Elena
16 Aug, 2007
New York City
U.S. stock futures plunged on Thursday, following a heavy sell-off the previous session as well as economic data showing new home construction at a 10-year low. Housing starts fell 6.1% in July to a seasonally adjusted annual rate of 1.381 million, lower than the expected fall to 1.40 million. Countrywide''s decision to tap its entire credit line and a hint from a FedReserve official that there won''t be a rate cut soon further weighed on sentiment.
123jump.com Staff
16 Aug, 2007
New York City
Asian markets were battered as investors sold stocks across the region. Banking and real estate stocks declined on the worries of rising mortgage market turmoil in the U.S. Nikkei 225 fell 2%. Of the stocks in the index 196 fell reflecting a broad sell-off in the market. South Korea plunged 7%. Most markets in Asia fell between 3% and 6%.
Elena
16 Aug, 2007
New York City
J.C. Penney Co. posted nearly 2% earnings increase in Q2 to $175 million, or 78 cents a share, from continuing operations, compared with the year-ago profit of $178 million, or 75 cents a share. Looking ahead, J.C. Penney raised its full-year earnings forecast by a penny to $5.50 a share, above the average analyst estimates for $5.48.
123jump.com Staff
15 Aug, 2007
New York City
FTSE traded lower in the afternoon reflecting the general weakness in the European markets. Investors remained cautious after the U.S. credit market volatility continue to dominate news. The Bank of England minutes of meeting showed that committee members voted unanimously to keep rate unchanged. Northern Rock fell 5.3% leading the losers in the FTSE 100 stocks.
123jump.com Staff
15 Aug, 2007
New York City
Home builders and mortgage lenders stocks declined to a new low after falling steeply for the fourth day in a row. Home builders are now trading at nearly 4-year low. Beazer Homes lost nearly 30% of its value in the last four days of trading, Pulte Homes has lost 15%, and Lennar lost nearly 25% in the last two months of trading. Countrywide and Washington Mutual have faced a wave of selling in the last one week of trading.
123jump.com Staff
15 Aug, 2007
New York City
Credit markets failed to calm despite additional $7 billion liquidity pumped in the market by the Federal Reserve Bank in Washington. Nasdaq led the three averages with a loss of 1.6% followed by losses of 1.4% in S&P 500 and Dow. Of 30 stocks in Dow 29 fell and 424 stocks in S&P 5000 closed lower. Asian and European markets closed lower on credit market volatility. Argentina and Indonesia plunge more than 5%.
Elena
15 Aug, 2007
New York City
European stock markets finished in the negative Wednesday for a second day in a row, dragged down by continuing weakness in the financial sector. Banking firms Deutsche Bank and UBS were under pressure amid concerns about the impact of U.S. subprime mortgage market troubles. France fell 0.7%, followed by the U.K which declined 0.6% and Germany, losing 0.3%.
Elena
15 Aug, 2007
New York City
U.S. stocks gained some ground in late morning trading on the back of a Fed Reserve''s announcement related to the injection of more cash into the banking system. KKR Financial Holdings said it was selling $5.1 billion of residential mortgage loans, adding it will no longer invest in such assets. Company''s shares plunged nearly 20% as it also got a downgrade from Lehman to equal-weight.
Elena
15 Aug, 2007
New York City
Wall Street plunged at opening Wednesday, with continuous fears about a global credit crunch stifling positive sentiment, generated by data which showed the slowest consumer price inflation growth in eight months. An announcement from the Fed Reserve that it is ready to inject more cash to the banking system if needed, failed to bring relief. The Dow Jones fell below 13,000.
123jump.com Staff
15 Aug, 2007
New York City
Asian markets fell sharply across the region as worries of mortgage market deepen. Fearful investors sold stocks in the emerging markets in the region. Indonesia led the region with a loss of 6.5% followed by more than 3% losses in Philippines, Taiwan, Australia, and Hong Kong. Japan fell 2.2%. India and Korea were closed for holiday. Banks fell sharply in Indonesia, Australia, and Japan. Hong Kong Exchange reported sharp rise in earnings on higher listing fees and trading volume.
Elena
15 Aug, 2007
New York City
U.S. stock futures were indicating steeply lower opening on Wednesday, as growing concerns about the strength of the credit market offset ipbeat economic data. The Commerce Department said that U.S. consumer prices rose only 0.1% in July on falling gasoline prices, marking the slowest inflation rate in eight month. The core consumer price index increased 0.2% for the second straight month.
123jump.com Staff
15 Aug, 2007
New York City
Nikkei 225 index fell 2.2% with banking, real estate and industrial stocks leading the decliners. An index of top 85 stocks fell nearly 3% after losing 19% in the last five weeks of trading. Trading companies and metals and minig companies declined sharply. Matsushita fell 5% after Nokia offered to replace 46 million handset batteries made by the company. Asian stocks fell sharply in the region.
123jump.com Staff
14 Aug, 2007
New York City
New York market averages fell after the earnings warning from Home Depot and 15% decline in earnings from Home Depot. Nasdaq and S&P 500 fell nearly 2% and Dow fell 1.6%. Fear gripped investors again as stocks of banks, home lenders, real estate companies, and home builders fell sharply. Wal-Mart dropped 5% and Home Depot lost 4%. European markets fell more than 1% across the region. Mexico, Chile led the decllines in Latin American markets. Indonesia, Korea led declines in Asia.
Elena
14 Aug, 2007
New York City
European stock markets closed notably lower on Tuesday, pressured by weakness in the financial sector after a warning from Swiss banking giant UBS. Steep declines on Wall Street amid concerns about consumer spending also weighed on sentiment. UBS dropped 3.7% after it warned that if the current market conditions persist, third-quarter performance would be weak. France led decliners with a drop of 1.65, followed by the U.K, down 1.1%, and Germany losing 0.7%.
Elena
14 Aug, 2007
New York City
U.S. market averages traded steeply lower, pressured by concerns about consumer spending amid weak results from Wal-Mart Stores and pessimistic forecast about slowing housing market from home-improvement retailer Home Depot. Wal-Mart dropped 5%, while Home Depot slipped 3%. Financial stocks continued to post heavy losses, with Goldman Sachs falling 4.5, Morgan Stanley losing 3% and Lehman Bros moving down 4%.
