- 123jump.com Staff
- 18 Apr, 2008
- New York City
Goolge earnings rise of 30% lifted trading sentiment. Tech stocks surged with Nasdaq climbing 2.6%. S&P 500 index and Dow Jones added 1.8%. Caterpillar earnings lifted export sensitive stocks. Citigroup reported a loss of $5 billion, second in a row and asset write-down of $13 billion. Lower than expected loss from the bank helped financial and brokerage stocks to rebound. European markets closed higher, led by Switzerland. Royal Bank of Scotland to raise 10 billion pounds.
- 123jump.com Staff
- 18 Apr, 2008
- New York City
Stocks in Japan edged higher on the optimism that global economy may not weaken further. Nikkei 225 rose 0.6% to 13,476.45, a 1.2% gain for the week, and the broader Topix Index increased 0.8% to 1,304.06. The yen weakened further to close at 102.36 yen to a dollar. Shipping lines, banks and export sensitive stocks close higher. The Bank of Japan in its region survey noted that eight of the nine regions are experiencing sluggish economic activities.
- 123jump.com Staff
- 18 Apr, 2008
- New York City
The ONS reported that March public sector budget deficit rose to
- 123jump.com Staff
- 18 Apr, 2008
- New York City
U.S. stocks advance after solid earnings from Google, Caterpillar, Honeywell and BB&T. Citigroup reported a loss of $1.02 per share and wrote down $13 billion in assets and credit losses of $2 billion. Google surged 20% after its revenue rose 46% and earnings increased 30% in the first quarter. Honeywell and Caterpillar gain 6% and Citigroup soars 7%.
- 123jump.com Staff
- 18 Apr, 2008
- New York City
Citigroup, exactly after a deacade of mega merger put together between Citibank and Travelers reported its second quarterly loss in a row. Citi reported a loss of $1.02 per share compared to net income of $1.01 a year ago after revenue plunged 48% to $13.2 billion in the first quarter. Citigroup, sprawling conglomerate of international banking, insurance and investment broker employs 300,000 people. The bank has still not announced plans to reduce its payroll and high cut operating costs.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
European stocks closed mixed after earnings report from Nokia and strong interest in weekly auction at the Bank of England. The weekly auction attracted three times bid to nearly 49 billion pounds as interbank loan market remains seized. Societe Generale replaces its chief executive but keeps him as chairman for now. Nokia drops 14% after it offered weak earnings outlook on strong euro.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
U.S. stocks recovered from the morning losses after Merrill reported $9 billion asset write down and expects to eliminate 4,000 positions. Airlines report weak results. Pfizer fell 4% after its net income declined but IBM earnings rose 26% on the strength in Europe and Asia. NY Attorney General opens investigation in auction rate securities. Nokia fell after it offered weak outlook. New York Times and Media General report quarterly losses.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
The Bank of England weekly auction received more than three times bids for its offer of 13.7 billion pounds as interbank credit market remain seized. The Libor rate declined a fraction, but still hovered near 5.9%, significantly above the BoE target. Separately, Taylor Wimpey issued cautionary earnings guidance for the rest of the year. Of the FTSE 100 stocks, 31 rose and 70 declined on weak trading sentiment.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
Stocks in Mumbai trading rebounded 1.5% to 16,481 and CNX Nifty rose same to 4,958. Software exporters rose for the second day in a row. Annual wholesale inflation for the year ending on April 5 edged lower to 7.14%. Banks gained after the inflation report. Orchid Chemicals was the most active stock for the second day in a row on the BSE.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
Merrill Lynch large loss and asset write down surprised the market and U.S. stocks edged lower as new worries related to credit market emerged. Separately, American Airlines reported quarterly loss of $1.32 as its fuel bill surged 48%. Southwest earnings declined on higher operating and fuel costs. However, IBM reported better than expected earnings. TD Ameritrade earnings increased but the stock declined.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
Merrill Lynch continues to suffer from lack of appropriate risk control, lethargic management structure and falling market values of securities for which it has no insurers. Merrill Lynch reported first quarter revenue decline of 69% to $2.94 billion and net loss of $2.14 billion. Loss per share in the quarter was $2.19 compared to net income of $2.50. Merrill still suffers from high asset leverage and elevated compensation costs. Merrill wrote down $9 billion of assets.
- 123jump.com Staff
- 17 Apr, 2008
- New York City
Stocks in Japan and Asia rose after earnings from several U.S. banks and large multinational companies met expectations. In Tokyo trading Nikkei 225 rose 1.92% at 13,398.30, and the broader Topix Index gained 1.7% to 1,293.32. METI reported that industrial production in February rose 1.6% and shipment increased 1.2% and inventories added 0.19%. Asahi Glass will close several factories in the U.S. and Canada as demand for glass products decline on the slump in the U.S. housing market.
- 123jump.com Staff
- 16 Apr, 2008
- New York City
Inflation in member European Union states increaed at annaulized rate of 3.6% in March. Energy, education services and food prices contributed to the rise. Latvia and Bulgaria led the region in inflation surge. On the news, euro gained against the dollar and pound. Better than expected earnings from Intel and positive outlook from JP Morgan lifted financial stocks. Crude oil reached another high and gold and copper gained.
- 123jump.com Staff
- 16 Apr, 2008
- New York City
U.S. stock surged after earnings from JP Morgan and Wells Fargo met expectations. Earlier Intel reported positive industry outlook and CSX and Coca Cola advacned on better than expected earnings. Separately March home completion, sales, and starts plunged. Inflation and industrial production in the month rose 0.3%. Crude oil reached another record high and the dollar traded at record low against euro. Of the S&P 500 index 458 stocks gained and 42 declined.