RWE Loss Drag German Utilities

123jump.com Staff
22 Feb, 2008
New York City

RWE AG, second largest utility in Germany reported fourth quarter loss of 168 million euro compared to net income of 1.76 billion euros on nuclar reactors shutdown. RWE stock fell 6% on the news. Worldwide sales at Volkwagen rose 11% in January on higher demand in Europe and Asia. Lagardere agreed to acquire majority stake in web publishing company Doctissimo for 138 million euros. The publisher Elle wants to exapnd content focused on women and health issues.

[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – Automakers in France declined on lowered rating on Peugeot SA and utilities companies in Germany fell after a loss from RWE AG.[/R]

European Markets

In London FTSE 100 Index closed lower 43.70 or 0.74% to 5,888.50, in Paris CAC 40 Index decreased 34.30 or 0.71% to close at 4,824.55 and in Frankfurt DAX index lower 98.56 or 1.43% to close at 6,806.29. In Zurich trading SMI decreased 31.40 or 0.42% to close at 7,454.75.

North American Markets indexes

Dow Jones Industrial Average added 96.72 or 0.79% to a close of 12,381.02, S&P 500 closed up 10.58 or 0.79% to 1,353.11, and Nasdaq Composite Index traded up 3.57 or 0.16% to a close of 2,303.35. In Toronto TSX Composite closed higher 76.38 or 0.57% to close at 13,585.93.

Of the 30 stocks in Dow Jones Industrial Average, 25 closed higher, 5 closed lower, and none were unchanged.

AIG led the gainers in the index with a rise of 2.7% followed by increases in Verizon of 2.4%, in JP Morgan of 2%, in United Tech of 1.9%, and in AT&T of 1.5%. Intel led the decliners in the index with a loss of 2.4% followed by losses in Microsoft of 1.5%, in General Motors of 0.9% and in Merck of 0.1%.

Of the stocks in S&P 500, 392 closed higher, 106 fell, and two were unchanged. Of the index stocks, 4 rose more than 3% and 38 stocks fell more than 3%.

Intuit led the decliners in the index with a loss of 9.2% followed by losses in Sovereign Bancorp of 4.7%, in Freddie Mac of 4.11%, in Citrix Systems of 3.7%, and in Quest Diagnostic of 3.6%. Ambac Financial Group led the gainers in the index with a rise of 16% followed by increases in MGIC Investment of 9.8%, in first Horizon of 7.3%, and in Discover Financial of 6.6%.


South American Markets Indexes

In Latin Markets Brazil led the gainers in the region with a rise of 1.28% followed by increases in Mexico of 0.57%, and in Argentina of 0.24%. Peru led the decliners in the region with a loss of 0.74% followed by losses in Chile of 0.2%, and in Colombia and Venezuela of 0.1%.


Asian Markets

In Tokyo Nikkei 225 Index closed lower 187.82 or 1.37% to 13,500.46, in Hong Kong Hang Seng index decreased 317.96 or 1.35% closed to 23,305.04. Australia ASX 200 index decreased 23.50 or 0.42% to close 5,559.90.

In South Korea Kospi Index decreased 17.91 or 1.05% to close at 1,686.45, in Thailand SET index closed lower 0.27 or 0.03% to 826.86 and Indonesia JSE Index edged increased 6.97 or 0.25% to 2,741.18. Sensex index in India decreased 385.61 or 2.17% to 17,349.07.

Bond Yields increased on 10-year U.S. bonds to 3.81% and on 30-year bonds declined to 4.58%.

[R]Commodities, Metals, and Currencies[/R]

Crude oil increased $0.81 to close at $98.08 per barrel for a front month contract, natural gas increased 31 cents to $8.89 per mBtu, and gasoline futures increased 2.35 cents to close at 254.55 cents per gallon.

Gold decreased $0.70 in New York trading to close at $948.50 per ounce, silver closed up 10 cents to $18.052 per ounce, and copper for front month delivery decreased 0.9 cents to 381.30 per pound and in London copper futures increased $273.00 to $8,467.00.

Wheat futures rose 19.00 cents in Chicago trading and closed at $10.64 per bushel. Sugar decreased 18 cents to 14.24 cents per pound. Soybean future closed up 13.50 cents to $14.38 per bushel.

Dollar edged lower and traded near record lows against euro to $1.4834 and edged lower against yen to 107.18.