Elena
31 May, 2007
New York City
U.S. market averages posted gains Thursday morning, buoyed by another wave of takeover deals which helped offset weaker-than-expected economic growth in Q1. In addition to Wachovia''s decision to buy brokerage A.G. Edwards for $6.8 B, Morgan Stanley announced that it bought Australia''s Investa Property Group for $3.9 B. In another deal, Ceridian said late Wednesday it will be bought out by investment firm Thomas H. Lee Partners LP and insurance provider Fidelity National Financial for $5.3 B.
Elena
31 May, 2007
New York City
On the earnings news front, discount retailer Costco Wholesale added 0.6% after it posted Q3 profit drop of 4.9%, which came in line with estimates. Jewelry seller Tiffany & Co. rose 1% after reporting a 15% rise in Q1 profit, indicating that consumer demand for big-ticket items remains strong. Retailer Sears Holdings reported 20% quarterly earnings increase, but said its U.S store sales decreased. Shares of Sears fell 2.2%.
Elena
31 May, 2007
New York City
Wall Street opened in the positive on Thursday, as a multibillion-dollar takeover deal in the brokerage sector helped offset lower-than-expected economic growth. First-quarter growth was revised down to 0.6% from an initial estimate of 1.3%. The market welcomed news that Wachovia agreed to buy brokerage A.G. Edwards for $6.8 billion. In other news, Morgan Stanley bought Australia''s Investa Property Group for $3.9 billion.
Ivaylo
31 May, 2007
New York City
Johnson Matthey, the platinum specialist, leads the advancers Thursday in London after Citigroup raised its recommendation on the company. BHP Billiton announced that it has apponted new chief executive and that fact lifted the stock. Scotish and Southern Energy also advanced on broker comment, while Vodafone broke its winning streak and fell. By mid-day, the FTSE 100 index added 36 points at 6,337.8.
Elena
31 May, 2007
New York City
U.S. stock futures were indicating a slightly higher opening on Thursday, reflecting mixed economic data. The Commerce Department said that Q1 GDP advanced 0.6%, lower than the 1.3% projected in April and lower than analyst estimates of 0.8%. However, the Labor Department reported positive news, saying that the number of U.S. initial jobless claims dropped last week for the sixth time in seven weeks.
Ivaylo
31 May, 2007
New York City
Asian markets recovered Thursday from their declines yesterday with Japan and HK leading, while in China, the Shanghai benchmark index bounced back after plunging more than 6.5% yesterday. Indices in Tokyo and HK were supported by the strong close in New York overnight. Shares in Australia and Seoul also advanced, while markets in Thailand and Singapore were closed for public holidays.
Elena
31 May, 2007
New York City
The takeover bid values A.G. Edwards at $89.50 per share based on Wednesday''s closing prices, a 16% premium. The deal is expected to close in Q4 of 2007, whereas full integration of A.G. Edwards with Wachovia Securities is expected to be completed by early 2009.
Ivaylo
31 May, 2007
New York City
The market exhibited a volatile session Thursday with a number of large-cap stocks, mainly in the technology and banking sector, soaring and aiding the rally. Strong GDP figures for the January-March period and buying in May 2007 derivatives, which expired today also supported the rally. In the fiscal year ended March 2007, the Indian economy grew at 9.4% rate.
Ivaylo
31 May, 2007
New York City
European markets surged Thursday with E.On and Iberdrola leading advancers, after investors shook off concerns on China and after reassuring comments from the Feds on U.S. economy. E.On rallied as it announced $9.4 billion shares buyback and as Belgian billionaire Albert Frere bought a stake in Iberdrola. In early trading, the German DAX Xetra 30 index added 1%, the U.K. FTSE 100 index gained 0.7%, while the French CAC-40 index advanced 0.7%.
Ivaylo
31 May, 2007
New York City
The rise of the dollar against the euro and other currencies weighed on the price of gold Wednesday and gold and silver futures declined, as well as copper futures. Crude oil gained, while gasoline fell and base metals mostly lost. Grains and bean prices surged on the Chicago Board of Trade, rebounding from the plunge Tuesday.
123jump.com Staff
30 May, 2007
New York City
U.S. averages recovered on FOMC minutes of meeting after dipping on China scare. Market averages closed at their highs in the U.S. but came under pressure in Asia, Europe and Latin America. Shanghai fell 6.5% dragging the region on Chinese government tripling trading tax. India closed above $1 trillion market cap and is likel to rise in the coming months. Mexico closed up 2.5% and Brazil gained 1.7% but Peru lost 7%. CDW agreed to be bought for $7.5 billion.
Elena
30 May, 2007
New York City
European stock markets closed in the negative after moving off earlier lows. Global markets were weak on Wednesday, as investors reacted to sharp declines in Shanghai. Among the most notable decliners, British Energy dropped 3.7%. Shares of pharmaceutical maker GlaxoSmithKline recovered in the afternoon to close down 0.54%. The U.K.
Elena
30 May, 2007
New York City
U.S. market averages recovered from earlier weakness to trade mixed. Investors shrugged off a heavy sell-off in China, sparked by a tripling of taxes on stock trades. The Dow traded lower, pressured by Merck & Co., down 2%, Intel, down 1.5%, and Pfizer, falling 1%. Caterpillar helped limit losses, posting a gain of 2.9% after rival Joy Global issued an upbeat guidance. In the tech sector, IBM advanced 0.6% and Microsoft added 0.3%.
Elena
30 May, 2007
New York City
Wall Street saw a weak opening on Wednesday, pressured by steep declines in the Chinese stock market sparked by a tripling of taxes on stock trades. Investors were also awaiting the Fed Reserve''s minutes, expected to indicate a rate cut in the near term, rather than a rate hike. In corporate news, ESpeed Inc., a publicly owned electronic trading house, said it is buying BGC Partners in a $1.3 billion deal. Shares of ESpeed added 1.6%.
Ivaylo
30 May, 2001
New York City
London lost 60 points by mid-session trading on Wednesday on worries of a global sell-off after a China
