123jump.com Staff
08 Aug, 2007
New York City
Asian markets rebounded sharply after the Fed left key short term rates unchanged. Markets across the region rebounded on higher volume led by exporting companies, resource stocks, and banks. Macquarie Bank after falling nearly 15%, gained 4.5% on top of 6.5% rise in previous session. Cathay Pacific earnings jump on higher economic activity in the region. Indonesia and Singapore led the region with a gain of 4%. Singapore guided annual economic growth of between 7% and 8%.
Elena
08 Aug, 2007
New York City
U.S. stock futures were indicating a higher opening of Wednesday trading session, following a positive close yesterday, as the Fed Reserve decided to keep interest rates unchanged as well as its bias toward inflation. Pre-market sentiment was lifted by improved revenue guidance at technology bellwether Cisco Systems which also reported a 25% jump in quarterly profit. Bear Stearns raised its rating on the stock to outperform from peer perform. Cisco rose 6% in the pre-open.
123jump.com Staff
08 Aug, 2007
New York City
Market averages in Asia rallied and in Tokyo Nikkei 225 index jumped 0.6%. Of the 225 stocks in the index, 103 closed higher led by industrials, banks, and brokerage stocks. Shipping lines led the decliners. Alpine Electronics soared 13% after revising first half earnings. softbank first quarter income soared to 25.1 billion yen from 1.42 billion yen on one time gains. Monthly revenue per subscriber dropped to 5,000 yen from 5,210 yen.
Elena
08 Aug, 2007
New York City
The steep profit decline was attributed to higher merger expenses, a lower contribution from operations, WiMAX-related costs and increased net interest expenses. However, excluding discontinued operations, merger and severance costs the communications company posted earnings of 25 cents a share, compared with 32 cents last year.
123jump.com Staff
07 Aug, 2007
New York City
Market averages in New York closed higher as expectations of rates cut were dashed in the afternoon trading. The Fed left the rates unchaged to 5.25% and said that inflation remains its key focus. The productivity in the second quarter rose at 1.8%, lower than estimated. The rates were revised lower dating back last three years. Cisco reported earnings of 31 cents compared to 25 cents a year ago on 18% rise in revenue.
Elena
07 Aug, 2007
New York City
European stock markets gained ground on Tuesday, boosted by strength in the financial sector, as well as gains in the shares of airlines Air France-KLM and easyJet. Investors expected signals from the Federal Reserve that credit market losses are slowing U.S. economic growth and as a result borrowing costs will fall. Regional indexes climbed, led by the U.K. with an advance of 1.9%, France rising 1.6% and Germany, up 0.9%.
Elena
07 Aug, 2007
New York City
U.S. market averages continued to trade lower, reflecting reports of increased Q2 labor costs and lower-than-forecast productivity, as well as cautiousness ahead of the Fed Reserve''s interest-rate decision. Shares of major U.S. banks and brokerage firms traded mixed. Insurer Assurant advanced 3.5% after Merrill Lynch upgraded its stock to buy. At the same time, Luminent Mortgage Capital plunged 80% after it was cut to sell from neutral by UBS.
123jump.com Staff
07 Aug, 2007
New York City
Sensex in Mumbai trading closed higher by a fraction. Weakness in Asian markets have battered the indexes in the region with New York continuing to inflict volatility to global markets. Emerging marekts are beginning to recover and trade on local economic and earnings news. Fall in oil lifted goverment controlled refineries. Cement stocks increased on shortages in key markets. Banks recovered from earlier losses in the week. Real estate stocks rebounded.
Elena
07 Aug, 2007
New York City
Wall Street declined at opening Tuesday amid cautiousness ahead of the Fed Reserve''s interest-rate decision and government reports which showed increased labor costs and lower-than-expected Q2 productivity. The Labor Department reported that productivity rose 1.8%, below the 2.1% gain expected by economists. Unit labor costs rose at an annual rate of 2.1%, vs. expectations of a 1.6% gain.
123jump.com Staff
07 Aug, 2007
New York City
Asian markets remaied weak on declining trading volume. Most markets in Asia traded lower but Australia and Philippines managed to climb higher. Shanghai continued to climb higher inthe face of global markets volatility emanating from the U.S. mortgage bonds weakness. Hong Kong Land reported first half profit rise of 32% on strong commercial rents in business districts. Macquarie Bank in Sydney managed to rebound. Indonesia left the key bank rate unchaged.
Elena
07 Aug, 2007
New York City
U.S. stock futures traded near the flat line Tuesday, following a strong rally the previous session when the Dow hit a 4-year high of 286 points as investors bought financial stocks that suffered weakness in earlier hours amid worries over credit markets. Traders were cautious in pre-market hours, awaiting a Federal Reserve decision on interest rates and its view on risk after the recent troubles in credit markets.
123jump.com Staff
07 Aug, 2007
New York City
In early trading in Tokyo Nikkei gained close to 1%. In the afternoon trading market average lost its gain and closed a fraction higher. Fall in oil and commodities trading related stocks and banks led the decliners. Banks and brokerage stocks opened sharply higher, nearly 3%, but lost most of the gain by the end of the day. Trend Micro, Internet security provider, revised its sales guidance for the second quarter by 11% and earings by 68%. Emerging markets in the region closed higher.
Elena
07 Aug, 2007
New York City
Harrah''s Entertainment posted 85% earnings jump in Q2 to $237.5 million, or $1.25 per share, vs. $128.6 million, or 69 cents per share a year ago, boosted by strong results in Las Vegas and Atlantic City. Quarterly results beat analyst estimates of 98 cents per share. The casino operator posted revenue increase of 14% to $2.7 billion from $2.37 billion last year.
123jump.com Staff
06 Aug, 2007
New York City
New York averages rebounded in the final hour of trading on the belief that the next Fed move will be to cut interest rates rather leave them unchaged. The rally powered by bargain hunters lifted stocks of financials, banks, retail and insurance companies. European markets closed lower and in overnight trading several markets in Asia closed 3% or more lower. Akzo Nobel and ICI are a step closer to complete their merger. Banks in Australia, Japan, and Hong Kong fell.
Elena
06 Aug, 2007
New York City
U.S. stock averages were volatile Monday, reflecting nervousness about credit markets and the impact of subprime mortgages on financial institutions. Bear Stearns, which has lost 35% of its stock market value in 2007, laid off Co-President Warren Spector, due to credit-market weakness and decreasing investor confidence at the second-biggest underwriter of securities tied to the slumping U.S. housing market. The board of the firm greed that 57-year-old Alan Schwartz will become sole president.
