- Ivaylo
- 22 Dec, 2006
- New York City
Gold is still closely connected with the movements of the dollar and oil, but while both may turn out to be supportive in the long term, short-term the market is still in consolidation with traders winding down for the holiday period. Copper was the big decliners on Thursday, leading base metals lower on Wednesday as well. The weakness in copper seems to have been triggered by general liquidation selling.
- 123jump.com Staff
- 21 Dec, 2006
- New York City
Market averages fell on the revised thrd quarter economic growth projection to 2% from 1.6%. Annualized growth rate was dragged by the weakness in the housing market. Economy grew at annual rates of 5.6% in the first quarter and at 2.6% in the second quarter respectively. Jabil Circuits fell on lowered current quarter revenue projections. ConAgra rose on improved sales and lower operating cost. Copper, gold and silver fell on slower economic growth projection. Asian Markets fall.
- Elena
- 21 Dec, 2006
- New York City
European stocks closed modestly down on Thursday, pressured by weaker telecom shares. The decline of the telecoms companies followed reports that Vodafone considers launching a bid for Hutchison Essar, the fourth biggest mobile operator in India. London FTSE 100 fell 0.3%, while the German DAX 30 and the French CAC 40 both lost 0.2%.
- Elena
- 21 Dec, 2006
- New York City
Stocks traded little changed, with traders restraining from major moves ahead of the long holiday weekend. Market also digested several robust corporate profit reports along with slower-than-expected Q3 economic growth. ConAgra rose 2.3% after its fiscal Q2 profit rose 44%. Jabil Circuit dropped 10.6% after the company reported disappointing Q1, despite a 34% increase in revenue. PMC-Sierra, chip maker, fell 5.1% after cutting its Q4 profit forecast.
- Elena
- 21 Dec, 2006
- New York City
The markets opened with a negative gap but witnessed a swing in trend during the latter part of trading. Selective buying in auto and pharma sector helped the benchmark index end slighly higher. Reliance Communication led the gainers, Reliance Industries also surged. Gujarat Ambuja Cements led the decliners, banking stock finished in the red. Tech Mahindra was surprisingly the most-active stock. Vodafone is considering a $13.5-billion-plus offer for Hutchison Essar.
- Elena
- 21 Dec, 2006
- New York City
Wall Street opened slightly higher as robust corporate profit reports helped offset some negative sentiment generated by weaker-than-expected economic growth in Q3. Drug maker Rite Aid rose 3% after reporting a narrower fiscal Q3 loss amid stronger pharmacy sales and improved prescription volume, and reiterated its 2007 profit forecast. American Greetings said its Q3 profit rose sharply, helped by gains from the consolidation of some its retailers. The stock jumped 6%.
- Elena
- 21 Dec, 2006
- New York City
U.S. stock market futures erased some of the earlier gains but kept above the flat line after a government report showed that the economy grew at a slightly slower pace in Q3 than previously reported. The Commerce Department said GDP grew at a 2% annualized pace in Q2, down from an earlier estimate of 2.2% growth. In another report, the Labor Department said initial jobless claims rose 9,000 to 315,000 last week.
- Elena
- 21 Dec, 2006
- New York City
The company expects proceeds of $2.5 billion after tax. It also considers a buyback of $750 million in stock. Raytheon plans to retire $1 billion in debt and report the aircraft unit as a discontinued operation. It sees earning in the range of $2.35 to $2.45 a share from continuing operations in 2006 on sales between $20 billion and $20.5 billion.
- Ivaylo
- 21 Dec, 2006
- New York City
Asian markets closed broadly lower on Thursday as investors covered positions, but export-oriented shares aided Japanese benchmark index to advance to a seven-month high. Investors said that foreign buying, particularly of steel shares from European accounts, helped the rally in Japan. In HK shares declined on tech stocks and financials while South Korea dipped. Thailand slipped despite the prime minister
- Ivaylo
- 21 Dec, 2006
- New York City
European markets slipped in thin trading on Thursday morning, with merger-and-acquisition news giving direction after Publicis agreed to buy a rival and amid reports around Vodafone Group and Suez. Vodafone was reported to be in talks with Hutchison Essar, its Indian peer. Other deal news centered on airlines Ryanair adn drug company Sanofi-Aventis. The FTSE 100 in London was 0.1% lower, Frankfurt Xetra Dax was down 0.1%, while the CAC 40 in Paris was fractionally higher.
- Ivaylo
- 21 Dec, 2006
- New York City
Gold and silver prices closed lower in flat trade on Wednesday at the New York Mercantile Exchange as investors covered short positions ahead of the holiday. Analysts commented that news of the reversal by the Thai government of foreign-investment rules, which had helped to support precious metals on Tuesday, pushed the metals down. Gold traded in a tight range, but the session was really dull.
- 123jump.com Staff
- 20 Dec, 2006
- New York City
Advancing stock indexes faced headwind as investors stayed on the sidelines, however in the broader market stocks managed to gain. FedEx reported 9% jump in earnings but forecasted lower Q3 earnings dragging the stock lower by 2%. Redback agreed to be acquired by Ericsson for $2.1 billion, stock rose 20%. Used car dealer, CarMax rose 8% on sharp rise in sales and earnings. European markets rose. Asian markets gained on Thai market rise of 11% after losing 15% a day earlier.
- 123jump.com Staff
- 20 Dec, 2006
- New York City
Largest used car dealer, CarMax Inc, reported 24% rise in sales and 100% growth in earnings. Used car sales are down for the year 4%. The company reported average used vehicle price jumped to $17,500. Sales gained on the rise in demand for SUV, pick-up trucks and luxury cars. Gasoline price dropped 21% in the third quarter. The company plans to open 13 new stores in the next fiscal year.
- Elena
- 20 Dec, 2006
- New York City
European stocks closed mostly in the positive Wednesday, lifted by takeover activity from Swedish telecom equipment maker Ericsson and steel giant Arcelor-Mittal. Ericsson rose 1.3% after it agreed to buy Redback Networks Inc. for $2.1 billion in cash. Arcelor-Mittal rose 2.4% after the steelmaker agreed to acquire Mexico''s Sicartsa for $1.44 billion. The French CAC 40 climbed 0.5%, the DAX 30 also gained 0.5%, while London FTSE 100 fell 0.1%.