Market Updates

U.S. Stocks Sideways; Gold, Copper Up

123jump.com Staff
11 Jan, 2010
New York City

    U.S. stocks traded sideways after commodities prices rose and the dollar declined. Alcoa gained nearly 6% on the expectations of quarterly profit report after the close. Gold and copper gained sharply.

[R]10:00 AM New York – U.S. stocks traded sideways after commodities prices rose and the dollar declined. Alcoa gained nearly 6% on the expectations of quarterly profit report after the close. Gold and copper gained sharply.[/R]

U.S. stocks in the early trading edged lower ahead of earnings season. Commodities increased as the dollar weakened.

The dollar declines after the euro edged above $1.45 as commodities prices gained and traded at 92.42 yen. Immediate futures of crude oil increased 58 cents to $83.33 a barrel and natural gas decreased 17 cents to $5.58 per mBtu.

Gold surged $17.40 to $1,156.30 an ounce and copper futures increased 7.40 cents to $3.47 per pound.

Yields on 10-year U.S. Treasury bonds hovered near 3.79% and 30-year bonds at 4.70%.

World markets traded higher after China reported nearly 18% increase in exports in December. Sale of trucks and passenger cars in China rose to 13.6%, largest in the world and surpassed 10.4 million sales in the U.S.

The latest survey of UK financial services executives indicated that the largest groups of firms are pessimist since the beginning of 2009. Nearly 13% more firms anticipated decline in business more than anticipating an increase.

Heineken NV based in the Netherlands agreed to acquire beer division of Mexico based Fomento Economico Mexico SAB for 5.3 billion euros in exchange of shares.

China surpassed Germany as world’s largest exporter but is likely to shrink its trade deficit dramatically in 2010.

Commodities prices increased on the back of China’s exports data. Copper, gold and aluminum traded higher in London.

U.S. Earnings Review

Allscripts-Misys Healthcare Solutions, Inc, the provider of health care information technology reported second quarter revenues rose 31.6% to $169.3 million from $128.6 million a year ago. Net income in the quarter was $15.8 million or 10 cents per diluted share compared to net loss of $6.0 million or 5 cents per share a year ago.

Allscripts-Misys Healthcare Solutions, Inc ((MDRX)) in the last one year traded as high as $22.21 in October 2009 and as low as $7.61 in March 2009. Based on the Friday’s closing price of $19.79 the company has market cap of $2.87 billion.

Associated Banc-Corp, the regional bank reported fourth quarter net interest income fell 7% to $178.4 million from $191.8 million a year ago. Net loss in the quarter was $180.6 million or $1.41 per diluted share compared to net income of $13.6 million or 11 cents per share a year ago.

Net interest income for the fiscal year 2009 rose 4.3% to $726.0 million from $696.1 million a year ago. Net loss for the year was $161.2 million or $1.26 per diluted share compared to net income of $165.2 million or $1.29 per share a year ago.

The stock fell 9% at the opening after the company said it will lower its dividend to 1 cent from 5 cents a share and will raise $400 million in a public offering of common stock.

Helen of Troy Limited, a personal-care products maker reported third quarter sales rose 2% to $189.4 million from $185.6 million a year ago. Net income in the quarter rose 63.6% to $24.7 million or 80 cents per diluted share compared to net income of $15.1 million or 48 cents per share a year ago.

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Earnings

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