123jump.com Staff
20 Jun, 2006
New York City
Market averages remain in the positive zone on new home starts and building permit report for the month of May. New home starts in May rose 5% but building permits fell 2.1%. Oil gained. Home builder stocks declined to eighteen-month low on the report. Lennar, Horton, Hovnanian,Toll Bros and Beazer dropped on the news. Several of these stocks are no trading near book value.
Elena
20 Jun, 2006
Frankfurt
European markets gained Tuesday, boosted by strength in metals stocks and positive U.S. market opening on better-than-anticipated housing starts data. Among resource stocks, miner BHP Billiton and Rio Tinto were the biggest gainers together with Steelmaker Mittal Steel, which rose 1.9%. The German DAX 30 surged 1%, the French CAC 40 rose 0.9%, and London FTSE 100 gained 0.6%.
Elena
20 Jun, 2006
New York City
The letter, published in the Financial Times, said the $16 billion agreed merger of Severstal and Arcelor would give Severstal-owner Alexei Mordashov control over the new company. Arcelor said it would cancel its deal with Severstal if shareholders representing 50% of the capital voted against the tie-up. Mittal rose 0.9% in Amsterdam, while Arcelor advanced 0.9% in Paris.
Elena
20 Jun, 2006
Mumbai
The Sensex in India fell Tuesday breaking three days of gain in a row. Weakness in markets across the region sparked profit-taking in a highly volatile session. Small and mid-cap stocks rallied but broader averages declined with metal, auto and cement stocks were among the biggest decliners.
Elena
20 Jun, 2006
New York City
New housing construction rose at a seasonally adjusted annual rate of 1.957 million units in May from a revised rate of 1.863 million units in April. Economists had expected housing starts to rise to a 1.870 million unit rate. The report also showed that building permits fell 2.1% to a seasonally adjusted annual rate of 1.932 million units from an unrevised 1.973 million unit rate in April.
Ivaylo
20 Jun, 2006
New York City
Japanese stocks closed lower for a second day running as technology, financial and real-estate issues declined, ahead of U.S. Federal Reserve likely rise of interest rates at its Jun 28-29 meeting. Investors chose to stay on the sidelines until a clearer perspective emerges for the U.S. economy.Elsewhere in the region, other indexes also followed Japan downward.
Ivaylo
20 Jun, 2006
Frankfurt
Feds officials reaffirmed their tough position on inflation, saying that US core inflation, excluding volatile food and energy costs, has moved up to, or beyond, the upper end of the range. Concerns over a slowdown in US demand with interest rates now seen rising by possibly two quarter point increases struck metals and decreased oil prices below $69 a barrel.
Ivaylo
20 Jun, 2006
Metals
Most investors remain neutral to bearish and are opting either to observe the action from the sidelines or to purchase smaller amounts in a quest to average their costs for the long term. Dealer selling following humble gains in the dollar and light selling in the energy sector have put pressure on the metals again.
123jump.com Staff
19 Jun, 2006
New York City
Market averages came under selling pressures as traders worried of rising interest rates. On light trading volume decliners led gainers by a margin of three to one. Nokia and siemens have agreed to form a joint venture to merge there phone equiment divisions with a total asset value of $30 billion. Oil and gold fell. CarMax and Circuit City reorted better than expected earnings. Home builders association reported decline in confidence among builder community. The index fell to 11-year low.
Elena
19 Jun, 2006
Frankfurt
European markets ended higher Monday. The strongest market drive was the tech sector, which advanced on news that mobile-phone giant Nokia and industrial conglomerate Siemens would merge their phone-equipment units into an equally owned joint venture company. Nokia shares rose 4.1% in Helsinki, while Siemens surged 6.7% in Frankfurt. The German DAX 30 soared 1.2%, the French CAC 40 climbed 0.7%, and London FTSE 100 rose 0.5%.
Elena
19 Jun, 2006
New York City
Stocks erased early gains on Monday as declines in energy shares outweighed gains for major companies. Oil prices declined and the U.S. dollar also gained vs. the yen, but the market lacked direction, with no new economic data to feed speculation over further interest rate moves. In corporate news, Nokia jumped 71 cents to $20.68 and Siemens surged $5.22 to $85.02 on agreement to form a joint venture.
Elena
19 Jun, 2006
Mumbai
The Indian benchmark gained in the latter part of trade in a highly volatile trading, after a sluggish start. In the last hour of the session demand for large-cap stocks supported the small-cap and mid-cap stocks rally helping the market breadth and averages to end on a positive note.
Elena
19 Jun, 2006
New York City
Stocks opened higher Monday as news of a joint venture between Nokia Corp. and Siemens AG gave the market momentum to extend last-week gains. Nokia jumped 71 cents to $20.68 and Siemens surged $6.02 to $85.82.
Circuit City Stores Inc. swung to a profit from a year-ago loss, helped by store improvements and strong sales of flat-panel televisions. The company said net sales advanced 17.5%, while same-store sales advanced 14.6%.
Elena
19 Jun, 2006
New York City
Circuit City Stores reversed to a Q1 net profit of 4 cents a share, up from a year-ago loss of 7 cents a share. The company''s sales advanced 17.5%, while same-store sales advanced 14.6%. CarMax reported Q1 earnings advanced to 53 cents a share, up from 35 cents a share a year-ago on 19% revenue growth, above analyst expectations.
Elena
19 Jun, 2006
New York City
The 50-50 joint venture will be comprised of Nokia''s network business group and Siemens'' carrier-related operations, creating estimated synergies of 1.5 billion euros ($1.9 billion) by 2010. This move will help the two major companies to compete with market leader Ericsson AB. The joint venture will be called Nokia Siemens Networks.
