- 123jump.com Staff
- 18 Jul, 2008
- New York City
A drop in oil prices lifted stocks in Shanghai and in Hong Kong. Airlines and realty stocks closed higher. Yuan continue to surge and for the week gained 0.25% to 6.82 to a dollar. For the year yuan has gained 7% and likely to gain at least 1% more in the rest of the year. China yesterday reported gross domestic product surged 10.1% in the second quarter ending in June.
- 123jump.com Staff
- 18 Jul, 2008
- New York City
Tech benchmarks fell after investors sold Google, Microsoft and AMD stocks. Google dropped 8% after earnings and click through rates declined. AMD reported wider than expected loss. Citigroup rose it reported a loss of $2.5 billion, smaller than estimated and wrote down $12 billion in assets. Merrill Lynch traded weak on higher than expected loss. European markets edged higher on interest in financial stocks.
- 123jump.com Staff
- 18 Jul, 2008
- New York City
U.S. stocks traded mixed with tech stocks trending lower and select financials rising. Google fell 8% after it reported 39% rise in sales and 35% increase in earnings. Microsoft fell 7% after it reported sales rise of 18% and earnings gain of 40% to $17.7 billion from a year ago. For the fiscal year earnings rose 26% to $17.7 billion or $1.87 per share. European markets closed up 1.5%.
- 123jump.com Staff
- 16 Jul, 2008
- New York City
Stocks in Japan traded in a listless fashion but the broader Topix index declined for the fourth day in a row. Tech stocks rose after Intel reported 25% rise in earnings and lifted its sales guidance. Inpex, the largest refiner fell after crude oil futures prices declined in the region. Realty stocks fell. Sumitomo Mitsui Financial Group has already suffered loss of more than $700 million in its investment in pending Barclays Plc public offering at a fixed price.
- 123jump.com Staff
- 16 Jul, 2008
- New York City
Stocks in Shanghai fell sharply but in Hong Kong edge higher. Huaxin Cement reported first sales rise of 31% to 2.7 billion yuan and net income increased 74% to 191 million yuan or 0.50 yuan per share. Shanghai Electric Power probably lost money in the first half after record coal prices. Huaneng Power also estimated loss in the first quarter. Casino stocks Melco Entertainment and Galaxy Entertainment fell 6% on tighter travel restrictions for mainland visitors.
- 123jump.com Staff
- 16 Jul, 2008
- New York City
UK stocks edged lower after a fall in crude oil and base metal prices. Miners and energy stocks led the decliners dragging FTSE 100 index lower 0.4%. Financial rebounded on the rally in sector in the U.S. and in Europe after better than expected earnings from Wells Fargo. Barclays investors in the recent public offering have suffered a loss of 14%, before the completion of the offering. Separately, unemployment claims rose but the rate remained at 5.2%.
- 123jump.com Staff
- 16 Jul, 2008
- New York City
U.S. benchmark indexes increased more than 2% after investors bid up banks and other lenders. Wells Fargo reported 25% decline in earnings but exceed expectations of some investors and increased its quarterly dividend by 10% to 34 cents per share. The news of better earnings lifted stocks of banks, insurers and lenders. Crude oil futures dropped as much as 5% after the weekly inventories data showed an increase.
- 123jump.com Staff
- 16 Jul, 2008
- New York City
U.S. stocks rise after $10 billion merger deal, losses fom American Air and Delta Air Lines and talks of dividend cut at Fanne and Freddie. Cleveland-Cliffs agreed to acquire coal miner Alpha Natural Resources for $128 a share or $10 billion. AMR, the parent of American Air reported quarterly loss of $1.45 billon and Delta Air Lines lost $1.04 billion. Wells Fargo rose afte it reported second quarter profit of $1.75 billion or 53 cents per shrare on reveue rise of 16% to $11.5 billion.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
Investors continue to sell financial stocks and stocks of Fannie and Freddie. Both lenders dropped 27% and led the decliners in the S&P 500 index. Kimberly Clark lowered its annual earnings outlook. State Street Corp rose after earnings increase more than 50%. UK inflation rose in June to 3.8% and the Bank of Japan left its key rate unchanged at 0.5%. Markets in Shanghai and Hong Kong dropped more than 4% and in India plunged 5%. Intel profit rises 25% on 9% sales increase.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
Stocks in London fell after the inflation in June rose at a rate of 3.8% and investors sold stocks of banks. Burberry, the luxury retailer confirmed its earnings guidance and expects to push its stock buyback to the second half of the year. The largest UK food maker, Premier Foods expects to meet annual earnings guidance as it passes on price increase to customers. Rio Tinto Group is expected to release trading update tomorrow.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
Stocks in China fell with a decline in regional markets, tracking losses in the U.S. and Europe. Benchmark indexes in Hong Kong and Shanghai fell 3.8% and 4.2% respectively. Chinese smelters of lead and zinc will lower production by 10% between July and September. China hopes to lift metal prices with lower supply and also divert electricity to support the Olympic Games. Foreign exchange reserve rose to $1.8 trillion at the end of June, 36% rise from a year ago.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
The Bank of Japan left its key rate unchanged at 0.5%. The central bank cited rising inflation pressure and weak economy. Financial institutions in Japan estimated exposure to debt issued by Fannie and Freddie of $44 billion. Sumitomo Realty led the decliners in Nikkei 225 index with a loss of 6.5% followed by declines in Sumitomo Mitsui, Tokyu Land Corp, and Mitsubishi UFJ Financial Group.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
U.S. stocks recovered from the lows of the day as tech stocks edged to the positive territory. Nasdaq recovered from the loss of 1% but Dow and S&P 500 indexes continue to trade near loss of 0.4%. Kimberly Clark dropped more than 5% after it released premiminary results and lowered annual earnigs outlook. Citigroup, Fannie Mae, Freddie Mac and Bank of America fell to their new lows.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
Benchmark index in Mumbai fell nearly 5% as global markets sold off. Expectations of higher inflation, impending confidence vote in parliament and net outflow of foreign investors kept stocks falling. Banks and realty stocks led the decliners. Banks are trading at one year low on the expectations of rising inflation and slowing economic growth. Latest data on industrial production lowered expectations of economic growth.
- 123jump.com Staff
- 15 Jul, 2008
- New York City
Unhappy investors are increasingly distrustful of the U.S. government bailout plan of Fannie and Freddie that includes bond holders and excludes stock holders. Fannie and Freddie dipped to another low with a loss of more than 20% today and dragged stocks of banks and financial companies. Citigroup, SunTrust, Wachovia and Bank of America declined to their new lows not seen at least in the last ten years. General Motors cut its dividend.