Bonds Decline, Stocks Rise
May 31, 4:12 PM EDT |
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| Market averages pared back early rise after the release of FOMC meeting minutes. Sun Microsystems to lay-off between 4,000 and 5,000 people. |
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| Market averages rebounded after declining for most of the last week and yesterday. Decline in oil and precious metals prices helped investors to step-in. Stocks in Europe staged a mild rebound, rising 1% across the region at close. Latin American averages closed higher on the release of Brazil Q1 GDP growth of 3.4% beating the estimates of 2.7%. FOMC meeting minutes showed policymakers grappling with the rate hike decision. |
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ADC to Buy Andrew for $2 B
May 31, 11:59 AM EDT |
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| U.S. plane maker Boeing shares rose 1.3%, while shares of industrial conglomerate United Technologies Corp. gained 0.7%. |
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| Stock markets traded higher, supported by retreating oil prices. In merger-and-acquisition news, ADC Telecommunications dropped 19% after it agreed to acquire fellow equipment maker Andrew Corp. in a $2 billion stock swap worth $12.76 per share. ADC also posted a 32% drop in quarterly earnings. |
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Tiffany's Profit up
May 31, 10:11 AM EDT |
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| Crude oil prices lost 48 cents to $71.55 on the Nymex. The U.S. dollar inched up against the Japanese yen. Gold traded near $660 an ounce. |
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| Stocks moved higher at opening, helped by bargain hunting. Trading was subdued as investors awaited the release of the FOMC meeting minutes, expected to give a clue about further interest-rate hikes. In earnings news, Tiffany & Co, jewelry retailer, reported that Q1 earnings advanced to 30 cents a share, from 27 cents a share a year ago, beating estimates of 28 cents. Revenue advanced 6%. |
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Costco Profit Misses Estimates
May 31, 9:23 AM EDT |
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| Shares of Andrew rose 23% on news that equipment maker ADC Telecommunications agreed to buy the company in an all-stock deal worth $2 billion. |
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| Stock futures were poised to a strong opening Wednesday ahead of the Fed Reserve FOMC minutes release. Costco, warehouse retailer, reported Q3 earnings of $235.6 million or 49 cents per share compared to $209.8 million or 43 cents per share last year. Analysts had been expecting the company to earn 50 cents per share. |
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Time Warner and Comcast Sued
May 31, 8:18 AM EDT |
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| The America Channel sued cable giants Time Warner and Comcast, trying to hinder their plans to acquire bankrupt Adelphia Communications. |
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| Comcast and Time Warner were accused of price-fixing and bid-rigging in their submission of a joint bid instead of competing against each other to acquire Adelphia''s assets. The America Channel claimed in its lawsuit that the deal violated federal antitrust laws and would reduce competition in the cable TV industry. |
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U.S. Stocks Drag Tokyo Down
May 31, 7:31 AM EDT |
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| Asian stocks fell sharply Wednesday due to the impact of U.S. markets and disappointing Japanese household spending data. |
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| The steep fall of U.S. stocks overnight, together with the rise in oil prices, pulled Japan’s benchmark Nikkei down. All sectors declined in Tokyo trading, with industrials contributing some of the largest losses. Australian shares also dropped sharply, with the benchmark S&P/ASX 200 index losing 2% and Singapore''s Straits Times Index shedding 2.1%. Markets in Hong Kong and Taiwan are closed for holiday, while South Korean markets are shut for local elections. |
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World Markets Decline
May 30, 4:32 PM EDT |
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| Nasdaq market lost 2.1% and averages in Europe declined more than 2%. Brazil lost 4% and Japan and HK lost a fraction. |
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| Worries of inflation, interest rate uncertainty and rising prices of oil and commodities took market averages down around the world. In the overnight trading Asia declined led by a fall in Thailand and Korea. In Europe averages closed lower across the region as eight of the twelve major markets declined. Latin American markets closed lower led by a sharp decline of 4% in Brazil. Russia closed 1% lower. |
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Brazil Down 4%
May 30, 4:11 PM EDT |
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| Emerging market around world declined and markets in Latin America were no exceptions. Argentina and Mexico Down. |
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| Markets declined in Latin America for the third day in a row afte steadily rising in the first four months of the year. Bovespa index in Sao paolo lost 4% on worries that rising interst rates in the U.S. will force investors to pull capital from its market. Index has gained 90% in the last 12 months but is now up less than 10% since the beginning of the year. Argentina and Mexico lost 3.4% and 3.1%. |
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Nasdaq Declines 1.5%
May 30, 2:59 PM EDT |
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| Market avearges maintained negative bias in the last two hours of trading. Gold and crude oil rose. |
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| Market averages maintained their negative bias as Nasdqaq lost 1.5% and Down and S&P 500 lost 1.3% in the afternoon trading. Tribune, publishing company plans to acquire 25% of its outstanding shares. Gold rose as much as $12. Crude oil rose 2% before settling 1% higher. General Motors sotck trades 5% lower on a downgrade from Deutsche Bank. Freddie Mac to report earnings after the close. |
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Paulson to Succeed Snow
May 30, 11:50 AM EDT |
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| Consumer confidence index fell to 103.2 in May from a revised 109.8 in April. Economists had expected the index to fall to a reading of 101.0 in May. |
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| U.S. stocks extended losses Tuesday, dragged by disappointing same-store sales from Wal-Mart and climbing oil prices. The Nasdaq dropped 1% and the Dow industrials fell more than 100 points. Shares of Goldman Sachs fell 1.5% on the heels of news that the company''s Chairman and CEO Henry Paulson was nominated to replace John Snow as Treasury Secretary. |
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