- Elena
- 02 Aug, 2007
- New York City
Wall Street opened moderately higher, driven by strong corporate profits and positive economic data. Nokia rose 8% as its Q2 profit doubled and its operating margin reached highest levels in three years. Starbucks gained 2.2% on earnings and sales growth, while Viacom rose 2.7% on stronger-than-forecast Q2 profit. On the economic news front, the Labor Department report said that weekly jobless claims in the latest week rose 4,000 to 307,000.
- 123jump.com Staff
- 02 Aug, 2007
- New York City
The European Central Bank and The Bank of England kept rates same after successive rate hikes this year. The elevated interest rates of 4% by the ECB and 5.75% by the BoE are expected to slow economic growth and inflation pressures in the economy. But no signs of slowdown has yet emerged. The 13-member nation group or eurozone is experiencing low interest rates and stable unemployment in the region. However, the wages are rising in the region.
- Elena
- 02 Aug, 2007
- New York City
U.S. stock futures pointed to some recovery Thursday, although investors remained cautious amid fears that a tightening in U.S. lending could hurt corporate and economic growth. Nokia jumped over 7% in pre-market trading after it said its Q2 earnings more than doubled. Eastman Kodak Co. and Viacom reported better-than-expected quarterly results. Further in earnings news, Lenovo Group posted a 12-fold jump in quarterly profits,beating analyst expectations.
- Elena
- 02 Aug, 2007
- New York City
During the quarter, the company earned $592 million, or $2.06 a share, compared with a loss of $282 million, or 98 cents a share last year, easily beating estimates of 39 cents per share on revenue of $10.19 billion.Eastman Kodak said quarterly net sales declined 6.6% to $2.51 billion.
- 123jump.com Staff
- 01 Aug, 2007
- New York City
volatility was the only constant in New York trading. Market averages declined, gained, lost, jumped back up in the plus in the last fifteen minutes of trading. Rumors on home builders, oil price speculation, and debate on the next subprime victim, left investors guessing all day. European markets closed with a loss of 1.5%. Asian markets lost between 3% and 4% in overnight trading. After the earnings reports, Areclor Mittal jumped 7%, but MasterCard fell 7%.
- Elena
- 01 Aug, 2007
- New York City
European stock markets lost ground to close steeply down Wednesday, pressured by weaker financial stocks amid global worries about credit markets. Subprime mortgage concerns re-emerged on fears of a potential liquidation of a U.S. mortgage lender and fears of losses at some of Macquarie Bank''s hedge funds and a third Bear Stearns fund. The U.K. and France tumbled 1.7% each, followed by Germany which declined 1.5%.
- Elena
- 01 Aug, 2007
- New York City
U.S. market averages continued to trade lower, pressured by worries about U.S. home loans and the credit market. Record-high oil prices and data on housing and manufacturing also weighed. The housing and financial sectors posted the most notable losses. Bear Stearns fell 3% on reports it will face big losses in a third fund with about $900 million in mortgage investments.
- Elena
- 01 Aug, 2007
- New York City
Time Warner reported a 5% profit rise in Q2, due to a particular strength in its cable unit and 6% revenue increase. The conglomerate earned $1.07 billion, 28 cents per share, tp from $1.01 billion and 24 cents per share a year ago. Despite the positive results, Time Warner shares fell 4%. Owens Corning, building products maker, reported 88% earnings jump in Q2, due to weak housing market. Kraft Foods said Q2 profit rose 4%.
- 123jump.com Staff
- 01 Aug, 2007
- New York City
Sensex led the declining markets in Asia with loss of 615 points of 3.96%. Auto, techs, banks, and real estate stocks led the decliners with a loss of between 7% and 10%. Among Sensex stocks, ACC suffered led with a loss of 10%. Bajaj sales in July fell 7% but Maruti sales increased 18%. Bank of India dropped 10%. Mall developers, Orbit and Indiabulls, plunged 10%. Daily turnover reached record for the year. Reliance Industries is in final 10 to drill in Australia.
- Elena
- 01 Aug, 2007
- New York City
Wall Street opened flat, as investors weighed up a new hit to the credit markets and some strong earnings reports. On Tuesday worries about home loan defaults renewed when American Home Mortgage Investment reported troubles with its credit lines. Bear Stearns built on these concerns Wednesday as it is likely to face losses in July in its Asset-Backed Securities Fund after closing other two hedge funds recently.
- Elena
- 01 Aug, 2007
- New York City
U.S. stock futures reversed from steeper lows early Wednesday but continued indicating weak opening. The troubled credit market was in the spotlight again, alongside with funds exposed to that market and lending banks. Australia''s Macquarie Bank said that one of its funds had a monthly loss of 25% and didn''t have direct exposure to the U.S. subprime market. Bear Stearns Asset-Backed Securities Fund expects losses in July.
- 123jump.com Staff
- 01 Aug, 2007
- New York City
European markets trade sharply lower ahead of New York opening and in the wake of sharp correction in Asian markets. Markets in the region, except Swiss market, are trading lower by 2% at mid-day trading. Deutsche Bank reported higher earnings bucking the trend of lower bank earnings in Japan. Rising sales at BMW failed to increase earnings. Cadbury Schweppes reported shaprly lower earnings melting the stock 7%. Mortgage bank HBOS earnings profit rose but offered weak outlook.
- Elena
- 01 Aug, 2007
- New York City
Murdoch added one of the great trophies of U.S. journalism to his global media empire in a deal valued at $5 billion. Bancroft family members and trustees, representing 37% of the company''s shareholder vote, agreed to support the deal. Another 29% of the vote is held by public shareholders, who are very likely to support Murdoch. The combined percentage will be enough to guarantee passing of the deal.
- 123jump.com Staff
- 01 Aug, 2007
- New York City
Losses in banking sector in Tokyo trading left Nikkei 225 2.2% lower at the close. The other Asian markets suffered more. Taiwan, India, and Korea dropped 4% on the subprime worries. The Macquarie Bank in Australia plunged 10% dragging the Australian market down 3.2%. Mizuho Group in Tokyo declined 9% on 49% decline in earnings. Mitsubishi UFJ Group fell 4.6% on 31% decline in income.
- 123jump.com Staff
- 31 Jul, 2007
- New York City
New York averages slid in the last hour of trading. Market averages opened higher in the morning and quickly jumped to triple digit gain lifting averages in Europe and South America. In the afternoon tradning worries related to housing marekt resurfaced and investors turned cautious led by weak stocks in the financial sector. European markets closed at their peak before the afternoon sell-off in New York. General Motors and Sun Microsystems swung to profit.