- Elena
- 03 Oct, 2006
- New York City
Stock futures slightly declined on concerns about economic slowdown and expectations of weaker auto sales. The Chrysler unit of DaimlerChrysler is expected to have the worst performance. Sales of General Motors and Ford Motor Co. are seen roughly flat in comparison with last year. Elsewhere, Marvell Technology tumbled 17% in pre-open trading after saying that Q3 revenue will fall about 10% from Q2 levels.
- Elena
- 03 Oct, 2006
- New York City
September''s total job cuts were 40% higher than the 71,836 layoffs recorded in September 2005. The chief executive of the outplacement firm said that the job reductions are closely related to the slowdown in the U.S. economy. Automotive suppliers led the surge in job cuts as they were affected by lower production levels at Ford, General Motors and DaimlerChrysler.
- Ivaylo
- 03 Oct, 2006
- New York City
The Nikkei 225 Average in Tokyo finished the day 0.08% lower as as renewed concerns about quality problems at Sony took attention away from a strong debut by Nomura Real Estate Holdings. Hong Kong ended higher as Chinese companies benefiting from a strong yuan led the market higher. Australia advanced, while Taiwan closed lower. Markets in South Korea and mainland China were closed Tuesday for holidays.
- Ivaylo
- 03 Oct, 2006
- New York City
The slip on U.S. and Asian markets came after a number of downgrades, while energy companies were hit by falling oil prices. Technology stocks suffered after the US Nasdaq fell overnight following a downgrade of Apple Computer by Citigroup. Japanese tech issues also dropped after Goldman Sachs downgraded the likes of Sony and Pioneer. The FTSE 100 in London lost 0.5%, while Frankfurt Xetra Dax fell 0.7% and in Paris, the CAC 40 shed 0.7%.
- Ivaylo
- 03 Oct, 2006
- New York City
The gold contract managed to hold the key $600 an ounce level but did trade as low as $602 during the session. The yellow metal lost ground then was later quiet before light fund selling forced oil down more than a dollar, dragging gold with it. Gold will continue to draw direction from the U.S. dollar and crude oil price fluctuations in the short term.
- 123jump.com Staff
- 02 Oct, 2006
- New York City
Market averages traded lower with no clear direction. Nasdaq led the decline with a loss of 1%. Oil dropped more than 2% on worries that more production cuts are not likely. Report on manufacturing showed a slowing level of activity and construction spending rose 0.3% in August. Stock markets in Peru and Saudi Arabia led the world at the end of Q3 with a gain of 115% and a loss of 33% respectively. Emerging markets are ahead of New York and European markets for the year by a factor of two.
- Elena
- 02 Oct, 2006
- New York City
European markets finished below the flat line, pulled down by weaker technology stocks and steep losses in online gambling shares. About $7.5 billion of market value was wiped off gambling stocks after the U.S. Congress passed a bill that would prohibit U.S. financial services firms from processing payments to these. London FTSE 100 ended lower by 0.1%, followed by the German DAX 30 and the French CAC 40, also down 0.1%.
- Elena
- 02 Oct, 2006
- New York City
On the first day of the fourth quarter, stocks traded in a lackluster manner, reflecting mixed economic data, falling oil prices and merger news. The Institute for Supply Management said the manufacturing sector grew at the slowest pace in more than a year in September due to weaker U.S. auto sales and a slowing housing market. The Commerce Department said construction spending in August rose 0.3% after falling 1% in July.
- Elena
- 02 Oct, 2006
- New York City
U.S. stocks opened below the flat line Monday after Wal-Mart Stores said September same-store sales came in at the low end of a forecast. Company''s shares slipped nearly 2%. In corporate news, casino operator Harrah''s Entertainment rallied 19% after it received a $15.05 billion offer from private equity firms Apollo Management and Texas Pacific Group.
- Ivaylo
- 02 Oct, 2006
- New York City
PartyGaming weighed down on the market on reports it is considering suspending its US business but miners are having a good day led by Anglo-American and BHP Billiton. Utilities are also riding high after water stock AWG announced it has agreed a with Osprey, but said it has received a number of other approaches. Scottish Power is performing well and current trading is expected to be ahead of expectations. The FTSE 100 is up 0.07% at 5,965.10 at 2pm GMT.
- Elena
- 02 Oct, 2006
- New York City
Stock market futures reversed from earlier gains to move slightly down, as Wal-Mart reported disappointing sales results and the stock of Apple Computer was downgraded. Wal-Mart posted September same-store sales rose 1.8%, just below the mid-point of its 1% to 3% forecast range. Apple dropped fell 2% to $75.40 in pre-open trading after Citigroup downgraded shares to hold.
- Elena
- 02 Oct, 2006
- New York City
PartyGaming plunged 60% to 43 pence (81 cents), shares in 888 sank 48% to 76 pence ($1.42), while Sportingbet shares dropped 67% to 60 pence ($1.12). PartyGaming said it would pull out of the United States if President Bush signs the legislation into law.
- Ivaylo
- 02 Oct, 2006
- New York City
The Bank of Japan tankan survey of business conditions stated Monday, although some economists expressed worries forward-looking sentiment estimates pointed to a nearing slowdown. The headline diffusion index for big manufacturers'''' sentiment came in at 24, higher than market expectations of 20 for the past three months. The tankan suggested the economy will be softening into next year, mainly because of the direction of the diffusion index into next quarter.
- Ivaylo
- 02 Oct, 2006
- New York City
Gains from commodities companies such as oil and gold helped European stocks start the fourth quarter on a positive note Monday, although shares in online gambling companies including PartyGaming plunged in London after a law was passed that may lead to companies to stop accepting bets from their top customers, Americans. The FTSE 100 in London climbed 0.2%, Frankfurt Xetra Dax added 0.3% and in Paris, the CAC 40 gained 0.2%.
- Ivaylo
- 02 Oct, 2006
- New York City
Firmer dollar sentiment and light profit taking in the oil market weighed on gold and the other precious metals on Friday. With the dollar stronger and oil down sharply, stimuli are negative, both from a technical and fundamental standpoint, and fund selling occurred. December gold was unable to maintain momentum through the $610 an ounce area as a factor contributing to the pullback.