Fed Raised Rate, Google Falls
Jan 31, 5:22 PM EST |
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| Fed raised key rate to 4.5%. OPEC meeting kept oil production unchanged. Google reported $1.22 per share but stock falls 16%. |
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| Market did not react to the rise in expected key interest rate to 4.5%. A batch of economic report failed to excite the market. For January 2006, Dow closed up 1.4% and Nasdaq rose 3%. Oil rose and then fell. Semiconductor stocks fell. Google reported earnings below estimate, stock dropped as low as 19% in the after-market. |
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Consumer Confidence Improves
Jan 31, 11:19 AM EST |
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| Digital music company Napster Inc. soared 52% on news that Google is considering an extensive alliance including a potential acquisition. |
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| Stocks opened weak ahead of the FOMC minutes release. The key interest rate is expected to be increased by a quarter point to 4.5%. In earnings news Merck reported fourth-quarter earnings were up slightly. Altria Group posted higher Q4 earnings but forecast a decline in 2006 earnings due to restructuring charges. Haemonetics posted 155% quarterly profit jump of $1.02 a share, above estimates of 42 cents. Constellation Energy reported Q4 profit rise, beating estimates. |
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Merck and Altria Profits Decline
Jan 31, 10:00 AM EST |
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| Oil prices hovered over $68 a barrel ahead of a meeting of OPEC expected to decide on keeping the oil output. European gold rose. The dollar fell. |
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| Asian-Pacific benchmarks finished largely up, led by South Korean Kospi, up 1.1% and the Nikkei, rising 0.6% to 16,649.82. European stocks reversed from losses to rise on oil and gas shares with the German DAX 30 and the French CAC 40 up 0.5%. Constellation Energy reported Q4 profit rise of $1.09 a share, beating estimates. Knight Ridder posted earnings decline to $1.24, exceeding estimates of $1.22. Tupperware Brands adjusted Q4 earnings of 54 cents a share met expectations. |
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Exxon Mobil - Record Profit
Jan 30, 4:18 PM EST |
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| Exxon Mobil reported record profit. $10.71 billion for the fourth quarter 2005 and $36.31 billion for the year 2005 on revenue of $99.66 billion. |
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| Traders for the most part avoided taking sides a day before FOMC meeting. OPEC is likely to announce production cut after tomorrow''''s meeting. Oil stocks jumped as oil and natural gas prices rose in anticpation of production cuts and daily jitters related to Iran, Nigeria and Venezuela. Exxon Mobil reported largest corporate profit ever. Wal-Mart reported 4.7% rise in same-store sales in January. |
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Oil Stocks Rise
Jan 30, 1:35 PM EST |
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| Arcelor rejected Mittal's $22.5 billion hostile offer on the ground that the companies don't share the same strategic vision, business model, values. |
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| Stocks traded in a lackluster fashion Monday morning with investors reluctant to make significant moves ahead of the Fed Reserve''s meeting Tuesday. In corporate news, oil giant Exxon Mobil posted Q4 record profit on revenue growth, beating expectations. USG Corp. rose 16% after it agreed to resolve asbestos personal injury claims in a Chapter 11 agreement which will help the company to exit bankruptcy in 2006. Sunoco Logistics posted disappointing Q4 profit and revenue. |
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Arcelor Rejects Mittal
Jan 30, 11:38 AM EST |
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| Personal spending rose 0.9% in Dec, following a 0.5% increase in November, above the expected 0.8% rise. Personal income rose 0.4% in Dec. |
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| Stocks opened slightly above the flat line with investors reluctant to make significant moves ahead of the Fed Reserve''s meeting Tuesday. In corporate news, oil giant Exxon Mobil posted Q4 profit jump of $1.71 a share on revenue growth, beating expectations. USG Corp. rose 16% after it agreed to resolve asbestos personal injury claims in a Chapter 11 agreement which will help the company to exit bankruptcy in 2006. Sunoco Logistics posted disappointing Q4 profit and revenue. |
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Exxon Mobil Beats Estimates
Jan 30, 9:45 AM EST |
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| Oil prices eased below $67 a barrel ahead of OPEC's meeting, despite the tensions in Nigeria and Iran. European gold advanced. The dollar rose. |
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| Asian markets ended higher with only four active exchanges in the region because of the Lunar New Year holiday. The Nikkei closed up 0.55%, building on U.S. gains last week. European averages were mixed at mid-day with the German DAX 30 in the lead, up 0.1%. In corporate news, Schering-Plough reversed to profit in Q4, rising 13%, missing estimates by a penny. Kinetic Concepts posted fourth-quarter 36% income growth on 18% revenue increase, beating estimates. |
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Market Recovers On Earnings
Jan 27, 4:35 PM EST |
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| Mittal Steel launches unsolicited bid for Arcelor at $23 billion, largest deal ever in steel industry. Microsoft stock jumps 5% on earnings. |
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| More than 50% of companies, this week, reported better-than-expected earnings. Earnings related momentum and strength in new home sales took market averages near year-high. Market ignored weak GDP report and rising oil price. Gold and natural gas fell during the day. Microsoft, Catepillar, Proctor & Gamble reported strong earnings. Retail, casinos and tech stocks joined in the rally. |
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New Home Sales Rise 2.9%
Jan 27, 1:13 PM EST |
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| New home sales for Dec. beat expectations with a 2.9% increase. GDP in Q4 rose modestly by 1.1%, the slowest rate of growth since the Q4 of 2002. |
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| In mid-day trading U.S. major averages were sitting near intraday highs. Stocks traded in the positive Friday morning with strong quarterly results from Microsoft boosting the sentiment and disappointing GDP data limiting gains. The software giant posted Q2 profit rise on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. Broadcom posted more than doubled Q4 income on 52% sales growth. Mittal Steel launched a $22.8 billion bid for European rival Arcelor. |
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Broadcom Climbs 20%
Jan 27, 11:52 AM EST |
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| Fourth-quarter GDP rose modestly by 1.1%, the slowest rate of growth since the Q4 of 2002. Economists expected growth of 2.8%. |
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| U.S. stocks opened slightly higher with better-than-expected quarterly results from Microsoft boosting the sentiment and disappointing GDP data limiting gains. The software giant posted Q2 profit rise of 34 cents a share on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. In deal news, the world''s largest steel company Mittal Steel launched a $22.8 billion bid for European rival Arcelor. |
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