Sentiment Reversal Drags Averages
Feb 28, 5:11 PM EST |
|
| Slowing housing market, weak Q4 2005 economic GDP read led investors to trim their outlook for stocks. Google lost 7% on cautious comments from CFO. |
|
| It was a day of sentiments reversal. Weakening home sales, weak revision of Q4 GDP to 1.6% and decline in consumer confidence dragged market averages. For the moth Dow is up 1.2%, S&P up 0.04% and Nasdaq lost 1.1%. Google stock came under heavy selling as investors read latest comments from its CFO. The stock declined 13% before recovering to a loss of 7.1%. Staples closed at one year high on earnings. Markets in UK and Germany were down 1.4% and 2.1%. |
|
|
Full Story... |
Mexico Down 1.4%
Feb 28, 2:01 PM EST |
|
| Mexican stocks fell 1.47%, dragged lower by bellwethers America Movil, Cemex and Walmex. |
|
| Stocks moved further lower after CFO of Google reported that growth at the Internet search giant is slowing down. Concerns over inflation and further interest-rate hikes also weighed on sentiment. The second reading of Q4 GDP showing faster economic growth, renewed concerns over inflation and further interest-rate hikes. Consumer confidence index fell to 101.7 in February. Existing home sales in January fell 2.8% to a seasonally adjusted annual rate of 6.56 million units. |
|
|
Full Story... |
Google Tumbles 10%
Feb 28, 11:34 AM EST |
|
| Consumer confidence index fell to 101.7 in February from a revised 106.8 in January, compared with expectations of a decline to a reading of 104.0. |
|
| Concerns over inflation and further interest-rate hikes sent stocks lower as the government released its second reading of Q4 GDP which showed economy grew at slightly faster rate. The GDP figures were up to 1.6% from 1.1%, meeting expectations. The GDP deflator rose at an annualized pace of 3.3%, above the estimated 3% increase. Apollo cut its Q2 profit and revenue forecast and suspended its 2006 outlook. Google dropped after CFO reported the company develops at slower pace. |
|
|
Full Story... |
GDP Deflator up 3.3%
Feb 28, 9:42 AM EST |
|
| Crude oil prices declined below $61 on easing supply concerns. European gold gained ground. The dollar weakened vs. major currencies. |
|
| Asian-Pacific benchmarks finished mixed. The Nikkei edged up 0.1%, supported by overseas demand and new domestic investment funds. Indian shares hit an all-time high of 0.9% tp 10370.24. European averages traded lower at mid-day, hurt by utilities and metals stocks. All indexes fell 0.4%. The government''s second reading of Q4 GDP matched expectations with 1.6% annualized growth. The GDP deflator rose at an annualized pace of 3.3%. |
|
|
Full Story... |
SanDisk up 9% on Upgrade
Feb 27, 1:10 PM EST |
|
| The Commerce Department reported that January sales of new homes dropped by 5% to a seasonally adjusted annual rate of 1.233 million units. |
|
| Stocks were driven higher by oil prices drop and better-than expected earnings from Lowe''s which eased concerns about corporate ptofits. The home improvement retailer posted Q4 profit rise of 87 cents a share on 7.8% same-store sales rise, beating estimates. The Nasdaq was the best performer, climbing 0.9%, supported by upgrades of SanDisk and M-Systems Flash Disk Pioneers to buy from hold. |
|
|
Full Story... |
Weaker New Home Sales
Feb 27, 11:28 AM EST |
|
| The Commerce Department reported that January sales of new homes dropped by 5% to a seasonally adjusted annual rate of 1.233 million units. |
|
| Stock averages opened higher as falling oil prices and better-than expected earnings from Lowe''s Cos eased concerns about corporate ptofits. The retailer posted Q4 profit rise of 87 cents a share on 7.8% same-store sales rise, beating estimates. A report saying that Apple Computers may acquire Walt Disney also provided support. SanDisk and M-Systems Flash Disk Pioneers were upgraded by Citigroup to buy from hold. |
|
|
Full Story... |
Lowe's Tops Views
Feb 27, 9:32 AM EST |
|
| Oil prices retreated below $62 a barrel on eased supply concerns. European gold lost ground. The dollar rose vs. the euro and pound, fell vs. the yen. |
|
| Asian markets broadly rallied on continuing strong fund flows. The Nikkei rose 0.5%, South Korean Kospi climbed 0.6%, and India stock Exchange sensitive index gained 0.7%. European stocks traded positive at mid-day, supported by overtake news in the utility sector. In deal news, National Grid announced it agreed to acquire KeySpan for $7.3 billion, or $42 per share to create the third-largest energy delivery utility in the U.S. Lowe''''s Cos posted Q4 profit rise above estimates. |
|
|
Full Story... |
Volatile Trading
Feb 24, 5:19 PM EST |
|
| Volatile oil price overshadowed day's trading activity. Gold rose 1.8%. Gap and Nordstrom fell while Kohl's gained. |
|
| Market for the most part paid attention to the rising oil price. Foiled attack at an oil refining facility in Saudi Arabia. Fall in January durale goods orders had little impact on trading. Gold rose in sympathy with rise in oil price. Casino stocks rose on the back of recent earnings from MGM, Las Vegas Sands and Wynn Reosrts. Markets in Brazil, U.K., Norway and Canada rose as in Mexico, South Africa and India fell. |
|
|
Full Story... |
RIM Rises on Rejected Patents
Feb 24, 1:59 PM EST |
|
| Durable goods orders fell 10.2% in January, the biggest drop in 5 1/2 years and far less than the 0.1% drop economists expected. |
|
| U.S. blue chips fell after a report of an explosion and shooting at a Saudi Arabian oil facility sent oil back to over $62, raising concerns about high energy costs and inflation. A disappointing report on factory orders further weighed. Patent-holding NTP asked a judge to award it $126 million in damages and issue an injunction against RIM, the maker of BlackBerry, for violating its patents, but all of the 3 patents remaining in dispute were rejected by the U.S. Patent and Trademark Office. |
|
|
Full Story... |
Nordstrom Declines 5%
Feb 24, 11:46 AM EST |
|
| New orders for durable goods fell 10.2% in January from a revised 2.5% gain in December against expectations of a 1% decline. |
|
| U.S. stocks opened lower on a report of an explosion and shooting at a Saudi Arabian oil facility which sent oil up $1.22 to $61.76 a barrel. A disappointing report on durable goods orders further weighed on sentiment. Wynn Resorts posted a narrower Q4 net income loss of $11.4 million. Gap reported Q4 profit drop of 11% on lower sales. Nordstrom posted 36% profit jump in Q4, or 69 cents a share, beating estimates but the full-year outlook was below forecasts. |
|
|
Full Story... |
|
|
1
