123jump.com Staff
08 Feb, 2007
New York City
Stocks slid despite relatively solid January retail-sales reports, as traders weighed a warning on sub-prime lending from HSBC Holdings and disappointing results from Toll Brothers that resonated in the housing sector. Financial components weighed down the blue-chip average, with Citigroup and J.P. Morgan Chase both losing about 1% on the HSBC news. The Bank of England and the European Bank left interest rates unchanged. Coldwater Creek fell 5% and Quiksilver fell 10% on earnings news.
Elena
08 Feb, 2007
New York City
European stocks closed in the negative on Thursday, with investors digesting earnings news from major companies in Europe and a warning on U.S. provisioning from banking giant HSBC Group. Shares of HSBC Holdings slipped 1.5% after the banking giant said loan-loss provisions would be 20% above analyst estimates. The German DAX 30 lost 0.6%, the French CAC-40 declined 0.7%, and the U.K.''s FTSE 100 fell 0.4%.
Elena
08 Feb, 2007
New York City
U.S. stocks traded steeply lower, pressured by weakness in financial and housing stocks, while January same-store sales failed to lift the sentiment. Bank shares were hurt by a warning from HSBC which said that bad-debt charges for the year will by 20% higher than expected, due to delinquencies in its portfolio of sub-prime mortgages. A warning from home builder Toll Brothers of 19% drop in its Q1 home building revenues weighed in housing stocks. Toll Bros shares fell 4%.
Elena
08 Feb, 2007
New York City
U.S. stock markets started trading lower on Thursday, dragged by mixed January same-store sales and a warning from HSBC Holdings on the U.S. sub-prime lending market. Financial stocks declined, with JP Morgan Chase & Co, Citigroup Inc. and American Express each falling about 1%. Wal-Mart also weighed on the Dow, losing 0.5%, despite stronger-than-expected January same-store sales.
Ivaylo
08 Feb, 2007
New York City
The FTSE advanced slightly on the news to trade mostly flat after the announcement was made.The benchmark index also recovered some losses at lunchtime after upbeat earnings results from medical device maker Smith & Nephew. HSBC surprised investors as it issued a warning on its debt and on the plus side, BT reported strong Q3 results. In late afternoon, the FTSE 100 was 0.37% lower at 6,346.
Elena
08 Feb, 2007
New York City
U.S. stock futures traded lower Thursday, as retailers released mixed quarterly sales offsetting strong earnings reports. In pre-market earnings highlights, PepsiCo said Q4 profit surged 61%, boosted by strong performance from its international division. Net income jumped to $1.06 per share, from 65 cents last year. Dow component Walt Disney & Co. rose 2.3% in pre-open trading after it more than doubled its Q1 earnings, helped by DVD sales.
Elena
08 Feb, 2007
New York City
The retailers reporting upbeat results included Limited Brands and Wet Seal, while Costco Wholesale and Bebe Stores posted disappointing sales results. Limited reported an 11% gain in same-store sales, beating the 7.8% forecast. Costco said that January same-store sales rose 2%, missing estimates of 3% increase. Gap Inc. announced flat January same-store, exceeding estimates of a decline of 7.7%. Abercrombie & Fitch reported same-store sales drop of 6%, missing expectations of a drop of 1.9%.
Ivaylo
08 Feb, 2007
New York City
In Japan, profit taking in domestic-related stocks pared gains in technology and exporters, including electronics makers. The largest power utility in Japan, Tokyo Electric Power plunged. Australia ended also flat as BHP Billiton poor performance weighed on resource stocks while HK bucked the trend and advanced. Markets in South Korea, Taiwan, and Singapore also edged lower.
Ivaylo
08 Feb, 2007
New York City
Banking stocks, which were the leading advancers in previous sessions, were under pressure Thursday as traders took profits ahead of interest rate decisions. The markets expect both BoE and the ECB to leave the rates unchanged. Some banks gained, though, including ABN Amro, Julius Baer of Switzerland. By mid morning, Frankfurt Xetra Dax was unchanged, the CAC 40 in Paris edged up slightly and London FTSE 100 was 0.2% lower.
Ivaylo
08 Feb, 2007
New York City
The market opened with an upward bias, but soon plunged into negative territory after profit
Ivaylo
08 Feb, 2007
New York City
Gold futures closed lower Wednesday, unable to hold their ground at the $660-an-ounce level as pullback in oil prices pared the appeal of the metal. Of other precious metals, silver and palladium took their cue from platinum and advanced, while copper continued its downfall. Energy futures closed lower, save for natural gas, which managed to advance. Arabica coffee settled up, while raw sugar declined.
123jump.com Staff
07 Feb, 2007
New York City
In the last calendar quarter, the productivity rose at 3% in the U.S. and labor cost increased by 1.7%. The faster growth in productivity enables many in the economy to spend more and drive retail sales and lower threat to wage inflation. However, for the year 2006, labor cost rose at 3.2% and productivity gained at 2.1%. Equity Office Properties shareholders agreed to be acquired by Blackstone on revised bid of $55.50 per share or $39 billion. Cisco earnings sparked a rally in tech stocks.
123jump.com Staff
07 Feb, 2007
New York City
U.S. stocks were higher, sending the Dow Jones Industrial Average to a new record high, as crude oil prices turned lower while the technology sector received a boost from upbeat earnings and forecasts from Cisco Systems Inc. Biotech and pharma stocks were mixed as shares of Forest Laboratories Inc. lost ground after Citigroup slapped a sell rating on the stock.
Elena
07 Feb, 2007
New York City
European stocks closed in the green territory Wednesday, boosted by gains for mining and tech stocks, as well as continued deal speculation in the utility sector. BHP Billiton rose 5.5% amid a surprising $10 billion share buyback. In the tech sector, shares in Infineon Technologies rose more than 10%. Among utility stocks, E.On shares rose 1%. The DAX 30 gained 0.6% at 6,915.56, the French CAC-40 rose 0.5% to 5,703.00 and the the U.K. FTSE 100 rose 0.4% at 6,369.50.
Elena
07 Feb, 2007
New York City
U.S. stock averages traded higher, boosted by retreating oil prices and solid gains in the tech sector on upbeat earnings and forecasts from Cisco Systems. The Dow was sent to a new record high by gains for Caterpillar, up 1.6%, Hewlett-Packard, up 1.1%, and Intel, also up 1.1%. However, losses posted by Pfizer and Alcoa helped to limit the upside for the blue-chip average.
