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Global Rout - Round 2
Jul 27, 4:26 PM EDT |
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| New York markets dropped sharply in the last minutes of trading. Europe closed 1% lower across the region. Most markets in Asia fell sharply. |
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| Market averages in New York closed at their worst level of the day on steep sell-off in the last ten minutes of trading. Earliers European markets closed lower by 1% across the region on continues worries of financing for the leverages takeovers. Baker Hughes reported lower than expected earnings. Manpower, staffing agency plunged 7%. Blackstone IPO plunged 5% and closed at a new low from its first day of trading. Tokyo closed down 2.4%, Korea and Taiwan plunged 4.2%. |
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Cadbury, Allianz Drag Europe Down
Jul 27, 1:13 PM EDT |
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| Volkswagen rose 3.6% as the auto maker said it expects to meet its 2008 earnings goal a year early. |
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| European stock markets finished in the red for a third day in a row. Stocks traded in a volatile session, weighed down by credit-market concerns, sparked yet again by Cadbury Schweppes, which delayed the sale of its U.S. beverage unit. Worries about the worsening climate for financing corporate takeovers added to negative sentiment. After the biggest one-day sell-off in four years on Thursday, the U.K. closed down 0.6%. France followed suit, losing 0.6%, while Germany dropped 0.8%. |
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Oil, Financial Shares Lead Decliners
Jul 27, 12:05 PM EDT |
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| ITT Corp. posted Q2 profit jump of 52% to $1.16 a share, from 75 cents a share a year ago, beating expectations. |
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| U.S. stocks continued to trade in a bearish mood, extending decline from the selloff in the previous session. Generally positive economic data, showing robust economic growth in Q2 failed to offset losses. Energy companies led decliners, with Chevron falling 1.6%, despite reporting a 24% jump in Q2 profit. Sell-off in financial shares continued on concerns that losses in the subprime mortgage market may spill over into the broader market. Citigroup lost 0.9%. |
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Sensex in India Drops 3.4%
Jul 27, 10:25 AM EDT |
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| india was dragged lower reflcting global sentiment. Government is set to let state owned insurance to invest in domestic stock market. |
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| Sensex in India trading fell 3.4% reflecting similar losses in emerging and Asian markets. Real estate, auto, banks and metals stocks led the decline on heavy trading volume. Only three in 30 stock index managed to gain. Ballarpur Industries plans to transfer ownership of three companies to an overseas company. Bharti Airtel and Reliance Communication fell more than 3%. Software services exporters fell sharply along with auto makers. |
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Chevron Profit up 24%, Tops Estimate
Jul 27, 10:15 AM EDT |
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| Fortune Brands posted 6% decline in Q2 profit, but the results beat expectations. The stock rose 2.8%. |
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| Stocks opened in the negative Friday, continuing the downward trend set yesterday when U.S. equities saw the second-biggest decline this year. Concerns about the worsening climate for financing corporate takeovers and about subprime mortgage markets continued to weigh. In positive earnings news, oil company Chevron posted better-than-expected 24% earnings increase in Q2 on higher gasoline prices. |
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U.S. Economy Expands 3.4% in Q2
Jul 27, 9:21 AM EDT |
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| U.S. oil company Chevron posted better-than-expected 24% earnings increase in Q2 on higher gasoline prices. |
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| U.S. stock futures were pointing lower Friday, despite data showing better-than-expected gross domestic product and a drop in core inflation in Q2. The Commerce Department said that the U.S. economy was strong in Q2 as the drag from the housing sector lessened. GDP advanced 3.4%, slightly higher than the 3.3% growth expected by economists. |
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High Flying Emerging Markets Pause
Jul 27, 9:06 AM EDT |
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| Emerging markets around the world between 3% and 4% led by sharp declines in Turkey, Taiwan and Korea. |
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| Asian markets fell in sympathy with a decline in Europe and New York. Several market analysts encouraged investors in India, Brazil, and Turkey to take advantage of this sell-off on promising outlook on earnings. Domestic economy remains healthly in most emerging markets on low cost of borrowing, rising exports, and increasing domestic wages. Turkey fell 1.35% at the end of mid-day session after falling 4.2%,leading the global decline on Thursday. Taiwan, Korea suffered similar declines. |
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Medtronic to Acquire Kyphon for $3.9 B
Jul 27, 8:44 AM EDT |
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| Medical technology group Medtronic Inc. announced on Friday an agreement to buy Kyphon Inc. for $3.9 billion, or $71 a share. |
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| The transaction represents a 32% premium to Kyphon''''s closing price of $53.68 on Thursday. The deal is expected to close in the first quarter of 2008. It is not expected to contribute to earnings in the first full year after the deal and provide a boost to the bottom line after that. |
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Tokyo Loss of 2.3% Mirrors Global Declines
Jul 27, 8:17 AM EDT |
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| Nikkei 225 Index closed 2.3% erasing most of the gains for the year on weak tradig companies, shipping stocks and retail sector report. |
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| It was a repeat of sell-off what Wall Street and European markets faced a day ago. All market sectors reflected in the index declined. The recent sell-off nearly wiped out the gains of the year so far. June retail sales fell 0.4% in japan dragging retail sales with it.Canon and Fujitsu fell more than 5%. |
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Global Rout
Jul 26, 4:22 PM EDT |
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| Stocks around the world fell on rising premium for the riskier bonds. Financials, energy, and home builders fell the most in New York. |
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| Markets around the world tumbled but for different reasons. New York fell sharply on the worries that mortgage market problems will drag several highly leverage deals and will lower the preminums ofered by the leverage buyout companies. Europe fell on lower earnings from insurance companies. South American markets were dragged lower by a sharp decline in New York. Shipping and resources stocks fell in Japan and Australia. Cement stocks fell in India and steel stocks plunged Korea. |
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