May 30, 2008 5:33 PM EDT
U.S. tech stocks rallied after better than expected earnings from Dell Inc and Marvell Technology. In economic report, U.S. perosnal spending and income rose at a slower pace and expectations of core inflation rate, a controversial measure of inflation, rate remained subdued. In commodities trading crude oil fell but natural gas traded near record level. India reported its fourth quarter economic growth rate at 8.8% and fiscal year 2008 rate of 9%. Inflation expectations rise in euro zone.
May 30, 2008 2:56 PM EDT
Personal spending in April rose 0.2% after increasing by 0.4% in March. Personal income in the month rose 0.2% and disposable income increased 0.2%. The price index for personal consumption expenditure, the inflation index preferred by the Fed increased 0.2% in the month compared to a rise of 0.3%. On the deal front, Calpine Corp is looking for a higher bid from NRG Energy as its largest shareholder urges the two companies to explore merger. J Crew Group fell 21% after it reported earnings.
May 29, 2008 5:31 PM EDT
U.S. stocks edged higher after the revised estimate of the first quarter GDP showed a rise of 0.9% growth compared to previously estimate of 0.6%. Larger than expected decline in trade deficit lifted the economic growth. Separately Bear Stearns shareholders approved the sale of the company to JP Morgan. Crude oil and gold prices fell sharply. After the close, Dell Inc reported first quarter revenue rise of 9.2% and net income gain of 3.7%.
May 29, 2008 5:17 PM EDT
The U.S. economic growth in the first quarter was revised upwards to 0.9% from 0.6% on shrinking trade deficit. The upward revision follows the 0.6% rise in economic growth of 0.6% in the fourth quarter. In addition, the weekly unemployment claims rose at the end of the last week. Costco reported better than expected earnings and Sears swung to a quarterly loss. MasterCard surged after lifting its revenue and earnings guidance.
May 28, 2008 5:01 PM EDT
U.S. stocks edged higher at close after trading volatile in the morning session. Crude oil rebouded after Morgan Stanley followed several brokers in raising its price estimates. Polo Ralph Lauren led the gainers in S&P 500 index with a surge of 12% after it reported better than expected earnings. Durable goods orders in April fell from a year ago but rose when transportation orders were excluded. Brazil led the world market indexes with a rise of 3% on the hopes of higher earnings at banks.
May 28, 2008 10:49 AM EDT
U.S. stocks struggled in the first hour of trading. Crude oil, natural gas and precious metals fell. Crude oil dipped below $128 a barrel and natural gas declined to $11.75 a thermal unit. Gold traded lower, near $902 an ounce. Transportation stocks rallied as oil continued to slide. Durable goods orders declined from March and from a year ago but rose excluding transportation orders.
May 27, 2008 3:43 PM EDT
The Nasdaq gained, bolstered by stronger tech stocks such as Google and Apple. U.S. light crude oil for July delivery declined to $129 a barrel. GM lost ground and slashed its 12-month price target due to the weaker sales and higher commodity prices. Ford Motor also had its earnings expectations cut. April new home sales rose 3.3% from a revised reading a month ago. The home price index plunged a record 14.1% in the first quarter. Consumer confidence fell to a 16-year low.
May 27, 2008 12:32 PM EDT
Vodafone, reported annual profit that topped analysts'' expectations and added that European Union plans to slash call charges will negatively impact the group’s future sales and margins. Vodafone''s profit in the year ended in March was a record 6.66 billion pounds ($13.2 billion), or 12.5 pence a share, compared with a loss of 5.43 billion pounds, or 9.84 pence a share, a year earlier.
May 27, 2008 10:38 AM EDT
According to the S&P''s/Case Shiller index Prices of US single-family homes plunged 14.1% in the first quarter, accelerating five times from the last housing recession. Bank of America sees a second-quarter loss for Lehman Brothers and slashed its earnings forecast for Morgan Stanley and Goldman Sachs. Vodafone posted a profit of 6.76 billion pounds as revenue jumped 14% to 35.48 billion pounds. Vodafone’s CEO Arun Sarin will step down in July.
May 23, 2008 4:53 PM EDT
Existing home sales in April fell 1% from March and 18% from a year ago. Inventories of unsold homes rose to a 11-month high, indicating rising sale cycle. Median home prices fell 8%. The weak housing market data dragged market averages and stocks in banking and home building segments. Anheuser Busch led the gainers in S&P 500 on a possible bid from InBev at $65 a share or at $46.6 billion.