Oil Up 5%, Averages Up
Jan 30, 4:20 PM EST |
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| Procter & Gamble reported 12% rise in earning on 8% growth in sales. Colgate rose on better than expected 2007 forecast. |
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| Uneven trading only reflcted cross currents of information in the market today. 3M earnings disappointed market and stock fell 5%. Motorola jumped 7% on the news that Carl Ichan is seeking to join the company board. Crude oil jumped 5% and natural gas rose 11% on harsher winter conditions in the Northern U.S.European markets closed higher led by Germany. |
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Germany Leads Europe Up
Jan 30, 2:00 PM EST |
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| Siemens AG shares rose 4% after it was upgraded to buy from neutral at Merrill Lynch. |
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| European stocks closed higher, led by airline stocks. Moves were limited as European investors awaited the Fed Reserve''sa interest-rate decision. Airline companies attracted the most attention, with Alitalia rising 3.8% after the Italian government said it received 11 bid offers. Air France-KLM shares gained 6.7%, as the company didn’t launch a bid for Alitalia. The German DAX 30 rose 0.93%, the French CAC 40 gained 0.46%, while the U.K. FTSE 100 added 0.03%. |
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Getty Images up 8% on Earnings
Jan 30, 11:44 AM EST |
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| Consumer Confidence Index met analyst expectations, edging up to 110.3 in January from a revised 110.0 in December. |
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| U.S. stocks turned modestly higher, with investors cautious before the Fed Reserve''s decision on interest rates. The Dow reversed from earlier weakness, although 3M fell 4.4%, Procter & Gamble fell 1.1%, and Merck lost 1% on quarterly results. Photography and imaging company Getty Images was a notable gainer, rising 8%, despite 29% profit drop in Q4 on restructuring and other costs. The company earned 50 cents per share, down from 64 cents last year. Excluding items, profit beat estimates. |
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Merck and 3M Weigh on Dow
Jan 30, 10:14 AM EST |
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| Photography and imaging company Getty Images rose 8%, despite a Q4 profit drop on restructuring and other costs. |
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| Wall Street saw a mixed performance at opening on Tuesday, with the Dow pressured by 6% decline for 3M Co. on a disappointing profit outlook. Merck also weighed on the blue-chip average, falling even after its earnings, excluding special items, matched forecasts. Similarly Procter & Gamble fell 1.4%, despite raising its earnings outlook. Investors weighed its organic sales growth, which came in at the lower end of its guidance. |
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Miners Pull FTSE down
Jan 30, 10:09 AM EST |
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| The FTSE 100 in London was weak by mid-day on Tuesday as mining stock weighed on sentiment. Corus advanced. |
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| The FTSE was lower by mid-day on Tuesday as weakness in the mining sector remains the dominant feature with copper prices volatile and an uninspiring production statement from Kazakhmys unsettling its rivals as well. Other miners were also week including Vedanta, Antofagasta, Xstrata and Lonmin. Corus is one of the advancers as the auction between Tata and CSN draws to a conclusion later today. In the wider market, the FTSE 100 shed 18.6 points to 6,221.5. |
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Tata Steel Tops Views in India
Jan 30, 10:07 AM EST |
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| ONGC has reported that net profit rose 20%, Tata Power also beat estimates, Gokaldas Exports net surges. |
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| Tata Steel, resource company, has reported a Q3 consolidated net profit increase of 27.3%. Net revenues advanced 18.86%, while revenue from steel business advanced more than 20%. Total income grew considerably. Tata is reportedly considering a sweetened bid for Corus ahead of the auction. Tata competes with CSN of Brasil. The shares of Tata finished Rs10 higher yesterday on BSE. |
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Earnings Drive Stock Futures Up
Jan 30, 9:06 AM EST |
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| Starbucks rose 2.2% in pre-open trading after the coffee retailer was upgraded to overweight by J.P. Morgan. |
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| U.S. stock futures pointed to a higher opening on Tuesday, lifted by upbeat earnings results. Blue chip company Procter & Gamble reported 12% profit increase in Q2 and lifted its annual profit guidance. Colgate-Palmolive posted better-than-expected results, while Dow component 3M Co. posted 58% profit rise, which matched expectations excluding items. |
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3M Profit Soars 58%
Jan 30, 8:04 AM EST |
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| 3M Inc., maker of industrial adhesives, said its net income soared 58% in the fourth quarter. |
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| The company said its profit increased to $1.18 billion, or $1.57 a share, from $746 million, or 97 cents a share, earned a year ago. The latest quarter''s per-share figure includes 47 cents on the sale of its pharmaceutical unit. 3M’s quarterly results exceeded expectations of earnings of $1.14 a share. The company projected 2007 earnings in the range of $5.20 and $5.45 a share, or between $4.60 and $4.75 on an adjusted basis. |
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Europe Declines on Banks, Telecoms
Jan 30, 6:49 AM EST |
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| European markets were lower on Tuesday on weaker banks, resource and telecommunication stocks. |
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| European sock markets declined on Tuesday as losses in the heavily-weighted banking, resources and telecommunications sectors countered gains for airlines and luxury goods. Airline stocks were higher as investors bought into the sector supported by lower oil prices and lack of interest in shares of Alitalia. In early trade, the FTSE 100 in London shed 0.3%, Frankfurt Xetra Dax was little changed, and the CAC 40 in Paris fell 0.2%. |
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Copper Futures Decline
Jan 30, 5:16 AM EST |
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| Copper fell Monday as well as gold and silver on technical selling presssure. Energy stocks also dropped. |
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| Copper futures fell Monday at the New York Mercantile Exchange amid follow-through weakness from Friday and another rise in exchange-held stocks. A technical-based selling pressured prices after the metal failed to advance on Friday following some economic and demand news. Gold and silver prices settled down but the prospects for gold for 2007 are that demand should consolidate and the market will firm up gradually over the year. Oil, natural gas and heating oil also dipped. |
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