- 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%.
- Elena
- 20 Dec, 2006
- New York City
Stock market averages gained ground in late Wednesday trading, driven higher by a flurry of merger deals which helped offset disappointing forecasts from Fedex and Palm. Harrah''s Entertainment rose 0.6% after it agreed to be bought by private-equity firms. Telecoms equipment provider Ericsson added 1% after it agreed to buy Redback Networks for $2.1 B. Steel giant Arcelor Mittal rose 1% on news that it is buying Mexico''s Sicartsa from Grupo Villacero for $1.44 B.
- Elena
- 20 Dec, 2006
- New York City
In a volatilie session, Sensex in India traded in a wide range of 335 points and finished lower on selling pressure in Hindustan Lever, Tata Motors and Hero Honda. Volatility is likely to persist in the coming days ahead of the expiry of the December derivative contracts on January, 28. Mid-caps and small-caps underperformed. Tata Steel led the gainers, while the only advancer in the Sensex, yesterday, Hero Honda, led the decliners today. Arcelor Mittal buys Sicartsa of Mexico.
- Elena
- 20 Dec, 2006
- New York City
U.S. stocks opened little changed on Wednesday as transportation stocks fell after FedEx financial report limited gains generated by optimism about global merger-and-acquisition activity. FedEx Corp. reported Q2 profit rise of 9% on strong results from its ground delivery business. Earnings for the quarter increased to $1.64 per share, up from $1.53 per share last year. However, the company also released a disappointing Q3 forecast.
- Ivaylo
- 20 Dec, 2006
- New York City
The London market bounced back on Wednesday after Asian markets recovered their gains. But shares in British Energy declined sharply after the biggest power producer in the UK announced repair work on two of its ageing nuclear power stations would take until March. Credit checking business Experian is among the leading risers after Morgan Stanley raised its recommendation on the company. The FTSE 100 rose 26.6 points, or 0.4%.
- Elena
- 20 Dec, 2006
- New York City
U.S. stock market futures pointed higher Wednesday, boosted by tech shares gains after Ericsson announced a deal with a network hardware company. The Swedish telecommunications equipment maker agreed to buy Redback Networks for $2.1 billion cash, an 18% premium to Tuesday''s close. A recovery in Asian-Pacific stock markets after a sharp decline yesterday also contributed to the advance. Thailand''s government reversed a decision on capital controls, sending its benchmark SET index up 11%.
- Ivaylo
- 20 Dec, 2006
- New York City
Thai authorities stated they would exempt equities from capital controls meant to restrict appreciation of the Thai baht. The benchmark index of Thailand soared 11% on the decision. That fact, together with the record finish on US market overnight led Asian markets higher today. In Japan, the Nikkei gained on strength in exporters after the yen weakened, while HK ended higher on real-estate developers.
- Ivaylo
- 20 Dec, 2006
- New York City
Apart from autos, European shares recovered on Wednesday, on the heels of a rebound in commodity-dependent stocks, deal news from Ericsson and Arcelor-Mittal and another record in the U.S. markets overnight. Also, Ericsson of Sweden announced that it has agreed to acquire Redback Networks. By mid morning, the FTSE 100 in London climbed 0.4%, Frankfurt Xetra Dax added 0.7%, while the CAC 40 in Paris advanced 0.6%.
- Ivaylo
- 20 Dec, 2006
- New York City
Gold and silver futures ended higher on Tuesday after receiving support from a weaker dollar and a swing in the crude oil market off its lows. The dollar gained strength after the report on producer prices and housing data but later traded lower against the euro, aiding a continued strength throughout precious metals. Core PPI jumped 1.3%, the highest rate since 1980, while home construction went up more than expected in November.
- 123jump.com Staff
- 19 Dec, 2001
- New York City
Producer Price Index for the month of November rose 2%, the most since 1974, on volatile energy price jump of 6.1%, food price rise of 0.1% and auto price gain of 2%. Stock fell at the opening and Nasdaq losr 1% in the first hour of trading. Housing start in the month rose to 1.58 million, a 6.7% jump from October. Morgan Stanly is considering to spin-off Discover Card. Circuit city stock fell on unexpected quarterly loss. Emerging markets around the world dropped more than 1%.
- Elena
- 19 Dec, 2006
- New York City
European stocks closed in the red Tuesday, dragged down by weaker tech companies and resource stocks. German software group SAP declined 1% after peer Oracle posted lower-than-expected sales of new software licenses. Miner companies like Rio Tinto and BHP Billiton posted losses. German steelmaker Salzgitter dropped 3.8% on downgrade. The German DAX 30 and London FTSE 100 dropped 0.7% each, while the French CAC 40 slipped 0.8%.
- Elena
- 19 Dec, 2006
- New York City
Stocks traded in the negative, as economic data and disappointing earnings news raised concerns about the strength of the domestic economy. Inflation at the wholesale level showed its biggest jump in more than 30 years in November, pushed higher by gas prices. Overseas news also weighed on sentiment, as the stock market in Thailand plunged 15% after the Thai government announced controls on foreign investment.