Mar 31, 2008 4:43 PM EDT
U.S. stocks edged higher after a sharp decline in energy and gold prices. USDA report showed that farmers planted more than expected level of soybeans and wheat and less than expected cotton and corn crops. Soybean fell in Chicago trading. Schering Plough and Merck declined sharply after a group of cardiologist said that the expensive drugs for cholesterol treatment are no better than generic drugs. Housing Secretary Jackson quits after a criminal probe investigating contract awards.
Mar 31, 2008 2:04 PM EDT
U.S. farmers are expected to improve their net income in the current year as commodities prices are expected to trade near record levels. In the latest plating report from the USDA, more farmers are expected to plant soybeans to take advantage of higher prices and battle rising costs of fertilizers. Corn planting will be lower but still near record levels as demand for the largest grain production by value, as demand for ethanol drives the economics.
Mar 31, 2008 4:28 PM EDT
U.S. stocks edged higher in the morning trading. Pharmaceuticals and exchanges stocks declined. A committee of cardiologist warned that two drugs jointly marketed by Schering Plough and Merck with total sales of $5 billion were no better than their generic version Zocor. Schering and Merck plunged after the report.
Mar 28, 2008 9:27 AM EDT
U.S. stocks edged lowere after worries related to consumer spending resurfaced. February personal spending rose at a slower than expected pace and an index of inflation in the month sharply. Rising food and energy prices are contributing to steady rise in inflation. Retailers were on the decline after JC Penney lowered its earnings outlook. In the earnings news, Accenture reported better than expected earnngs and Williams-Sonoma fell on lowered revenue growth outlook in 2008.
Mar 28, 2008 1:31 PM EDT
U.S. stocks traded sideways after earnings warning from JC Penney. The department store retailer warned that earnings for the quarter will be near 50 cents per share, lower than earlier forecast between 75 cents and 80 cents. The warning dragged most retailers lower. Lehman Brothers traded lower after Citigroup raised the stock rating and set target price of $65. Consumer spending in February rose 0.1% after gaining 0.4% in January. Consumer sentiment index in March declined.
Mar 28, 2008 10:03 AM EDT
JC Penney lowered its earnings estimate for the current quarter to 50 cents from 75 cents to 80 cents per share. The retailer that counts half of American families as its customers blamed lower than expected sales during Easter holiday. However, retailer did not lower its plan to open new stores and appears to keep spending money under is capital investments plan.
Mar 28, 2008 9:04 AM EDT
Lehman Brothers stocks was upgraded to buy from hold by an analyst at Citigroup with a target price of $65. The research note suggested that the company has adequate liquidity and the recent Fed action will provide ample support to the stock. Lehman stock traded as high as $81 in June of 2007 and since then has been on a slide. Lehman on March 17, Monday after the deal between JP Morgan and Bear Stearns, came under heavy pressure and touched as low as $20.
Mar 27, 2008 10:32 PM EDT
Tech stocks led the decliners in the U.S. trading led by a fall in Intel, Google and Oracle. Oracle fell 7% after sales were below expectations, Google fell after click through estimate in February were 3% lower than last year. Lehman fell 9% on persisten rumors of liquity crunch at the firm. McCormick jumped after predicting higher sales in the year. Clear Channel rose after the company and buyout groups sued banks for refusing loans to fund the deal.
Mar 27, 2008 4:56 PM EDT
U.S. stocks at the opening traded lower after another round of lowered earnings estimates, loss at home builder Lennar, and Oracle reported lower than estimated earnings. Nasdaq and S&P 500 tracked lower on weak technology stocks. Lennar swung to a quarterly loss on 64% decline in revenue. Fourth quarter GDP rose at a seasonally adjusted annual rate of 0.6%. Stocks in Shanghai fell 4% but better than expected earnings in Hong Kong reversed earlier losses. European markets are trading up.
Mar 26, 2008 5:49 PM EDT
U.S. stocks edged lower after rising steadily in the last three sessions. Market averages fell after new home sales declined in February. Home sales plunged 30% from a year ago and durable goods orders fell 1.7% from January and declined 1.4% from a year ago. Crude oil inventories at the end of last week were unchanged. Citigroup led the decliners in Dow after an analyst projected a loss for the year. Clear Channel fell after the deal to go private collapsed.