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Global Recovery
Jan 19, 5:08 PM EST |
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| Markets in the U.S. joined global recovery of indexes from Germany, U.K., Japan, India, Brazil and Mexico. |
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| Declining housing starts, higher crude oil inventory and falling claims of unemployment added to the market momentum created by a batch of positive earnings. After a disappointing earnings from tech companies markets digested positive earnings from Merrill Lynch, Harley davidson, IGT, Advanced Micro Devices and others. Motorola reported 47 cents vs. 26 cents, Capital One reported 97 cents vs. 77 cents and Rambus reported 9 cents vs. 6 cents a year ago. |
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The Nasdaq Climbs 1%
Jan 19, 2:03 PM EST |
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| AMD swung to profit in the Q4 on 45% sales growth, well above estimates. The company projected strong Q1 with sales higher by 70%. |
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| U.S. stocks extended gains by mid-day on better-than-expected earnings reports from companies like AMD, Pfizer, Merrill Lynch, broadly positive manufacturing data and a recovery in the Tokyo stock market. In economic news, housing starts for Dec. dropped 8.9%, the biggest decline in 9 months. Jobless claims dropped by 36,000 last week. Oil and gasoline inventories rose last week by 2.7 million barrels and 2.8 billion barrels respectively. |
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Oil and Gasoline Stocks Rise
Jan 19, 11:58 AM EST |
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| Walt Disney is in talks to buy Pixar Animation Studios and pay a ‘nominal’ premium to Pixar's current $6.7 billion market capitalization. |
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| U.S. socks advanced at opening on better-than-expected earnings reports from companies like AMD, Pfizer, Merrill Lynch which eased investor concerns. The tech sector led the gainers, while the housing sector sharply fell on an 8.9% drop in housing starts for Dec, the biggest decline in 9 months. Jobless claims dropped by 36,000 last week. Oil and gasoline inventories rose last week by 2.7 million barrels and 2.8 billion barrels respectively. |
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Construction Spending Declines
Jan 19, 9:32 AM EST |
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| The construction of new homes fell by 8.9% in December, the biggest decline in 9 months. Jobless claims dropped by 36,000 to 270, 000 last week. |
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| The Japanese shares rebounded from the 3-day declines when they lost 1,100 points and $300 billion in market value. The Nikkei rose 2%,lifted by wholesale, brokerage, insurance issues. European stocks also recovered from losses, led by the German DAX 30, up 0.6%. In earnings news, D.R. Horton reported Q1 29% profit rise to 98 cents a share on higher revenue, beating estimates. Home Depot posted Q4 50% dividend rise and announced a long-term plan,including the opening of 400-500 new stores. |
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