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Transocean Merges with GlobalSantaFe
Jul 23, 8:26 AM EDT |
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| Transocean, Inc. and GlobalSantaFe Corp. announced an agreement to merge to form a $53 billion drilling contractor. |
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| The new company will be named Transocean. Under the terms of the deal, Transocean shareholders will receive $33.03 in cash and 0.6996 shares of the combined company for each Transocean share they hold. At the same time, GlobalSantaFe stockholders will get $22.46 in cash and 0.4757 shares of the combined company for each GlobalSantaFe share they hold. |
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U.S. Averages Fall, Drag World Markets
Jul 20, 4:42 PM EDT |
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| After more than three hundred companies releasing earnings, investors took a cautious note in New York. Copper, gold gained but oil and dollar fell. |
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| World markets declined a day after Dow failed to hold on to its record close at 14,000. New York averages fell after Google, Caterpillar and several bank earnings left investors cautious. Dollar fell against euro prompting worries that earnings of European companies are likely to suffer. Brazil and Mexico fell led by decline in telecom and industrial stocks. Hong Kong, India, and Korea closed at a record high. Shanghai surged with a gain of 4% and led the region. |
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New York Stocks In Decline
Jul 20, 3:30 PM EDT |
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| A barrage of earnings failed to stem falling averages in New York. Earnings misses by Google and Caterpilllar put investors on defensive. |
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| New York averages declined by 1% with less than 30 minutes of trading on summer Friday. Treasury bonds managed to rise as worries in the subprime market continued. St Louis Fed President cautioned that subprime markets are serious but are not likely to slow consumer spending. AMD fell 1% after reporting loss of $600 million. SanDisk earnings fell but guided higher margin. Sherwin Willams stock fell after beating the estimates. |
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Spain, Germany Lead Losses in Europe
Jul 20, 2:26 PM EDT |
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| European stocks came under pressure on the worries related to fast rising euro, vautions in Spanish construction stocks, and German banks. |
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| European markets closed lower on the worries that rising euro will hurt earings. Spain led the region with a loss of 1.8% after an insurance group decided to sell its stake in super charge homebuilder stocks. Spanish construction stocks have risen nearly three fold in three years on strong economic growth. Ericsson fell 5% on 12% rise in earnings but missed target. Cable & Wirelss fell 3.6% after Digicel filed a lawsuit. German banks with the exposure to the U.S. markets fell. |
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Third Rate Hike in China, May Need More
Jul 20, 1:12 PM EDT |
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| China raises rates to slow economic growth, lift yuan, and reign food and metals prices. Further hikes in rates may be necessary. |
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| The central bank in China lifted interest rates on lending and deposits by 0.27% and cut tax rates to 5% from 20% on fixed deposits. The rate hikes were targeted to stabilize prices for food and energy and thwart the fast rising economy. China is expected to report fastest economic growth in 12 years and surpass third-largest German economy this year. Low interest rates have spurred 34% rise in retail sales, a bubble like returns in stock market, and rampant speculation in housing market. |
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Telecoms Lift Indian Stocks to Record Level
Jul 20, 12:44 PM EDT |
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| Telecom and metals stocks lifted Sensex to a new high in India. Starbucks pulls it application to open a chain of stores in India. |
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| Sensex in India scaled new high on steady fund flows from international investors and a rise in telecom and metal stocks. Relinance sold 5% stake in its telecom tower unit for $340 million lifting other telecom stocks. Firm metal prices lifted steel, zinc and copper stocks. Cements stocks bucked the trend and corrected. Larsen & Toubro jumped 4% on earnings. Wholesale inflation was reported unchaged at the end of July 7th. |
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Hong Kong, Korea, India Reach New Highs in Asia
Jul 20, 12:11 PM EDT |
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| LG Electronic surged 6% in Asian trading on earnings. China Mobile added more than 5 million subscribers in June. |
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| Asian markets continued their advance supported by higher metals and oil prices and better earnings forecasts. LG Electronics surged 6% on a swing to profit in the second quarter lifting Korea to a record close. Steel makers lifted Japan higher. India jumped on telecom stocks. In Hong Kong financials and telecom stocks led the rally. |
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New York Opens Lower
Jul 20, 9:38 AM EDT |
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| Caterpillar reported lower earnings and Citigroup earnings jump for the first time in several quarters. |
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| New York averages opened lower on the several earnings misses including that of Google, Caterpillar and Boston Scientific. Google fell 7% after reporting slower than expected earnings grwoth and Microsoft fell 3% on higher than expected charges stemming from Xbox. Ericsson profit jump 12% but miss the target. Asian markets closed higher. Gneneral Motors sales rise outside the U.S. Mixed earnings in europe lower indexes in the region. |
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Dow 14,000, U.S. Earnings lift Global Indexes
Jul 19, 5:31 PM EDT |
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| World markets advance on better than expected earnings in the U.S. Dow close at record above 14,000. IBM, banks, and Juniper shine after earnings. |
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| World markets advanced on rising averages in New York. Better than expected earnings from banks, technology, industrial companies lifted Dow Jones average above 14,000. European markets closed higher on earnings from Roche and SAP. Vodafone adds 9.1 million subscribers. Asian markets advanced. Japanese yen traded at a record low against euro. India and Hong Kong close at record. Oil nears $76 per barrel and copper closes at record high. After the close Google and Microsoft drop on earnings. |
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Germany Leads European Markets Higher
Jul 19, 3:03 PM EDT |
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| European markets close higher led by Germany and Switzerland. SAP surged 6%.Nestle and Pepsi explored merger. Roche CEO resigns. |
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| European markets closed higher across the region, after three days of losses. Nickel, copper and precious metals advanced lifting mining companies. Food and consumer products companies including Danone, Uniliver, and Nestle advanced more than 2%. SAP, software maker, jumped 6%on earnings and better than expected rise in sales revenue in the quarter. |
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