EMC and RSA in Merger
Jun 30, 11:30 AM EDT |
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| Shareholders in Arcelor rejected a merger deal with Russia's Severstal, clearing the way for an agreed $32 billion takeover by Mittal Steel. |
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| Stocks moved to the downside after the initial rise as investors turned to profit taking from Thursday''s rally. In corporate news, General Motors rose $1.57 to $29.01 after major holder Tracinda Corp. asked the auto maker to enter an alliance with Renault and Nissan. RSA Security agreed to be acquired by EMC Corp for $2.1 billion in cash. |
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General Motors Gains 8%
Jun 30, 10:04 AM EDT |
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| Cephalon moved higher by 8.6% after it received an approval letter from the FDA for its cancer pain treatment. |
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| Stock markets advanced on Friday, lifted by gains for General Motors on news one of the company''''s biggest investors is urging the company to consider a partnership with Nissan and Renault. GM shares shot up 11%. On the deal front, RSA Security agreed to be bought for $2.1 billion in cash by EMC Corp. |
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Spending and Income Slightly up
Jun 30, 9:12 AM EDT |
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| Crude oil futures rose 18 cents to $73.70 a barrel.The dollar continued to weaken. Gold futures rallied to $603.2 an ounce. |
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| Stock futures were pointing to some caution early Friday morning, following one of the biggest rallies in recent time, sparked by the Fed''s policy statement on interest rates. The Commerce Department released a report, showing that both personal income and personal spending rose 0.4% in May after an upwardly revised increase of 0.7% in April. |
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Apple Investigates Stock Options
Jun 30, 8:17 AM EDT |
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| Apple Computer Inc. admitted that some stock options awarded to employees might have been mishandled. |
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| The maker of personal computers and the iPod music player said that its own internal investigation had uncovered ‘irregularities’ in employee stock options issued between 1997 and 2001. The company hired an outside lawyer to lead an investigation into its past stock options and notified the Securities and Exchange Commission of the problem. |
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Asia Rallies On Fed’s Statement
Jun 30, 7:27 AM EDT |
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| Asian stocks finished in the green Friday, tracking the rally in U.S. indexes after the Federal Reserve indicated a pause in raising the rates. |
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| Apart from the good news from overseas, the Bank of Japan is also likely to meet expectations in that it will end its zero-interest rate policy as early as next month as economic data released Friday showed Japanese core consumer prices rose firmly in May, while the jobless rate fell to an eight-year low. Auto makers led the gainers as fears were allayed that higher U.S. interest rates could affect American consumer demand. |
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Fed’s Statement Brightens Up Europe
Jun 30, 6:31 AM EDT |
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| European markets traded higher in early Friday session, taking its cue from the U.S. Fed’s hint at an end to a rate-tightening cycle. |
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| European shares made strong gains on Friday after the US Federal Reserve’s 25 basis point rate rise in the previous session was accompanied by a statement intimating a pause in the central bank’s tightening cycle. The U.K. FTSE 100 index gained 1%, the German DAX Xetra 30 index advanced 1.4%, the French CAC-40 index rose 1.3%. |
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RIM Jumps 4% On Earnings
Jun 29, 4:03 PM EDT |
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| Research In Motion jumped 4% in the after hours tading on the first quarter earnings. The company reported 68 cents vs. 67 cents a year ago. |
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| Market rose and then surged in the late afternoon trading. Revised Q1 estimate of GDP from 5.3% to 5.6% put investors in the buying mood. In the afternoon the Fed, as expected, raised short-term rates by 25 basis points to 5.25%. Investors stomped to buy stocks lifting averages at one point near 3%. Tech, energy, industrials and consumers led the advancers. European stocks rose 2% across the region. Research In Motion added 0.7 million subscribers and rose 4% in the after hours trading. |
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Fed Hikes By 25 Bp
Jun 29, 2:36 PM EDT |
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| The Fed hiked interest rates by 25 basis points to 5.25% to fight the rising inflation. Averages jump on the news. |
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| Market remained in the holding pattern till the Fed decision on rate hike. The 17th rate hike now takes short-term rates to 5.25%, as expected by market. Fighting inflation has taken preceedent over the economic growth. Fed is worried that recent inflationary pressures arising from the rise in energy prices needs to be countered. In the last two years the Fed has raised rates seventeen times. Oil rose in late afternoon and gold is $15. |
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Stock Averages Rally 1%
Jun 29, 11:46 AM EDT |
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| Light crude gained 86 cents to $73.05 on the Nymex on a report, showing shrinking U.S. gasoline reserves amid the start of the summer driving season. |
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| Stock averages rallied more than 1% Thursday morning, reflecting stronger-than-expected GDP figures. The Commerce Department raised Q1 GDP growth to a 5.6% annual rate but cut the GDP''s inflation component to 3.1%. Traders were also focused on the Federal Reserve''s decision on interest rates later in the session. Heavy equipment maker Caterpillar, diversified manufacturer 3M Co., along with energy shares led advancers. |
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Monsanto Profit Soars
Jun 29, 10:28 AM EDT |
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| Cereal and snack-food maker General Mills Inc. posted a sharp 52% drop in quarterly profit after selling some of its businesses. |
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| U.S. stock markets gained at opening on stronger-than-expected Q1 economic growth, which boosted optimism about corporate profits. The Fed Reserve is in the spotlight, expected to lift its benchmark federal funds rate by a quarter percentage point to 5.25%. In earnings news, Monsanto reported Q3 net income soared to $1.21 a share from 17 cents a year ago, beating estimates. Worthington Industries, metal processing company, reported that its fiscal Q4 profit grew 46%, well above expectations. |
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