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UPS Drops 14% on Lowered Outlook
Jul 25, 10:20 AM EDT |
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| Light crude rose 20 cents to $75.25 on the Nymex amid concerns about the Middle East as fighting continued between Israel and Lebanon. |
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| U.S. stocks opened flat due to a mixed batch of earnings reports and rising oil. United Parcel Service, delivery company, said that its Q2 net income jumped to 97 cents a share from 88 cents a share a year ago on 15% sales growth, but lowered its Q3 outlook. McDonald''s Corp. said Q2 net income advanced 57% to 67 cents a share from 42 cents a share a year earlier. |
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TI Posts Strong Growth and Outlook
Jul 25, 9:16 AM EDT |
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| AT&T Corp., telecommunications company, reported 80% jump in quarterly net income to 46 cents a share from 30 cents last year. |
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| U.S. stock futures pointed to a flat opening, taking a break from yesterday’s rally. However, tech stocks advanced, benefiting from Texas Instruments Inc.’s outlook. The chip maker reported quarterly profit rose fourfold and affirmed market expectations of robust growth. Shares of SanDisk jumped 15.3% after the bell on quarterly profit above estimates. Diversified manufacturer 3M Co. posted quarterly results below expectations, while food and tobacco company Altria beat estimates. |
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Japan to Resume U.S. Beef Imports
Jul 25, 8:27 AM EDT |
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| Officials from Japan's agriculture and health ministries are expected to decide soon on whether to allow U.S. beef back into Japan. |
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| Japan banned U.S. beef earlier this year amid concerns about mad cow disease, but agreed to resume imports last month on condition that Japanese inspectors found no problems at U.S. plants. Japanese officials have not decided what to do if any problems are found at the U.S. plants. |
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Dow Up 183, Nasdaq Up 41
Jul 24, 4:18 PM EDT |
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| Proposed buyout for $21 billion by a diveersified investor group of HCA, or at $51 per share put buyers in charge in early trading. |
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| Market averages rallied on $21 billion deal to acquire HCA, American Express reported 78 cents per share earnings beating the estimates of 74 cents and $10.2 billion deal in Europe for semiconductor business of Philips Electronics. Large and small cap stocks rallied. Tech stocks got a boost from an upgrade on Dell by Citigroup. Merck reported 73 cents and Schering-Plough reported operating income of 25 cents. |
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Mergers, Earnings Power Rally
Jul 24, 11:42 AM EDT |
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| Banking stocks advanced on one of the biggest deals in history, involving the acquisition of HCA by an investor group for over $21 billion. |
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| Astec Industries posted Q2 net income of 56 cents a share compared with 49 cents a year ago on 12% sales growth. The company''s June 30 backlog amounted to $121.7 million, climbing 38.2% from 2005. Titanium Metals reported a 62% growth in Q2 net income to 31 cents a share vs. 20 cents a share a year earlier, citing higher revenue. Gateway Financial Holdings said that its Q2 net income increased 68% as net interest income advanced 69% from a year ago. |
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$21 B Offer for HCA
Jul 24, 10:17 AM EDT |
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| Light crude dropped 62 cents to $73.81 on the Nymex. The U.S. dollar advanced vs. the yen. Gold prices dropped to about $610 an ounce. |
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| Stocks moved notably higher at opening, boosted by multibillion-dollar mergers, strong earnings from drugmakers, and retreating oil prices. Three equity firms offered to buy hospital operator HCA for $21.3 billion and assume $11.7 billion of debt. In another deal, AMD agreed to acquire graphics chipmaker ATI Technologies Inc. for $5.4 billion in cash and stock. |
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Schering and Merck Top Estimates
Jul 24, 9:12 AM EDT |
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| AMD stock fell 6.1% after the company agreed to acquire graphics chip maker ATI Technologies, while ATI surged 15.9% to $19.20. |
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| Stock futures indicated a positive start of trading session, supported by a couple of takeover deals and stronger-than-expected earnings reports. Drug maker Schering-Plough reported a Q2 profit above forecasts on sharply higher sales of its cholesterol drugs. Company’s shares rose 3.9%, while rival Merck & Co gained 1.7% on earnings that beat analyst expectations. The company also raised its full-year profit forecast. |
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AMD Acquires ATI for $5.4 B
Jul 24, 8:16 AM EDT |
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| Advanced Micro Devices agreed to pay $5.4 billion for the acquisition of top graphics chip maker ATI Technologies. |
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| Under terms of agreement AMD will pay $4.2 billion in cash and 57 million AMD shares to acquire all of ATI''s outstanding stock, according to a news release. The new offerings would broaden AMD''s package of products as it takes on Intel. ATI makes chipsets and graphics chips for PCs, as well as a host of semiconductors for consumer products. |
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Weak Techs Weigh in Asia
Jul 24, 7:16 AM EDT |
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| In Tokyo at close, PC maker NEC Corp. dropped 2.08%, while the country’s biggest chip maker Toshiba slipped 1.55%. |
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| Asian markets closed slightly lower as gains for automakers helped limit losses brought by the tech sector. The Nikkei lost 0.18% as signs of strengthening domestic economy and strong June production figures for automakers offset declines among technology stocks. Across the region, Hong Kong’s Hang Seng lost 0.06%, while South Korea’s Kospi dropped 0.6%, dragged by Samsung Electronics and LG Electronics. |
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Techs and Industrials Guide Market Lower
Jul 21, 5:11 PM EDT |
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| Economic slow down and lower coroprate profits worries led stocks to decline. Dell profit warnings. Microsoft to launch portable music player. |
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| Market swings from euphoria to calamity and today it was the day of economic slow down worries. Industrial and tech comapanies, in spite of reporting better earnings, traded lower. Caterpillar reported the best quarter in the company history,but stock fell 1.1%. Slowing economy and rising uncertainity for the coroporate profits does not bode well for near term investors. Dell and semiconductor stocks declined on slowing markets for computer and chips. Dell closed near six-year low. |
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