Elena
09 Oct, 2006
New York City
PNC hopes that the takeover will contribute to earnings growth in 2008, and that it has an estimated internal rate of return of approximately 15%. The banks predict the reduction of over $100 million of operating expenses through the elimination of operational and administrative redundancies.
Ivaylo
09 Oct, 2001
New York City
The benchmark Korea Composite Stock Price Index, or Kospi, fell after North Korea official Korean Central News Agency said the underground test was performed successfully. Markets in Hong Kong, Singapore, Australia also declined. China bucked the downward trend as banks led the stock market to a five-year high on expectations Industrial & Commercial Bank of China will make a strong debut late this month. Markets in Japan and Taiwan were closed for public holidays.
Ivaylo
09 Oct, 2006
New York City
Oil prices also rose above $60 a barrel, with Iran adding to international tensions after it announced on Sunday it would not suspend its nuclear programme in spite of the increasing likelihood of sanctions from western powers. In Europe carmakers dropped in response to the higher direction of oil prices. Frankfurt Xetra Dax shed 0.5% and the CAC 40 in Paris lost 0.3%. London FTSE 100, however, added 0.3%.
Ivaylo
09 Oct, 2006
New York City
Gold had dipped in early trading after the release of a report on U.S. non-farm payrolls. The recovery of gold came about on concerns about North Korea possibly detonating a nuclear device as soon as this weekend. Short covering, as well as possible North Korean nuclear tests helped the market recover from early weakness. Trading, though, was thin, with big orders hitting the floor.
123jump.com Staff
06 Oct, 2006
New York City
Market averages declined on mixed employment report and sharp decline in General Motors. September non-farm payroll rose 51,000, significantly lower than Wall Street growth estimate of 121,000. However, August growth was revised to 188,000 from 128,000. Separate job survey reported that unemployment rate dropped to 4.6% in September from 4.7% in August. GM dropped 6.3% on the news that Tracinda will not raise its stake in the company and Jeremy York will resign from the GM board.
Elena
06 Oct, 2006
New York City
European markets closed slightly lower, reflecting weakness in the telecoms sector and disappointing U.S. employment report. Telecommunication stocks came under pressure after Deutsche Bank downgraded Vodafone Group and Telecom Italia to hold from buy, sending their shares down by 1% and 1.5% respectively. The German DAX 30 ended flat at 6,073, the French CAC 40 dipped 0.2%, and London FTSE 100 lost 0.1%.
Elena
06 Oct, 2006
New York City
U.S. stocks were weak Friday, reversing from three straight sessions of record gains. The negative sentiment was generated by a jobs data report which showed that employers added fewer jobs in September than analysts had expected. Heavyweight stocks Caterpillar Inc. and United Technologies Corp. were the biggest drags on the Dow, down 1.5% and 1% respectively.
Elena
06 Oct, 2006
New York City
As profit-taking seized the blue-chips the focus was laid to small-caps and mid-caps today. The market-breadth was strong. IT, banking and auto stocks retreated. Refinery and construction shares edged higher. Some power stocks were also in demand. Hindalco, Reliance Communications and Gujarat Ambuja led the advancers. Hindustan Lever led the decliners. India is on course to attract a record $12 billion of foreign direct investment this fiscal year.
Elena
06 Oct, 2006
New York City
Stock averages started trading in the negative, following three straight sessions of record gains. The initial weakness was due to an employment report which gave another signal that the economy is slowing and inspired traders to cash in on the market''s recent gains. In corporate news, Micron Technology dropped 10% after the chipmaker issued a Q3 profit report that disappointed investors.
Ivaylo
06 Oct, 2006
New York City
The report should provide further clues as to whether the world biggest economy is heading for a hard or soft landing. The FTSE 100 clung to the 6,000 level at mid-day, with a bounce in PartyGaming and further M&A excitement across utilities helping to ease nerves. In early afternoon, the FTSE index lost 13.00 points, or 0.22%. Manufacturing output grew for the fourth month in a row in August, pushing up the annual rate of increase from 1% in July to 1.5%.
Elena
06 Oct, 2006
New York City
The Labor Department said that U.S. nonfarm payrolls rose by an estimated 51,000 in September, the lowest rise in 11 months, and came in below the 123,000 rise expected by economists. The weakness in employment, which was mainly concentrated in the manufacturing and retail sectors, was offset by gains in health care and finance.
Elena
06 Oct, 2006
New York City
Under the terms of deal, Crown Castle, owner and operator of wireless infrastructure, will assume estimated debt of $1.8 billion, and the total cash consideration will be capped at $550 million. The transaction brings together two tower companies with more than 24,000 wireless sites between them.
Ivaylo
06 Oct, 2006
New York City
The Nikkei 225 in Japan slipped on profit-taking in blue-chip Canon Inc. while market heavy HSBC Holdings extended its record-setting run on bullish sentiment following another record close for the U.S. market. The urge to book profits offset a revival among commodity stocks and a strong performance from blue-chip financial stocks. In Hong Kong, property companies outperformed the stock market on easing interest-rate concerns.
Ivaylo
06 Oct, 2001
New York City
Most European stocks were firm on Friday morning ahead of a key U.S. jobs report, with advances from airlines easyJet and Aer Lingus helping to compensate weakness from Vodafone Group and Telecom Italia. Sentiment was kept in check before key U.S. jobs figures due out later in the day. The FTSE 100 in London reached 6,006.6, Frankfurt Xetra Dax was 0.1% higher at 6,083.12, and the CAC 40 in Paris was slightly higher at 5,289.52.
Ivaylo
06 Oct, 2001
New York City
The stronger tone of the oil market encouraged profit-taking in the metals, thus raising their prices. Some short sellers also may have been squaring positions before U.S. monthly jobs report on Friday, which can influence the dollar and, in this way, the direction of metals. Physical demand for gold has been good, especially on this sell-off. Funds had been liquidating long positions for some time now in both gold and silver.
