Elena
03 Aug, 2007
New York City
The lender revealed plans to close most operations on Friday and reduce nearly 7,000 jobs. The company said its employee base will be reduced to about 750 workers, down from the 7,409 it reported at the end of 2006. According to experts, company will have to seek bankruptcy protection, and no later than Monday.
123jump.com Staff
02 Aug, 2007
New York City
Market averages in New York inched higher in the afternoon trading. Weekly jobless number, factory order report in the morning did not affect trading. Earnings from Unilever, Credit Suisse, Viacom, Nokia, Starbucks, and Eastman Kodak bolstered the sentiment. In the afternoon, New York averages climbed. The Bank of England and European Central Bank left rates unchaged. Fiserv agreed to purchase Checkfree for $4.4 billion in cash. Oil complex stocks fell. Genpact IPO jumped 20% in New York.
Elena
02 Aug, 2007
New York City
European stock markets ended higher on Thursday, led by gains in the shares of Unilever and Nokia. Financial services stocks also contributed to the upward mood after several leading banks including Credit Suisse reported strong profit growth. Gains on Wall Street and unchanged interest rates gave additional boost to European stocks. Both Germany and the U.K closed up 0.8%, while France advanced 0.5%.
123jump.com Staff
02 Aug, 2007
New York City
Sensex fell below 15,000 but stabilized after a week of volatility. Auto sales dropped in July dragging auto and motorcycles. Bajaj and Hero Honda sales fell. But, sales of Tata, Mahindra & Mahindra, Maruti sales jumped. State Bank of India plans to separate its asset management and life insurance divison.
Elena
02 Aug, 2007
New York City
U.S. market averages kept trading higher, lifted by strong earnings from Nokia, Starbucks, Walt Disney. A takeover deal gave a boost to the market sentiment. Fiserv Inc., a provider of information management systems and services, agreed to buy online banking company CheckFree for $4.4 billion in cash. CheckFree''s shares surged 24%. Under the terms of the deal, Fiserve is offering $48 for each CheckFree share, a 30% premium over their closing price of $36.83 on Wednesday.
Elena
02 Aug, 2007
New York City
Drug store company CVS Caremark rise 2.3% after it said its Q2 profit and revenue doubled. The company earned 47 cents per share, compared with 40 cents per share last year, beating estimates.Automotive parts supplier Lear Corp. rose nearly 4% after it reported earnings of $1.58 per share versus a loss of 10 cents per share a year ago, exceeding expectations of 91 cents.
123jump.com Staff
02 Aug, 2007
New York City
Market averages across the European region advanced on stable interest rates. The ECB and the Bank of England kept the interest rates unchanged but rates remained at elevated levels. Fresenius Medical Care reported 38% increae in earnings. Unilever earnings jumped 18%. The company plans to cut 11% of its worldwide staff. Germany based Solarworld reported earnings gain as well. France Telecom earnings rose 41% and Credit Suisse earnings increased 48%.
Elena
02 Aug, 2007
New York City
Wall Street opened moderately higher, driven by strong corporate profits and positive economic data. Nokia rose 8% as its Q2 profit doubled and its operating margin reached highest levels in three years. Starbucks gained 2.2% on earnings and sales growth, while Viacom rose 2.7% on stronger-than-forecast Q2 profit. On the economic news front, the Labor Department report said that weekly jobless claims in the latest week rose 4,000 to 307,000.
123jump.com Staff
02 Aug, 2007
New York City
The European Central Bank and The Bank of England kept rates same after successive rate hikes this year. The elevated interest rates of 4% by the ECB and 5.75% by the BoE are expected to slow economic growth and inflation pressures in the economy. But no signs of slowdown has yet emerged. The 13-member nation group or eurozone is experiencing low interest rates and stable unemployment in the region. However, the wages are rising in the region.
Elena
02 Aug, 2007
New York City
U.S. stock futures pointed to some recovery Thursday, although investors remained cautious amid fears that a tightening in U.S. lending could hurt corporate and economic growth. Nokia jumped over 7% in pre-market trading after it said its Q2 earnings more than doubled. Eastman Kodak Co. and Viacom reported better-than-expected quarterly results. Further in earnings news, Lenovo Group posted a 12-fold jump in quarterly profits,beating analyst expectations.
Elena
02 Aug, 2007
New York City
During the quarter, the company earned $592 million, or $2.06 a share, compared with a loss of $282 million, or 98 cents a share last year, easily beating estimates of 39 cents per share on revenue of $10.19 billion.Eastman Kodak said quarterly net sales declined 6.6% to $2.51 billion.
123jump.com Staff
01 Aug, 2007
New York City
volatility was the only constant in New York trading. Market averages declined, gained, lost, jumped back up in the plus in the last fifteen minutes of trading. Rumors on home builders, oil price speculation, and debate on the next subprime victim, left investors guessing all day. European markets closed with a loss of 1.5%. Asian markets lost between 3% and 4% in overnight trading. After the earnings reports, Areclor Mittal jumped 7%, but MasterCard fell 7%.
Elena
01 Aug, 2007
New York City
European stock markets lost ground to close steeply down Wednesday, pressured by weaker financial stocks amid global worries about credit markets. Subprime mortgage concerns re-emerged on fears of a potential liquidation of a U.S. mortgage lender and fears of losses at some of Macquarie Bank''s hedge funds and a third Bear Stearns fund. The U.K. and France tumbled 1.7% each, followed by Germany which declined 1.5%.
Elena
01 Aug, 2007
New York City
U.S. market averages continued to trade lower, pressured by worries about U.S. home loans and the credit market. Record-high oil prices and data on housing and manufacturing also weighed. The housing and financial sectors posted the most notable losses. Bear Stearns fell 3% on reports it will face big losses in a third fund with about $900 million in mortgage investments.
Elena
01 Aug, 2007
New York City
Time Warner reported a 5% profit rise in Q2, due to a particular strength in its cable unit and 6% revenue increase. The conglomerate earned $1.07 billion, 28 cents per share, tp from $1.01 billion and 24 cents per share a year ago. Despite the positive results, Time Warner shares fell 4%. Owens Corning, building products maker, reported 88% earnings jump in Q2, due to weak housing market. Kraft Foods said Q2 profit rose 4%.
