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Resource Stocks Rally
Aug 20, 4:37 PM ET |
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| Hewlett Packard reported better than expected earnings. Metal prices gained. Resource stocks climbed in Europe and Americas. |
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| U.S. stocks traded sideways under the shadow of a likely bailout of Freddie Mac and Fannie Mac. Both lenders fell sharply on the growing belief that stock holders may be wiped out if the U.S. Treasury injects cash in the company. European markets edged higher on a rise in metal and oil prices. ArcelorMittal agreed to acquire a port and iron ore miner in Brazil for $810 million. Brazil, Peru and Canada soared. Hong Kong and Shanghai surged on expectations of stimulus package in China. |
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Techs Edge Higher on HP Earnings
Aug 20, 9:42 AM ET |
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| Hewlett Packard beats the earnings estimates. Verifone surged 24%. European markets gained on a strength in resource stocks. |
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| Tech stocks edged higher in the morning after better than expected earnings from Hewlett Packard lifted the sentiment. More than 60% of the tech companies have now reported better than expected earnings in the latest quarterly earnings. Metals and mining companies rallied after copper and other base metal prices rose. Freeport McMoran, BHP Billiton, Rio Tinto and Sterlite edged higher. Verifone surged 24% on higher earnings estimates for the fiscal 2009. |
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Inflation, Retail Earnings, Lehman Worries
Aug 19, 4:47 PM ET |
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| A rise in inflation in the U.S., Germany, weak results from the U.S. retailers and $4 billion estimate of asset write down at Lehman dragged markets. |
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| Global stocks dropped for the second day in a row as financials declined. A day after Fannie and Freddie loss of more than 25%, Lehman Brothers lost more than 13%. An analyst estimate put write down of $4 billion in the latest quarter result that is expected next week. AIG fell as well on the a need to raise capital and estimate of escalating losses. Peru closed higer but most other markets in Latin America fell. European markets closed 2% or more lower. |
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Global Sell-off Continues
Aug 19, 3:04 PM ET |
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| U.S. market averages fell more than 1.5% as financial sell-off for the second day in a row. European markets closed down 2%. |
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| U.S. stocks fell as investors worry about the rising loss estimates at Lehman Brothers. The fourth largest broker in the U.S. is scheduled to report earnings next week. The sharply higher estimates of losses at Lehman drove another nail in the faltering financial stocks. Retailers fell after weak earnings from Saks, Home Depot and Target. Saks reported largest quarterly loss in two years. American Airlines fell more than 12%. Mexico and Brazil trade higher but global markets sell-off. |
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Inflation Rises; Financials Fall
Aug 19, 9:18 AM ET |
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| A further evidence of rising inflation was offered in the latest producer price index released in the U.S. and Germany. Home Depot earnings fell. |
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| July wholesale price index in Germany and in the U.S. surged as crude oil and food prices increaes around the world. PPI index in July increased at 1.2% in the U.S. and in Germany soard at 27-year record at 8.9% rate. In Asia, the Bank of Japan left its key rate at 0.5% and hinted lower expectations of global economic growth. In earnings news, Home Depot, the largest home improvement chain second quarter revenue fell 5.4% and earnings declined 24%. |
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Financials, Home Builders Fall; Mexico Down 2%
Aug 18, 6:00 PM ET |
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| U.S. stocks fell on the renewed worries related to financial sector. Hershey may slow sales growth after recent price hike of 10%. |
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| U.S. stocks fell sharply on more than 23% decline in Freddie Mac and 21% loss in Fannie Mae. Benchmark indexes fell 1.5% after financials, home builders and consumer stocks fell. A prospect of the U.S. bailout of Fannie and Freddie may happen at the expense of shareholders. Of the S&P 500 index stocks, 90% fell. Home improvement retailer Lowes earnings declined 8% but at mining giant BHP Billiton annual earnings rose 15%. |
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Stocks Fall; Fannie, Freddie Worries
Aug 18, 3:30 PM ET |
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| The Hershey Company said that recent price hike of 10% may lower sales growth in the coming quarters. |
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| U.S. stocks fell on the worries that the two mortgage lending government agencies, Fannie and Freddie may need capital infusion and may wipe out shareholders. Merrill Lynch lowered its price target on Freddie Mac below $6. Financials and home builders fell sharply. Fannie and Freddie dropped more than 18%. Lennar, DR Horton and Toll Brothers declined more than 5%. Musharraf, the former dictator of Pakistan resigned to avoid impeachment charges. |
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BHP Hikes Dividend, Lowe's Net Falls 8%
Aug 18, 9:29 AM ET |
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| Lowes, the second largest home-improvement retailer net quarterly income declined 8% and sales rose 2.4%. |
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| U.S. stocks opened higher tracking fractional gains in the European markets. Markets in overnight trading in Asia closed mixed with Japan index trading up 1% but index in Hong Kong fell more than 1%. In the UK trading, commodities and energy stocks traded higher with a slight pick up in crude oil and metals prices. BHP Billiton increased its dividend by 49% after it reported annual earnings rise of 15% and revenue gain of 25%. Lowes, home improvement |
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Silver Drops 10%, Retailers Rise
Aug 15, 4:51 PM ET |
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| Silver dropped as much as 14% before recovering to close down 10%, largest one-day decline in two years. Retailers rose on earnings. |
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| Commodities fell as dollar gained in the international markets. Silver, wheat, gold soybeab fell sharply. Futures of gold dropped as much as 4.4% and silver lost 14%, largest one-day decline in two years. Crude oil futures dropped as much as 3% as oil fell below $112 a barrel. Autodesk rose after it estimated annual revenue more than expected. Retailers, JC Penney, Kohls and Nordstrom rose after they reported better than expected earnings. |
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Metals, Oil Fall as Dollar Rises
Aug 15, 3:57 PM ET |
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| In the commodities trading metals and crude oil fell sharply today as dollar rebounds from its historic lows against euro and pound. |
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| Commodities fell sharply in the morning trading after dollar rose and sentiment improves in the favor of the currency. Gold 3% to $772 before recovering to $791 an ounce but silver dropped 11%, platinum declined 9% and crude oil fell 2%. U.S. stocks are expected to open mix as dollar continues to climb from its lows against euro and pound. The pound has lost nearly 5.5% in the last two weeks of trading. |
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