Market Updates
Markets Point Higher Opening
123jump.com Staff
25 May, 2007
New York City
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Market averages are expected to open higher in New York on deals and earnings news. Coca Cola has agreed to pay $4.1 billion for vitaminwater maker Energy Brands to boost its sales in North America. Nasdaq agreed to purchase European stock exchange operator OMX for $3.7 billion. Market is awaiting existing home sales report in less than an hour. Asian markets closed mostly lower in the overnight trading.
[R]9:00AM New York, Morning trading suggest higher opening in the U.S. trading.[/R]
News on deals and earnings are expected to dominate the last day of trading this week in New York. Nasdaq has agreed to buy Sweden based stock exchange operator OMX AB for $3.7 billion. Coca Cola has agreed to purchase Energy Brands, owner of Glaceau water brand, for $4.1 billion. Coca Cola has been expanding its non carbonated drink portfolio and boost its sales in the North American market.
In the Earnings news Gap reported profit decline of 26% on markdowns and promotions in the first quarter. The company reported earnings of 22 cents vs. 28 cents a year ago on a revenue of $3.56 billion vs. $3.44 billion a year ago.
Aeropostale, apparel retailer, reported first quarter earnings of 26 cents vs. 15 cents a year ago on revenue gain of 12% to $275.8 million.
In the overnight trading in Asia most markets closed lower reflecting lower closing in New York. Japan and Singapore lost more than 1%, however, India closed up 0.85%.
At mid-day trading European markets are nearly unchanged with a slight negative bias.
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