- Elena
- 26 Jun, 2006
- Frankfurt
European markets closed in the negative as weaker oil and gas stocks erased gains from merger-and-acquisition activity. Auto stocks also posted losses as the euro showed strength against the dollar. The German DAX 30 dropped 0.3%, the French CAC 40 lost 0.3%, and London FTSE 100 declined 0.2%.
- Elena
- 26 Jun, 2006
- New York City
Merger-and-acquisition activity pushed stocks higher Monday morning, although many traders remained cautious ahead of the Fed Reserve meeting on Thursday. On the economic news front, the Commerce Department said that new home sales rose unexpectedly 4.6% to a seasonally adjusted annual rate of 1.234 million units in May from a downwardly revised rate of 1.180 million units in April. Economists had expected sales to fall to an annual rate of 1.145 million units.
- Elena
- 26 Jun, 2006
- Mumbai
The benchmark Sensex experienced its biggest decline since June 13, as traders turned to profit-taking. Metal shares, auto stocks, and IT sector fell sharply. International investors sold stocks in the afternoon trading. Market rose 5% in the prior week after falling 22% from the peak on May 10th.
- Elena
- 26 Jun, 2006
- New York City
U.S. stocks opened strong on merger-and-acquisition activity. In earnings news, homebuilder Lennar repored 39% profit jump in Q2, but cut its 2006 profit forecast to range of $8 to $8.25 a share from a previous forecast of $9.25 a share. Walgreen posted Q3 earnings rise of 14% on increased sales from newly opened stores, beating expectations.
- Elena
- 26 Jun, 2006
- New York City
Stock futures pointed to a higher opening, with merger deals contributing to the upward momentum. Phelps Dodge agreed to buy Inco and Falconbridge for about $40 billion in a deal to create a top global copper and nickel miner. Arcelor agreed to an increased offer from Mittal Steel which is worth about 26 billion euros, a 10% increase from Mittal''s previous offer.
- Elena
- 26 Jun, 2006
- New York City
As part of the deal, Phelps Dodge will initiate a share buyback program of $5 billion. The final deal is expected to close in September, with Phelps Dodge shareholders owning about 40% of Phelps Dodge Inco, current Inco shareholders owning about 31%, and current Falconbridge holders owning about 29%.
- Ivaylo
- 26 Jun, 2006
- New York City
Asian steel stocks were boosted Monday following the agreement between Mittal Steel Co. and Arcelor SA to create the world''s largest steel company, which raised expectations of further industry consolidation in a region that prides itself on having four of the world''s six largest steelmakers.
- Ivaylo
- 26 Jun, 2006
- New York City
European stocks moved higher by mid-morning on Monday, building on last week
- Ivaylo
- 26 Jun, 2006
- Metals
Gold, had started markedly weaker after the U.S. currency advanced to its most robust levels in nearly two months. While changing, the metals kept within the trading bands they have been in for a week and a half. The metals gradually recovered during the course of the day, due to a move up in the Dow industrials, and also the euro bouncing back above the psychologically important $1.25 mark later in the day.
- 123jump.com Staff
- 25 Jun, 2006
- New York City
Arcelor board, after defending itself from Mittal Steel for more than five months, agreed to recommend its offer to shareholders. The combined company will be called Arcelor Mittal and will be headquarted in Luxembourg. Severstal will be paid 140 million euros break-up fee. The combined company will have $70 billion in revenue and 335,000 employees. Arcelor Mittal will be three times larger than its nearest rival Nippon Steel. A new round of mergeres in steel industry are likely.
- 123jump.com Staff
- 23 Jun, 2001
- New York City
Merger news on AB Ports, durable goods orders for the month of May and earnings failed to sway market to close higher. Market see-sawed for the most of the day but closed lower at close. European and Latin American markets closed higher but Asian markets closed lower. Gold and oil closed higher by a fraction. Solectron, Family Dollar, Gerber Scientific, Del Monte Foods and A G Edwards reported earnings. Nasdaq down 0.4%, S&P 500 lost 0.6% and Dow dropped 0.2% for the week.
- 123jump.com Staff
- 23 Jun, 2006
- New York City
Martket averages maintained a positive bias. Merger news and economic report on durable goods kept averages charging ahead. Durable goods orders in May fell 0.3% after dropping 4.8% in April. Goldman Sachs led group acquired the Associated British Ports Honding in a bid valued at $5.17 billion. European markets closed up by a fraction and in the overnight trading most Asian markets closed lower across the region. Latin markets closed higher led by more than 1% gain in Mexico and Brazil.
- Elena
- 23 Jun, 2006
- Frankfurt
European stocks closed near the unchanged mark as rally in the energy sector partly offset concerns over economic growth and global interest rate increases. The French Total rose 2.4%, Royal Dutch Shell advanced 1.4% on upgrade from Deutsche Bank, and gas explorer BG Group climbed 2.7%. The German DAX 30 ended down 0.1%, the French CAC 40 rose 0.3%, and London FTSE added 0.1%.
- Elena
- 23 Jun, 2006
- New York City
Stocks traded near the flat line as cautiousness ahead of Fed Reserve meeting on interest rates next week offset merger-and-acquisition news in the energy sector worth $21 billion. Anadarko Petroleum Corp. fell 4.7% after it agreed to acquire Kerr-McGee and Western Gas Resources in separate cash deals totaling $21.1 billion. Shares of Kerr-McGee soared 37%, while Western Gas Resources surged 46%.
- Elena
- 23 Jun, 2006
- New York City
Stocks dropped at opening as a government report showed the first back-to-back decline in durable goods orders in two years, giving a surprising sign that the economy is modereating at a faster pace than largely expected. Factory orders dropped 0.3% in May after a sharper 4.7% plunge in April. The weakness was mostly contributed by big declines in orders for commercial aircraft, down 17.9%.