Feb 06, 2008 12:30 PM EST
U.S. stocks rebounded from the losses at the open after a revised bid of $147 billion from BHP, better than expected earnings frm Disney, JDS Uniphase, and Time Warner. Asian markets fell sharply tracking the losses in Europe and the U.S. in Tuesday trading. In Europe, Spain and Germany are leadig the gainers in the region. Mining and metals stocks rallied after BHP revised its offer for Rio Tinto. JDS Uniphase soared 30% after reporting 22 cents per share income.
Feb 06, 2008 11:19 AM EST
BHP billiton revised its offer for Rio Tinto to $147 billion from $127 billion. The revised offer now values the company at 3.4 BHP stock to 1 stock of Rio. Chinalco and Alcoa may make a offer for Rio after purchasing 9% stake in Rio. Seprately, BHP reported lower earnings on higher operating costs. Stocks in Australia fell 3.2% on the sharp decline in global markets prompted by a weak read on the U.S. service sector in January. Markets in Asia, Europe, and Australia fell sharply.
Feb 05, 2008 4:52 PM EST
U.S. stocks fell in the morning after the release of survey on the service sector. The indexes traded lower and in the last hours fell sharply to close 3% lower. S&P 500 led the decliners with a fall of 3.2% followed by a loss of 3.1% in Nasdaq, and 2.93% in Dow Jones. Of the 500 members in S&P 500 index, 481 fell and 17 gained. All the 30 members in the Dow declined. European and Latin markets fell between 2% and 3%. Oil and gold declined.
Feb 05, 2008 11:48 AM EST
U.S.stocks edged lower after a read on the service economy in January declined sharply, sparking worries of economic recession. ISM index for non-manufacturing ssector declined to 41.90 in January from 54.4 in December. A sudden and sharp reversal failed to meet projections from most economist for an index between 51 and 53. Whirlpool surged 9% after reporting better than expected earnings on higher international sales. Church & Dwight added 3% on higher earnings.
Feb 04, 2008 6:07 PM EST
The President Bush proposed fiscal 2008 budget of $3.1 trillion, first ever above $3 trillion mark, and projected a budget deficit of 2.9% in 2008 and 2.7% in 2009. Fiscal 2007 budget deficit is estimated at 1.8%.
U.S. stocks edged lower on the weakness in the financials. UBS downgraded banks and credit card companies and said that weak consumer spending will lower the earnings in the sector. Discover, American Express, and JP Morgan fell, but MasterCard rose.
Feb 04, 2008 11:44 AM EST
U.S. stocks edged lower after the White House proposed a budget with rising deficit on the cost of war and fiscal stimulus. the budget deficit is projected to rise from 1.8% in 2007 to 2.9% in 2008 and 2.7% in 2009. The White House budget also projects a decline on receipt from lower tax revenues in 2008.
Feb 04, 2008 11:38 AM EST
The President’s 2008 Budget addresses the Nation’s near-term and long-term fiscal challenges through pro-growth economic policies and spending restraint. Three years ago, the President set a goal to cut the deficit in half by 2009 from its projected peak in 2004. The President’s fiscal approach succeeded, and the results—including two consecutive years of double-digit revenue growth—allowed the President to achieve that goal in 2006, three years ahead of schedule.
Feb 04, 2008 7:58 AM EST
Asian markets rallied across the region led by a sharp rebound in Shanghai, Hong Kong, and Japan. Japanese stocks advanced after the offer of $45 billion from Microsoft for Yahoo. Softbank soared 18% on the news. Softbank owns 52 million shares in Yahoo and owns 41% of Yahoo Japan. Financial stocks in Japan closed higher on the news that a group of eight large banks are working on a plan to provide financing to MBIA and Ambac, two large bond insurers in the U.S.
Feb 01, 2008 9:04 AM EST
Microsoft bid for Yahoo dominated trading as investors digested possibilities of other hostile offers on the back of recent declines in stock prices. Dow Jones finished higher today, up 4.4% for the week. Exxon reported record earnings for the quarter and for the year on the rising demand and prices of crude oil. Chevron also reported solid increase in earnings. construction spending declined in December and in 2007. Payroll declined in December by 17,000 sparking fears of recession.
Feb 01, 2008 1:49 PM EST
U.S. stocks traded in a tight range as market grappled with two merger deals and employment data and earnings from Google, Chevron, and Exxon Mobil. Microsoft made an unsolicited $44.6 billion offer for Yahoo. The offe values the company at $31 per share, or 62% from close on Thursday. Chinalco and Alcoa together purchased 12% stake valued at $14 billion in Rio Tinto. The stake is widely viewed to thwart BHP from a taking over Rio Tinto. Exxon Mobil and Chevron fell after reporting earnings.