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Mosaic Earnings Miss Drags Potash, Bunge
Oct 02, 5:46 PM ET |
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| Agro-chemicals stocks plunged after the earnings miss from the Mosaic Corp. Merrill Lynch lowered its ratings on Agrium and Potash. Mosaic dropped 31% and dragged down Bunge Ltd by 21%, Potash Corp by 25% and Intrepid Potash 22%. Marriott fell as much as 10% on weaker earnings outlook. |
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GE Drops 10%, Raises $12.2 Billion
Oct 02, 10:28 AM ET |
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| General Electric completed its $12.2 billion in public offering after denying for months that it needs outside capital. The offering will help the financial services company to build its reserve and help the engineering giant in preserving its AAA rating. |
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Weak Home Prices in UK; M&S Sales Decline
Oct 02, 11:55 AM ET |
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| The UK home prices declined 2.4% in September as tight credit conditions and weak consumer confidence drive away buyers. Stocks in London declined ahead of the U.S. House vote on controversial bailout plan. Marks & Spencer lowered its capital spending plans and reported same store sales decline. |
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Weak Japan Auto Sales in U.S.
Oct 02, 2:58 PM ET |
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| Japan auto sales in the U.S. plunged 30% as sales of light trucks and SUVs fall. The large decline of what was widely believed as stable market for the Japan auto makers put investors on the defensive. Steel makers and construction machinery companies fell the most in more than three years. |
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Australia August Trade Surplus
Oct 02, 5:47 PM ET |
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| Australia reported its August trade surplus of A$1.3 billion from a revised deficit of A$697 million as exports rose 6% from a year ago and imports declined 2%. In trading, stocks edged lower as credit market remained tight and futures in metals market were on the decline. |
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Senate Passes Bailout Bill
Oct 02, 5:45 PM ET |
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| The U.S. Senate overwhelmingly approves the financial market stabilization bill with $700 billion provisions. The unpopular bill has been termed by the public as bailout bill that was rejected by the U.S. House. Presidential and vice presidential candidates voted in favor of the bill. |
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GE in $12 B Offering; Raises $3 B from Buffett
Oct 02, 12:35 AM ET |
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| General Electric, one of the very few AAA rated companies was forced to raise $12 billion in public offering that closes before the market opening today. The company also struck a tough deal with Warren Buffett controlled Berkshire Hathaway for $3 billion at 10% dividend and a cheap warrant. |
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Senate Lifts Nuclear Trade Ban With India
Oct 01, 11:11 PM ET |
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| The U.S. Senate passed with overwhelming majority nuclear trade treaty with India. The approval with a vote of 86-13 lifted three decade ban on trade is expected to open doors to india to sell nuclear technology, fuel and reactors. |
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Weak U.S. Insurance Stocks, Global Indexes
Oct 01, 9:18 PM ET |
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| Stocks in New York traded sideways ahead of the U.S. Senate vote on the proposed bailout plan. Stocks of insurance companies declined sharply as earnings worries take hold. Principal Financial, Hatford Financial, MetLife and Prudential plunged more than 5%. GE plans to raise $12 billion. |
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Farmers Mac Surges; Peabody, Massey Plunge 10%
Oct 01, 11:23 AM ET |
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| Farmers Mac surges 60% after it raised $65 million to meet its regulatory capital requirements and replaced its chief executive. Peabody Energy and Massey Energy plunge more than 10% as oil price decline and economic worries rise. Hartford Financial plunges more than 10% for the second day. |
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