123jump.com Staff
14 Mar, 2007
New York City
Market averages dipped to its lowest level in the afternoon trading. Lehman reported first quarter profit of $1.96 per share compared to $1.83 per share a year ago. Revenue rose 13% to $5.05 billion from a year earlier.The company also reported that its exposure to sub prime lending is not more than 3% of its assets and it accounts for 25% of total mortgage origination.
Elena
14 Mar, 2007
New York City
European stocks finished sharply lower on Wednesday, led by declines for banking stocks as U.S. worries about subprime-mortgage losses spread through the sector. Among firms in focus, Deutsche Bank dropped 5.1%, Credit Suisse lost 4.3% and UBS shed 4.3%. Insurers and fund managers were also notable losers. France''s AXA slid 5.1%, while U.K. Man Group dropped 4%. The French CAC 40 tumbled 2.5%, the German DAX 30 dropped 2.7%, and the U.K.''s FTSE 100 slid 2.6%.
Ivaylo
14 Mar, 2007
New York City
The London market followed US stocks sharply lower on Wednesday as growing concerns about the health of the US subprime lending sector harmed the financials sector and resurrected fears of a slump. Several of the big high street banks had already posted higher provisions for bad debts including HSBC. The FTSE 100 was down more than 100 points, or 1.4%, to 6,060.2 in morning trade.
Ivaylo
14 Mar, 2007
New York City
Asian markets declined sharply Wednesday following a sharp sell-off on US market, with Japanese benchmark index plummeting almost 3% with exporters retreating as the yen strengthened against major currencies. Property stocks declined the most among large-cap companies in HK. In China, comments from China''s central bank governor led to speculation there will be an interest rate increase soon and the Shnaghai benchmark index also fell.
Elena
14 Mar, 2007
New York City
Wall Street opened mixed on Wednesday, gaining some ground after the recent sell-off. The market sentiment was boosted by strengthening dollar which rose vs. the yen on the back of narrower current account deficit. However, there was more evidence about the fallout in the mortgage lender market. H&R Block slid 2.4% after it warned that the meltdown increased its quarterly losses.
Elena
14 Mar, 2007
New York City
U.S. stock futures were indicating a slightly weak opening, as concerns over the troubled sub-prime mortgage business continued to weigh on global markets. Disappointing results from General Motors and Lehman Bros. also generated negative mood, helping to offset a smaller-than-expected rise in import prices. Import prices rose 0.2% in February, below expectations of a 0.7% gain. Excluding fuels, prices declined 0.2%, the biggest drop since July 2005.
Ivaylo
14 Mar, 2007
New York City
The benchmark index opened with a strong negative bias on the overnight sell-off on Wall Street and weak Asian markets. The Sensex stocks declined sharply with IT, telecom and banking stocks leading. ICICI Bank was the most prominent decliner, Bharti Airtel and Wipro were severely hit. Cement stocks pared losses, though. Gujarat Ambuja gained, together with Bajaj Auto. The production of six core industries moved up 8.7% in January 2007 when compared with 8.2% in January 2006.
Ivaylo
14 Mar, 2007
New York City
European markets plunged in morning trading Wednesday, with banking stocks such as Credit Suisse and Deutsche Bank suffering heavily, after concernss about the spread of subprime mortgage losses made US stock tumble in late trading overnight. European banks with a U.S. lending business also fell. The French CAC 40 index lost 1.7% at 5,343.22, the German DAX 30 index gave up 1.6% at 6,520.32 and the U.K. FTSE 100 index fell 1.3% at 6,081.20.
Ivaylo
14 Mar, 2007
New York City
Gold and silver futures finished lower Tuesday, pushed down by weakness in stocks and a retreat in crude oil from earlier highs. There was a little pullback from the rally in higher energy prices and also gold fell back in tandem with the global equity-market sell-off occurring in the afternoon. Silver and palladium fell in sympathy, while platinum bucked the trend and rose.
Elena
13 Mar, 2007
New York City
European stocks finished notably down Tuesday amid concerns over U.S. retail sales and more subprime mortgage woes. Heavy losses for French Lagardere and SABMiller further pressured the European markets. Lagardere dropped 3.6% after the media group reported a 57% fall in 2006 net profit.Shares in U.K. brewer SABMiller lost 4.4%. The German DAX 30 slipped 1.4%, the French CAC 40 dropped 1.2% and the U.K. FTSE 100 fell 1.2%.
Elena
13 Mar, 2007
New York City
Concerns over mortgage subprime lenders and weaker-than-expected retail sales weighed heavily on the market sentiment. That alarm offset a profit report from Goldman Sachs Group that came in well above analyst forecast. The stock rose 1.4%. In the tech sector, Texas Instruments fell 1.3% after it reduced its Q1 profit and sales forecasts. Sandisk however, rose 2.6% after UBS upgraded it to buy. Revlon said it swung to a Q4 loss, due to lower U.S. sales and restructuring costs.
Ivaylo
13 Mar, 2001
New York City
Shares in SABMiller led losses among London large-cap stocks after it lost a big contract in South Africa while another gloomy trading update from HMV further dampened sentiment. Alliance Boots rose on hopes that the board firm rejection of KKR and Stefano Pessina offer could encourage the latter to offer more. Among the mid caps HMV fell after it warned that trading conditions have deteriorated. The FTSE 100 was 11 points lower to 6,222.3 in early trade in London.
Elena
13 Mar, 2007
New York City
U.S. stocks steeply dropped at opening Tuesday amid growing concerns about the viability of subprime mortgage lenders and worries that their troubles might spread to other sectors too. New Century Financial was again the main drag on the market as the NYSE said it would immediately suspend trading in its shares and move to delist the stock. New Century revealed that regulators began investigation into accounting errors that inflated the value of the company''s loan portfolio.
Ivaylo
13 Mar, 2007
New York City
Asian-Pacific markets closed mostly lower Tuesday with a moderate decline in Japanese stocks as investors sold blue-chip exporters such as Sony and Toyota. Japanese export-related stocks plunged after the yen gained against the dollar in U.S. trading, reflecting a reduced desire for risk. In Hong Kong shares finished lower as profit-taking offset stronger-than-expected results. In China, the benchmark index bucked the overall downtrend and advanced.
Ivaylo
13 Mar, 2007
New York City
The Sensex opened with a positive bias and rallied until noon but turned highly volatile in early afternoon. Fresh buying in late afternoon at lower levels, mainly in metal and technology stocks, helped the index finally end with a gain. Satyam led the gainers, together with TCS, Grasim and Tata Steel, while Hindustan Lever led the decliners. The government said that the RBI has no objections on raising bank credit to minorities.
