Elena
08 May, 2007
New York City
U.S. stocks continued to post losses as investors turned to consolidation of recent gains, awaiting the Fed Reserve''s decision on interest rates. Economic data released today added further pressure to stocks, as the Commerce Department said wholesalers'' inventories grew at a slower rate in March, coming in below expectations.
Elena
08 May, 2007
New York City
Among earnings-related movers, Warner Music Group inched up after posting a wider Q2 loss, hurt by restructuring costs and a decline in revenue. Warner Music lost 19 cents per share, compared with a loss of 5 cents a year ago, missing expectations of 9 cents loss. Pharmacy services provider CVS/Caremark announced Q1 earnings increase of 24% on strong revenue growth. Net income grew to 43 cents per share from 39 cents per share a year ago, missing expectations of 45 cents a share.
Elena
08 May, 2007
New York City
Wall Street opened in the negative on profit-taking ahead of the Fed Reserve''s meeting on interest rates. However, Dow member Hewlett-Packard helped limit losses, rising 2% after the computer maker raised its Q2 earnings and revenue outlook. In deal news, AK Steel climbed 15% amid reports that Arcelor Mittal is in talks to buy the U.S. steel producer in a $4.5 billion, or $40 a share, deal.
Ivaylo
08 May, 2007
New York City
The market in U.K. retreated from a six-year high on Tuesday despite strong gains for Reuters. The news and information group added to the sharp rise on Friday after it gave details of a deal with Thomson Financial of Canada. Also, a mixed mining sector weighed on the market. Having closed at its highest level since September 2000 on Friday, the FTSE 100 shed 36.3 points to 6,567.4 in late morning trade.
Elena
08 May, 2007
New York City
U.S. stock futures indicated a lower opening Tuesday, hurt by cautiousness ahead of the Fed Reserve''s interest rate policy decision on Wednesday. On the economic news front today, March wholesale inventories figures are due out after the open. Among pre-market highlights, Motorola lost 2.1% after it said its shareholders re-elected the company''s board but didn''t elect Icahn who failed to receive support from major investment funds.
Ivaylo
08 May, 2007
New York City
Most Asian markets ended lower Tuesday, with Japan declining slightly while China reached a record high on gains in retailers and property developers. Although Australia set an intraday record earlier in the session, the market in Sydney retreated and ended with a loss. The markets in South Korea and Taiwan also declined. A day after ending at a record high HK dipped today.
Elena
08 May, 2007
New York City
The companies released details of the proposed deal which values Reuters at $17.7 billion. According to the agreement, Thomson would offer 0.16 of its own shares and 352.5 pence in cash for each share in Reuters, which at Monday''s prices would value the company at 697 pence a share, or 8.76 billion pounds. Reuters'' stock lost 0.7% in pre-market trading.
Ivaylo
08 May, 2007
New York City
The benchmark index opened with a positive bias but soon plunged in negative territory on a decline in IT and banking stocks. The market recovered in noon deals on strength in cement and metal shares but finished lower on selling pressure in final hour trading. SBI and Hero Honda were the worst performing stocks, while ACC led the advancers. The government has not made a decision to allow let Foreign Direct Investment in retail sector.
Ivaylo
08 May, 2007
New York City
European markets fell on Tuesday as investors took profits from recent strong gains. Royal KPN reported earnings that missed analysts estimates and chemical maker Clariant profit dropped on higher energy costs. By mid morning, Frankfurt Xetra Dax shed 0.5%, the CAC 40 in Paris lost 0.4% and London FTSE 100 fell 0.4%.
Ivaylo
08 May, 2007
New York City
Platinum surged in New York on Monday on fund buying on a day when global activity was lighter than usual as the market in U.K. was closed for public holiday. Gold and silver edged higher but held in narrow ranges, supported by the continuing weakness of the U.S. dollar. Copper futures ended lower after a strike ended in Peru and some traders took profits.
123jump.com Staff
07 May, 2007
New York City
Higher commodity prices and cheap credit continues to fuel a wave of mergers. Alcoa launched a hostile bid for Alcan. ABN Amro said it had received a $24.5 billion conditional bid for LaSalle Bank from a consortium led by RBS. Liberty Mutual Groups agreed to buy competitor Ohio Casualty Corp. for $2.7 billion in cash, or $44 a share. Chilean government forecasted GDP growth rate of 5.7% in 2007. Brazil based Banco Bradesco earnings jumped 11%.
123jump.com Staff
07 May, 2007
New York City
U.S. stocks rose by the latest round of merger-and-acquisition activity, including a planned $27 billion hostile bid by Alcoa Inc. Alcoa offered $58.60 in cash and 0.4108 of a share for each share of Alcan. Hansen Natural fell 3.5%, after the company reported lower-than-expected first-quarter sales and higher costs. Peerless rose 5.1% after its third-quarter earnings rose 7%.
Elena
07 May, 2007
New York City
European stock markets ended little changed on Monday, reflecting declines in the shares of automakers which offset gains for companies including Bouygues. French conglomerate Bouygues rose 3.5%. Auto makers lost ground, with BMW falling 0.6% and Volkswagen losing 1.1%. The French CAC 40 ended virtually unchanged at 6,071.48. The German DAX 30 edged up 0.1% at 7,525.69.
Elena
07 May, 2007
New York City
U.S. market averages continued to post gains on Monday morning, boosted by merger activity. Liberty Mutual Group agreed to buy Ohio Casualty Corp. in a cash deal worth $2.7 billion, or $44 a share. The bid represents a 32% premium to Ohio Casualty''s closing price on Friday. The transaction is expected to close in Q3 of 2007. Shares of Ohio Casualty surged nearly 30%.
Elena
07 May, 2007
New York City
Britain''s military contractor BAE Systems agreed to acquire Armor Holdings, a U.S. maker of military and heavy vehicles, Humvee armaments and soldier body armor. The deal is valued at $88 a share, or $4.1 billion and represents a 7% premium to the Armor Holdings'' Friday close. Armor Holdings stock climbed 5.3%.
