U.S. Stocks Rebound, Fannie Up, Oil at $122
May 06, 2:07 PM EDT |
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| U.S. stocks rebounded from morning slump on rising crude oil and natural gas prices. Financial stocks rebounded as stocks of Fannie Mae and NYSE rise. |
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| U.S. stocks rebounded from the morning slump after investors focused on reduced capital requirement for Fannie Mae and a steady rise in crude oil and natural gas prices. Fannie Mae will be allowed to operate with capital control ratio of as low as 10% by the third quarter of this year. Crude oil traded above $122. NYSE Euronext Group reported a sharp rise in revenue and earnings on higher revenues in derivative products. D R Horton revenue slumped 65%. |
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Losses at UBS and Fannie Mae
May 06, 4:40 PM EDT |
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| The loss at UBS and Fannie Mae dragged financial stocks and broader market averages lower. Stocks in coal, energy, and metals sector rose. |
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| U.S. stocks fell in the morning trading after the release of earnings from Fannie Mae and UBS. Fannie Mae swung to first quarter 2008 loss of $2.2 billion compared to profit of $961 million. The mortgage lender also cut its dividend to 25 cents per share and announced a plan to raise $6 billion to meet capital requirements. Separately, Swiss bank UBS reported a loss of SFr 11.54 billion and a plan to eliminate 5,500 jobs. |
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Yahoo, Countrywide Fall; Sprint, Oil Rise
May 05, 5:09 PM EDT |
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| The latest Fed survey suggested record tight lending conditions for businesses and individuals. Oil surged above $120 a barrel. |
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| U.S. stocks opened and closed lower. Yahoo and Microsoft were $4 per share apart and called off merger talks. Sprint is likley to initiate merger talks with Deutsche Telekom. Sprint surged 10%. Separately, Arcelor Mittal is in preliminary talks with the second largest steel company Angang Steel in China. Countrywide plunged 10% on the speculation that the Bank America purchase terms may be revised substantially. |
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Stocks Fall; Yahoo, Microsoft Talks Fail
May 05, 10:05 AM EDT |
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| Countrywide fell 13% on the speculation that Bank of America may abandon the purchase of severly change the deal terms. |
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| U.S. stocks fell at the opening after the merger talks between Yahoo and Microsoft fell. Yahoo fell nearly 20% after the two companies could not agree on a price. Sprint Nextel rose on the potential interest from Deutsche Telekom. Arcelor Mittal, the largest steel company and second largest Chinese steel company are in merger talks. Berkshire Hathaway, after reporting sharply lower earnings over the weekend, is expected to make a purchase in Europe. |
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Crude Oil Rise Kills Payrolls Rally
May 02, 4:33 PM EDT |
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| Dolby Laboratories, Agrium, Chiquita and Chevron closed higher and Bankrate, Monster Worldwide, Wynn Resorts, and ADP fell on the earnings. |
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| U.S. stocks closed mixed after April payrolls declined 20,000 and unemployment fell to 5% from 5.1%. The smaller than expected drop in payroll lifted stocks in the morning. Crude oil rebounded 3% and dragged market averages at close. Yield on 30 years bonds rose. Stocks in Europe and Latin America closed higher tracking gains in the U.S. Countrywide Financial debt status was lowered to junk level after the Bank of America in filing suggested that it may not guarantee $93 billion of debt. |
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Fed TAF at $75B, Stocks Gain
May 02, 11:02 AM EDT |
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| U.S. stocks gained at the opening on the Fed increasing the size of its TAF facility to $75 billion. Agrium and Dolby surge on earnings. |
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| U.S. stocks edged lower after surging nearly one percent at the opening. The Fed widened its term auction next week to $75 billion from $50 billion. April non-farm payroll declined lower than expected, sparking a rally in dollar. Construction and retail industries continue to shed workers. In addition, construction spending fell 1.1% in March. Crude oil and gold edged higher. Tech stocks fell after a surge at the opening. |
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Rally in Techs, Financials Lifts U.S. Stocks
May 01, 10:31 AM EDT |
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| U.S. markets indexes rose sharply in the late afternoon as oil and gold fell and consumer spending increased. Tech stocks lifted Nasdaq 2.8%. |
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| Stocks in financials and technology sector closed sharply higher at close on a rally in the late afternoon. Tech heavy Nasdaq closed up 2.8%, Dow Jones Industrial rose 1.5% and S&P 500 increased 1.7%. Most markets in Asia, Latin America and Europe were closed for trading today. Exxon Mobil led decliners in Dow and American Express led gainers. Of the stocks in S&P 500, 430 closed higher and 70 closed lower, with MBIA leading gainers and JDS Uniphase leading decliners. |
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GM, Ford Sales Fall; Toyota, Nissan Sales Rise
May 01, 3:39 PM EDT |
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| Consumers were cautious in April and purchased fewer and smaller vehicles as rising fuel costs and worries related to economy dominated. |
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| General Motors and Ford report sales decline but Toyota and Nissan sales rise. As consumer watch the rising fuel cost, more people chose to buy smaller vehicles and forego purchase of light trucks. There were also two fewer selling days in April this year compared to April 2007. GM unit sales declined 17% and sales at Ford fell 12%. Toyota unit sales rose 3.5% and at Nissan sales surged 6.7%. |
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ExxonMobil Falls; Visa, MasterCard Raised
May 01, 4:38 PM EDT |
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| U.S. stocks traded mixed after weekly jobless claims increased. Personal income and expenditure in March rose. |
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| U.S. stocks traded higher in the morning trading after the release of weekly jobless claims and personal income and expenditure data. Weekly jobless claims increased 35,000 at the end of last week and personal income in March rose 0.3% and personal consumption expenditure rose 0.4%. Exxon Mobil earnings fell short of expectations and stock fell 4%. UBS raised its price target for MasterCard to $350 from $275 and for Visa to $100 from $88. |
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