Stocks in New York Rebound, Bernanke in Focus

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

Stocks in early trading in New York rebounded on the hopes that the Fed Chairman Bernanke will be reappointed after more Senators express their support and confidence for the nomination. Ericsson AB net plunges. Philips Electronics surged on the fourth quarterly profit in a row.

[R]10:00 AM New York – Stocks in early trading in New York rebounded on the hopes that the Fed Chairman Bernanke will be reappointed after more Senators express their support and confidence for the nomination. Ericsson AB net plunges. Philips Electronics surged on the fourth quarterly profit in a row.[/R]

The benchmark indexes in the early trading rebounded on the hopes that the Fed chairman Ben S. Bernanke will be reappointed.

Senior Senate Republican leader Mitch McConnell and two Democratic Senators predicted the win.

Crude oil futures decreased 7 cents to $74.47 a barrel and natural gas futures declined 11 cents to $5.70 per mBtu. Gold futures increased $6.70 to $1,096.40.

The dollar declined against the euro in the early trading to $1.4149 and fetched 90.21yen.

The yield on 10-year bonds increased to 3.63% ahead of the Treasury auction of $44 billion tomorrow and $118 billion in the week.

Earnings Review

AK Steel fourth quarter sales increase 9.6% and net income was $39.8 million or 36 cents a share.

Bank of Hawaii net income in the quarter increased 3% and for the year fell 25% to $144 million or $3 a share.

CNH Global NV, the maker of agriculture and construction equipment maker’s fourth quarter sales fell 26% and net income fell 75% to $28 million. Net sales in the year declined 26% and net loss of $190 million or 80 cents a share.

Eaton Corp quarterly sales fell 10% and net income increased 29.4% to $211 million or $1.25 a share. For the year sales decreased 22.7% to $11.9 billion and net income plunged 64% to $383 million or $2.27 a share.

Qest Diagnostics Inc quarterly sales increased 2.7% to $1.85 billion and net income rose 7% to $181.6 million or 97 cents a share.

Sealed Air quarterly sales fell 2% to $1.15 billion and net income surged 37.6% to $65.1 million or 37 cents a share.

Earnings in Europe

Telecom network equipment maker Ericsson AB declined 1.1% in Stockholm, Sweden trading after its quarterly sales increased 13% and net income declined 83%.

Royal Philips Electronics NV surged 5.3% in Amsterdam, Netherlands trading after it reported fourth quarter revenue declined of 4.7% and its fourth quarterly profit in a row.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 77.86 or 0.74% to 10,512.69, and Hang Seng index in Hong Kong decreased 127.63 or 0.62% to 20,598.55, and CSI 300 index in China lower 38.18 or 1.13% to 3,328.01. ASX 200 index in Australia decreased 32.70 or 0.69% to 4,717.90. The FTSE Bursa KL Composite index in Malaysia was lower 3.66 or 0.28% to 1,296.79.

The Kospi Index in South Korea decreased 14.15 or 0.84% to close at 1,670.20. SET index in Thailand closed lower 3.71 or 0.52% to 710.39. JSE Index in Indonesia decreased 12.48 or 0.48% to 2,597.86. The Sensex index in India decreased 79.22 or 0.47% to 16,780.46.

Europe Markets Review

In London FTSE 100 Index traded higher 23.84 or 0.45% to 5,326.83, in Paris CAC 40 Index increased 10.43 or 0.27% to 3,831.21 and in Frankfurt DAX index traded lower 9.27 or 0.16% to 5,686.05. In Zurich trading SMI increased 10.36 or 0.16% to 6,504.32.