IBM Earnings Gain 11%
Jan 19, 8:04 AM EST |
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| IBM posted 11% profit rise in Q4, helped by cost cuts and software acquisitions, but investors found reasons for disappointment. |
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| International Business Machines said earnings in Q4 rose to $3.54 billion, or $2.31 per share, on revenue of $26.3 billion, well above the $2.19 per share and $25.7 billion in revenue expected by analysts.IBM''s services division posted 6% higher revenue than last year. The hardware-focused systems posted a 3% increase, while the software nit rose 14%. Despite the positive results, IBM stock was down 5% in pre-market trading. |
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Tech Stocks Lead Europe Lower
Jan 19, 6:33 AM EST |
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| European stocks were lower on Friday as gains for construction and building groups were offset by falling technology stocks. |
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| European markets opened lower on Friday as gains for construction and building groups were offset by falling technology stocks and utilities, although French construction group Vinci climbed in Paris. Markets were impacted negatively after technology stocks sank overnight on US market disappointing outlooks from computer group Apple and Lam Research. By mid morning, London FTSE 100 lost 0.3%, Frankfurt Xetra Dax fell 0.3%, and the CAC 40 in Paris shed 0.2%. |
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Crude Wieghs on Commodites
Jan 19, 5:29 AM EST |
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| Crude oil futures slumped Thursday below $50 and pressured gold, silver and copper prices which declined. |
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| Crude oil settled Thursday below $50 for the first time in 20 months, dragging other commodities with it. Copper plunged to an eight-month low. Gold and silver futures were also under pressure and slipped at the New York Mercantile Exchange. From the energy stocks only natural gas bucked the trend and advanced. Arabica coffee and raw sugar also followed suit and declined, while corn gained. |
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Apple Drags Nasdaq, Oil Falls 2%
Jan 18, 4:05 PM EST |
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| Oil dipped to a 20-month low below $50 per barrel after the report of larger-than-anticipated increase in crude oil and gasoline inventories. |
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| U.S. stocks traded mixed late Thursday after the cautious guidance from Apple disappointed investors and hurt tech shares. The Dow was held back by the declining Intel, IBM and Hewlett-Packard. General Electric also slid after the news that it is about to buy the diagnostics unit of Abbott Labs. The other government data released today indicated a ramp-up in housing construction, a modest increase in consumer prices and an unexpected drop in jobless claims to an 11-month low. |
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Weak Techs Outweigh Autos in Europe
Jan 18, 12:52 PM EST |
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| Shares in automakers BMW and Renault rose around 2% each after crude oil prices plunged around $2 a barrel. |
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| European stocks closed mixed on Thursday, with weakness in the technology sector offsetting a rally in the automotive sector. The tech sector was undermined by Apple''''s cautious Q2 outlook in the U.S. and a 15% drop in the shares of Finnish IT services firm TietoEnator. Semiconductor stocks, including Infineon Technologies and software firm Business Objects also moved lower. Both the German DAX 30 and the French CAC 40 lost 0.1%, while London FTSE 100 added 0.1%. |
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Tech Shares Lead Losers
Jan 18, 11:54 AM EST |
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| Energy stocks declined, as the price of oil moved notably lower after petroleum report. Exxon Mobil lost 1.4% and Chevron fell 1%. |
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| U.S. stock averages traded mixed, as investors digested recent economic data and the urgent tone of Fed Reserve Chairman Ben Bernanke, who warned of looming budget crisis and gave little clue about the direction of interest rates. The Nasdaq continued to move lower as disappointing guidance from Apple and Intel raised concerns about the outlook for the technology sector. Shares of Apple moved down 4.3%, while Intel fell 1.6%. |
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Reliance Q3 Surges, India at All-Time High
Jan 18, 10:40 AM EST |
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| The Sensex in India ended at an all-time high in a volatile session with Reliance Industries reporting better-than expected Q3 earnings results. |
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| The market experienced a volatile trading on Thursday, as profit-taking emerged after it struck an intra-day high. Reliance Industries reported strong Q3 results that buoyed the Sensex. Positive Q3 results from some mid-cap stock also supported sentiment, as well as strong overnight closing of Indian ADRs. HDFC and ONGC led the gainers, while the main decliners were Tata Steel and Reliance Energy. The government has delayed a meeting connected with Special Economic Zones. |
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Merrill Earnings Jump 68%
Jan 18, 10:14 AM EST |
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| Apache agreed to acquire a controlling interest in 28 oil and gas fields from Anadarko Petroleum Corp. for $1 billion. |
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| U.S. stock markets opened mixed ahead of a speech by U.S. Fed Reserve Chairman Ben Bernanke, expected to describe steadily moderating growth and give clues about interest rates. Earnings reports were also in focus, with gains for financial stocks and losses for the tech sector. Merrill Lynch said Q4 earnings rose 68% to 2.41 per share, sharply up from $1.41 per share last year, exceeding analyst forecasts. The brokerage gained nearly 1%. Apple dropped 4.3% on disappointing Q2 outlook. |
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Economic Data Lead Market to Mixed Opening
Jan 18, 9:07 AM EST |
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| Initial jobless claims fell to 290,000 from the previous week's revised figure of 298,000. Analysts expected jobless claims to rise to 315,000. |
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| U.S. stock futures traded mixed Thursday, as an increase in consumer inflation and weakness in Apple shares because of disappointing Q2 outlook, offset stronger-than-expected housing data and another drop in jobless claims. The U.S. Labor Department said its consumer price index rose 0.5% in December, while core CPI increased 0.2%. Housing starts rose 4.5% in December to 1.64 million annualized units, above the 1.57 million expected by economists. |
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Apple Profit Soars on iPod Sales
Jan 18, 8:10 AM EST |
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| Apple Inc. said late Wednesday that its Q1 profit soared 78%, far beyond Wall Street expectations. |
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| Apple reported a profit of $1 billion, or $1.14 a share, up from $565 million, or 65 cents a year ago. Revenue increased 24.5% to $7.1 billion from $5.75 billion. The results beat the estimates of analysts, who expected Apple to earn 78 cents a share on revenue of $6.42 billion. The soaring quarterly profit was contributed to strong demand for the company’s products, including record sales of its iPod media players. |
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