123jump.com Staff
07 May, 2008
New York City
U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings.
123jump.com Staff
07 May, 2008
New York City
Stocks in Japan advanced as rising crude oil prices topped $122 per barrel on further supply disruptions in Nigeria and elevated crude oil demand in the U.S, China and India. After the close, U.S. reported in its weekly oil inventory report a decline in Crude oil import by less than 5%. China, India and the U.S. continues to import crude oil at elevated level, despite oil trading above $122 a barrel. Average gasoline price in Japan rose nearly 6 yen in a week and reached 159.20 yen.
123jump.com Staff
07 May, 2008
New York City
Stocks in Shanghai and Hong Kong fell after the worries on global economic health resurfaced. Rising crude oil prices and falling import of copper played in the trading sentiment. Crude oil surged above $122 a barrel dragging stocks of oil refiners and marketers. China restricts the price companies can charge. China also increased regulatory oversight on management incentives given to listed companies.
123jump.com Staff
07 May, 2008
New York City
UK stocks edged higher in a day of mixed trading. UK manufacturing declined in March after rising in February. The index that tracks factory output fell 0.5% in March after rising 0.4% in February. Sharp decline in transportation equipment in the month led all categories in the manufacturing industries. BAT, the cigarette maker reported 14% rise in sales to
123jump.com Staff
07 May, 2008
New York City
U.S. stocks turned negative after the release of weekly crude oil inventory report and index of pending home sales. The crude oil inventories were slightly lower but the inventories of gasoline and distillate were unchanged at the end of the last week. An index of pending home sales in March fell on difficult lending conditions.
123jump.com Staff
07 May, 2008
New York City
U.S. stocks wavered with a negative bias after one hour of trading. First quarter productivity rose at 2.2% across the economy and surged 4.1% in manufacturing sector. Cisco fell a fraction after quarterly earnings declined but sales rose in the latest quarter. Disney earnings rose 22% on 11% rise in revenue. An index of pending home resale fell in March as buyers find it difficult to get financing. Asian markets closed mixed and European markets edged higher.
123jump.com Staff
06 May, 2008
New York City
Hong Kong stock indexes ended fractionally up in volatile trading as rising oil prices dragged stocks of airlines and oil refiners. Hang Seng Index rose 0.30% to 26,262.13, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, increased 0.18% to 14,651.29. In Shanghai trade, CSI 300 Index fell 1.1% to 4,010.89. Crude oil futures reached a record high in Shanghai and Hong Kong trading dragging stocks of refineries and airlines.
123jump.com Staff
06 May, 2008
New York City
Stocks in Europe closed lower after UBS reported a loss of 11.5 billion francs and Swiss Re missed its target. UBS also decided to elimiate 5,500 positions and raise caiptal to bolster its weak tier-1 capital ratio. NYSE Euronext earnings rose sharply on higher derivative revenues. Adidas first quarter earnings rose after the purchase of rival Reebok.
123jump.com Staff
06 May, 2008
New York City
U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel.
123jump.com Staff
06 May, 2008
New York City
UK stocks closed nearly unchanged after the service index in April fell to a five year low. Of the 102 FTSE 100 stocks 26 gained, 74 declined and 2 were unchanged. Tullow Oil led advancers in the index shares with a rise of 24% after crude oil prices jumped to $122 per barrel, boosted by further supply disruptions. British Land fell after Morgan Stanley lowered its rating on the company.
123jump.com Staff
06 May, 2008
New York City
U.S. stocks rebounded from the morning slump after investors focused on reduced capital requirement for Fannie Mae and a steady rise in crude oil and natural gas prices. Fannie Mae will be allowed to operate with capital control ratio of as low as 10% by the third quarter of this year. Crude oil traded above $122. NYSE Euronext Group reported a sharp rise in revenue and earnings on higher revenues in derivative products. D R Horton revenue slumped 65%.
123jump.com Staff
06 May, 2008
New York City
U.S. stocks fell in the morning trading after the release of earnings from Fannie Mae and UBS. Fannie Mae swung to first quarter 2008 loss of $2.2 billion compared to profit of $961 million. The mortgage lender also cut its dividend to 25 cents per share and announced a plan to raise $6 billion to meet capital requirements. Separately, Swiss bank UBS reported a loss of SFr 11.54 billion and a plan to eliminate 5,500 jobs.
123jump.com Staff
05 May, 2008
New York City
European markets closed unchanged in a quiet trading. Markets in UK were closed. Crude oil surged 3% on the continued worries related to Nigerian oil supply. Natural gas, crude oil and precious metals rebounded. Gold, Silver and several food commodities clossed higher. Deutsche Telekom is liklely to bid for Sprint. Deutsche Post said that it has met its first quarter operating profit target.
123jump.com Staff
05 May, 2008
New York City
U.S. stocks opened and closed lower. Yahoo and Microsoft were $4 per share apart and called off merger talks. Sprint is likley to initiate merger talks with Deutsche Telekom. Sprint surged 10%. Separately, Arcelor Mittal is in preliminary talks with the second largest steel company Angang Steel in China. Countrywide plunged 10% on the speculation that the Bank America purchase terms may be revised substantially.
123jump.com Staff
05 May, 2008
New York City
China permitted more companies to open investment management operations, however the companies remained cautious. April consumer price inflation in China is expected to be near 8%, lower than in March and February. Angang Steel jumped 4% on the reports that Arcelor Mittal and Angang are in discussions to explore merger or stake sale. Retailer Maoye International fell below its offering price of HK$3.10 on its first day of trading.
