Mayank Mehta
01 Dec, 2008
New York City
U.S. stocks plunged on the worries that economic recession will be longer and deeper than generally estimated. Energy stocks fell on 10% decline in crude oil prices and retail stocks fell after retailers offered more and larger discount than usual to kick-off holiday sales.
123jump.com Staff
01 Dec, 2008
New York City
U.S. stocks plunged 8% after weak manufacturing and construction reports. Of the stocks in S&P 500 index, 498 dropped and 214 plunged more than 10%. A private economic group suggested that the U.S. has been in a recession for a year. Manufacturing indexes in China and UK dropped.
123jump.com Staff
01 Dec, 2008
New York City
Stocks in Australia fell 1.6% ahead of interest rate decision. ABS reported sharp fall in operating profit at Australian companies in the quarter ending in September. BHP and Rio Tinto fell on the worries that industry will be forced to lower iron ore prices.
123jump.com Staff
01 Dec, 2008
New York City
Wages in Japan fell 0.1% in October. Morimoto Company, the condominium developer filed for bankruptcy after going public only nine months ago. For the year nearly 23 large real estate developers have sought protection from creditors. Nikkei 225 index dropped 1.4%.
123jump.com Staff
01 Dec, 2008
New York City
Manufacturing in China declined according to the latest survey of 700 manufacturers. Yunnan regional government plans to spend $3 billion to purchase base metal prodcution from local companies to support activities. The pledge lifted stocks in the sector and in Hong Kong.
123jump.com Staff
01 Dec, 2008
New York City
UK stocks declined 6% after weak manufacturing and housing market reports. Manufacturing activities index declined the most in 16 years. UK home prices drop to the level last seen in 2006. Miners declined on the worries that BHP and Rio Tinto will be forced to cut iron ore prices.
123jump.com Staff
01 Dec, 2008
New York City
Stocks in Mumbai fell nearly 3% after exports declined 12% in October. Trade deficit in the month eased but worries of a fall in international trade dragged stocks lower. Vehicle makers fell after November sales declined. Bajaj Auto sales fell 32% and Maruti Suzuki sales plunged 24%.
123jump.com Staff
01 Dec, 2008
New York City
McDermott revenues rose 26% to $1.7 billion and net income declined $85.6 million or $0.37 a share from $140.4 million or $0.61 per share a year ago. The company lost $90 million related to an off-shore project. The company expects a significant non-cash expense related to pension account.
123jump.com Staff
01 Dec, 2008
New York City
Sunoco reported net income of $549 million or $4.70 a share in the third quarter compared to $216 million or $1.81 a share a year ago. Refining and supply segment earned $424 million and non-refining businesses earned $140 million in the quarter. The company will reduce capital spending by approximately $375 million.
123jump.com Staff
01 Dec, 2008
New York City
AutoNation, the largest auto retailer reported third quarter revenues declined 22% to $3.5 billion and net loss from continuing operations of $1.4 billion or $7.95 per share. In the quarter the company recorded noncash charges for goodwill and franchise impairment of $1.46 billion after tax.
123jump.com Staff
01 Dec, 2008
New York City
U.S. stocks fell as much as 4% in the morning trading. Holiday sales kicked off strong but after heavy merchandising discount by retailers. Most retailers are likely to face a sharp decline in earnings. Asian markets closed lower and European markets declined. Crude oil fell 5%.
123jump.com Staff
27 Nov, 2008
New York City
UK stocks closed higher on a rise in commoditites stocks after BHP Billiton aborted its hostile offer for Rio Tinto. A surprise rate in cut in China also lifted sentiment in the commodities markets. UK home prices fell 14% from a year ago in November.
Darlington Musarurwa
27 Nov, 2008
New York City
After a surprise rate cut in China stocks gained in Shanghai and in Hong Kong. Social investment in China is likely to increase to Rmb18 trillion in 2009. Airlines in China gained on the financial suppor from the government. Chinese steelmakers gained after BHP Billiton withdrew its offer for Rio.
123jump.com Staff
27 Nov, 2008
New York City
Stocks in Australia gained on speculation that latest China rate cut will sustain exports of commodities. New homes sales soar 6.7% in october on lower mortgage rates and increase in tax incentives for the first time home buyers. BHP Billiton will let its filing deadline lapse with the EU and UK.
Darlington Musarurwa
27 Nov, 2008
New York City
Stocks in Tokyo rose 2% on the hopes that the latest rate in cut in China will help exports from Japan. Toix Index gained 1.5%. Inpex soared 10% after crude oil prices increased 7%. Meidensha Corp led the gainers in Nikkei with a rise of 10.1%. Panasonic Corp lowered its full year earnings.
