May 23, 2008 12:50 PM EDT
Expro International surged 6% after it received a bid from Halliburton that valued the company at 1.7 billion pounds or 1,525 pence per share. The offer lifted the share above the offer price on the hopes of a revised offer from Candover Partners and Goldman Sachs.
May 23, 2008 4:30 PM EDT
Global markets appear to be in a retreat after Asian markets closed down, European markets trend lower and the U.S. indexes are expected to open weak. Crude oil spiked above $133 a barrel. The weather forecast from the U.S. suggested busy hurricane season with a possibility of 9 significant hurricanes. BHP and Rio Tinto fell in the European trading as investors book profit in the sector. Metals and mining stocks have surged nearly 45% in two months.
May 22, 2008 4:37 PM EDT
U.S. stocks edged higher on the weekly unemployment report. The fall in claims at the end of the last week, lower than expected lifted market averages. Ford Motor cut its production target for the next two quarters by 20% and said that it may only break-even in the year 2009. Earlier it had estimated a return to profitability by the year. UBS offered rights at 31% discount from its closing price on yesterday. Crude oil fell back to $130 a barrel after rising above $135.
May 22, 2008 4:22 PM EDT
Ford Motor Company stock fell 7.5% after it withdrew its 2009 profitability target and cut production. The company now expects at the best to break-even in the year before taxes and special charges. In the second and third quarter auto maker plans to cut production by as much as 20% and between 2% and 8% in the fourth quarter from a year ago. Consumers are increasingly opting for smaller cars and avoid gas guzzling trucks.
May 22, 2008 10:25 AM EDT
UBS, the Swiss private bank with significant presence in the U.S. finalized its offering of 760.29 million shares at Sfr 21 per share, a 31% discount from closing price a day ago. The offering will increase the outstanding shares to 2.9 billion and increase its Tier 1 ratio above 11. The bank has reported nearly Sfr 25 billion of losses in the last three quarter. UBS has declared the largest losses related to subprime lending of the total declared losses of $320 billion in the industry.
May 22, 2008 4:21 PM EDT
Crude oil prices in New York and London trading rose higher. In New York prices reached $135.07 and in London Brent crude traded at $134.25. Crude oil futures are increasingly used by financial investors to hedge weak dollar. Talks of oil supply shortages, though a possibility only in 2012 and after has attracted more speculators to the market.
May 21, 2008 4:47 PM EDT
U.S. stocks fell after the Fed minutes showed that future rate cuts may not be necessary unless the economy deteriorates further. The Fed officials appear to think that risks of inflation and impediments to growth appear to be in balance. The Fed monetary policies have come under heavy criticism and follow in the footsteps of the loose credit path initiated during the Greenspan time. The U.S. stocks fell sharply after the minutes release and crude oil surged above $133 a barrel.
May 21, 2008 3:44 PM EDT
U.S. stocks struggled after the release of weekly petroleum report. Crude oil surged above $132 a barrel on the decline in crude oil supply at the end of the last week. Airlines stocks fell after AMR, the parent of American Airlines decided to lower 12% of its capacity and retire 75 planes. AMR suggested $15 fee for each checked bag. UAL plunged 25% and Delta and Jet Blue declined as well.
May 21, 2008 4:23 PM EDT
Crude oil futures, near and long term rocketed past $140 a barrel as speculators expect prices to reach $190 a barrel. Rising consumption of crude oil in the U.S., China and India is expected to lift the demand above 85 million barrels a day by 2012. However, world crude oil supply has been relatively stable near that level. Lack of new crude supply in the market and the occupation of Iraq are contributing to the sustained rise in oil prices.
May 20, 2008 4:58 PM EDT
Stocks in the U.S., Europe and Asia fell on inflation worries and rising crude oil prices. April wholesale inflation rise sparked fears of inflation in the U.S. and dragged the stocks lower. Home Depot, Saks, Target, Autozone fell on earnings. European markets declined as crude oil hovered near $130 a barrel, a new record. UK dropped nearly 3% on the worries that housing market fall may bring more losses to mortgage lenders and banks.