Energy Stocks Lead the Averages
Aug 31, 5:27 PM ET |
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| Crude-oil decined to $69.25 a barrel on oil release from the Strategic Petroleum Reserves. 2Q GDP at 3.3% growth. |
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| U.S. market averages rebounded on the back of oil majors and slipping oil prices with Exxon Mobil up 54 cents and Conoco Phillips up 2.8%. Insurers and retailers declined as AIG lost 1.3%, Allstate Corp. fell 2% and Wal-Mart lost 38 cents. |
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Stocks Edge Higher on Oil Reserve Release
Aug 31, 11:20 AM ET |
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| Crude-oil prices fell below $70 a barrel on oil reserve release. Second-quarter GDP growth at 3.3%. |
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| Early gains were trimmed after U.S. 2Q economic growth was revised slightly lower to a 3.3% annualized rate vs. 3.4% previously.Tiffany released 53% net income rise on 11% sales growth. United Natural Food posted strong 4Q earnings and sales report. Sanofi-Aventis raised its full-year guidance. |
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Second-Quarter GDP Report Awaited
Aug 31, 8:51 AM ET |
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| Oil prices declined to over $70 a barrel. Asian markets ended mixed. European stocks are trading higher. The dollar advanced against the yen. |
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| U.S. averages are trading down on Katrina aftermath and ahead of 2Q GDP report, expected to be slightly over last month’s figures at 3.5%. Sigma Designs posted 25% revenue growth, but 86% net income decline. Goldman Sachs was chosen as leading underwriter for Bank of China’s IPO. |
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Stocks Tumble as Oil Hovers Near $71
Aug 30, 6:23 PM ET |
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| Consumer confidence climbed to 105.6 in August from a revised 103.6 in July. Factory orders lost 1.9% in July, a smaller-than-expected drop. |
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| Energy stocks are higher, while the housing sector has recently given up most of its earlier gains. The airline and retail sectors top the list of decliners for the morning session.Valero Energy and Chesapeake Energy hit 52-week highs on the surging oil. |
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Katrina's Aftermath Weighs on Stocks
Aug 30, 11:14 AM ET |
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| Oil on the rise again after damages assessment. Dollar is mixed. Gold is down. |
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| U.S. averages lost ground on hurricane damages assessment. Insurance and airline companies lead the decliners. Oil majors gain.Consumer confidence jumped unexpectedly to 105.6 in August from a revised 103.6 in July. Factory orders fell 1.9% in July, a smaller-than expected drop. |
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Market Cautious as Oil Creeps Higher
Aug 30, 8:53 AM ET |
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| Oil prices edge up ahead of U.S. refinery damage report. Asian markets closed higher. European markets traded in the positive territory.Gold declined. |
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| U.S. averages trade generally down on volatile crude-oil. Monthly factory orders and consumer-confidence reports are expected later in the day. No important corporate news available. Engineered Support Systems expected to release earnings before the bell. |
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Oil Jump Lowers the Market
Aug 29, 11:26 AM ET |
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| Strong impact of hurricane Katrina on global markets, crude-oil prices weigh on the U.S. dollar and the yen, gold rose in Asian trading. |
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| U.S. stocks made a weak opening Monday, hurt by crude-oil prices sent above $70 a barrel by raging hurricane Katrina. Oil-sensitive airline companies declined together with automakers Honda, Toyota and insurers like Allianz and Aegon. In the Gaming space Pinnacle Entertainment and Isle of Capri Casinos also dropped. No major earnings or economic releases are scheduled Monday. |
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Global Sell-Off in the Making
Aug 29, 9:07 AM ET |
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| Most of Asian markets lose more than 1%, European shares slipped on beyond $70 oil, the dollar edged up vs. the yen and the euro. |
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| Futures are lower and U.S. stocks are poised to decline at opening Monday. Hurricane Katrina and record oil prices are likely to be the main focus during the pre-market hours combined with some fresh corporate news. Intelsat is to buy PanAmSat for around $3.2 billion. Per-Se Technologies Inc. and Wolters Kluwer agreed to acquire NDCHealth Corp in a deal valued at $1 billion. No major earnings or economic releases are scheduled Monday. |
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Beyond $70 Oil
Aug 29, 1:34 AM ET |
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| Katrina is expected to hit directly at the oil infrastructure in Gulf. More than 40% of oil production is shut. Gasoline shortages in South Florida. |
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| 30% of U.S. domestic oil flows through Port Fourchon which seems to be in the eye of hurricane Katrina. At early morning more than 40% Gulf of Mexico oil and gas production has been shut-down. This morning's landfall of Katrina will tell us for how long these capacities will remain closed. Widespread gasoline shortages are reported in South Florida. |
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Katrina Targets Gulf of Mexico Oil
Aug 28, 12:48 AM ET |
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| Update 4: Several off-shore Gulf of Mexico based oil platforms are winding down production and evacuating operational and non-operational employees. |
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| As hurricane Katrina gathered speed and strength to level 5, major oil companies have announnced production shut-downs in the Gulf of Mexico region. The region produces 1.5 million barrles of oil per day and 10 billion cubic feet of natural gas. The potential landfall on Monday morning near New Orleans may cause severe weather conditions in and aroud the city. |
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