Record Crude; Valero, Tesoro, Stocks Decline
May 09, 5:01 PM EDT |
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| Crude oil surges above $126 a barrel but energy stocks fell. Tesoro and Valero fell as rising oil price crimp refining margins. |
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| AIG swung to a loss in the first quarter after it took a charge of $9 billion in its credit derivative portfolio. The insurance comapany also plans to raise $12.5 billion through stock offering to bolster its capital base. AIG stock fell nearly 9%, as it raced to 10-year low. UK home repossessions rose to a 10-year high. European markets fell more than 1% in the region. Inflation in India and China surged on rising food and energy costs. |
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AIG Loss Drags Averages; Crude Reaches $125
May 09, 10:21 AM EDT |
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| Airlines and transportations stocks fell as crude oil surged above $125 a barrel. March trade deficit declines. |
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| U.S. stocks fell in the morning trading after AIG reported a large loss and a plan to raise $12.5 billion. AG took a pre-tax charge of $9.5 billion in the quarter on credit market related losses. Crude oil surged to another record high and traded above $125 a barrel. March trade deficit fell to $58.2 billion as imports of oil and automobiles declined. But, deficit for the first quarter remained at elevated level. AIG stock traded near its 10-year low. |
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Alcoa, U.S. Steel Lead Global Metals Rally
May 08, 5:08 PM EDT |
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| Mining and metals stocks in Europe, Asia and Americas trading rose and U.S. same store retail sales in April were better than expected. |
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| U.S. stocks rose in the hope that a rise in April retail same store sales may continue for the rest of the year. Jobless claims at the end of last week dropped by 18,000. In Europe, the ECB left its key rate unchaged at 4% and the Bank of England left its rate at 5%. Both central banks appear to combat rising inflation. April housing starts in Canda fell 12%. Toyota fell after it offered gloomy earnings and sales outlook. News Corp earnings surged on asset swap. |
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Miners and Steel Stocks Rise, Toyota Falls
May 08, 4:22 PM EDT |
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| U.S. stocks rebounded after mining and metal sector stocks gained. Vale, U.S. Steel, Freeport McMoran surged. |
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| U.S. stocks rebounded on the strength in retail, mining and metals and select financials. BHP Billiton, Vale, Cleveland Cliff, ArcelorMittal and Freeport McMoran led the gainers. Gold resurged after the ECB and the Bank of England left rates unchanged. Crude oil edged lower. Toyota Motor fell 4% after it offered gloomy outlook on sales and earnings for the current year but increased its dividend 20% on 4.5% rise in fiscal year 2008 earnings. |
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Retail Sales, Jobless Claims Lift Stocks
May 08, 4:19 PM EDT |
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| U.S. stocks traded higher after the release of April same store sales data. Retailers reported better than expected sales gains. |
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| U.S. stocks opened higher after the release of jobless data and same store retail sales. Discount retailers led gains in sales in April as families look for ways to save money. Costco, for the twelve months in a row reported same store sales rise above 5%. In April sales rose 6%, excluding gasoline sales. Wal-Mart sales rose 3.2%. The ECB and the Bank of England left rates unchanged at 4% and 5% respectively. |
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Oil at $123; Nasdaq Down 1.8%
May 07, 4:14 PM EDT |
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| Home builders, tech stocks and financials fell in the session. Crude oil jumped above $123 a barrel. Shanghai index fell more than 4.5%. |
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| U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings. |
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U.S. Stocks Trend Lower on Weak Techs
May 07, 3:27 PM EDT |
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| Tech stocks fell after Cisco, Cognizant and EXL Services reported earnings. Cognizant and EXL fell more than 10%. |
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| U.S. stocks turned negative after the release of weekly crude oil inventory report and index of pending home sales. The crude oil inventories were slightly lower but the inventories of gasoline and distillate were unchanged at the end of the last week. An index of pending home sales in March fell on difficult lending conditions. |
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U.S. Stocks Flat; Disney Up, Cisco Down
May 07, 3:26 PM EDT |
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| Cisco and Tesoro declined after the earnings report. Disney gained on rising earnings and revenues. |
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| U.S. stocks wavered with a negative bias after one hour of trading. First quarter productivity rose at 2.2% across the economy and surged 4.1% in manufacturing sector. Cisco fell a fraction after quarterly earnings declined but sales rose in the latest quarter. Disney earnings rose 22% on 11% rise in revenue. An index of pending home resale fell in March as buyers find it difficult to get financing. Asian markets closed mixed and European markets edged higher. |
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Fannie Mae Lifts Stocks; Cisco Sales Up 10%
May 06, 4:40 PM EDT |
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| Crude oil jumped above $122 a barrel as China and the U.S. demand remains high. Cisco net sales rose 10% to $9.8 billion and earnings were $1.8 b. |
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| U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel. |
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U.S. Stocks Rebound, Fannie Up, Oil at $122
May 06, 2:07 PM EDT |
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| U.S. stocks rebounded from morning slump on rising crude oil and natural gas prices. Financial stocks rebounded as stocks of Fannie Mae and NYSE rise. |
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| U.S. stocks rebounded from the morning slump after investors focused on reduced capital requirement for Fannie Mae and a steady rise in crude oil and natural gas prices. Fannie Mae will be allowed to operate with capital control ratio of as low as 10% by the third quarter of this year. Crude oil traded above $122. NYSE Euronext Group reported a sharp rise in revenue and earnings on higher revenues in derivative products. D R Horton revenue slumped 65%. |
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