- Elena
- 11 Oct, 2006
- New York City
Weaker-than-expected Q3 earnings posted by Alcoa sent stocks sharply lower at opening, as concerns about corporate profits at the start of the earnings season weighed. The aluminum giant''s shares fell 5.5% to $26.73. Genentech was another early loser, falling 2.1%, despite posting a 58% rise in Q3 net earnings, helped by better-than-expected sales of its drug Lucentis.
- Ivaylo
- 11 Oct, 2006
- New York City
Weak mining stocks were the reason for London benchmark index to slip by mid-day. Kazakh mining group Kazakhmys led the decliners in the sector. Shares in U.K. supermarket chain J Sainsbury fell as well, while luxury clothing brand Burberry gained after second-quarter sales figures and updated investors on prospects. The FTSE 100 index lost 18.8 points, or 0.2% by mid-day.
- Elena
- 11 Oct, 2006
- New York City
Stock equity futures traded weak Wednesday, pointing to a negative start as Dow component Alcoa released disappointing Q3 earnings, raising worries about the earnings outlook and economic growth. The financial services sector is expected to come under pressure after Legg Mason Inc. predicted quarterly earnings below analyst expectations. Legg shares fell 13% before the bell.
- Elena
- 11 Oct, 2006
- New York City
Apollo Management Group and Texas Pacific Group are offered $83 to $84 a share for the world''s largest casino operator, after their initial offer of $81 a share had been rejected. Shares of Harrah''s advanced nearly 2% in pre-market trading.
- Ivaylo
- 11 Oct, 2006
- New York City
Asian markets traded mixed on Wednesday, with the Nikkei Average in Japan edging slightly lower as falls in steelmakers and internet shares erased gains in exporters Canon Inc. and Sony Corp after the yen dipped to a multi-month low against the dollar. Energy-related stocks were also mixed after crude-oil prices slid below the $59 per-barrel-level in U.S. trading. Stocks in Japan ended lower still reeling by North Korea nuclear weapon test.
- Ivaylo
- 11 Oct, 2006
- New York City
European markets eased on Wednesday morning, after Alcoa kicked off the U.S. earnings season by missing analyst forecasts, putting mining shares under pressure and offsetting lower crude-oil prices. Other Europeanstocks were also lower as uncertainty about North Korea nuclear-testing plans still existed. By mid morning, the FTSE 100 in London shed 0.2%, while Frankfurt Xetra Dax slipped 0.4%, and the CAC 40 in Paris lost 0.6%.
- Ivaylo
- 11 Oct, 2006
- New York City
As marketmen observed a soaring dollar and retreating crude-oil prices, the realization set in that it may perhaps become difficult to achieve even a $600 price for the gold contract for 2006. The almost complete lack of emotional reactive power to the unfolding North Korean nuclear drama cast a dark shadow on gold as a safe haven. Traders are beginning to wonder just what it is that gold will react to anymore.
- 123jump.com Staff
- 10 Oct, 2006
- New York City
Popular averages traded in a tight range as investos awaited earnings season to start. Alcoa reported third quarter operating earnings of 66 cents a share on revenue of $7.63 billion. Analysts had expected earnings of 77 cents and revenue of $7.75 billion. Stock fell 8% in the after hours trading. European markets closed higherled by mining, technology and banking stocks.
- Elena
- 10 Oct, 2006
- New York City
European markets advanced Tuesday on subsiding interest rate concerns and well-received management changes at EADS and Vodafone Group. The French CAC 40 gained 0.4%, boosted by 3.9% gain at aerospace operator EADS, while London FTSE 100 closed up 0.4%, with Vodafone Group leading the index higher. The German DAX 30 rose 0.5%, supported by shares of automaker Volkswagen.
- Elena
- 10 Oct, 2006
- New York City
Stocks turned lower after oil prices slipped and an economic report showed a larger-than-expected rise in wholesale inventories. The Commerce Department said that businesses'' inventories and sales rose by 1.1% each, keeping the inventory to sales ratio at 1.15. The report exceeded economists'' expectations of 0.6% increase by wholesale inventories.
- Elena
- 10 Oct, 2006
- New York City
Investors displayed cautious attitude ahead of upcoming earnings season. Largest 100 companies are expected to deliver earnings growth between 15% and 25%. In trading, banking, energy, power and telecom sectors declined. IT and cement shares edged higher. Hindustan Lever and Tata Steel led the decliners in the trading today, while NTPC, HDFC, and Tata Motors led the advancers. The Finance Ministry is likely to cap foreign direct investment in stock exchanges.
- Elena
- 10 Oct, 2006
- New York City
Stock markets opened slightly higher. The early strength was partly due to gains by housing stocks, boosted by positive comments from J.P. Morgan. Google stood out as an early riser, up 2%, as investors cheered its agreement to acquire privately held YouTube for $1.65 billion. CVS Corp. rose 2.8% after the drugstore chain posted higher same-store sales and raised its earnings forecasts.
- Ivaylo
- 10 Oct, 2006
- New York City
Brambles, Man Group and First Choice were the leading gainers in London. Investors bought shares in Vodafone Group in midday trading on Tuesday as well after an article outlined some potentially positive aspects of the company. Brambles is still in the focus of General Electric and a potential bid is likely to surface soon. By late morning, the FTSE 100 advanced 0.2%.
- Elena
- 10 Oct, 2006
- New York City
U.S. stock futures seemed poised for a positive market opening, with investors looking forward to the third-quarter earnings season. Dow component Alcoa will be first to release quarterly results, expected to earn 77 cents a share on revenue of $7.75 billion. The stock was up nearly 2% in pre-open trading.
- Elena
- 10 Oct, 2006
- New York City
The acquisition of the No. 1 Internet video-sharing site on the Web is the biggest deal for Google, giving the online search engine a leading role in the Internet''s online-video marketplace. The deal is expected to close in the fourth quarter. Shares of Google rose 2% to $429, and were up as much as $4 a share in after-hours trading.