123jump.com Staff
02 Dec, 2008
New York City
U.S. stocks surged on the belief that the Fed will provide additional liquidity and may lower rates in less than two weeks. November auto sales plunged on tight lending and weak demand. Australia lowered its key rate by 1% and Japan left its rate unchanged. Mumbai stocks decline for the second day.
Mayank Mehta
02 Dec, 2008
New York City
U.S. stocks gained after banks, financials and realtors led advancers. Optimism about interest rate cuts lifted sentiment in trading. Sears surged on lower than expected loss and Staples gained after the release of earnings. Eastman Chemical plunged on earnings worries.
Darlington Musarurwa
02 Dec, 2008
New York City
Reserve Bank of Australia lowered its key lending rate by 1% to 4.25%. The large rate cut spread worries among investors that the economy may be softer than estimated. ASX 200 index plunged 4.2%. RBA said that rate cuts are necessary to sustain economic expansion and global demand is likely to drop.
123jump.com Staff
02 Dec, 2008
New York City
U.S. stocks rallied on the hopes that the Fed will continue to lower rates after Fed Chairman Bernanke did not rule out zero rate possibilities. The Fed is running out of options and will be forced to look for alternative ways to provide liquidity. Ford is seeking $9 billion from the Congress.
Mayank Mehta
01 Dec, 2008
New York City
U.S. stocks plunged on the worries that economic recession will be longer and deeper than generally estimated. Energy stocks fell on 10% decline in crude oil prices and retail stocks fell after retailers offered more and larger discount than usual to kick-off holiday sales.
123jump.com Staff
01 Dec, 2008
New York City
U.S. stocks plunged 8% after weak manufacturing and construction reports. Of the stocks in S&P 500 index, 498 dropped and 214 plunged more than 10%. A private economic group suggested that the U.S. has been in a recession for a year. Manufacturing indexes in China and UK dropped.
123jump.com Staff
01 Dec, 2008
New York City
Stocks in Australia fell 1.6% ahead of interest rate decision. ABS reported sharp fall in operating profit at Australian companies in the quarter ending in September. BHP and Rio Tinto fell on the worries that industry will be forced to lower iron ore prices.
123jump.com Staff
01 Dec, 2008
New York City
Wages in Japan fell 0.1% in October. Morimoto Company, the condominium developer filed for bankruptcy after going public only nine months ago. For the year nearly 23 large real estate developers have sought protection from creditors. Nikkei 225 index dropped 1.4%.
123jump.com Staff
01 Dec, 2008
New York City
Manufacturing in China declined according to the latest survey of 700 manufacturers. Yunnan regional government plans to spend $3 billion to purchase base metal prodcution from local companies to support activities. The pledge lifted stocks in the sector and in Hong Kong.
123jump.com Staff
01 Dec, 2008
New York City
UK stocks declined 6% after weak manufacturing and housing market reports. Manufacturing activities index declined the most in 16 years. UK home prices drop to the level last seen in 2006. Miners declined on the worries that BHP and Rio Tinto will be forced to cut iron ore prices.
123jump.com Staff
01 Dec, 2008
New York City
Stocks in Mumbai fell nearly 3% after exports declined 12% in October. Trade deficit in the month eased but worries of a fall in international trade dragged stocks lower. Vehicle makers fell after November sales declined. Bajaj Auto sales fell 32% and Maruti Suzuki sales plunged 24%.
123jump.com Staff
01 Dec, 2008
New York City
McDermott revenues rose 26% to $1.7 billion and net income declined $85.6 million or $0.37 a share from $140.4 million or $0.61 per share a year ago. The company lost $90 million related to an off-shore project. The company expects a significant non-cash expense related to pension account.
123jump.com Staff
01 Dec, 2008
New York City
Sunoco reported net income of $549 million or $4.70 a share in the third quarter compared to $216 million or $1.81 a share a year ago. Refining and supply segment earned $424 million and non-refining businesses earned $140 million in the quarter. The company will reduce capital spending by approximately $375 million.
123jump.com Staff
01 Dec, 2008
New York City
AutoNation, the largest auto retailer reported third quarter revenues declined 22% to $3.5 billion and net loss from continuing operations of $1.4 billion or $7.95 per share. In the quarter the company recorded noncash charges for goodwill and franchise impairment of $1.46 billion after tax.
123jump.com Staff
01 Dec, 2008
New York City
U.S. stocks fell as much as 4% in the morning trading. Holiday sales kicked off strong but after heavy merchandising discount by retailers. Most retailers are likely to face a sharp decline in earnings. Asian markets closed lower and European markets declined. Crude oil fell 5%.
