- 123jump.com Staff
- 04 Nov, 2008
- New York City
Mumbai stocks rallied for the second day this week after a surprise rate cut from the Reserve Bank of India. Prime Minister Singh will review the current financial crisis on a weekly through a new panel. Banks rallied after they indicated a decline in rates for loans and deposits.
- Mayank Mehta
- 04 Nov, 2008
- New York City
Herbalife Ltd plunged 23% after it issued cautious sales outlook for the fourth quarter on strong dollar. Fluor Corp surged after JP Morgan made positive comments. Archer Daniels Midland surged 21% after net income jumped nearly 250%. Expeditors International soared 22% on 15% earnings gains.
- 123jump.com Staff
- 04 Nov, 2008
- New York City
U.S. stocks rallied on the election day on the hopes that the new leader will represent a change in the economic direction. U.S. Treasury may invest directly in non-financial companies through its bank rescue plan, a departure from its original goal. Paulson credibility takes another knock.
- 123jump.com Staff
- 04 Nov, 2008
- New York City
MasterCard reported third quarter revenue rise of 24% and a loss of $1.49 a share or $193.6 million. After excluding one-time charges the company reported net income of $2.47 a share and guided that it is likely to miss its earnings revenue target in the next year.
- 123jump.com Staff
- 04 Nov, 2008
- New York City
The benchmark Nikkei 225 index surged 6.3%. Panasonic proposal to acquire Sanyo Electric lifted stocks. Lower than expected decline in Japanese auto sales in the U.S. and a decline in interbank rates contributed to the positive mood.
- 123jump.com Staff
- 04 Nov, 2008
- New York City
The larger than expected interest rate but by the Reserve Bank of Australia of 75 basis points to 5.25% only highlighted the vulnerabilities of the Australian economy. The RBA hinted that further rate cuts are possible if the global economic conditions do not stabilize.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
U.S. stocks traded sideways ahead of the U.S. presidential election. Manufacturing index showed a sharp deceleration in activites and a drop in exports in October. Auto sales in the month fell 32% to the level last seen in January 1991. The sales at GM dropped 45% at Toyota declined 23%.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Australian stocks surged on the hopes that the Reserve Bank of Australia will lower rates tomorrow. The listing for new jobs placement declined in October, home prices fell 1.8% and manufacturing declined in the month. Australian dollar gained to close at 66.02 cents to a dollar.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Hong Kong stocks surged 2.7% after Peoples Bank of China spokesperson said that banks are no longer constrained by monthly loan quotas. The relaxed lending environment is expected to provide liquidity to small and medium businesses. China Unicom fell 7% on the merger worries with China Netcom.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Third quarter revenues declined 7% to $15.3 billion from $16.5 billion in the prior year. Net income declined 38% from $1.1 billion to $695 million, a year ago. Earnings per share declined 33% to $0.96 per share from $1.44 in the prior year. Backlog rose 7% to a record $349 billion.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Stocks in London trading rose 1.5% after metal and commodities prices gained. Of the FTSE 100 index stocks, 80 rose, 19 declined and 3 were unchanged. Rising pound and weak demand in international markets dragged manufacturing index lower in October. The sixth monthly decline in a row.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
The surprise rate cut by the Reserve Bank of India this weekend lifted stocks in Mumbai trading. Autos, financials and realty stocks rallied. Rupee rose to 49 from 49.44 against a dollar. International mutual funds linked to invest in India faced withdrawals of $120 million in the last week in Oct.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Circuit City plans to close 155 stores and lay off staff to preserve capital. The battered electronic retailer same store sales declined for two years in a row. Hartford Financial Services surged 45% after it said that it has $2 billion excess capital.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Merger of two Sao Paolo banks Itau and Unibanco will create the largest financial group in Latin America and sixth largest in the Americas. The newly merged bank is named Itau Unibanco Holding will be controlled 66% by the shareholders of Itau.
- 123jump.com Staff
- 03 Nov, 2008
- New York City
Interbank lending though tight, loan rates are on the decline for euro and dollar loans. The Libor rate for dollar loans declined to 2.86% and for euro loans fell to 4.74%.