- Elena
- 09 Jan, 2007
- New York City
The new issue, Cairn India, priced below its expected price range and fell further on the first day in trading. IT stocks came under pressure ahead of the start of third quarter earnings season. Investors are worried that rupee appreciation may affect profits. Gujarat Ambuja led the advancers with TCS and ICICI Bank, while Satyam and Reliance Communications led the decliners. The government may cut petrol and diesel retail prices if the decline of oil prices continues.
- Elena
- 09 Jan, 2007
- New York City
U.S. stocks opened slightly higher Tuesday as a continuous slide in crude oil prices and gains for the tech sector helped offset the negative sentiment generated by Sprint Nextel Corp.''s warning that its Q4 results will miss expectations. A barrel of light sweet crude fell to $54 a barrel. Shares of both Apple and AT&T rose 1% in early trading.
- Ivaylo
- 09 Jan, 2007
- New York City
Banks advanced following Credit Suisse positive comment on the sector, as the Swiss bank believes the threat from regulation, interest rates and even unsecured asset quality has diminished. A rebound in metal prices supported mining stocks as copper advanced 1% after a three-day decline. Upbeat broker comment gave also satellite TV group BSkyB a boost. BP plunged as it reported production of oil and gas fell in Q4 of 2006. By late morning, the FTSE 100 was up 0.4%.
- Elena
- 09 Jan, 2007
- New York City
U.S. stock market futures advanced, indicating a higher opening of Tuesday trading session ahead of the new earnings season and new product announcements from the two biggest technology shows of the year. Apple Computer rose 1.2% in pre-market trading as the computer maker is expected to showcase new products at its annual Macworld expo. Motorola said it is developing set-top boxes that can send home television to phones.
- Elena
- 09 Jan, 2007
- New York City
In a financial update released after the close on Monday, Sprint Nextel said that its cell phone business suffered a net loss of 300,000 monthly subscribers in Q4 and that the company will reduce workforce by 5,000 jobs to just below 60,000 positions. Most of the job cuts are expected in Q1 of the new fiscal year.
- Ivaylo
- 09 Jan, 2007
- New York City
Most Asian markets ended higher Tuesday, led by China which hit a record closing high in the wake of stronger-than-anticipated debut of China Life on the Shanghai Stock Exchange. Japanese stocks advanced on bargain-hunting on domestic demand-sensitive issues such as banks and insurance companies, while in HK, sustained profit-taking in Chinese financial companies pushed the market below the psychologically important 20,000 level. South Korea and Australia also closed higher.
- Ivaylo
- 09 Jan, 2007
- New York City
Saint Gobain led the advancers in Europe, as the stock is in demand for a second session in a row as brokers are becoming aware of the potential value that restructuring could deliver for the French building materials group. Gains from travel stocks and mining companies also helped, although declines from oil giant BP kept sentiment in check. The U.K. FTSE 100 index rose or 0.3%, while the German Xetra Dax gained 0.7%, and the French CAC 40 added 0.7%.
- Ivaylo
- 09 Jan, 2007
- New York City
March copper had slipped to a nine-month low on Monday. It traded higher during the session on Monday, but then dropped again. Copper sold off in connection with the retreat in the crude oil market. Gold prices advanced modestly, with some dealers saying that physical demand appeared in the spot market during quiet trading conditions after the sell-off on Friday.
- 123jump.com Staff
- 08 Jan, 2007
- New York City
Consumer borrowing rose at three-month high rate ahead of holiday season spending. Consumer debt as a percentage of total in income in Novmber held steady at 21.5% and is down from 22.5% in October. Healthy job market has supported a steady rise in retail sales. Tech and financial sectors advanced. NCR plans to spin-off is data warehousing unit, Teradata. Asian markets closed lower. Latin American markets rebounded on rise in precious metals prices.
- Elena
- 08 Jan, 2007
- New York City
European stocks closed mixed on Monday as a reversal in the shares of oil giants and weakness for drug companies offset strength generated by resource stocks, technology and telecommunications companies. London FTSE 100 slipped 0.4%, with BP falling 0.8% as volatile oil prices dropped back to $55.10 after reaching as high as $56.36. German DAX 30 ended up 0.2%, supported by the technology sector, with shares in software provider SAP rising 3.4%. The French CAC 40 ended flat at 5,519.59.
- Elena
- 08 Jan, 2007
- New York City
Stock averages traded down in late morning on cautiousness ahead of Q4 earnings and volatile oil. A brokerage downgrade of Wal-Mart S and profit warnings also pressured stocks, offsetting the positive influence of merger-and-acquisition news. Wal-Mart was downgraded by Goldman Sachs, with the broker cutting its price target to $51 from $53. Shares of the retailer lost 0.6%. Molex fell 3.9%, while Schnitzer dropped 6.4% as the manufacturers warned quarterly profits might be disappointing.
- Elena
- 08 Jan, 2007
- New York City
The Indian benchmark index lost more than 200 points Monday on a sell-off in large-cap stock. Telecom, IT and auto stocks plunged. Several smaller cap stocks bucked the trend and closed higher, contributing to the strong market-breadth. ONGC led the gainers, with Ranbaxy and Dr Reddy, the only advancers from the large-caps. Maruti, ACC and Infosys led the decliners. Vodafone executives to visit India ahead of Hutch bid. Organized retailing sector is likely to triple in size in 4 to 5 years.
- Elena
- 08 Jan, 2007
- New York City
Wall Street opened lower, as profit-taking ahead of Q4 earnings season and rising oil prices offset gains from several merger deals. Tech stocks traded down, although IBM added 1.1% after UBS upgraded the stock. Wal-Mart Stores fell 0.6% on downgrade at Goldman Sachs. Limited Brands also pressured retail stocks, falling 1.2%. Drug stocks were mixed as shares of Seattle Genetics surged 23% on news that it entered into a licensing agreement with Genentech for its cancer drug candidate SGN-40.
- Elena
- 08 Jan, 2007
- New York City
U.S. stock futures moved slightly higher Monday, boosted by investor optimism about corporate profits ahead of the release of Q4 financial results. The pre-market sentiment was also helped by recovering commodity prices, as well as several acquisition deals. GE agreed to buy Vetco Gray for $1.9 B, while Forest Oil agreed to buy Houston Exploration for $1.5 B in cash and stock. Further in deal news, Caremarx rejected a $26 B offer from Express Scripts in favor of a stock swap with CVS for $21 B.
- Elena
- 08 Jan, 2007
- New York City
Vetco Gray provides drilling, completion and production equipment for oil and gas fields and has 5,000 employees in more than 30 countries. The acquisition will enable GE to grow faster in a rapidly expanding global business. The deal is expected to complete in early 2007.