Elena
12 Mar, 2007
New York City
U.S. stock markets opened mixed on Monday, reflecting growing concerns of a possible crisis in the subprime mortgage market. A warning from New Century Financial about its financial woes offset the positive sentiment, generated by some significant merger news. The troubled mortgage lender was downgraded by UBS after it said its lenders are cutting off credit. The stock plunged 56% in pre-market trade, while in early trading it was down only 17%. Countrywide Financial dropped 2%.
Elena
12 Mar, 2007
New York City
The acquisition of Organon Bio Sciences is expected to boost its line-up of central nervous system and women''s health-care products, adding five products in Phase III trials and other projects in Phase II development. Schering-Plough also expects the deal to contribute to higher earnings in its first full year.
Ivaylo
12 Mar, 2007
New York City
The Sensex opened with a positive bias and after an initial volatility rallied to a fresh high above 13,000 level on buying in capital goods, telecom, tech and banking stocks. Intense selling in ITC and in cement shares pared gains but the benchmark index managed to end with a slight gain. The main gainers today were Bharti Airtel, Cipla and ONGC, while Gujarat Ambuja, ACC and ITC led the decliners. Indian industrial output in January rose 10.9% from a year earlier.
Ivaylo
12 Mar, 2007
New York City
European stocks posted early gains Monday on mergers-and-acquisition activity, led by Dutch drug and chemicals group Akzo Nobel and U.K. pharmacy chain Alliance Boots. Alliance Boots jumped to an eight-year high. National benchmarks rose in all of the 18 western European markets except for Spain. The FTSE 100 index added 0.4%, the French CAC 40 index rose 0.4% and the German DAX 30 index gained 0.5%.
Ivaylo
12 Mar, 2007
New York City
Gold and silver futures ended lower Friday as the U.S. dollar rose following employment report for February. The dollar was higher and the bonds were sharply lower. What the unemployment numbers showed is that the economy is doing well, much better than was expected. Gold and silver were pressured by profit-taking, as was the case with copper. Energy stocks settled lower. Arabica coffee ended up while raw sugar closed lower.
123jump.com Staff
09 Mar, 2007
New York City
Trading in New York remained volatile in the face of weekly jobless and monthly trade deficit data. At the end of the previous week 95,000 jobs were added and Commerce Department said the January U.S. trade deficit narrowed by 3.8% to $59.12 billion. Fed Governor Beis cautioned on sub-prime loans. New Century Financial shares fell 12%. Yahoo dropped 5% but Big Lots gained 19%. Crude-oil prices declined $1.36 or 2.66% to $60.23 a barrel.
123jump.com Staff
09 Mar, 2007
New York City
Stocks turned slightly lower even after the government reported strength in employment data. The unemployment rate fell to 4.5% from 4.6% as U.S. employers added 97,000 non-farm workers in February. Oil prices dropped as traders took profits. Crude fell $1.57 to $60.07 a barrel in afternoon trading. New Century Financial Corp. plunged 18.4%. Yahoo Inc. tumbled 5.4% after a report said AT&T Inc. wants to scale back its partnership with the portal.
Elena
09 Mar, 2007
New York City
European stocks closed higher on Friday, reversing from earlier gains, as in-line-with-expectations U.S. jobs data offset a disappointing outlook from Airbus owner EADS and a negative broker note on the pharmaceutical sector. EADS was the most notable French large-cap decliner, falling 4.6% after saying 2007 operating profit may be flat following a 94% decline in 2006 net income. The French CAC 40 closed up 0.3 %, the U.K. FTSE 100 gained 0.3%, and the German DAX 30 rose 0.1%.
Elena
09 Mar, 2007
New York City
U.S. stocks came off earlier highs as investors cashed in on earlier gains made on the back of February jobs data. The government reported signs of strength in employment but also a jump in wholesale inventories that indicated a lower demand. Bonds fell sharply amid reduced expectations the Fed Reserve will need to cut interest rates. Tech shares were boosted by semiconductors. Texas Instruments rose 2.1%, while National Semi climbed 3.7%.
Elena
09 Mar, 2007
New York City
Wall Street opened notably higher Friday, driven by upbeat February jobs report which helped ease economic concerns and offset bad news for the subprime morgage market. Industrial shares advanced, with Alcoa rising 1.5%, Boeing, up 1.2%, and McDonald''s, gaining 1%. Procter & Gamble also supported the Dow, rising 0.3%, as it affirmed its previous Q3 earnings projection of 72 to 74 cents a share.
Ivaylo
09 Mar, 2007
New York City
The UK market is treading water ahead of the monthly US jobs report, due early afternoon. An absence of any major announcements from FTSE 100 companies is also adding to the subdued mood. Pharmaceutical large-cap GlaxoSmithKline is one notable weak spot after a downgrade, while mid-cap Offshore Hydrocarbon Mapping shot ahead on an infringement case. The UK benchmark FTSE 100 is slightly higher, up 0.1%, at 6,234 by mid-afternoon.
Elena
09 Mar, 2007
New York City
U.S. stock market futures shot steeply higher on Friday, boosted by in-line-with-expectations employment figures and continued narrowing in the trade deficit. Nonfarm payrolls rose 97,000 in February, in line with the average economist estimate of a gain of 100,000. The unemployment rate fell to 4.5%, vs. expectations of rate at 4.6%. According to another economic report, the U.S. trade deficit narrowed by 3.8% in January to $59.1 billion.
Ivaylo
09 Mar, 2007
New York City
In Japan, technology stocks surged on reports that machinery orders climbed a 3.9% on month in January. Hong Kong stocks ended lower after a portfolio shuffle by some index-tracking funds to include China Life Insurance and Industrial Commercial Bank of China, which will become Hang Seng constituents in the next session. In Shanghai shares gained for a fourth straight session, after gains in banks. The South Korean stock market ended flat.
Ivaylo
09 Mar, 2007
New York City
The benchmark index opened with a positive bias and until noon was on the rise. Then, news came of the agreement cement large-caps have reached with the government not to raise cement prices. That coupled with the higher inflation figures dampened sentiment. High volatility also troubled investors. Grasim, ACC led the decliners, while NTPC and Hero Honda led the gainers. Inflation rose 6.1% in the twelve months to February 24. Morgan Stanley, Citigroup and Actis, to buy 6% stake in the NSE.
Ivaylo
09 Mar, 2007
New York City
European markets were lower on Friday as drugs, metals and mining groups declined, and although the losses were not as severe as they were last week, investors were cautious of calling an end to the recent market volatility. A disappointing outlook from Airbus owner EADS and a negative broker note on the pharmaceutical sector added to pressure. By mid morning, Frankfurt Xetra Dax fell 0.5%, the CAC 40 in Paris shed 0.8% and London FTSE 100 lost 0.4%.
