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Market Update : 
U.S. Stocks Declined
Author: 123jump.com Staff
123jump.com
Last Update: 5:05 PM EST December 04 2007


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U.S. stocks declined on the weakness in financial and energy sectors. JP Morgan comments led the financial stocks lower. Goldman Sachs, Lehman Brothers, and Bear Stearns fell after the JP Morgan said that the borkers may report more lossses from sub-prime loans. Energy stocks fell as well. ExxonMobil, ConocoPhillips, Tesoro, and Valero declined.

 
GS Yuasa Corp led gainers in Nikkei 225 index with a rise of 5.93%, followed by losses of 4.21% in Dentsu Incorporated, 3.74% in Japan Tobacco, 3.70% in Osaka Gas Company Limited, and 3.70% in Tokyo Gas Company Limited.

Komatsu Limited led the decliners in Nikkei 225 index with a fall of 7.14%, followed by losses of 6.99% in Kawasaki Kisen, of 6.61% in Sumco Corporation, of Mitsui O.S.K lines 6.14%, and 5.81% in Tokai Carbon Company.

Commodity related stocks also slipped after the price of commodities declined. Copper prices tumbled 2.6%, nickel slipped 1.1% and zinc declined 4.1%. Nippon Mining House dropped 5.20%, Mitsui & Company climbed down 5.25%.

Yahoo Japan Corp announced in a statement today a business tie-up with the U.S. online market place Ebay through which a Japanese language auction Web site would be set up this year. According to Yahoo Japan Corp spokesman Kiminihiko Sato the company’s members would be able to bid for Ebay products on its Web site by March, while Yahoo Japan products would be posted on Ebay’s site next year.

Bloomberg news reported today that retailer Aeon might start soliciting an additional 18% of voting rights to veto the proposed merger between pharmaceutical company CFS Corp, in which it has 15% equity, and Ain Pharmaciez Incorporated in January.

Aeon contends that CFS should ally with its affiliates Welcia Kanto Company on drug store operations and with Maxvalu on the supermarket business.

Airbus SAS Executive Vice President Kiran Rao said in Tokyo last week the plans to order more than 5% of parts and materials of the new A350 from Japanese suppliers as it seeks to rival Boeing. Rao said the company is in talks with Teijin Limited, Toray Industries and other potential suppliers, adding that it might sign contracts with 22 Japanese suppliers. Airbus hopes that the making A350 parts in Japan might help it win orders in the local market.
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