Ivaylo
11 Apr, 2007
New York City
Asian markets finished mostly higher, as bargain-hunting powered the advance in Japan, while strong earnings expectations buoyed South Korean benchmark index to a record high. Japanese stocks were led by selected electronics and pharmaceutical issues, as a weaker yen and firm U.S. shares overnight boosted sentiment. Hong Kong closed with a fifth straight session of gains lifted by large-cap rally.
Elena
11 Apr, 2007
New York City
Wall Street looked poised for higher opening on Wednesday before the release of last FOMC minutes. The pre-market sentiment was boosted by better-than-expected quarterly figures released by Alcoa and cost-reduction moves by Citigroup. Shares of aluminum producer Alcoa rose 2.2% in pre-open trading after the Dow component posted earnings of 79 cents a share on $7.9 revenue increase, topping expectations of earnings of 76 cents a share and revenue of $7.6 billion.
Elena
11 Apr, 2007
New York City
Citigroup, the U.S. biggest financial institution, announced it will reduce its work force by about 17,000 jobs as part of a restructuring plan aiming at lower costs and improved profit. The bank said in a statement that the overhaul will save the bank about $2.1 billion in 2007, $3.7 billion in 2008 and $4.6 billion in 2009.
Ivaylo
11 Apr, 2007
New York City
The benchmark index opened with a positive bias and surged in morning trade but later in the session, profit-taking at higher levels pushed the Sensex lower in a range-bound trading. The market-breadth was strong as intense selling occurred in small-cap and mid-cap stocks. Hindalco was the top advancer, while Ranbaxy led the decliners. The four lead players in the Doha Round are holding bilateral meetings ahead of a new attempt to save negotiations.
Ivaylo
11 Apr, 2007
New York City
European equity markets recaptured six-year highs on Wednesday, with oil companies picking up from recent weakness after Royal Dutch Shell settled claims from investors over its reserves restatement. Oil companies rallied following recent weakness related to a sharp fall in crude prices. Frankfurt was up 0.3%, while the CAC 40 in Paris gained 0.2% and London FTSE 100 was 0.2% higher.
Ivaylo
11 Apr, 2007
New York City
Gold and silver futures climbed Tuesday to their strongest levels in more than five weeks, supported by a lower U.S. dollar, worries about Iran and firmer base metals. During the day much of the gold and silver advances were attributed to the sharply weaker U.S. dollar, which in turn was largely due to a possible trade war brewing between the United States and China.
123jump.com Staff
10 Apr, 2007
New York City
U.S. stocks rose after an increase in oil prices improved the earnings outlook for energy companies and analysts said Applied Materials revenue may beat forecasts, stock advanced 4.1%. International Council of Shopping Centers-UBS Retail Chain Store Sales Index increased by 0.9%. On the year, chain-store sales were up 4.0% in the week to April 7. Alcoa reported profit rise of 9% or 75 cents per share on 15% rise in Aluminum prices.
123jump.com Staff
10 Apr, 2007
New York City
Mexcio based cement company Cemex agreed to purchase Australian building materials makers Rinker for $14.2 billion. Cemex revised its offer by 22% and agreed with the U.S. Justice Department to sell 39 facilities in Arizona and Florida to maintain price competition. The five-month takeover offer from Cemex was not rivaled by any other offer. Cemex recently purchased for $5.8 billion RMC Group in the U.K.
123jump.com Staff
10 Apr, 2007
New York City
Stocks were mostly higher as investors refrained from major moves ahead of first-quarter earnings reports that begin with Alcoa Inc.''s results. D.R. Horton Inc., the nation''s largest homebuilder by deliveries, said its second-quarter sales orders fell 37%. Citigroup Inc. rose 63 cents ahead of a major restructuring announcement in which some jobs of 26,000 or 5% of global workers will be reassigned or eliminated. DivX, United Rentals and Renovis advanced.
Elena
10 Apr, 2007
New York City
European stock markets closed higher on Tuesday, boosted by merger-and-acquisition news and strength in the shares of DaimlerChrysler. The automaker rose 3.6% after investor Kirk Kerkorian offered $4.5 billion for its Chrysler unit last Thursday. Germany''s Puma AG surged 9.4% as French luxury-goods group PPR offered to buy the sportswear group for about $7.1 billion. German DAX 30 climbed 0.9%, the U.K.''s FTSE 100 added 0.3%, while the French CAC 40 gained 0.4%.
Elena
10 Apr, 2007
New York City
U.S. stocks were little changed on Tuesday morning, as investors remained reluctant to buy stocks ahead of Q1 earnings season. Alcoa, the first company to report, lost 0.6%. The gold sector advanced as the price of gold moved notably higher. Oil service stocks also gained, helped by a rebound by the price of oil. However, computer hardware stocks declined, with Seagate Technology falling 9%. D.R. Horton lost 1.8% after the home builder said orders for new homes fell 37% last quarter.
Elena
10 Apr, 2007
New York City
Cascade surged 10% after it said its Q4 net income rose 24% to 80 cents a share, up from 63 cents a share last year due to revenue increase of 9.7%. 99 Cents Only Stores rose 8% after it reported 2.9% increase in same-store sales in Q4, as total sales rose 9.4% to $277.9 million. Lawson Software gained 2.7% after posting Q3 profit of 6 cents a share, beating expectations.
Elena
10 Apr, 2007
New York City
Wall Street opened near the flat line Tuesday, with investors awaiting reports on how the companies performed during the first quarter. The earnings season kicks off with aluminum producer Alcoa, which is expected to report profit of 75 cents a share. Hard-disk maker Seagate Technology fell 8% after warning that Q3 revenue will come in below an early forecast of $2.9 billion to $3 billion. Dow Chemical fell 2.3% after it announced it is not interested in the leveraged buyout.
Ivaylo
10 Apr, 2007
New York City
London stocks traded higher in midday trade on Tuesday, fueled by strength in the mining sector, as traders took in the latest bid developments after the holiday weekend. Miners BHP Billiton and Rio Tinto canceled losses at J Sainsbury. The FTSE 100 made gains of 0.4%, taking it 25 points higher to 6,422.3, making it up for a neutral start after the four-day weekend.
Elena
10 Apr, 2007
New York City
U.S. stock futures pointed to a flat opening on Tuesday, reflecting cautiousness ahead of the Q1 earnings season and broker upgrades for tech companies Oracle, Applied Materials and Advanced Micro Devices. Aluminum producer Alcoa will be in focus before it reveals its Q1 results, due after the close. Dow Chemical, which surged Monday on speculations that it is the target of a $50 billion leveraged buyout, is likely to decline after it said it is not interested in such offer.
