Elena
27 Jun, 2006
Mumbai
Volatile market traded in 300 points range to close higher at the close. Short covering and derivatives related trading led traders to cover short positions ahead of the end of the month. Emerging markets including India are in a holding pattern ahead of Federal Reserve Meeting this week. Metals stocks led the gainers.
Elena
27 Jun, 2006
New York City
Stocks traded higher, led by gains in General Motors Corp. and Univision Communications Inc. amid nervous trading ahead of the Fed Reserve''s policy meeting Thursday. Price target upgrade on the shares of Dow component GM sent the stock up 2.3% to $41.02. A 6.4% jump in the shares of Univision also offered support, following a $12.3 billion offer for the largest U.S. Spanish-language broadcaster.
Elena
27 Jun, 2006
New York City
The figure agreed upon late Monday equals $36.25 a share, which a 13% premium to Univision''s closing stock price on Monday. The group of investors will also assume about $1.4 billion in debt. Last week the consortium bid $35.50 a share, or just under $11 billion total, but the broadcaster rejected the group''s initial bid as too low.
Ivaylo
27 Jun, 2006
New York City
As many investors expect the Fed to raise U.S. interest rates by a quarter percentage point to 5.25%, they will be watching for any clues about the course of future policy. The merger activity also affected the market, with Arcelor and Mittal deal showing that there will be a continuing wave of consolidation in the sector.
Ivaylo
27 Jun, 2006
New York City
Shares advanced early in the trading, as oil producers were given a boost by crude trading at over $72 a barrel and as upbeat U.S. housing data allayed some economic growth fears. Later, much of the gains were erased as advances in the oil sector were largely offset. By mid-morning, London
Ivaylo
27 Jun, 2006
Metals
There was not much of a story besides expecting the Fed on Monday. Gold and silver came off of lows in some short covering but light volume and range bound trade capped the highs. That kind of trade is likely to be seen until Thursday, when the Fed will decide on the interest rates.
123jump.com Staff
26 Jun, 2006
New York City
Market trading was dominated by three merger news. A three way deal worth $40 billion between Phelps Dodge, Inco and Falconbridge topped investors attention. European steel giants Mittal Steel and Arcelor appear closer to merge on a revised offer from Mittal Steel for $34 billion. Mittal was forced to revise the initial offer in January by 45%. Johnson & Johnson agreed to purchase consumer health-care products division from Pfizer for $16.6 billion. European stocks closed lower.
Elena
26 Jun, 2006
Frankfurt
European markets closed in the negative as weaker oil and gas stocks erased gains from merger-and-acquisition activity. Auto stocks also posted losses as the euro showed strength against the dollar. The German DAX 30 dropped 0.3%, the French CAC 40 lost 0.3%, and London FTSE 100 declined 0.2%.
Elena
26 Jun, 2006
New York City
Merger-and-acquisition activity pushed stocks higher Monday morning, although many traders remained cautious ahead of the Fed Reserve meeting on Thursday. On the economic news front, the Commerce Department said that new home sales rose unexpectedly 4.6% to a seasonally adjusted annual rate of 1.234 million units in May from a downwardly revised rate of 1.180 million units in April. Economists had expected sales to fall to an annual rate of 1.145 million units.
Elena
26 Jun, 2006
Mumbai
The benchmark Sensex experienced its biggest decline since June 13, as traders turned to profit-taking. Metal shares, auto stocks, and IT sector fell sharply. International investors sold stocks in the afternoon trading. Market rose 5% in the prior week after falling 22% from the peak on May 10th.
Elena
26 Jun, 2006
New York City
U.S. stocks opened strong on merger-and-acquisition activity. In earnings news, homebuilder Lennar repored 39% profit jump in Q2, but cut its 2006 profit forecast to range of $8 to $8.25 a share from a previous forecast of $9.25 a share. Walgreen posted Q3 earnings rise of 14% on increased sales from newly opened stores, beating expectations.
Elena
26 Jun, 2006
New York City
Stock futures pointed to a higher opening, with merger deals contributing to the upward momentum. Phelps Dodge agreed to buy Inco and Falconbridge for about $40 billion in a deal to create a top global copper and nickel miner. Arcelor agreed to an increased offer from Mittal Steel which is worth about 26 billion euros, a 10% increase from Mittal''s previous offer.
Elena
26 Jun, 2006
New York City
As part of the deal, Phelps Dodge will initiate a share buyback program of $5 billion. The final deal is expected to close in September, with Phelps Dodge shareholders owning about 40% of Phelps Dodge Inco, current Inco shareholders owning about 31%, and current Falconbridge holders owning about 29%.
Ivaylo
26 Jun, 2006
New York City
Asian steel stocks were boosted Monday following the agreement between Mittal Steel Co. and Arcelor SA to create the world''s largest steel company, which raised expectations of further industry consolidation in a region that prides itself on having four of the world''s six largest steelmakers.
Ivaylo
26 Jun, 2006
New York City
European stocks moved higher by mid-morning on Monday, building on last week
