Subprime Drags NY; Asia and Europe Rise
Jun 29, 4:46 PM EDT |
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| Market averages strugggled with rising oil prices, lackluster trading in bond market and raft of economic data. |
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| U.S. averages closed lower with the Commerce Department reporting inflation and construction spending data. A measure of inflation in May rose at slower pace and construction spending grew on steady spending from commercial and government projects. Infosys is interested in purchasing Capgemini in Paris. Air Liquide gained on possible buyout offer from Linde in Germany. China expects 2007 economic growth to be fastest in ten years. Canada, India and Japan jump more than 1%. Oil above $70. |
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Air Liquide and Linde Lead Europe Higher
Jun 29, 1:25 PM EDT |
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| U.K. mortgage bank Northern Rock climbed 4.7%, continuing its recovery from the sharp losses posted earlier in the week. |
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| European stock markets closed higher on Friday, helped by tame U.S. inflation data and bid talk. Capgemini advanced 1.1% on speculation that India''s Infosys Technologies may launch a bid for the information-technology consulting firm. French industrial gasses group Air Liquide rose 3% on deal speculations, followed by its German peer Linde also gained ground, up 1.4%. The German DAX 30 jumped 1.1%, the French CAC 40 rose 0.8%, and the U.K.''s FTSE 100 added 0.6%. |
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Western Digital Buys Komag for $1 B
Jun 29, 12:03 PM EDT |
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| The Commerce Department said that construction spending in May climbed 0.9%, boosted by big government and commercial projects. |
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| U.S. stocks rallied on the last day of Q2, helped by well-received data which showed rises in consumer and construction spending. The market averages were supported by significant strength among energy stocks, which benefited from oil prices above $70 a barrel. Chemical, internet, and disk drive stocks also posted solid gains. In the disk drive sector Komag rose 8% after it agreed to be acquired by Western Digital for $1 billion. |
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Palm Falls on 43% Earnings Drop
Jun 29, 11:24 AM EDT |
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| Commerce Bancorp climbed 10% after the company said it had settled two federal regulatory probes. |
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| While Research In Motion rallied 20% on quarterly earnings, shares of Palm declined 5% after the maker of the Treo smart phone reported a 43% drop in quarterly profit. Quarterly revenue also fell slightly to $401.3 million compared with $403.1 million last year. Analysts had been expecting earnings of 15 cents a share on revenue of $406.6 million for the period. Earnings were hurt by growing expenses related to the development of new products. |
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Apple Gains on iPhone
Jun 29, 10:30 AM EDT |
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| Crude oil gained 0.8% at $70.12 a barrel, boosted by supply concerns.The dollar last was unchanged vs. the euro. Gold futures rose slightly. |
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| U.S. stocks rallied at opening on Friday, reflecting end-of-quarter purchases, tame inflation data, as well as strength in the tech sector as Research in Motion posted robust quarterly earnings and Apple launched the iPhone. RIM jumped 17% after the Blackberry maker announced a 76% gain in revenue and a 73% rise in profit in Q1. Apple added 1.2% in early trading. Shares of Palm declined 4.3% after the maker of the Treo smart phone reported a 43% drop in quarterly profit. |
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FTSE Slides, BT Group Shines
Jun 29, 9:37 AM EDT |
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| The FTSE 100 is slightly down Friday, although BT Group surged on positive comment and Northern Rock rose after the recent fall. |
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| The UK benchmark index declined on Friday despite BT Group advance after its chief executive made a strong comment on the company’s prospects.Other companies which declined earlier in the week also rallied like Northern Rock. Real estate stocks continued their slide though as on worries over U.S. subprime mortgage rates. Despite a higher open, the FTSE 100 was down 20.5 points at 6,551.0. |
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Tame Inflation Data Lift Pre-Market Mood in NY
Jun 29, 9:17 AM EDT |
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| Commerce Bancorp Inc. climbed over 7% after the company said it had settled two federal regulatory probes. |
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| U.S. stock futures indicated a postive market opening on Friday following a report which showed the lowest inflation reading since March 2004. The Commerce Department said that core consumer prices rose 0.1% in May, coming in line with expectations. Among pre-market highlights, Research In Motion surged 20% after posting 73% earnings jump on strong BlackBerry sales. |
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Japan Rises, HK, China Fall
Jun 29, 8:59 AM EDT |
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| Asian markets ended mixed with Japan higher on exporters while China and HK finished lower. |
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| Asian markets finished mixed Friday with China and Hong Kong settling down while exporters led Japan higher. In HK, profit booking in large-caps pulled the market lower, while Chinese stocks fell as the market is still apprehensive of government’s measure to cool down the booming growth. Profit-taking in shipbuilders weighed on the market in South Korea, while Australia, the market ended higher on stronger copper prices. |
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RIM Tops Earnings and Revenue Forecast
Jun 29, 8:44 AM EDT |
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| Research in Motion soared 19.2% in the pre-open after it posted 73% net income profit jump of $223.2 million compared with $128.8 million last year. |
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| First-quarter earnings per share came in at $1.17, much higher than 67 cents the previous year. Quarterly results beat analyst expectations of $1.06 per share for the recent period. Revenue for Q1 rose nearly 77%, coming in at $1.082 billion compared with $613.1 million last year. The company contributed the robust quarterly earnings to strong BlackBerry sales. |
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Sensex Up 1%, Inflation Drops
Jun 29, 8:09 AM EDT |
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| The Sensex in India rallied Friday, supported by performance in banking, cement and capital goods sector. Reliance Energy led the advancers. |
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| The market surged on a rally in large-cap stocks, a smooth rollover of June derivatives and softer weekly inflation. Banking and cement stocks soared, while metal stocks tumbled. The market-breadth was strong as there were three gainers for every two decliners. Reliance Energy and HDFC bank rallied, while Hindalco plunged. Wholesale inflation rate declined to a 13-month low and the rupee rose for a second day in a row. |
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