123jump.com Staff
10 Mar, 2008
New York City
U.S. stocks fell after two hours of trading as market worried about the weak economic conditions. Oil fell at the opening but quickly recovered from its loss of 1% to trade at intra-day record high. McDonalds reported a rise in same store sales in February on systemwide sales rise.
123jump.com Staff
10 Mar, 2008
New York City
Nationwide received $47.20 per share or $2.2 billion buyout bid from a controlling group of shareholder. The group consists of Nationwide insurance companies and Nationwide Corp. The stock rallied after the news and traded above the offer price. The Nationwide stock traded as high as $65.50 last year and as low as $32 in the last five years. The company offer may be revised above $52 per share according to our estimate.
123jump.com Staff
07 Mar, 2008
New York City
UK stocks fell after base metal prices declined. China reported a decline in copper inventories, prompting a decline in mining stocks. Broader market fell on probable fire sale of mortgage securities of 25 billion francs at UBS. JD Wetherspoon, pub operator reported 0.4% decline in sales to
123jump.com Staff
07 Mar, 2008
New York City
Hang Seng fell 3.6% and closed down 7.5% for the week after the weakness in global markets dragged banks and energy companies. China Enterprise Index fell 9.5% for the week. China Netcom and Sun Hung Kai fell after brokers lowered their ratings on stocks.
123jump.com Staff
07 Mar, 2008
New York City
European marekts closed lower, dragged by a weakness in the U.S. stocks, rising euro, and worries related to the U.S. economic recession. Veolia Environment fell 10% after its earnings disappointed analysts. Mediobanca second quarter profit rose 57%. Telecom Italia dropped 9% after it forecasted 2008 revenue to match that of 2007. Piaggio, Vespa scooter maker, dropped after 2007 earnings dropped to 59.6 million euros.
123jump.com Staff
07 Mar, 2008
New York City
The Fed acted to bolster the liquidity in the credit market by increasing the size of the next two auctions to $50 billion each and also extended facility to lend $100 billion in the short term. The news helped to limit the declines in banks and brokerage stocks. The February payroll declined 63,000 after the revised employment in January fell 22,000. The sharpest decline in five years prompted economists to predict the arrival of recession. Thornburg Mortgage has margin call of $610 million.
123jump.com Staff
07 Mar, 2008
New York City
U.S. stocks reversed earlier losses after the Fed raised its limits and acceptance of wider collateral. The Fed now plans to provide $100 billion in TAF auction and also accepts agency debt for its collateral for the repurchase of short term debt for up to $100 billion. February payroll declined by 63,000. Ciena led the gainers in S&P 500 with a rise of more than 10%.
123jump.com Staff
07 Mar, 2008
New York City
Stocks in Tokyo declined as financial markets worried that the ongoing U.S. economic slowdown will impact exports from Japan. The new foreclosure data in the U.S. suggested record rise in filings and outlook for the rest of the year is gloomy. Nikkei 225 fell 3.27% or 432.62 to 12,782.80 down 6% for the week, and the broader Topix Index tumbled 3.1% or 39.78 to 1,247.77.
123jump.com Staff
06 Mar, 2008
New York City
The ECB left its key rate at 4% and lowered the growth rate for this and the next year. It also increased its inflation estimate on the rising food and energy prices. The Bank of England also left its key rate at 5.25%. On the rate news, dollar reached a new low against euro to $1.53. Royal Ahold reported fourth quarter profit increase of 9% to 260 million euros on unchanged sales of 6.6 billion euros.
123jump.com Staff
06 Mar, 2008
New York City
U.S. stocks closed lower after credit market worries and rising home foreclosures dominated trading sentiment. Home foreclosures nearly doubled in the last quarter as homeowners struggled with rising monthly payments. Thornburg fell 51% after it received loan default notice from JP Morgan. February same stores sales at JC Penney, Chicos, Limited, Kohls and Gap fell. Wal-Mart sales rose 2.6%. Jobless claims fell 24,000.
123jump.com Staff
06 Mar, 2008
New York City
U.S. stocks edged lower as mortgage securities related defaults fears spread to stocks. Thornburg received a default notice from JP Morgan which triggered other defaults of $320 million. Thornburg stock is now down 95% from its recent peak in July 2007. Carlyle Capital, a listed investment management company in London, controlled by Carlyle Group in Washington, received mortgage debt related default from one of its 13 lenders.
123jump.com Staff
06 Mar, 2008
New York City
The European Central Bank and the Bank of England left their key rates unchaged as both central banks fight rising inflation in the region. The ECB left rates at 4% and the BoE left its rates at 5.25%, highest among the G7 nations. Pound and euro rallied against the dollar after the rate decision. Euro has increased nearly 20% against dollar in the last fourteen months and continues to reach new highs on rate disparities.
123jump.com Staff
06 Mar, 2008
New York City
Hong Kong Clearing and Exchanges net income in 2007 jumped 145% to HK$6.2 billion from HK$2.52 billion in 2006. Media reports suggest that Bank of China has sold 500 million of its $7.95 billion of subprime loans linked to the international markets. Hong Kong stocks rose 1% tracking higher closings in the U.S. and Europe.
123jump.com Staff
06 Mar, 2008
New York City
National Australia Bank led other banks in hiking its interest rates after it raised its variable home loan rate by 0.29% to 9.27%. St George is likely to follow the NAB lead with a rate hike. The Reserve Bank of Australia raised its lending rate to a 12-year high of 7.25%. Fertilizer maker, Nufarm Ltd today raised $200 million to pay for its recent acquisitions. The company placed 13.25 million shares at $15.10 per share.
123jump.com Staff
06 Mar, 2008
New York City
Leading indicators index of the Japan economy in January declined indicating economic slowdown. Only a day ago the government had reported a decline in capital spending and consumer confidence is on the decline. Despite the gloomy economic statistics, stocks rose tracking the gains in the U.S. markets. Amgen will pay $100 million to Kyowa Hakko for the rights to inflammation in non-oncology setting. The license may be expanded with the additional payment of $420 million.
