123jump.com Staff
10 Jul, 2008
New York City
Dow Chemical agreed to pay 74% premium to acquire specialty chemical maker Rohm & Haas valued at $18.8 billion. Berkshire Hathaway will invest $3 billion and Kuwait Investment Authority will purchase $1 billion of convertible preferred securities. The rest of the deal will be funded with debt arranged by Merrill, Citigroup and Morgan Stanley. Rohm & Haas will operate as an independent division with sale of $13 billion after the merger.
123jump.com Staff
09 Jul, 2008
New York City
Banks drove U.K. stocks higher after JP Morgan Chase said losses in the credit market are expected to ease. Bradford & Bingley climbed 27% on speculation that it is a takeover target. London Stock Exchange Group climbed after reporting sales above estimates. Barclays advanced 5.1% to 293.25 pence, while Royal Bank of Scotland increased 4%.
123jump.com Staff
09 Jul, 2008
New York City
The BSE Sensex closed up 4.60% from the previous day''s close. Market breadth was positive with 2130 stocks advancing versus 529 stocks that dropped. On the BSE, the mid-cap index rose 2.91%, the small-cap index added 3.46% and BSE 500 surged 4.24%. Realty, power and banking stocks led the rally. Reliance Industries rose 5.1% to 2,079.95 rupees after signing an agreement with Peru''s Perupetro to jointly explore for oil and gas in the Andean country.
123jump.com Staff
09 Jul, 2008
New York City
Weekly crude oil inventories report suggested a lower than estimated supply of crude oil and crude oil inventories are hovering near the lower end of the range. Crude oil prices rebounded after the report and natural gas futures prices cut most of the losses. Separately, analysts commnets drove Cisco and Intel lower dragging tech heavy Nasdaq index with it. Boeing wins second opprtunity to bid for $35 billion tanker order.
123jump.com Staff
09 Jul, 2008
New York City
Airlines also increased on easing crude oil prices. However, gains were trimmed after oil prices increased in the afternoon trade as Iran test-fired missiles. Cathay Pacific rose 4.9%, Air China spiked 5.4% and China Southern Airlines climbed 5.9%. The National Bureau of Statistics said China
123jump.com Staff
09 Jul, 2008
New York City
Financial stocks increased after the US Fed Reserve Chairman said SEC and the bank have signed a memorandum of understanding that is meant to strengthen the surveillance of investment banks. Tokyo Dome led advancers in the Nikkei 225 index shares with a rise of 5.38% followed by increases in Mitsui Fudosan of 5.04%. Aeon Co Ltd led decliners with a drop of 5.11% after operating profit in the first quarter tumbled 20% to 22.6 billion yen as clothing sales at Jusco general merchandise lost 2.7%.
123jump.com Staff
09 Jul, 2008
New York City
Banks and mortgage lenders remain the focus of nervous investors. Fannie Mae dropped after it sold $3 billion offering at higher yield than its previous offering a month ago. Fannie and Freddie dropped more than 5%. Alcoa second quarter revenue dropped 6% to $7.6 billion and net income declined 24% to $546 million. Aluminum, zinc and copper fall in the morning trading.
123jump.com Staff
08 Jul, 2008
New York City
UK stocks fell as credit market worries linger. Business survey predict business recession in the near term. The FTSE 100 index is down 20% from its peak in the last one year of trading. The stock of LSE led the decliners in FTSE 100 index after an analyst estimated a revenue decline of 4% ahead of annual meeting tomorrow. Standard Chartered Bank dropped 2.2%, HBOS fell 1.6% and Barclays declined 1%. European markets declined led by a fall in banks across the region.
123jump.com Staff
08 Jul, 2008
New York City
Financials, home builders and real estate trust stocks rose sharply after the regulator statement on Fannie Mae and Freddie Mac. Energy and mining stocks declined as crude oil, natural gas and precious and base metal prices fell. Airlines, freight transportation and railroads rallied on falling oil. European markets closed lower on the continued worries related to the health of U.S. banks. Copper, corn, gasoline and crude oil futures drope between 3% and 4%.
123jump.com Staff
07 Jul, 2008
New York City
Stocks in UK fell despite a government report that showed UK manufacturing unexpectedly fell in the three months to May as machinery and equipment industries lost ground. In addition, a report released today by KPMG and the Recruitment and Employment Confederation indicated that permanent staff placements fell the most in five years.
123jump.com Staff
08 Jul, 2008
New York City
Hong Kong''s stock market plummeted as U.S. credit concerns and regional declines affected investor sentiment. Most Asian markets also lost ground Tuesday. Aluminum Corp. lost 5.6% on reports that it may see lower output at two of its mainland plants. China Petroleum & Chemical Corp. fell 2.7% despite lower crude prices, while CNOOC lost 3.4%. In export-related stocks, Foxconn International, handset manufacture, was downgraded and shed 10.3%.
123jump.com Staff
08 Jul, 2008
New York City
Japan market indexes traded in the negative territory led by financial stocks on resurgent credit worries after Lehman Brothers noted that the new accounting rule in the U.S. may force Freddie Mac and Fannie Mae to raise an additional $75 billion to meet capital requirements. Sumitomo Realty led decliners in the Nikkei 225 with a drop of 6.21% followed by losses in Mizuho Trust & Banking and Nissan Chemical Industries.
123jump.com Staff
08 Jul, 2008
New York City
Stocks in India declined tracking losses in Asia and other global markets. Communist and other regional parties withdrew their support to the ruling coalition led by Congress Party. The Congress Party has sought and secured support from a regional party and is likely to complete its full term. Tata Motors dropped 4% and has falled nearly 60% from its peak seven months ago. Reliance Industries fell below 2,000 rupees.
123jump.com Staff
08 Jul, 2008
New York City
U.S. stocks struggle as investors face higher write-offs from banks and financial brokerages. Fannie Mae and Freddie Mac were the focus of investors for the second day, after the top regulator said that it will not seek the two lenders to seek additional capital on accounting change. Office Depot plunged 32% after same store sales fell 10% in the second quarter. VMWare dropped 26% after it lowered its sales outlook and replaced its chief executive. Goodrich Petroleum commenced offering.
123jump.com Staff
07 Jul, 2008
New York City
German healthcare concern Fresenius agreed to pay $23 a share for the US injectable drug maker APP Pharmaceuticals. Fresenius will assume APP
