Elena
24 Jul, 2007
New York City
The company said Q2 net income was $610 million, or 42 cents per share, down from $2.39 billion, or $1.50 per share. Quarterly revenue stood at $3.42 billion, down from $3.7 billion last year, due to a weaker demand for a broad range of products. The financial results met the average analyst expectations of earnings of 42 cents per share on $3.45 billion in revenue. Company''s shares fell 3.3% in pre-market trading.
123jump.com Staff
23 Jul, 2007
New York City
Global markets advanced led by a steady gain in New York and European markets. Takeover news worth $35 billion dominated the trading in two regions. Latin markets closed higher following the lead of New York. GlobalSanta Fe and Transocean have agreed to merge. Barclays agreed to sell 19% stake to Asian investors to raise funds for its bid for ABN Amro. United Rentals agreed to be acquired by private equity group for $4 billion. Yen fell to a record low. India and Korea close at a record high.
Elena
23 Jul, 2007
New York City
European stock markets closed higher on Monday, driven by merger deals in the financial sector with British banking giant Barclays and insurer Friends Provident in the spotlight. Barclays advanced 3% after it agreed to sell a 19% stake to China Development Bank and Singapore''s Temasek Holdings in order to fund an improved bid of 67.5 billion euros for Dutch bank ABN Amro. Germany advanced 0.9%, France also added 0.9%, and the U.K. gained 0.6%.
Elena
23 Jul, 2007
New York City
U.S. market averages rallied in late Monday trading, driven by several multibillion-dollar deals in various sectors. Opsware surged 36% after Hewlett-Packard said it will buy the automation software maker for $1.6 billion to enhance its portfolio of business technology optimization software. United Rentals, equipment rental company, agreed to be taken private by Cerberus Capital Management for $6.6 billion. The Dow Jones rose more than 100 points, moving towards 14,000 points.
123jump.com Staff
23 Jul, 2007
New York City
Infrastructure and real estate stocks led the rally despite weakness in other Asian markets. Larsen & Toubro, GMR Infra, DLF, Untech and Mahindra Gesco jumped. ICICI Bank fell after 25% increase in earnings. UTI Bank priced it IPO in London at a discount and raised $220 million. Suryachakra IPO in Mumbai jumped 14% on relatively low oversubscription. Auto stocks surged on the hope that interest rates are not likely to rise in the near future.
Elena
23 Jul, 2007
New York City
Wall Street opened higher, benefiting from robust profits in the pharmaceutical sector and news of a takeover in the oil services industry, financial and equipment-rental sectors. The Dow was led higher by drug giant Merck which rose 6% after it posted better-than-expected 12% earnings increase in Q2 and lifted its annual earnings forecast. Rival Schering-Plough added 1% as both its quarterly revenue and earnings beat expectations.
Elena
23 Jul, 2007
New York City
U.S. stock futures moved to the upside on Monday, boosted by a multibillion-dollar deal in the oil drilling sector as well as stronger-than-expected earnings from drug makers Merck and Schering-Plough. In buyout news, Transocean and GlobalSantaFe said that they agreed to combine to form a $53 billion drilling contractor. Pharmaceutical giant Merck climbed 4.5% in pre-open trade amid 12% increase in Q2 profit. Schering-Plough rose 3.7% after it said its Q2 profit more than doubled.
Elena
23 Jul, 2007
New York City
The new company will be named Transocean. Under the terms of the deal, Transocean shareholders will receive $33.03 in cash and 0.6996 shares of the combined company for each Transocean share they hold. At the same time, GlobalSantaFe stockholders will get $22.46 in cash and 0.4757 shares of the combined company for each GlobalSantaFe share they hold.
123jump.com Staff
20 Jul, 2007
New York City
World markets declined a day after Dow failed to hold on to its record close at 14,000. New York averages fell after Google, Caterpillar and several bank earnings left investors cautious. Dollar fell against euro prompting worries that earnings of European companies are likely to suffer. Brazil and Mexico fell led by decline in telecom and industrial stocks. Hong Kong, India, and Korea closed at a record high. Shanghai surged with a gain of 4% and led the region.
123jump.com Staff
20 Jul, 2007
New York City
New York averages declined by 1% with less than 30 minutes of trading on summer Friday. Treasury bonds managed to rise as worries in the subprime market continued. St Louis Fed President cautioned that subprime markets are serious but are not likely to slow consumer spending. AMD fell 1% after reporting loss of $600 million. SanDisk earnings fell but guided higher margin. Sherwin Willams stock fell after beating the estimates.
123jump.com Staff
20 Jul, 2007
New York City
European markets closed lower on the worries that rising euro will hurt earings. Spain led the region with a loss of 1.8% after an insurance group decided to sell its stake in super charge homebuilder stocks. Spanish construction stocks have risen nearly three fold in three years on strong economic growth. Ericsson fell 5% on 12% rise in earnings but missed target. Cable & Wirelss fell 3.6% after Digicel filed a lawsuit. German banks with the exposure to the U.S. markets fell.
123jump.com Staff
20 Jul, 2007
New York City
The central bank in China lifted interest rates on lending and deposits by 0.27% and cut tax rates to 5% from 20% on fixed deposits. The rate hikes were targeted to stabilize prices for food and energy and thwart the fast rising economy. China is expected to report fastest economic growth in 12 years and surpass third-largest German economy this year. Low interest rates have spurred 34% rise in retail sales, a bubble like returns in stock market, and rampant speculation in housing market.
123jump.com Staff
20 Jul, 2007
New York City
Sensex in India scaled new high on steady fund flows from international investors and a rise in telecom and metal stocks. Relinance sold 5% stake in its telecom tower unit for $340 million lifting other telecom stocks. Firm metal prices lifted steel, zinc and copper stocks. Cements stocks bucked the trend and corrected. Larsen & Toubro jumped 4% on earnings. Wholesale inflation was reported unchaged at the end of July 7th.
123jump.com Staff
20 Jul, 2007
New York City
Asian markets continued their advance supported by higher metals and oil prices and better earnings forecasts. LG Electronics surged 6% on a swing to profit in the second quarter lifting Korea to a record close. Steel makers lifted Japan higher. India jumped on telecom stocks. In Hong Kong financials and telecom stocks led the rally.
123jump.com Staff
20 Jul, 2007
New York City
New York averages opened lower on the several earnings misses including that of Google, Caterpillar and Boston Scientific. Google fell 7% after reporting slower than expected earnings grwoth and Microsoft fell 3% on higher than expected charges stemming from Xbox. Ericsson profit jump 12% but miss the target. Asian markets closed higher. Gneneral Motors sales rise outside the U.S. Mixed earnings in europe lower indexes in the region.
