Elena
30 Aug, 2007
New York City
Weak quarterly earnings from Freddie Mac and H&R Block built on troubles in mortgage lending. H&R Block fell 2% after it said its Q1 loss widened compared with last-year figures as it struggled with its mortgage lending arm. Mortgage giant Freddie Mac posted Q2 net income drop of 45% mainly due to a higher provision for credit losses. The stock slipped 3.3%.
Elena
30 Aug, 2007
New York City
Wall Street opened sharply lower, reflecting profit-taking and nervousness ahead of Fed Reserve Chairman Ben Bernanke''s speech Friday. Financial stocks moved top the downside after Lehman Bros cut its profit estimates for 2007 and 2008. Lehman also reduced its earnings estimates for Wall Street''s top investment banks. Following the news, Goldman Sachs fell 1.5%, Morgan Stanley lost 2% and Merrill Lynch dropped 1.4%.
123jump.com Staff
30 Aug, 2007
New York City
Market averages in India scaled higher led by strength in banks, media, and industrial companies. ahead of inflation report, investors speculated that interest rates are not likely to rise in the near future. Infosys plans to raise billing rate between 3% and 5% for its software services. Tata Steel jumps after reporting higher sales and earnings. Mahindra & Mahindra is exploring Jaguar and Land Rover purchase. UB Group and NDTV are in 100 crore rupee advertising deal.
Elena
30 Aug, 2007
New York City
U.S. stock futures pointed to a weak opening Thursday after prior session
123jump.com Staff
30 Aug, 2007
New York City
In Tokyo trading market averages rebounded reflecting advances in the U.S. and Europe. Exporters, trading companies, and mining and metals companies led the rally. Japan retail sales in July declined 2.2% dragged by lower sales in apparel, automobiles, and machinery. Japan proposes to hike consumption tax. Mitsubishi Corp led the index stocks with a gain of 6.6% followed by Showa Shell, Nippon Mining, and NSK Ltd.
Elena
30 Aug, 2007
New York City
Jewelry retailer Zale Corp. swung to a Q4 profit from a year-earlier loss although revenue and same-store sales fell 0.5%. Zale posted profit of $1.5 million, or 3 cents a share, compared with a loss of $27.4 million, or 57 cents a year ago. Another jewelry retailer, Tiffany & Co. reported Q1 net income drop of 10% to $37 million, or 26 cents a share, down from $41.1 million, or 29 cents a share last year.
123jump.com Staff
29 Aug, 2007
New York City
It was a volatile day for the second day in New York trading. Tech stocks led the averages higher after a day when brokerages led the stocks lower. Nasdaq led three popular averages with a rise of 2.5%. Every stock in the 30 stock Dow Jones index gained today. Yesterday all stocks in the index fell. In the S&P 500 index 97% jumped higher today after 96% fell in yesterday trading. Brazil and Argentina led Latin markets.
123jump.com Staff
29 Aug, 2007
New York City
UK stocks recovered on the back of rising earnings, positive trading sentiment, and rising averages in other markets i Europe. Whitbred, Antofagasta, and PartGaming reported better than expected earnings. The Land Registry said that home prices rose 0.1% in July across England and Wales but rose faster in London. Average home in Londod cost 343,000 and in England 181,500 pounds. Financials and miners led the index FTSE 100 stocks.
Elena
29 Aug, 2007
New York City
European stock markets reversed from earlier losses to close in the positive on Wednesday. Gains followed a rebound in sentiment throughout markets as well as upbeat leisure sector results. Nokia stood out among gainers with an advance of 6.4% after announcing a new online music and games service. Meanwhile, health-care stocks Roche Holding and Merck KGaA helped limit gains. Across regional markets, the U.K. rose 0.5%, followed by France, up 0.4% and Germany which finished unchanged.
Elena
29 Aug, 2007
New York City
U.S. market averages continued to post solid gains Wednesday, boosted by bargain-hunting after recent sell-off. Fed Reserve
Elena
29 Aug, 2007
New York City
Williams-Sonoma, a household goods and decor retailer, reported better-than-expected Q2 earnings and raised its full-year profit target. The stock climbed 7.6%. Double Hull Tankers posted 11% profit increase in Q2 on strong charter rates and continued demand for its vessels. Big Lots jumped 8.5% after it said its Q2 profit rose on higher same-store sales and lower costs, beating analyst estimates. The closeout retailer also lifted its full-year profit guidance.
123jump.com Staff
29 Aug, 2007
New York City
Tokyo fell 1.7% tracking the losses in the U.S. Japanese investors are worried that banks in Tokyo have unknow exposure to mortgage market and exporters are worried that incomes will decline with slowing economy in the U.S. Banks, real estate developers, and exporters led the decline in Topix and Nikkei 225 indexes. Recently appointed finance ministe showed hawkish stand ad expressed a greater desire to intervene in the foreign currency market.
Elena
29 Aug, 2007
New York City
Wall Street rallied at opening Wednesday, as investors took advantage of cheap buying after a heavy plunge in the previous session. The Dow Jones industrials jumped nearly 100 points. DaimlerChrysler released its first full earnings report without Chrysler. The car maker said its net income fell 14% to $2.5 billion, or $2.36 a share, with revenue down 3% to $32.24 billion. Daimler also said its financial services division produced a flat operating profit of $297 million. The stock rose 3.5%.
Elena
29 Aug, 2007
New York City
U.S. stock futures pointed to recovery Wednesday after a huge sell-off in the previous session, sparked by economic growth concerns and uncertainty whether the Fed will cut interest rates to stop credit turmoil from spreading further. On Wednesday, investors turned to bargain hunting on hopes that the stock market will soon overcome its volatility. Among companies in focus, Altria Group is expected to announce a spinoff of its cigarette business, Philip Morris International.
Elena
29 Aug, 2007
New York City
The retailer reported net income rise to $23.4 million, or 22 cents per share, up from $4.3 million, or 4 cents per share a year ago. Income from continuing operations soared to $22.1 million, or 21 cents per share, from $4.7 million, or 4 cents per share. Big Lots lifted its full-year forecast for profit of continuing operations, due to the upbeat Q2 financial results and current business trends.
