Jun 21, 2008 2:41 AM EDT
Investors around the world sold stocks on the worries that the U.S. banking crisis may worsen before improving. Stocks of banks linked to the U.S. declined around the globe from Japan to Switzerland. Rising inflation hobbled stocks in Asia and market indexes in India, Malaysia, and Vietnam fell. Pakistan stocks plunged 10%. Indexes in India plunged 3.5%, in Brazil lost 3%, in Germany and France declined 2% and in UK, Mexico and Canada dropped 1.5%. Wachovia Bank drifted to a 12-year low.
Jun 20, 2008 11:45 PM EDT
U.S. stocks dropped sharply on a weakness in financial, techs and consumer discretionary sectors. Banks led the decliners after Wachovia Bank drifted to as low as 12-year low on the mounting worries that banks will have to eliminate dividend and raise more capital. SanDisk fell after Citigroup analyst said that the company may miss the earnings for the current quarter on slower sales. Regional banks rose after Huntington Bancshares reaffirmed its loan loss estimate.
Jun 20, 2008 11:12 AM EDT
U.S. stocks fell sharply as financial stocks decline. Rating agency Moodys removed bond insurance companies MBIA and Ambac Financial Group from its top rating. Mortgage lenders Fannie Mae and Freddie Mac declined and leading banks traded lower. Wachovia Bank fell to a 12-year low. Latest read on inflation in India showed annual rate of 11.5%, a 13-year high. Sensex in India plunged 3.5%.
Jun 19, 2008 4:50 PM EDT
Weekly jobless claims at the end of the last week fell. U.S. stocks rose at close after a drop in crude oil prices lifted stocks in transportation sector. Tech stocks rallied on a rise of more than 2% in semiconductor stocks. Broadcom led the sector after an analyst recommendation. Coventry Health Care plunged 22% after it lowered earnings forecast. European stocks closed lower on higher loss estimates at UBS, Credit Suisse and Deutsche Bank. Brazil and Colombia fell for the second day.
Jun 19, 2008 4:27 PM EDT
U.S. stocks opened with a negative bias after the release of weekly jobless claims. The claims at the end of last week fell 5,000 to 381,000 and unemployment rate fell to 2.3%. Oil traded at elevated level and European markets edge lower at mid-day trading. Protests from union workers across Europe are on the rise as workers demand higher wages. Food and energy prices are on the rise in the region reflecting worldwide trends. Stocks in Japan, Hong Kong and India closed sharply lower.
Jun 18, 2008 5:05 PM EDT
Stocks in the final hours accelerated their losses as banks, transportation and tech stocks fell. Crude oil rebounded after the release if weekly inventory report. Fifth Third Bancorp plunged 27% after it announced a plan to raise $1 billion and sell assets to cover its rising losses. Morgan Stanley reported 61% fall in earnings. FedEx plunged to a one-year low after it reported loss and projected sharply lower earnings in the current quarter. European stocks fell.
Jun 18, 2008 4:48 PM EDT
U.S. stocks struggled after FedEx in the quarter reported loss and Morgan Stanley net income fell. The used car retailer CarMax, a used revenue rose 3% but earnings fell 55% to $29.6 million. Earnings per share fell to 13 cents from 30 cents. Lindsay Corp, irrigation system provider, third quarter revenue 54% to $143.6 million and net income in the quarter increased to 47% $14.1 million or $1.15 per share.
Jun 18, 2008 9:56 AM EDT
U.S. stocks declined after FedEx reported quarterly loss on higher fuel price and asset write down. FedEx in the fourth quarter lost $241 million or 78 cents to per share compared to net income of $610 million or $1.96 per share a year ago. Revenue in the quarter rose 8% to $9.87 billion. UPS and FedEx dropped in the morning trading.
Jun 17, 2008 4:54 PM EDT
The familiar pattern of energy and financial stocks was in display during trading in New York. Financial stocks fell sharply and in the S&P 500 index 67 stocks fell more than 3% and 13 gained more than 3%. Financial stocks were the leading decliners with 9 out of the top 10 losers in the index. 123jump.com research indicated European banks may need additional $60 billion before the end of the year 2009.
Jun 17, 2008 4:24 PM EDT
U.S. stocks edged lower after an increase in producer price index and a continued weakness in new home construction dragged market indexes lower. Shipping lines and ocean freight companies led the gainers in trading as Baltic Dry Index rebounded. Crude oil traded lower. Zions Bancorp led the decliners in S&P 500 index after it estimated additional losses related to home loans. Goldman Sachs joined a chorus of bankers that suggest that the U.S. banks will need $65 billion to cover losses.