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Earnings Jitters
Jan 17, 9:32 PM EST |
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| Yahoo reports fourth quarter profit of 46 cents vs. 25 cents, IBM reported $1.99 vs. $1.67 and Intel reported 40 cents vs. 33 cents a year ago. |
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| Earnings rose on top of traders agenda. Broader averages declined as oil rose, bank stocks issued earnings warnings and analysts downgraded tech stocks including AMD, Applied Materials and Sandisk. Oil rose on global geopolitical concerns in Iran and Nigeria. Gold declined. Dow lost 63.55 points Nasdaq lost 14.30 and S&P dropped 4.68 points. Yahoo stock fell 13% and Intel fell 10% in the after-market trading. |
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Google Buys Radio Company
Jan 17, 12:44 PM EST |
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| Google agreed to buy dMarc Broadcasting, a company that automatically connects advertisers with radio stations. The price could top $1.2 billion. |
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| U.S. stocks traded lower Tuesday morning on surging oil prices over $65 a barrel, weakness in the Japanese Nikkei which tumbled 2.8% and disappointing bank earnings. Investors also awaited earnings reports from majors like Intel Corp., International Business Machines Corp. and Yahoo Inc. In economic news, the Federal Reserve reported that December industrial output rose 0.6%, following an upwardly revision of 0.8% in November, exceeding expectations of a 0.5% increase. |
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Industrial Output up 0.6%
Jan 17, 11:36 AM EST |
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| Boston Scientific raised its bid for Guidant to $27 B from earlier $25 B. The new offer came after Guidant accepted a $24.2 B bid from J & J. |
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| U.S. stocks sharply dropped at opening on surging oil prices over $65 a barrel, weakness in the Japanese Nikkei which tumbled 2.8% and disappointing bank earnings. National City Corp posted Q4 earnings drop of 64 cents a share, missing estimates. In economic news, the Federal Reserve reported that December industrial output rose 0.6%, following an upwardly revision of 0.8% in November, exceeding expectations of a 0.5% increase. |
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Oil Above $65
Jan 17, 8:56 AM EST |
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| Oil prices hit a 3 1/2-month high to $65.29 a barrel on growing tension in Iran and Nigeria. Gold fell from 25-year highs. The dollar gained. |
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| Asian-Pacific benchmarks posted heavy losses Tuesday as the Japanese authorites started a probe of Internet portal Livedoor. The Nikkei tumbled 2.8%, followed by South Korean Kospi, down 2.3%. Only Shanghai Composite gained 0.5%. European stocks were also weak, hurt by rising oil and corporate news. The German DAX 30 dropped 1.1%. Texas Regional Bancshares posted Q4 earnings rise of 46 cents a share, exceeding estimates of 44 cents. |
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