Elena
07 Feb, 2007
New York City
U.S. stocks opened higher on Wednesday, benefiting from strength in the technology sector largely contributed by 3.5% gain for Cisco Systems on the back of strong earnings and a higher sales forecast. Amazon.com also helped, rising 1% after it announced it is partnering with TiVo to offer movies and TV shows. TiVo shares gained 5%. Infineon Technologies rose 8% after the German chip maker received a contract to supply chips for Nokia.
Ivaylo
07 Feb, 2007
New York City
UK benchmark index traded in and out of positive territory at mid-day after it hit record levels on Tuesday. Strong quarterly results from mining company BHP Billiton were offset by losses in the pharmaceutical sector and negative broker comment. AstraZeneca and GlaxoSmithKline were both lower, but it was Man Group that led the decliners on a downgrade. At mid-day on Wednesday, the FSTE 100 in London was barely 0.15% higher at 6,356.
Elena
07 Feb, 2007
New York City
U.S. stock futures advanced on Wednesday on the back of a better-than-expected quarterly profit and outlook from Cisco Systems which boosted investor confidence in the strength of corporate profits. Shares of Cisco Systems rose 5% in the pre-open after network equipment maker posted a 40% profit jump and strong guidance. Strong Q4 productivity and tame wage inflation data also helped generate positive sentiment. The Department of Labor said that labor productivity grew 3%.
Ivaylo
07 Feb, 2001
New York City
The benchmark index rallied Wednesday on upbeat sentiment after the government released the official GDP growth of 9.2%. Aggressive buying in Bajaj Auto, Infosys and ICICI Bank led the market rise. The rally was not broad-based, though, as the market-breadth was negative. Tata Motors and ONGC led the decliners. The rupee hit a new high against the dollar.
Elena
07 Feb, 2007
New York City
BHP Billiton announced surprisingly a $10 billion share buyback Wednesday after reporting a net profit increase of 41% to a record $6.2 billion for the six months period ending in December. The miner''s revenue for the first half climbed 22% to $22.1 billion, driven by strong production results for most mineral commodities on soaring prices. Company''s stock rose 3.5% in pre-market trading.
Ivaylo
07 Feb, 2001
New York City
Japanese stocks declined, led by exporters including Canon, after the yen gained against 120 yen to the dollar, while chipmakers also led the Nikkei lower as Advantest plunged. Australia surged to a new intraday high on strong performance by BHP Billiton and China also rallied. Singapore rose to a new record high, led by property and banking stocks. South Korea bucked the upward trend, falling on banks and shipbuilders and HK recorded a modest advance.
Ivaylo
07 Feb, 2007
New York City
Upbeat earnings news from Peugeot, Publicis, and a surprising buyback program by BHP Billiton, supported by strong earnings results, boosted European markets Consolidating expectations concerning Spanish company Endesa lifted utilitues, while Swiss pharmaceutical company Roche plunged, despite posting a strong earnings report. By mid morning, Frankfurt Xetra Dax gained 0.4%, the CAC 40 in Paris added 0.3 % and the FTSE 100 in London was 0.1% higher.
Ivaylo
07 Feb, 2001
New York City
Cold weather in the US helped rise the demand of fuel which in turn supported precious metals. The continuing tensions over Iran also aided the market. Gold added $7 to finish at a two-day high and silver hit a seven-week high in intraday. Platinum and palladium also advanced although they remained range-bound. Copper managed to overcome its sell-off on Friday and advanced modestly. Crude oil touched $60, but came off that level. Both Arabica coffee and raw sugar futures lost on Tuesday.
123jump.com Staff
06 Feb, 2007
New York City
Cisco Systems guided third quarter revenue in the 19% to 20% range and anticipated gross margins to be near 64.5%. The company revised the revenue guidance for the third quarter between $8.7 billion and $8.8 billion. Cisco purchased $3.3 billion of its own stock in the quarter. The company recorded 40% growth in revenue in emerging markets.
123jump.com Staff
06 Feb, 2007
New York City
Market averages were dragged lower on weakness in tech stocks. Cisco reported second quarter profit of 31 cents vs. 22 cents a year ago in the second quarter. Cisco stock has risen 60% in the last six months on rising expectations of improved business climate and higher spending by telecom companies. Telecos have been increasing their spending to build wireless and broadband networks to handle high speed Internet traffic to download video and rich media content.
123jump.com Staff
06 Feb, 2007
New York City
President Bush, a day after sending Congress a $2.9 trillion budget, urged lawmakers to resist raising taxes and to address the unsustainable growth in entitlement programs by restraining spending. But, the President failed to explain what is he dong to lower defense spending and government borrowing. Asia finished higher on tech stocks, Europe gained boosted by solid gains in the health-care sector. Crude oil rose as freezing cold covered the eastern half of the U.S. Gold inched higher.
123jump.com Staff
06 Feb, 2007
New York City
Blackstone said that it raised its offer for Equity Office Property to $55.50 per share. The cash portion of the offer is raised to counter the competing bid from Vornado Realty Trust. The board of EOP favors the offer from Blackstone and agreed to raise its merger termination fee to $750 million from $500 million. Blackstone offer will close within two days of shareholder vote but Vornado offer may take as long as thirty to forty five days.
Elena
06 Feb, 2007
New York City
European stocks hit multi-year highs on Tuesday, boosted by solid gains in the health-care sector. Fresenius Medical Care climbed 3.9% offsetting a 1.2% loss for oil giant BP. The U.K.''s FTSE 100 closed up 0.5 % after touching a new six-year high. The German DAX 30 closed flat at 6,875.70. The French CAC-40 slipped 0.1%, reversing from a 51/2-year high. The Dutch AEX index touched its highest level in just under five-years at 509.35.
Elena
06 Feb, 2007
New York City
U.S. stocks turned to the downside, reflecting rallying oil prices and weakness in the tech sector ahead of earnings release from Cisco Systems. The Dow was dragged down by Hewlett-Packard which lost 1% on news that Eastman Kodak is introducing higher-priced printers with lower-priced cartridges. Apple declined 0.6% on news Wal-Mart is launching a download service. National Semiconductor dropped 4.4% after the company projected a 14% to 15% drop in Q3 revenue, due to lower shipments.
Elena
06 Feb, 2007
New York City
Wall Street opened slightly higher, with investors awaiting speeches by top Fed Reserve officials. An increase by the oil price provided some boost to energy stocks like Exxon Mobil Chevron Corp. Anadarko Petroleum also advanced on news that its Q4 profit more than doubled. Elsewhere, Bankrate rose 11% after posting 50% profit jump in Q4 on robust advertising on its Web sites. International Securities Exchange rose 9% on news of 51% profit rise in Q4.
