- 123jump.com Staff
- 11 Sep, 2008
- New York City
The relentless selling in the precious metals markets continued today as gold and silver fell to a new lows for the year. Gold has declined 11% for the year and dropped 28% from its peak in March. Silver traded at a 2-year low and platinum traded to one-year low. The sudden rise in dollar and drop in base metals and precious metals has surprised investors. Gold is trading only 5% higher than its one-year low.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Stocks in UK declined, as investors focused on the weak economy and struggling consumers. The benchmark index FTSE 100 declined for the third day in a row and dropped 47.80 or 0.9% to 5,318.40. For the year the index has declined 18% as most European markets have fallen more than 15% in the period. Home Retail Group dropped 5.7% or 13.75 to 228 pence after it reported same stores sales decline in the second quarter.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
U.S. stocks rebounded in the afternoon trading as crude oil fell to near $100 a barrel and natural gas declined. Optimist traders hoped that Lehman Brothers will find a buyer for its assets or key investors, which increasingly looks unlikely. Lehman fell 41%. Railroad operator CSX lifted its earnings estimate. Separately, Brazil raised its interest rate to 13.75% in a split decision. Gold dropped 2% and lost 6% in two days and has lost 11% for the year. European markets closed lower.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Developing nations financial system weakness and continued worries of global markets dragged stocks in India lower. The benchmark indexes Sensex and CNX Nifty declined 2.3% and 2.5% respectively dragged by a decline in energy, realty and financial sectors. After the close inflation report showed a slight decline from the previous weekly read. Reliance fell below 2,000 rupees for the second time this year after the worries that exports from the refinery may be banned.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Joy Global Inc surged $3.49 or 9% to $48.37 after it increased its share repurchase program to $2 billion. CSX rose 9% after it lifted its earnings outlook for the year and beyond. Kenexa Corporation dropped 27% after it lowered its revenue and earnings guidance for the quarter and the year. FactSet, a financial data service provider fell 2% after it was dropped from a small cap index.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
U.S. stocks edged lower after analysts lowered their views on Lehman Brothers. The troubled broker lost 40% after it fell 45% in the previous session. Trade deficit in July increased as exports and imports both increased. The elevated crude oil imports and persistent deficit with Asian nations contributed to the high deficit. Initial jobless claims for the week ended Sept 6 declined to 445,000 from a revised 451,000 at the end of the prior week.
- 123jump.com Staff
- 10 Sep, 2008
- New York City
U.S. stocks closed higher after trading sideways for the most of the session. Crude oil and natural gas closed lower as Hurricane Ike eneters the Gulf of Mexico and heads in the direction of oil installation. Separately, financial stocks came under selling pressure after Wamu Inc plunged 29% as the company ended talks with several investors for capital infusion. Carlos Slim acquires 6.4% stake in New York Times after the stock trades near eleven years low. Gold plunges 4%.
- 123jump.com Staff
- 10 Sep, 2008
- New York City
U.S. stocks edged higher in the afternoon trading with a decline in oil, natural gas and precious metal prices. Energy and metals related stocks led the gainers. Of the stocks in S&P 500 index, 60% traded higher. Washingon Mutual led the decliners in the index with a loss of 19% after its credit rating was cut. Lehman traded sideways after it reported record quarterly loss. Las Vegas Sands dropped 9% after July gaming revenue in Nevada fell.
- 123jump.com Staff
- 10 Sep, 2008
- New York City
Lehman Brothers reported largest quarterly loss ever of $3.9 billion and wrote down assets of $5.6 billion. The company said it has liquidity of $42 billion and has a plan to sell its asset management unit and spin-off real estate portfolio of between $25 billion and $30 billion by the first quarter of 2009. Lehman lowered its dividend to 5 cents a share form 68 cents a share and expects to save $450 million annually.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in Sydeny fell 1.7% after metal prices fell and the Australian dollar edged lower aginst the U.S. dollar. The ABS reported retail sales in July rose 0.1%. Separately, in a survey published by National Australian Bank reported business confidence at 7-year low and the bank lowered its forecast for economic growth to 2.5% in 2008 and kept it unchaged at 2.25% in 2009.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Lehman Brothers stock lost nearly half its value after it failed to strike a deal with Korea based bank. The financial service firm is struggling to attract investors or sell assets at a price it deemed they are worth. Investors sold financial stocks and the U.S. benchmark indexes declined between 2.4% and 3.6%. A sharp sell-off in natural resource stocks also dragged metals, mining and energy stocks lower. Silver and lead dropped more than 4% and gold and zinc lost more than 2%.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Japan fell as steelmakers, financials and commodities related stocks fell. Brazil based world
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Shanghai rose but in Hong Kong fell. Cautious investors looked for bargains after stocks in Shanghai fell more than 60% from the beginning of the year. Airlines rose after the crude oil prices declined. Realtors fell after China Vanke reported third monthly sales decline in new homes sales. Sales in August fell 35% after dropping in June and July. China passenger car sales in August dropped 6%, first decline in three years.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Mumbai trading declined with weak trading in metals and commodities related stocks. Sterlite Industries dropped 8% after the parent Vedanta separated its copper and zinc, iron ore and aluminium and power businesses in three separate entities. The company also announced plans to invest as much as $10 billion in the next three years and increase alumina mining and aluminium refining capacity in Orissa.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Manufacturing index declined to the lowest level in eighteen months after factory output fell 0.2% in July from a month ago. For the three months ending in July manufacturing index fell 1.1%. Average property sales per surveyor fell to the lowest level in 20 years as tight mortgage market dampen home prices and sales. BG Group abandoned its pursuit of Origin Energy based in Australia after the company attracted $8 billion from ConocoPhillips.