- 123jump.com Staff
- 13 May, 2008
- New York City
MBIA and Ambac fell after the bond rating agency Moodys raised concerns on the capital adequacy at the insurance companies. MBIA, only a day ago asserted at the time of earnings release that it does not need additional capital and has a significantly higher book value than GAPP accounting would suggest. Moodys suggested that fallng home values and continued decline in loans values in the secondary market may force the insurance companies to raise more capital.
- 123jump.com Staff
- 13 May, 2008
- New York City
Hewlett Packard agreed to pay $25 per share or $13.9 billion for technology service company EDS. The purchase price is at 33% premium from the last trading price on Friday. HP with the acquisition of EDS hopes to bolster its service business from $17 billion in 2007 to nearly $40 billion in 2009. The deal is expected to GAAP earnings accretive in 2010.
- 123jump.com Staff
- 12 May, 2008
- New York City
Industrial production in March fell to 3% and for the fiscal year ending in the month declined to 8.1% from 11.6% a year ago. The sharp fall in manufacturing sector output dragged the index lower in the month. Rupee fell in trading to 41.63 on the news. Software exporters rose after a weakness in rupee. TCS, Infosys, Wipro and Satyam rose. Ranbaxy gained 5% after it agreed to develop for the U.S. based Merck anti-infection drug.
- 123jump.com Staff
- 12 May, 2008
- New York City
Stocks in Japan rose on strong earnings forecasts from Konica Minolta and Orix Corp. A weaker yen also helped exporters. Electric utility companies fell for the second week in a row on record crude oil prices. In Tokyo trading Nikkei 225 rose 0.6% or 88.02 to 13,743.36, and the broader Topix Index increased 0.08% or 1.03 at 1,342.79.
- 123jump.com Staff
- 12 May, 2008
- New York City
UK traded deficit in March narrowed to
- 123jump.com Staff
- 12 May, 2008
- New York City
European markets edged higher on the strength in energy and steel stocks. ArcelorMittal and ThyssenKrupp led the rise in market averages in Germany and in France ahead of earnings this week. Societe Generale fell after HSBC took a charge of $3.2 billion to cover losses in the U.S. mortgage loans.
- 123jump.com Staff
- 12 May, 2008
- New York City
U.S. stocks closed higher after Hewlett Packard offered to pay nearly $13 billion for EDS. The offer valued the company nearly 30% higher than market value at the close on Friday. Separately, Ann Taylor revised its earnings outlook. The revision lifted stocks in the retail sector. MBIA closed higher despite it reported $2.4 billion in losses. HSBC set aside $3.2 billion in the first quarter to cover losses related to the U.S. mortgage lending.
- 123jump.com Staff
- 12 May, 2008
- New York City
U.S. stocks rallied to the high of the day after a steady drop in crude oil prices. Crude oil traded below $125 a barrel. Ann Taylor lifted its earnings outlook for the first quarter. The revised guidance lifted retail sector stocks. Nordstrom, JC Penney and Macy''s gained. Collective Brands, operator of Payless ShoeSource increased after jury awarded $305 million in a trial against Adidas.
- 123jump.com Staff
- 12 May, 2008
- New York City
U.S. stocks opened higher after MBIA and IndyMac reported losses and HSBC set aside $3.2 billion to cover losses in its U.S. residential mortgage portfolio. China increased bank reserve ratio for the fourth time to curb the rising inflation and India reported weak industrial production gains. MBIA reported a loss of $2.4 billion compared to $198 million a year ago. IndyMac, the troubled bank with a significant mortgage loan exposure raised $97 million for the year so far.
- 123jump.com Staff
- 09 May, 2008
- New York City
European markets in the region fell after financials and insurance companies declined. AIG, one of the world
- 123jump.com Staff
- 09 May, 2008
- New York City
AIG swung to a loss in the first quarter after it took a charge of $9 billion in its credit derivative portfolio. The insurance comapany also plans to raise $12.5 billion through stock offering to bolster its capital base. AIG stock fell nearly 9%, as it raced to 10-year low. UK home repossessions rose to a 10-year high. European markets fell more than 1% in the region. Inflation in India and China surged on rising food and energy costs.
- 123jump.com Staff
- 09 May, 2008
- New York City
UK stocks fell after home repossessions surged, but from a low level in many parts of the island nation. The FTSE 100 index fell 1.05% to 6,204 on weakness in mining, financials and home builder stocks. Crude oil in London and New York trading rose to new intra-day high above $126 a barrel. Experian Group led gainers in the FTSE 100 index with a rise of 3.5% and Carphone Warehouse led decliners with a fall of 7.3%.
- 123jump.com Staff
- 09 May, 2008
- New York City
Wholesale price index in India fell in the latest period measured two weeks ago. Rising energy and food prices continue to fuel inflation above the target set by the Reserve Bank of India. Sensex index fell 2% to 16,737. Trading on two largest stocks exchanged was 20,000 crore rupees or $5 billion. ICICI Bank, HDFC Bank and State Bank of India fell in trading. Reliance Industries fell 5.2%.
- 123jump.com Staff
- 09 May, 2008
- New York City
Hong Kong stocks fell on mounting concern over the health of the global economy after Vice Premier Wang Qishan said inflation has evolved as the country
- 123jump.com Staff
- 09 May, 2008
- New York City
Nikkei 225 index in Tokyo trading fell 2.1% after weak earnings from Bridgestone and weaker outlook from Olympus and Toyota rattled investors. Toyota lowered its net sales and income for the current fiscal year. Bridgestone reported 1% decline in profit. Takeda Pharmaceuticals and Olympus lowered its outlook for the current fiscal year. In stock trading, utilities declined on record crude oil prices. Yokogawa Electric plunged 10% and led decliners in the index.