Elena
04 Sep, 2007
New York City
Merrill Lynch slashed its earnings estimates on 12 service stocks, as it predicts a 65% U.S. recession. As a result, FTI Consulting dropped 2.5%, Heidrick & Struggles slipped 5.9%, and Manpower declined 3%. Merrill Lynch also upgraded Iron Mountain to buy from neutral, sending it up 1.4%.
Elena
04 Sep, 2007
New York City
Wall Street opened mixed, waiting indications from economic data whether the Fed Reserve will reduce interest rates at the FOMC meeting central in two weeks. In corporate news, Yahoo jumped 4.6% after Bear Stearns named the company''s stock as a top pick. On the deal news front, discount wireless phone service provider MetroPCS Communications offered to buy rival Leap Wireless International for about $5.12 billion in stock. Leap Wireless surged 14%.
Elena
04 Sep, 2007
New York City
U.S. stock futures were pointing slightly lower on Tuesday after the long-weekend holiday, with investors awaiting data on monthly auto sales. Automakers are expected to release the weakest sales in August since a strike at GM about ten years ago. The ISM is also due to release its manufacturing survey, which is expected to be above the 50% level that indicates economic growth. Merrill Lynch cut its earnings estimates on 12 stocks, due to a potential possibility of a 65% recession.
123jump.com Staff
03 Sep, 2007
New York City
Stocks in London closed fractionally higher. UK manufacturers reported strong rise in manufacturing activity at the end of the second quarter. Despite rising currency and steady rise in interest rates domestic orders are greater than export orders. The general tone of the report suggested that UK may be enjoying the best manufacturing environment in the last ten years. HSBC agrees to pay $6.3 billion for 51% stake of Korea Exchange Bank. of the FTSE 100 stocks, 65 closed higher.
123jump.com Staff
03 Sep, 2007
New York City
Sensex in India closed higher but on lower trading volume. Maruti Suzuki reported August unit sales increased 25% but sales of two-wheelers at Bajaj Auto fell 6%. Dr Reddys is exploring acqusition opportunities with Bradley Pharma based in the U.S. JSW Steel crude steel production in August increased 32% from a year ago. Banks, IT, consumer product stocks closed higher. Rupee weakned a fraction against dollar. Daily trading volume on NSE declied 10% and on BSE fel 19%.
Elena
03 Sep, 2007
New York City
European stock markets closed mostly higher Monday, led by strength in banking shares. Svenska Handelsbanken surged 7.8% after Storebrand agreed to buy the Swedish bank''s SPP life-insurance unit for $2.6 billion. Barclays was another leading gainer after it said losses from failed debt funds will not exceed 75 million pounds. Across the region, the U.K. finished up 0.2%, Germany advanced 0.14%, while France came under a bit of pressure, falling 0.2%
123jump.com Staff
03 Sep, 2007
New York City
Asian market closed traded mixed in cautious trading. In thin volume investors reacted to local news and announced deals. Korea reported second quarter economic growth of 1.8% on rising exports and strong manufacturing sector. HSBC agreed to pay $6.3 billion for a 51% stake in Korea Exchange Bank. Singapore Air and Temasek agreed to pay $900 million to purchase a stake in China Eastern Air.
123jump.com Staff
03 Sep, 2007
New York City
Tokyo stocks fell in cautious trading on thin volume. Financials and real estate stocks led the decliners. Agriculture Minister Endo resigned after media reports suggested that the cooperative that he headed, reported higher claims of weather damages to receive larger subisidies. The newly appointed cabinet ministers were supposed to lift Prime Minister Abe from recent defeat in election. Renault and Nissan are planning to spend $1.2 billion to set up manufacturing plant in Morocco.
123jump.com Staff
31 Aug, 2007
New York City
At least for today New York markets rallied and lifted averages in Europe and South America. Two speeches from the Fed and President Bush shifted the focus from the crdit market crunch to the need for rate cut. Investors remianed optimistic and hoped that rates cut is more likely on Sept 18 meeting. what market fails to accept that how can three mortgage lending binge can be cured by one rate cut. Market is setting itself up for a fall in the coming weeks.
123jump.com Staff
31 Aug, 2007
New York City
Stocks in London closed higher for the second day in a row. Investors hoped that the Fed is likley to lower rates for the rest of the year. FTSE 100 index gained 1.5% led by miners and financial companies. Rolls Royce jumped on $400 million order for engines. Thomas Cook warned tough market conditions in the UK and plans to eliminate 3,000 jobs. Higher metal prices led 2% increase in BHP, Antofagasta, and Anglo American. Barclays $1.6 billion of credit to troubled hedge fund Cairn Capital.
Elena
31 Aug, 2007
New York City
European stock markets closed sharply higher Friday on optimism about global economic growth, with the U.S. Fed Reserve promising to help deal with problems in the mortgage and credit markets. The gains were broad based, led by companies related to the commodities sector, like steelmaker ArcelorMittal, mining giant Rio Tinto and oil producer Royal Dutch Shell. Across the region, Germany climbed 1.6%, followed by the U.K. with an advance of 1.5% and France, rising 1.3%.
Elena
31 Aug, 2007
New York City
U.S. market averages posted solid gains Friday, as comments from President Bush and Fed Reserve Chairman Ben Bernanke reassured investors that Wall Street would not be left to cope with mortgage and credit market problems on its own. President Bush proposed a change in the Federal Housing Administration mortgage insurance program to let more people get federally insured mortgages. Shares of Accredited Home Lenders surged 40%, Countrywide rose 1%, while Impac Mortgage Holdings climbed 1.8%
123jump.com Staff
31 Aug, 2007
New York City
Sensex in India trading rebounded on the second quarter economic growth report. The GDP in the quarter jumped 9.3% lifted by strong growth above 10% in manufacturing and service sectors. Agriculture lagged with a growth of 3.6%. Wholesale price index, a measure of inflation, declined at the end of last week to 3.94%. First read in the last 20 months below 4%. Essar Oil is planning to raise $750 million in the international markets. Wipro has agreed to pay $160 milion for marketrx.
Elena
31 Aug, 2007
New York City
Wall Street rallied at opening, lifted by news that President Bush will announce a plan to support subprime mortgage borrowers and loosen credit conditions. Market sentiment was further boosted by optimism that Federal Reserve Chairman Ben Bernanke might hint an interest-rate cut in his speech. Accredited Home Lenders soared 36% after Lone Star Funds said it will offer $214 million for the firm, which is 44% less than it first offered for the troubled lender.
123jump.com Staff
31 Aug, 2007
New York City
Tokyo stocks rallied on the back of rise in New York trading. Exporters including Sony, Canon, and Fujifilm gained more than 5%. The Nikkei 225 index surged 2.6%, the strongest rebound in the last two weeks of trading. Nikkei 225 for the month fell 3.9% and broader index Topix dropped 5.7%.
