Elena
27 Jun, 2007
New York City
Wall Street opened in the negative, pressured by much weaker-than-expected durable goods orders and cautiousness ahead of the Fed Reserve''s two-day meeting on interest rates. The Commerce Department reported that durable goods orders in May dropped by 2.8%, a steeper drop than the decline of 1.7%, anticipated by investors. However, the downward trend was bucked by positive earnings releases, indicating stronger corporate profit growth in Q2.
Ivaylo
27 Jun, 2001
New York City
The UK benchmark index tumbled Wednesday, the day when Tony Blair stepped down as prime minister. The market fell on concerns over a negative trading update from Northern Rock and losses in ex-dividend stocks. Sir John Gieve, the deputy governor of the Bank of England, also damped sentiment saying that rates were too low to curb credit and demand growth. In late morning trade, the FTSE 100 shed 32.2 points.
Elena
27 Jun, 2007
New York City
U.S. stock futures moved to the downside Wednesday, weighed down by an unexpectedly steep decline in durable-goods orders in May. However, better-than-forecast earnings from Nike Inc. and Oracle Corp. bucked the downward trend. Nike jumped 5% in pre-open trade after posting a 32% profit rise and the fastest growth in orders in the last four years. Oracle gained 0.5% after reporting a 23% profit rise in Q4, helped by acquisition deals.
Ivaylo
27 Jun, 2007
New York City
Japan lost on brokerage houses and exporters like Toyota, while profit-taking in China-related stocks pushed Hong Kong lower. Austarlia also fell as mining giant BHP Billiton plunged for the third day in a row. In China, the Shanghai Composite index bucked the downtrend and surged on bargain hunting. The South Korean market declined on weakness in banking stocks.
Elena
27 Jun, 2007
New York City
The software giant said that net earnings rose to $1.6 billion, or 31 cents per share, compared with $1.3 billion, or 24 cents per share a year earlier. Quarterly revenues jumped 20% to $5.8 billion. Excluding charges, it would have earned 37 cents a share, exceeding analyst forecast for operating earnings per share at 35 cents and revenues at $5.61 billion. Oracle Corp. added 1.3% in pre-market trading.
Ivaylo
27 Jun, 2007
New York City
The benchmark opened higher but lack of positive cues from global markets as well as weakness in some large-caps like Hindalco, ACC and Reliance Comms weighed on the market. At the end of the session, selling pressure emerged for small-cap and mid-cap stocks, which impacted the market-breadth. IT stocks rallied on a weaker rupee. The main advancers in the Sensex stocks were Satyam and TCS, while NTPC and Reliance Comms led the decliners.
Ivaylo
27 Jun, 2007
New York City
The UK lender Northern Rock and Spanish builder Sacyr Vallehermoso led decliners on Wednesday in the fifth straight session of losses in Europe. Northern Rock added that higher interest rates are denting profit and paving the way for a new interest hike by the European Central Bank, while Sacyr Vallehermoso tumbled on a negative court decision. By mid-day, Frankfurt Xetra Dax fell 0.8%, the CAC 40 in Paris lost 0.6% and London FTSE 100 slid 0.7%.
Ivaylo
27 Jun, 2007
New York City
Gold and silver fell Tuesday as investors refrained from buying, awaiting the Federal Reserve''''s meeting this week on interest rates. Copper futures lost as well, on lack of demand from China. Declining crude oil prices and advancing Treasury yields also pulled gold and on other metals lower, while wheat prices rallied on worries about tight supplies amid strong demand.
123jump.com Staff
26 Jun, 2001
New York City
U.S. stock averages struggled and lost its momentum on worries that housing market problem will persist. The Commerce Deaprtment reported 16% decline in home sales in May from a year ago. Oil fell below $68. Two buyout deals worth $9 billion falied to excite the market. Huntsman Chemical agreed to be bought out for $5.6 billion and Ventana Medical Systems for $3 billion by Roche. Markets in Europe, Asia and Latin America fell. China Coso IPO was oversubscribed 100 times.
Elena
26 Jun, 2007
New York City
European stock markets finished in the red on Tuesday, weighed down by continuous worries over interest rates and the subprime-mortgage market. In addition, a steep decline was posted by shares of BAE Systems, falling 7.8% after a U.S. anti-corruption probe into Britain''s top arms dealer. The German DAX 30 dropped 0.9% and the French CAC-40 lost 0.8%, the U.K.''s FTSE slipped 0.4%.
Elena
26 Jun, 2007
New York City
U.S. stock averages lost direction over the course of morning trading, as investors refrained from making big moves ahead if the Fed Reserve''''s decision on interest rates later in the week. Slightly better-than-expected housing data and deal news failed to offset renewed worries about interest rates, the subprime mortgage market, and hedge fund woes. Housing stocks came under pressure on lower home sales, followed by resource stocks which declined on weaker commodities prices.
Elena
26 Jun, 2007
New York City
Homebuilder Lennar lost 1.2% after posting a quarterly loss and warning of further weakness. Lennar said it swung to a Q2 loss of $1.55 per share, vs. a profit of $2 per share a year ago, blaming weaker housing market. Analysts had been expecting Q2 profit of 5 cents a share. Quarterly revenue dropped 37% to $2.88 billion, beating analyst estimate of $2.58 billion. The company warned it would report a Q3 loss as well.
Elena
26 Jun, 2007
New York City
Wall Street opened above the flat line, reflecting bargain hunting after recent weakness and merger-and-acquisition news ahead of a key report on the housing market. BlackRock added 1.6% after it agreed to buy the fund-of-funds business of Quellos Group for up to $1.7 billion. In earnings news, homebuilder Lennar lost 1.2% after posting a quarterly loss and warning of further weakness. Oracle and Nike are scheduled to report after the closing bell.
Ivaylo
26 Jun, 2007
New York City
Exporters in Japan fell with Elpida Memory and Fujitsu in the lead, while trading house Mitsubishi led the brokerages down on worries over subprime mortage rates in the US. HK, Australia and South Korea also declined. In China the market reversed losses made earlier as investors seemed to be of the opinion that the 12% slump previous week was overrated.
Elena
26 Jun, 2007
New York City
U.S. stock market looked poised for a higher opening Tuesday, with investors awaiting a report on new home sales, expected to show a decline in May from the previous month. In another report, the Conference Board is due to release its June consumer confidence index. S&P 500 futures rose 3 points at 1,516.60 and Nasdaq 100 futures rose 4 points at 1,945.00. Dow industrial futures rose 14 points.
