Market dips in the Final Hour

123jump.com Staff
30 Nov, -0001
New York City

The strength in Employment numbers sparked the rally in the morning but as the day progressed, investors were driven by the rising oil prices and inflation concerns overtook the market sentiment.

This morning, Labor Department reported that economy created 274,000 new jobs in April more than 175,000 most economists had expected. The job gains for Feb and March were revised upwards by 93,000. With this investors felt confident in the economic grwoth and vitality. The gains were across the board.

Crude Oil futures were volatile and for much of the day traded higher and close to $52. In the end the price settled just above $51.

Pixar Animation jumped more than $2.43 and closed at $48.70 on more than triple earings in the previous quarter.

Revlon stock lost more than 10% on disappointing earnings and yet another loss this quarter.


S&P – Down 0.06%
DOW – Up 0.05%
Nasdaq – Up 0.28%


In Other News

European markets closed higher on as-expected election results in UK, positive earnings from Unilever, and strong jobs report in the USA, Frankfurt up 0.2%, Paris up 0.4%, and London up 0.3%.

Consumer product company Unilever, Anglo-Dutch company reported 1Q profit of euro 934 million vs. euro 753 million. The company gave a cautious outlook for the rest of the year.

Chile’s economy grew at annual rate of 5% in March, slowest since February 2004.

Australia had its second largest trade deficit in April, close to $3 billion, but this is likely to be wiped out as Australian miners benefit from the recent 71% price hike from Chinese customers.

Tokyo shares closed higher, by 1.7%, three-week-high, on strong exports from Japanese companies. Other exchanges in Asia, Mumbai, Singapore and Tokyo closed higher but Hong Kong closed down.

Labour Party returns to power in its third straight victory but with slimmer majority impacting the authority of its leader Tony Blair to govern on difficult issues.


Earnings Headlines

Wild Oats, organic food retailer, reported 1Q loss of 4 cents vs. profit of 7 cents a year ago including charges of 19 cents related to lease restatement, asset write-offs, and restructuring charges.

National Oil Well Varco, created through merger on March 11, reported 33 cents a share earnings in 1Q vs. 13 cents a year ago. Excluding the items, the company reported 42 cents per share as estimated by the analysts.

The media and education company Washington Post reported 1Q profit of $6.87 vs. $6.15 a year ago on 10% revenue growth.

Revlon reported 1Q loss of 13 cents vs. 63 cents a year ago.
Dreyer’s Grand Ice Cream reported 1Q loss of $1.07 vs. 85 cents a year ago on 14% revenue growth.