks traded sideways after earnings warning from JC Penney. The department store retailer warned that earnings for the quarter will be near 50 cents per share, lower than earlier forecast between 75 cents and 80 cents. The warning dragged most retailers lower. Lehman Brothers traded lower after Citigroup raised the stock rating and set target price of $65. Consumer spending in February rose 0.1% after gaining 0.4% in January. Consumer sentiment index in March declined.
123jump.com Staff
28 Mar, 2008
New York City
JC Penney lowered its earnings estimate for the current quarter to 50 cents from 75 cents to 80 cents per share. The retailer that counts half of American families as its customers blamed lower than expected sales during Easter holiday. However, retailer did not lower its plan to open new stores and appears to keep spending money under is capital investments plan.
123jump.com Staff
28 Mar, 2008
New York City
Lehman Brothers stocks was upgraded to buy from hold by an analyst at Citigroup with a target price of $65. The research note suggested that the company has adequate liquidity and the recent Fed action will provide ample support to the stock. Lehman stock traded as high as $81 in June of 2007 and since then has been on a slide. Lehman on March 17, Monday after the deal between JP Morgan and Bear Stearns, came under heavy pressure and touched as low as $20.
123jump.com Staff
27 Mar, 2008
New York City
Money markets remained tight as interbank interest rare rose to near record high for the year. Banks remain unwilling to extend loans to other banks despite several auctions by central banks in the UK and Europe to ease the liquidity. Separately, Man Group said earnings will be higher than expected and Compass Group reported better than expected earnings. Kingfisher, home supplies retailer reported 20% decline in earnings.
123jump.com Staff
27 Mar, 2008
New York City
European stocks closed higher led by a rise in financials, banks, and insurance stokcks. Money markets continue to struggle as banks show unwillingness to lend each other. Interbank loan rates reached near record high for the year for lending in euro and pound. The recent liquidity measures from the Bank of England and ECB have failed to ease the money markets. Separately, Swiss Life reported higher than expected earnings on sale of two units and a private bank.
123jump.com Staff
27 Mar, 2008
New York City
Tech stocks led the decliners in the U.S. trading led by a fall in Intel, Google and Oracle. Oracle fell 7% after sales were below expectations, Google fell after click through estimate in February were 3% lower than last year. Lehman fell 9% on persisten rumors of liquity crunch at the firm. McCormick jumped after predicting higher sales in the year. Clear Channel rose after the company and buyout groups sued banks for refusing loans to fund the deal.
