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Ford to Cut Capacity and Staff
Jan 23, 6:06 PM EST |
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| Texas Instr reported 40 cents vs 28 cents a year ago on cautious outlook. McAfee misses estimates, Ariba narrows loss, ETrade earnings up 44%. |
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| After a steep sell-off in the large cap and tech stocks in the previous, market opened higher in the morning. Ford and General Motors closed higher by 5% and 9% respectively on initial market reaction to the Ford restructuring plan. Supreme Court refused to hear patent dispute case between RIMM, maker of BlackBerry, and NTP. |
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BlackBerry Appeal Rejected
Jan 23, 1:20 PM EST |
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| The Supreme Court refused to hear an appeal from RIM, the maker of the handheld e-mail device, BlackBerry in the long-running battle over patents. |
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| Ford Motor was in the focus Monday morning as it brought enough optimism to revive market sentiment after Friday''s selloff. The company posted better-than-anticipated earnings which counteracted the quarterly decline of Bank of America. The bank posted Q4 2% profit decline on loan losses and weak trading results. Bear Stearns raised its rating on Internet media company Yahoo to outperform from peer perform. UBS cut Citigroup to neutral from buy. |
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Oil and Ford Rise
Jan 23, 11:23 AM EST |
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| Albertsons Inc.'s shares rose after it agreed to be purchased for $9.7 billion by a consortium of investors led by Supervalu Inc., CVS Corp. |
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| Stock averages started in the positive, supported by easing oil prices and better-than-anticipated earnings report from Ford which counteracted the quarterly decline of Bank of America. Ford Motor rose 7% on Q4 profit rise of 8 cents a share vs. 6 cents a year ago, beating estimates by a penny. Bank of America posted Q4 2% profit decline on loan losses and weak trading results. Bear Stearns raised its rating on Internet media company Yahoo to outperform from peer perform. |
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BofA Misses Estimates
Jan 23, 9:34 AM EST |
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| Oil prices retreated to $67.60 after crossing $69 on supply concerns. European gold fell. The dollar was weak against major currencies. |
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| Asian-Pacific benchmarks fell across the region on higher oil prices and U.S. markets decline. The Nikkei dropped 1.2%, followed by Taiwan Weighted index down 1.7% and Hong Kong''s Hang Seng, down 1.4%. Markets in Europe were also weak with the French CAC 40 the leading decliner, down 0.9%. In earnings news, Bank of America posted Q4 2% profit decline on loan losses and weak trading results. Ford Motor rose 7% following a better-than-expected earnings report. |
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