Volvo, Siemens Pressure Europe
Jul 25, 2:37 PM EDT |
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| Volvo dropped 9% after it reported a 14% profit decline. Dutch recruitment firm Randstad fell 16.4% amid slower sales growth. |
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| European stock markets ended lower on Wednesday for a second straight session, dragged by disappointing earnings and guidance from Volvo, Randstad and Siemens. News about another delay of the sale of Chrysler''s bonds also weighed. Across the region, Germany led decliners with a drop of 1.5%, followed by France, down 1.2% and the U.K. losing 0.7%. |
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Housing Market Worries Weigh
Jul 25, 11:56 AM EDT |
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| Corning dropped 5.5% after it posted Q2 earnings decline of 30 cents a share, off from 32 cents a year ago. |
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| After the initial gains on the back of strong earnings from Boeing and Amazon, U.S. stocks fell sharply lower following the release of a report which showed a bigger-than-expected drop in existing home sales in June. The National Association of Realtors said that sales of existing homes dropped 3.8% to the slowest rate in over 4 years. Another delay of the Chrysler deal sent financial stocks down. |
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Colgate, Xerox Meet Expectations
Jul 25, 11:11 AM EDT |
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| New York Times reported profit of 82 cents a share, higher than $41 cents a year ago, beating analyst estimates. |
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| Further on the earnings news front, Colgate-Palmolive Co. added 1.2% after posting a 47% increase in Q2 profit, meeting analyst estimates of 84 cents a share. Xerox Corp. posted 2.3% increase in Q2 earnings on strong revenue from financing and office equipment servicing and supplies. The company earned 28 cents a share, slightly better than the 27 cents expected by analysts. The stock dropped 5.3%. |
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Boeing, NY Times Top Estimates
Jul 25, 10:12 AM EDT |
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| GlaxoSmithKline rose 3.6% after it reported disappointing Q2 earnings and revenue. The company unveiled a new $25 billion buyback. |
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| Wall Street opened in the positive territory, boosted by robust earnings from Boeing Co. and Amazon.com. The Dow gained 81 points in the early going, reversing from the steep drop of over 200 points in the previous session. The blue-chip average was led higher by 3.5% advance in the shares of Boeing. It swung to a Q2 profit of $1.1 billion from a loss of $160 million, due to growth in its commercial airplane business. NY Times added 0.9% after posting better-than-expected earnings. |
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Infosys Wins $250 M order, Sensex Lower
Jul 25, 9:28 AM EDT |
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| Sensex in India falls from a record level on a weakness in cement, idustrial, and real estate stocks. |
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| Sensex in India fell from a record high in sympathy with international markets and higher rupee. IT stocks led the decliners and 23 of the 30 stocks in the Sensex fell. ONGC reported earnngs gain of 12% on lower revenue. Infosys received $250 million order from Philips Electronics for business services. Cement and infrastructure stocks declined sharply after rallying for two days. Government ordered an investigation in the business practices of top cement companies. |
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Amazon Helps U.S. Stock Futures Rebound
Jul 25, 9:11 AM EDT |
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| NutriSystem dropped 12% in the pre-open, despite 70% profit increase in Q2. The company's Q3 outlook fell below analyst expectations. |
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| U.S. stock futures rebounded Wednesday from steep losses posted in the previous session. Stronger-than-expected results at Amazon.com and an improved earnings guidance at Boeing generated positive sentiment, helping to offset expectations of another decline in existing home sales. Amazon soared 23% in pre-open trading after the online retailer said its Q2 earnings tripled on 35% revenue growth. Boeing rose 3% after posting a $1.05 billion profit on strong jets sales. |
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Shanghai Advance, Hong Kong Edge Lower
Jul 25, 8:25 AM EDT |
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| Renewed buying in commodities stocks and sharply higher reported earnings lifted averages in Shanghai. Hong Kong tracked lower in sympathy with NY. |
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| Stocks in Shanghai advanced to a new high on better than expected earnings from airlines and renewed buying in bank and financial services stocks. Hong Kong closed a fraction lower dragged by banks and oil companies. Aluminum companies soared to the daily limit of 10% on the speculation that metal prices will rise. HSBC continues to trade lower on sub-prime worries. New brokerage accounts in the first three weeks in July jump 30% from a year ago in China. |
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Nintendo Earnings Lift Nikkei from 1.5% Loss
Jul 25, 7:32 AM EDT |
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| Nikkei 225 Index closed 0.8% lower but managed to rebound from a mid-day loss of 1.5%. Shipping companies staged a rally. |
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| Nikkei 225 Index declined 0.8% at close after recovering from a loss of 1.5% at mid-day. Nintendo earnings, sharply higher than expected lifted the average from its worst level in the day. Nintendo earings and revised annual earnings forecast lifted the market. Exporters declined in sympathy with losses in New York trading but shipping companies recovered at the close. Nomura reports earnings jump of more than three-fold. |
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Europe, New York Decline 2%
Jul 24, 5:06 PM EDT |
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| Popular averages in New York declined 2% dragging European markets with similar losses. Brazil fell nearly 4%. |
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| Nervous market lead to a sell-off in New York dragging with it other markets in Europe and South America. Three popular averages in New York fell nearly 2% prompting a similar declines in European exchanges. Brazil fell nearly 4%. Subprime worries got a new life after sharp declines in earnings reported by Countrywide Financial. Asian markets at the open will follow similar declines. Amazon.com, after the close reported earnings jump of 257% on revenue gain of 35%. |
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HSBC, Axa Send Europe Sharply Lower
Jul 24, 2:04 PM EDT |
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| HSBC, Europe's largest bank by market value, fell 1.6%, while shares in French insurance company Axa fell 3.3%. |
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| European stock markets posted steep losses Tuesday, with financials and energy firms leading decliners. Disappointing earnings from U.S. mortgage lender Countrywide Financial pressured financial shares like Axa and HSBC. London closed down 1.9%, as the worst floods in 60 years weighed on retailers. France and Germany followed suit, each falling 1.7%. |
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