Saudi Lifts Supply, Metals Rise, JC Penney Falls
May 16, 6:44 PM EDT |
|
| Saudi Arabia pledged to increase daily prodcution by 3.3% or 300,000 at the request of the President Bush. |
|
| U.S. and European stocks struggled as crude oil traded near record high. Retail and home builder stocks rallied after 8% rise in home starts in April. Inflation in India soared to a new high as manufacturers struggle with rising commodities prices. JC Penney fell after it reported earnings. Copper, aluminum and zinc added between 1.4% and 2.4%. |
|
|
Full Story... |
Housing Starts Up, Oil $127, Stocks Turn Lower
May 16, 11:11 AM EDT |
|
| Positive sentiment on the 8% rise in housing start data was lost as crude surged to $127. Stocks in Germany, UK trade higher. |
|
| U.S. stocks opened higher after the release of housing start data but quickly lost the ground on a rise in crude oil. April housing starts rose 8.2% and building permits increased 4.9%. The volatile condo construction impacted the monthly rise in addition to the cyclical activity after the winter months. In the earnings news, Kohl''s Corp reported first quarter sales rose 1.5% and net income increased 27%. Thailand, Australia and Indonesia led the gainers in Asia. |
|
|
Full Story... |
Rally in Tech and Energy Stocks
May 15, 5:37 PM EDT |
|
| CNET agreed to be acquired by CBS for $1.8 billion in cash. GE decided to put its appliance division on the market. |
|
| Tech and energy stocks advacned in the session. Cisco, Intel, Yahoo, Apple, Google and Research in Motion closed higher and lifted Nasdaq up 1.4%. Energy stocks gained as well, after crude traded at elevated level. Oil drillers, explorers and services providers closed higher. Metals and mining companies gained on the weakness in dollar and sustained demands from China and other Asian nations. |
|
|
Full Story... |
Tech Stocks Rebound; Yahoo, Intel, RiM Up
May 15, 5:24 PM EDT |
|
| Tech stocks rallied as agressive investors acquire stake in Yahoo in the hope of a possible deal with Microsoft. |
|
| Tech stocks rally lifted broader market indexes. Nasdaq index gained 1.2% in the late afternoon on a steady rise in Apple, Research in Motion, Intel, Cisco and Google. Carl Ichan and Paulson & Company acquire a stake in Yahoo hoping to elect board that favors a deal with Microsoft. Retailers also rallied after JC Penney reported lower than expected fall in earnings. Barclays reported a large loss related to credit market assets. |
|
|
Full Story... |
U.S. Stocks Struggle; Barclays, Ctrip Fall
May 15, 5:22 PM EDT |
|
| Initial claims of jobless rose 6,000 at the end of the last week to 371,000 and insured unemployment was recorded at 2.3%. |
|
| U.S. stocks opened modestly higher. Barclays in its interim report suggested that the first quarter earnings will be lower than in the quarter a year ago and took a charge of £1.1 billion related to losses in the credit market. Tier 1 ratios of capital and equity declined as well in the quarter. The bank has one of the weakest capital ratios in the industry and has no plans to raise capital. CNET agreed to be acquired by CBS for $1.8 billion. |
|
|
Full Story... |
CBS Acquires CNET for $1.8 B
May 15, 5:21 PM EDT |
|
| CBS with the acquisition of CNET hopes to attract 54 million monthly unique visitors. |
|
| CNET Networks, Inc agreed to be acquired by CBS at $11.50 per share or $1.8 billion. The technology and tech news publisher had regained its footing after the tech bubble in the late nineties. In the year 2007 the company had reported revenue of $406 million and earnings of $177 million. CBS locked in a competitive struggle with News Corp has been acquiring Internet properties to increase its audience reach. |
|
|
Full Story... |
Tech Rally Falters, Home Builders Rise
May 14, 7:17 PM EDT |
|
| Freddie Mac earnings, swift $12 billion offerig from AIG and weak inflation lifted stocks in the morning. Techs lost most of the gains. |
|
| U.S. stocks rose at close but lost most of their gains by the end of the day. Tech stocks declined in afternoon after Nasdaq index rose nearly 1.4% by mid-day. Stocks rallied after a benign inflation report in the morning and Freddie Mac gained market share and reported smaller than anticipated loss. Home builders advanced. In the regional trading, Mexico gained more than 1% and European markets edged higher. Inflation indexes in China, India and UK gained in the latest read. |
|
|
Full Story... |
Wholesal Inflation, Industrial Production Rise
May 14, 4:23 PM EDT |
|
| Oil refiners fell as invesors worried that the companies may not get crude oil supply after the recent earthquake. |
|
| China reported a raft of economic data suggesting that the economy continues to grow at a rapid clip. April industrial output rose at 15.7% and international trade rose at 24% in the first four months of the year. Despite a rise in wholesale inflation at 10.3%, retail sales surged at 22% in April from a year ago. However a sharp rise in food and energy costs is hobbling the consumer. In stock trading, Hong Kong Exchanges & Clearing fell after it reported earnings rise of 79%. |
|
|
Full Story... |
U.S. Stocks Rise; Deere, Whole Foods Drop
May 14, 11:40 AM EDT |
|
| U.S. stocks traded higher after the release of benign April inflation data. Deere and Whole Foods fell after the release of earnings. |
|
| U.S. stocks advanced in the morning trading as inflation measure showed a smaller than expected rise in April. Monthly inflation rose at 0.2% according to the government. However most consumers feel the pain of rising food and energy costs. Deere & Company fell after earnings rose 22%. Whole Foods dropped 10% after quarterly earnings declined. Markets in Europe, Asia and Mexico traded higher. |
|
|
Full Story... |
AIG Raises $11.9 Billion, Bond Insurers Drop
May 13, 4:53 PM EDT |
|
| Wal-Mart fell after the earnings but Fluor and McDermott jumped on the earnings outlook. |
|
| MBIA and Ambac fell after the bond rating agency Moodys raised concerns on the capital adequacy at the insurance companies. MBIA, only a day ago asserted at the time of earnings release that it does not need additional capital and has a significantly higher book value than GAPP accounting would suggest. Moodys suggested that fallng home values and continued decline in loans values in the secondary market may force the insurance companies to raise more capital. |
|
|
Full Story... |
|
|
