Ivaylo
23 May, 2007
New York City
The benchmark index traded in a tight range throughout the day, although it opened with a positive bias and surged initially. Selling pressure on unwinding of positions sent the Sensex lower in late session with auto, banks and tech stocks leading the decline, while the metals sector ended higher. Tata Motors, ITC and Reliance Comms led the decliners, while the best performing stocks was Tata Steel.
Elena
23 May, 2007
New York City
The real estate investment firm, Morgan Stanley Real Estate will buy the company for $22.80 per share. The deal includes the assumption and refinancing of about $3.1 billion of the company''s outstanding and unconsolidated debt and redemption of some $440 million in preferred shares. The transaction is expected to complete by the third quarter.
Ivaylo
23 May, 2007
New York City
Commodities prices dipped across the energy, metals and agricultural markets Tuesday on declines in crude oil, gold and grains. Oil prices dropped under a forecast for advancing crude and gasoline inventories. Gold prices flagged also beside a rising dollar and weaker crude. Shortly before the close of the London Metal Exchange, industrial metals prices began to soften after a mostly positive day.
123jump.com Staff
22 May, 2007
New York City
U.S. market averages attempted a spirited move towards higher opening but quickly faced the headwind. The offer for MGM owned casions from Tracind controlled by Kirkorian lifted trading sentiment in casino and hotel stocks. Mortgage lenders gained on the deal to sell subprime mortgage portfolio by Fremont General to IStar Financial. Retailers fell on lower sales outlook from Staples and weaker than expected earnings and sales forecast from American Eagle. Chile fell 4% on pension funds worries.
Elena
22 May, 2007
New York City
European stock markets closed mixed on Tuesday, reflecting gains from telecom and chemical companies and weakness in the pharmaceutical sector. Deutsche Telekom and France Telecom both added 1.5%. Among chemical firms DSM advanced 4.2% and Alzo Nobel was up 1.4%. In the drug sector, GlaxoSmithKline declined 1.4% after several broker downgrades. The German DAX Xetra 30 rose 0.5%, the French CAC-40 finished unchanged at 6,089.72 while the U.K. FTSE 100 lost 0.5%.
Elena
22 May, 2007
New York City
U.S. stocks traded in a lackluster fashion as there was no major catalyst to give the market a direction. Deal new failed to generate broad market sentiment. Individual stocks such as MGM Mirage and Fremont General saw their shares steeply up, 28% and 38%, respectively. At the same time, the housing sector advanced ahead of the release of key housing data later this week. On the opposite side, resource stocks posted weakness amid decreasing commodities prices.
Elena
22 May, 2007
New York City
Staples slipped 5% after it reported a 12% profit rise on 8% sales growth in Q1, helped by sales of laptop computers. Tech Data slipped 6% after posting a 23% drop in profit, despite a 9% sales growth. Autozone fell 2% despite reporting 5% profit increase and 4% sales growth.
Elena
22 May, 2007
New York City
U.S. stock market opened in the positive Tuesday, supported by merger activity in the casino industry and talks aimed at easing economic tensions between the U.S. and China. MGM Mirage climbed 26.5% after billionaire Kirk Kerkorian offered to buy two Las Vegas properties owned by MGM Mirage-the Bellagio and CityCenter.
Ivaylo
22 May, 2007
New York City
London stocks traded in negative territory on Tuesday as Marks and Spencer declined on the back of annual earnings and GlaxoSmithKline suffered by several broker downgrades. Glaxo denied a report that its diabetes drug Avandia increases the risk of death from heart problems. British Airways has been unsettled by the news it is joining a consortium led by Texas Pacific Group to explore a takeover bid for Iberia airline. The FTSE 100 gave up 11 points, or 0.2%, to 6,625.7
Elena
22 May, 2007
New York City
U.S. stock futures moved to the upside on Tuesday, lifted by strength among gaming and leisure stocks on the back of billionaire Kirk Kerkorian''s offer to buy two Las Vegas properties owned by MGM Mirage. Among casino stocks, MGM Mirage jumped 23% in pre-market trading, Wynn Resorts rose 4.2%, and Las Vegas Sands added 4.4%. Investors were also watching for developments in economic talks between China and the U.S.
Elena
22 May, 2007
New York City
Under the terms of the agreement, iStar will acquire Fremont General''s California-based commercial real estate lending business and will retain a 30% B-participation interest. On completion of the transaction, Fremont General will own a 70% A-participation interest in the portfolio. The deal is expected to close at the beginning of summer 2007.
Ivaylo
22 May, 2007
New York City
China finished almost 1% higher Tuesday on yuan appreciation, as regional markets mostly rose, but declines in large-cap stocks pushed Hong Kong lower. Tokyo stocks continued its upward trend as investors bought NEC and Sony as well as banking shares on hopes for solid earnings this fiscal year. All the other major indices advanced with only Australia bucking the trend and declining.
Ivaylo
22 May, 2001
New York City
The benchmark index opened with a positve bias and advanced in morning trade but then selling pressure emerged at higher levels and the Sensex plunged. A recovery in Reliance Industries helped the market end in positive territory with some large-caps continuing their downtrend. Bajaj Auto lost for the fourth straight day on account of its demerger scheme. Reliance Communication and HDFC were the best performing stocks. The rupee advanced further against the U.S. dollar.
Ivaylo
22 May, 2007
New York City
European markets were mixed on Tuesday, with investors putting in the limelight resource-sector stocks on valuation hopes while GlaxoSmithKline kept losing for a second-day after safety concerns were raised about a diabetes drug and Marks & Spencer announced the retail environment would get more challenging. The U.K. FTSE 100 index slipped less than 0.1%, the German DAX Xetra 30 index added 0.1% and the French CAC-40 index traded fractionally lower.
Ivaylo
22 May, 2007
New York City
Corn prices advanced Monday on reports of hot, dry weather in the eastern Corn Belt. In other commodities trading, crude oil rallied more than $1 a barrel while industrial metals advanced. Ongoing outages at the nation
