- 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.
- Elena
- 10 Jul, 2007
- New York City
European stock markets closed in the negative on Tuesday, pressured by weak dollar and a record foreign-exchange high for the euro. Profit warning from retailer Home Depot sparked new concerns about the struggling U.S. housing market. BHP Billiton dropped 3.9%, Anglo American dropped 3.6%, and Rio Tinto Group tumbled 2.9%. Germany and France led decliners, posting a drop of 1.4%.followed by the U.K. with a decline of 1.2%.
- Elena
- 10 Jul, 2007
- New York City
U.S. stocks regained some ground in late morning trading, as investors turned to bargain hunting. However, the three major averages continued to trade below the flat line, due to significant weakness among airline, housing, and retail stocks. Sears dropped 7%, sending Wal-Mart Stores and Target down 1.7% each. Subprime worries weighed on financial companies, with Lehman Bros falling 2.5% and Bear Stearns, down 1.6%.
- Elena
- 10 Jul, 2007
- New York City
Among companies posting positive results, Pepsi Bottling Group rose 4% after it raised its outlook for full-year earnings and said Q2 profit rose 9.5% to 70 cents a share, beating estimates. Dow component Home Depot rose 1.3% although it cut its full-year earnings forecast, due to sluggish housing market. The company launched a tender offer for 250 million of its shares.
- Elena
- 10 Jul, 2007
- New York City
Wall Street opened lower on Tuesday amid unimpressive start of Q2 earnings season given by Alcoa''s earnings and slashed profit outlooks at Home Depot and Sears. Sears dropped 7% after warning that Q2 profit will decline, due to weaker sales. General Motors bucked the downward trend, rising 1.5% on a new upgrade from J.P. Morgan. Investors were also cautious ahead of speech by Federal Reserve Chairman Ben Bernanke on housing and inflation.