- Ivaylo
- 12 Jul, 2007
- New York City
The market witnessed a very strong session buoyed by speculation that strong earnings will boost buying in equities. Shares of auto, banking, metals, capital goods sectors all rallied, except for IT stocks which plunged. The market-breadth was very strong and the turnover jumped. Hindalco and Reliance Energy surged, while ONGC and the IT large-caps dipped. Industrial production slowed for a second month in May.
- Ivaylo
- 12 Jul, 2007
- New York City
Tracking the rally on U.S. markets, European stocks bounced back Thursday with Alstom and Rio Tinto leading the gainers. Alstom announced better-than-expected first-quarter figures, while Rio Tinto boosted miners as it successfully completed the $30 billion purchase of Alcan of the U.S. Nokia also gave the market a boost as Motorola lost market share. National benchmarks advanced in 13 of 17 western European markets that were open.
- Ivaylo
- 12 Jul, 2007
- New York City
Gold retreated from gains made in the two previous session and declined Wednesday, while wheat rallied on the Chicago Board of Trade on a report that will show tightening stocks in the U.S. and growing demand. Industrial metals recovered some of the losses of previous days with copper prices firming up, while energy futures gave up some of its earlier gains.
- 123jump.com Staff
- 11 Jul, 2007
- New York City
Late afternoon rally in New York trading lifted averages on the optimism on earnings. YUM! Brands surged 5% ahead of earnings. Chicago Merc, Intercontinental Exchange, NYSE Euronext, and Nymex gained between 3% and 7%. Dollar traded at a record low against euro and 26-year low against pound, dragging all European markets lower. American unit of Brazil based Gerdau bought Chaparral Steel for $4.2 billion. Infosys declined after earnings.
- Elena
- 11 Jul, 2007
- New York City
European stock markets finished in the negative for a second day in a row. Banks and exporter-related stocks were leading decliners amid concern that U.S. mortgage losses will hurt economic growth and slow global expansion. Barclays was a notable decliner, falling 1.1%. Insurance company Allianz dropped 1.4%. Germany led losers with a drop of 0.8%, followed by France, down 0.3% and the U.K., down 0.2%.
- Elena
- 11 Jul, 2007
- New York City
U.S. stock markets recovered from steep declines on the back of some takeover deals and speculation. The steel sector posted strength, as Chaparral Steel climbed 10.3% after it agreed to be acquired by Gerdau Ameristeel for $4.22 billion. Unilever rose 4% on speculations that Colgate-Palmolive was interested in buying the company. Alcan added 2% on news it started merger talks with Rio Tinto to fend off a hostile bid from Alcoa. Yum Brands rose 4% on upgrade from UBS ahead of earnings report.
- Elena
- 11 Jul, 2007
- New York City
Wall Street posted modest gains at opening Wednesday, recovering from heavy losses the previous session. However, investors remained concerned about subprime lending, due to a number of new downgrades and downgrade threats in the securities sector. Second-quarter earnings reports were also eagerly awaited, with biotechnology company Genentech and fast-food chain operator Yum Brands due to release results after market close.
- Ivaylo
- 11 Jul, 2007
- New York City
London fell sharply Wednesday, tracking heavy losses on Wall Street overnight as concern over U.S. mortgage market weighs heavily. Higher oil prices further eroded sentiment in oil companies. HSBC and HBOS led the decliners, while BskyB brought in some respite surging on strong customer growth. The benchmark index FSTE 100 lost 25 points or 0.4% to 6,603.2 by mid-day.
- Elena
- 11 Jul, 2007
- New York City
U.S. stock futures were indicating a lower market opening Wednesday, hurt by continued subprime loans concerns. The economic jitters were sparked yesterday by a wave of profit warnings from Home Depot and Sears Holdings along with a threat from S&P that it could downgrade credit ratings on $12 billion worth of subprime securities. Investors were also awaiting Q2 earnings releases. There are no major economic data scheduled to be released Wednesday.
- Ivaylo
- 11 Jul, 2007
- New York City
Asian markets plunged across the board on Wednesday with Japan dipping on concern about slowing U.S. housing market and the strengthening of the yen against the dollar. HK also sank declines in China Mobile and HSBC while South Korea lost on banks and brokerages. China bucked the trend and advanced on property stocks. In Australia, the market lost ground on falling mining stocks as the prices of industrial metals dipped.
- Elena
- 11 Jul, 2007
- New York City
The transaction is a 14% premium over Chaparral''s closing price of $75.69 on Tuesday. The transaction, which is subject to Chaparral shareholder approval, regulatory approvals and other customary closing conditions, is expected to close before the end of the year.
- Ivaylo
- 11 Jul, 2007
- New York City
Lowered earnings outlook from Infosys in rupees and weak trading in global markets added volatility to the Sensex. Auto and banking stocks came under heavy selling pressure, while metals, cement and oil stocks gained. Grasim and Tata Steel led the advancers, while IT stocks underperformed with Infosys leading the decliners. The Indian rupee advances may be arrested with the intervention from Reserve Bank of India.
- Ivaylo
- 11 Jul, 2007
- New York City
European markets were mostly lower Wednesday, as financial stocks saw a sell-off on sustained concern about the impact of the weakening U.S. housing market and as exporters were under pressure from plummeting U.S. dollar. UBS AG and Siemens AG led declines, while BskyB and Carrefour bucked the overall trend. The German DAX 30 index slipped 1.4%, the French CAC-40 index lost 1.1% and the U.K. FTSE 100 index declined 0.6%.
- Ivaylo
- 11 Jul, 2007
- New York City
Gold futures ended up just about $2 on Tuesday as trade sales early gave way to fund buying, although the dollar dropped to its lowest again the euro. Industrial metals plunged under the weight of disappointing guidances from major players in the U.S. housing sector. On the energy front, oil was higher as refinery problems continue to weigh on the market. In Chicago, soybean prices turned sharply higher.
- 123jump.com Staff
- 10 Jul, 2007
- New York City
U.S. market faced a wave of selling led by earnings warnings from Sears and Home Depot and sub-prime mortgage bonds downgrade. Popular averages fell more than 1% on worries that more downgrades may follow. Home builders, financials and retailers led the decliners. Weakness in New York trading left most markets in Europe and Latin America lower by more than 1%. In overnight trading, South Korea and Hong Kong closed at a record high.