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Infosys Earnings Rise, Sensex Up 1.2%
Jan 11, 6:54 PM EST |
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| Infosys reported 32% rise in sales and 42% gain in earnings in the third quarter ending in December 2007. The company raised earnings guidance for 08. |
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| Sensex in Mumbai trading rose 1.2% or 245.37 to close at 20,827.45 and CNX Nifty gained 0.7% or 43.15 to close at 6,200.10. Manufacturing output in November rose 5.3%, lower than market expectations. Wholesale inflation increased at 3.5% at the end of the last week in Dec 2007, lower than a year go. Infosys revenue rose 32% and earnings gained 42% in the third fiscal quarter ended in December 2007. |
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Swiss Market Led the Decliners in Europe
Jan 11, 6:19 PM EST |
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| Financial stocks fell across the region on the worries that larger losses may lis ahead. Swiss market fell 1.6%. |
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| Swiss market led the decliners in Europe on the continued turmoil in credit markets. A report that Merrill Lynch may report twice the esimated loss in credit markets dragged financials lower across the region. UK reported that manufacturing output fell. Retialers in UK lowered earnings forecast. Deutsche Boerse plans to move it operations from Frankfurt. Brokers lowered ratings on Danone Group, Volvo, Unilever, and STMicroelectronics. Luxottica in Italy said that 2008 may be challenging. |
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Worries on Consumers, $900 Gold
Jan 11, 5:54 PM EST |
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| Three popular U.S. market averages fell as investors worried that economic slowdown will lower corporate earnings. Gol traded above $900. |
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| U.S. stocks sold-off on the worries that economic slow-down may happen faster than anticipated. Rising energy and food prices have taken bite out of the consumer spending. The ongoing housing market correction and credit market turmoil have kept investors on the edge. Earnngs warnings from American Express, Capital One, Mens Wearhouse, Barnes & Noble, Tiffany, and Ann Taylor are just few leading companies to lower earnings. Most retailers are at 52-week lows. Brazil, Peru, and Mexico fell. |
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Paragon Fell on Offering, UK Output Declined
Jan 11, 4:22 PM EST |
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| Paragon, mortgage lender declined sharply after it proposed rights offering at 90% disscount. UK manufacturing index declined 0.2%. |
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| UK stocks fell closed lower after the U.S. markets fell sharply. FTSE 100 Index fell 0.33% or 20.7 to 6,202.00. The Office of National Statistics reported today that manufacturing output fell 0.2% in the quarter to November 2007 compared to the previous quarter to August. Northen Rock sold 2% of its mortgage portfolio to JP Morgan at 50 million pounds more than the book value. Paragon, mortgage lender, fell sharply after it proposed to raise funds by offering stock at 90% discount. |
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Dow Jones Down 2%, Tiffany Down 12%
Jan 11, 8:16 AM EST |
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| Tiffany declined sharply after it reported lower than anticipated U.S. sale in the last two months of 2007. |
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| U.S. stocks fell sharply after credit market worries resurfaced. Dow, Nasdaq, and S&P 500 indexes declined nearly 2%. American Express reported fourth quarter charge for the potential credit card loan losses in the fourth quarter. Tiffany reported U.S. same store sale declined 0.2% in the sixty ending on December 31. P F Changs revised higher earnings estimate for the quarter ended on Dec 31. Retailers and financials declined. |
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American Express, MasterCard Drop 7%
Jan 11, 12:27 PM EST |
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| American Express lowered earnings target for the fourth quarter of 2007 and warned that business may be softer in 2008. |
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| American Express declined 10% after it took $440 million pre-tax charge to cover potential losses in the lending portfolio to card members. The softer billing in California and Florida from the ongoing housing market correction was one of the factors. The company said that worldwide billing in the fourth quarter tailed off to 10%, when adjusted for currency, and raised delinquencies charges to 3.2% from 2.9%. MasterCard, second largest payment processor fell 7% after the news. |
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Bank of America Buys Countrywide $4 B
Jan 11, 8:17 AM EST |
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| Bank America purchase of Countrywide saves the troubled mortgage lender from seeking additional capital from other investors. |
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| Bank of America agreed to purchase Countrywide Financial for $4 billion and take a restructuring charge of $1.2 billion. Countrywide stock declined after the deal was valued at $7.16 per share. The move appears in part to salvage an earlier investment of $2 billion in Countrywide by Bank of America for $2 billion in August 2007. |
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China Trade Surplus Rises 48%
Jan 11, 9:32 AM EST |
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| China's world trade in 2007 rose 23.5% and surplus increased 48% in the year. In 2007 total trade with the U.S. rose 15% to $302.08 billion. |
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| China reported that 2007 trade surplus rose 48% to $262.2 billion on the back of global trade volume increase of 23.5% to $2.17 trillion. Exports rose 25.7% and imports increased 20.8%. Hang Seng Index in Hong Kong fell 1.3% or 363.85 to 26,867.01, a decline of 2.4% for the week. Telecommunication stocks rose after China Mobile merged with China Tietong Telecom. Refiners, property, and financial stocks declined in Hong Kong. |
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Tokyo Stocks Decline 1.93%
Jan 11, 8:23 AM EST |
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| JFE Holdings Inc and IHI Corp are in talks to create Japan’s largest shipbuilding company to compete with Chinese and South Korean yards. |
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| Stocks in Japan fell sharply on the worries related to retail and realty stocks. Nikkei 225 declined 1.93% or 277.32 to close at 14,110.79 and the broader index Topix declined 1.7% to 1,377.58. J Front Retailing led decliners of the Nikkei 225 index shares with a drop of 10.72% followed by losses in Sumitomo Heavy Industry of 8.32%, in Tokyu Land Corp of 7.59%, in Sumitomo Realty of 7.26%, and in Nippon Sheet Glass of 7.10%. |
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