May 20, 2008 4:42 PM EDT
U.S. stocks turned lower after April wholesale inflation rose. The rise in inflation put investors on the defensive. Crude oil price surged above $129 a barrel after comments from oil complex investor T Boone Pickens. His comments suggested that the crude oil price may reach higher than $150 a barrel. European markets closed sharply lower led by 2.4% fall in the UK and Sweden. Brazil and Mexico trade lower.
May 20, 2008 8:55 AM EDT
U.S. stocks are expected to open lower as crude continue to climb higher and worries related to credit market resurface. European markets at mid day are down between 1% and 1.5% and Asian markets closed lower across the region. Home Depot reported sharply lower earnings on 6.5% fall in same store sales, however, DryShips revenue in the quarter jumped 62%.
May 19, 2008 11:12 PM EDT
U.S. stocks closed mildly higher after rallying in the morning. The index of leading indicators rose 0.1% in Apri lifting stocks in the morning and several brokers recommended buying tech and transportations stocks. The morning rally failed to take hold in the afternoon and tech stocks closed lower. Union Pacific, Norfolk southern and Burlinton Northern closed higher. SanDisk fell after the company confirmed softness in April sales.
May 19, 2008 3:38 PM EDT
U.S. stocks edged higher on a rally in tech and transportations stocks. As the earnings season winds down, investors appear to take higher risk and show willingness to pay higher prices for stocks. Broker recommendations lifted Amazon.com, Union Pacific and National City Corp. Campbell Soup reported third quarter revenue rise of 7% to $1.8 billion and earnings gain of 59% to $532 million. Excel Maritime gained after earnings surged 213% on 94% rise in revenue.
May 19, 2008 9:36 AM EDT
U.S. stocks open flat with a negative bias as oil continues to scale new highs in Asian and European trading. Stocks are likely to come under pressure as investors revive the fears of rising inflation and worries of the economic slowdown. Lowes, the second largest hardware retailer chain reported first quarter sales declined 1.3% to $12 billion and earnings fell 18% to $607 million.
May 16, 2008 6:44 PM EDT
U.S. and European stocks struggled as crude oil traded near record high. Retail and home builder stocks rallied after 8% rise in home starts in April. Inflation in India soared to a new high as manufacturers struggle with rising commodities prices. JC Penney fell after it reported earnings. Copper, aluminum and zinc added between 1.4% and 2.4%.
May 16, 2008 11:11 AM EDT
U.S. stocks opened higher after the release of housing start data but quickly lost the ground on a rise in crude oil. April housing starts rose 8.2% and building permits increased 4.9%. The volatile condo construction impacted the monthly rise in addition to the cyclical activity after the winter months. In the earnings news, Kohl''s Corp reported first quarter sales rose 1.5% and net income increased 27%. Thailand, Australia and Indonesia led the gainers in Asia.
May 15, 2008 5:37 PM EDT
Tech and energy stocks advacned in the session. Cisco, Intel, Yahoo, Apple, Google and Research in Motion closed higher and lifted Nasdaq up 1.4%. Energy stocks gained as well, after crude traded at elevated level. Oil drillers, explorers and services providers closed higher. Metals and mining companies gained on the weakness in dollar and sustained demands from China and other Asian nations.
May 15, 2008 5:24 PM EDT
Tech stocks rally lifted broader market indexes. Nasdaq index gained 1.2% in the late afternoon on a steady rise in Apple, Research in Motion, Intel, Cisco and Google. Carl Ichan and Paulson & Company acquire a stake in Yahoo hoping to elect board that favors a deal with Microsoft. Retailers also rallied after JC Penney reported lower than expected fall in earnings. Barclays reported a large loss related to credit market assets.
May 15, 2008 5:22 PM EDT
U.S. stocks opened modestly higher. Barclays in its interim report suggested that the first quarter earnings will be lower than in the quarter a year ago and took a charge of £1.1 billion related to losses in the credit market. Tier 1 ratios of capital and equity declined as well in the quarter. The bank has one of the weakest capital ratios in the industry and has no plans to raise capital. CNET agreed to be acquired by CBS for $1.8 billion.