Oil Majors Release Robust Profit
Jul 28, 9:02 AM EDT |
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| Bristol-Myers' shares fell 8 % after it announced the U.S. Department of Justice had launched an investigation over generic drug deal. |
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| Stock futures rose Friday morning as energy companies reported robust earnings growth. Chevron Corporation reported Q2 net income growth of $1.97 per share, compared with $1.76 per share in the year-ago period. Oil field services company Baker Hughes and independent oil and gas producer Anadarko Petroleum said quarterly profit soared, helped by surging crude oil prices. |
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Oil Continues to Surge
Jul 28, 8:09 AM EDT |
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| Light, sweet crude for September delivery was up 16 cents to $74.750 a barrel in midmorning Asian electronic trading on the Nymex. |
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| Oil prices moved higher on Friday, on news that OPEC has no power to stop price surges caused by geopolitical tensions. In other Nymex trading Friday, gasoline futures remained steady at $2.2960 a gallon, while heating oil futures rose 0.75 cent to $1.9871 a gallon. Natural gas futures were up 4.5 cents to $7.168 per 1,000 cubic feet. |
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Sony, Canon Boost Tokyo
Jul 28, 7:01 AM EDT |
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| In Tokyo at close, shares of Sony Corp., climbed 4.1%, Canon Inc. gained 1.3%, and NEC surged 5.6%. |
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| Asian-Pacific benchmarks finished mixed on Friday in a light trading session. The Japanese Nikkei advanced 1.07% to close up at 15,342.87 points, boosted by stronger-than-expected earnings from leading tech companies. Across the region, Hong Kong’s Hang Seng gained 0.23%, South Korea’s Kospi ended up 0.1%, while Australia’s index declined 0.88%. |
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Early Gains Lost
Jul 27, 4:35 PM EDT |
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| Durable goods order gained 3% and new home sales declined 3%. Aetna stock dropped. |
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| Market averages rallied in the early morning on better than expected gains on durable good orders in June. New home sales in June declined 3% and inventory of unsold homes rose 24%. ExxonMobil earnings jumped 36%. Aetna earnings declined. |
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Oil and Auto Stocks Lift Europe
Jul 27, 12:42 PM EDT |
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| French Pernod Ricard rose 5.3% after it lifted its 2006 earnings goal for the year and produced a 68% sales improvement to 6.07 billion euros. |
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| European markets closed in the positive for a second day in a row, as earnings and sales reports from major companies boosted market sentiment. Leading advancers on Thursday were oil and gas companies, as well as automakers. Royal Dutch Shell increased 2%, DaimlerChrysler rose 1.8%, and Volkswagen soared 8.8%. The German DAX 30 surged 1.4%, the French CAC 40 rose 1.2%, and London FTSE 100 gained 0.9%. |
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Aetna Slips 19% on Earnings
Jul 27, 12:00 PM EDT |
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| The Department of Commerce reported that new home sales fell to a seasonally adjusted annual rate of 1.131 million units in June. |
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| The energy sector strengthened on gains for Exxon Mobil and Royal Dutch Shell. Comcast, the biggest cable operator, rose 4.6% on better-than-expected Q2 earnings. Hewlett-Packard also supported the Dow, rising 2.1%. On the downside, Aetna dipped 19.4% as Q2 net income fell on higher medical costs. Dow Chemical, the largest U.S. chemicals maker, dropped 10% on profit that missed analyst estimates. |
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Earnings Drive 4-Day Rally in India
Jul 27, 10:48 AM EDT |
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| Strong earnings from Maruti Udyog, Dr. Reddy Cummins India drive Sensex in India to rally four day strong. |
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| For the fourth day in a row Sensex 30 on Mumbai Stock Exchange advanced more than 100 points. The stock rally was bolstered by strong earnings from several large and mid cap companies. Passage of nuclear bill in the lower house of U.S. Congress helped several construction companies. Local unit of French utility company Areva gained more than 5%. |
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Durable Goods Orders Surge
Jul 27, 10:19 AM EDT |
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| Stocks opened higher on surging profit growth at Dow components Exxon Mobil and Royal Dutch Shell, 36% and 40% respectively. |
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| In economic news, the Department of Labor said that jobless claims fell unexpectedly to 298,000 from last-week revised figure of 305,000. Economists had expected jobless claims to rise to 310,000. In another report, the Department of Commerce said that durable goods orders rose 3.1% in June following a revised 0.3% increase in May. Economists had expected orders to increase by about 1.9%. |
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Exxon Mobil Profit up 36%
Jul 27, 9:54 AM EDT |
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| Boston Scientific swung to Q2 loss on costs related to Guidant buyout. The company posted a loss of $3.21 per share vs. a profit of 24 cents. |
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| U.S. stock futures pointed to a higher opening, boosted by optimism about second-quarter earnings. Exxon Mobil posted Q2 profit jump of 36% to $10.36 billion, the second largest quarterly profit ever recorded by a publicly traded U.S. company. Earnings rose to $1.72 per share vs. $1.20 per share last year, beating estimates of $1.64 per share. DaimlerChrysler posted Q2 profit of 1.81 billion euros, compared to 737 million euros in 2005. |
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Crude Oil Modestly Up
Jul 27, 8:17 AM EDT |
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| Crude oil prices slightly advanced Thursday. Light, sweet crude for September delivery rose 14 cents to $74.08 a barrel on the Nymex. |
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| In other Nymex trading Thursday, gasoline futures fell 0.72 cents to $2.2890 a gallon and natural gas futures were up 10.4 cents to $6.991 per 1,000 cubic feet. Heating oil futures rose slightly to $1.96 a gallon. September Brent on London''s ICE Futures exchange gained 10 cents to $74.10 a barrel. |
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