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Market Recovers On Earnings
Jan 27, 4:35 PM EST |
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| Mittal Steel launches unsolicited bid for Arcelor at $23 billion, largest deal ever in steel industry. Microsoft stock jumps 5% on earnings. |
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| More than 50% of companies, this week, reported better-than-expected earnings. Earnings related momentum and strength in new home sales took market averages near year-high. Market ignored weak GDP report and rising oil price. Gold and natural gas fell during the day. Microsoft, Catepillar, Proctor & Gamble reported strong earnings. Retail, casinos and tech stocks joined in the rally. |
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New Home Sales Rise 2.9%
Jan 27, 1:13 PM EST |
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| New home sales for Dec. beat expectations with a 2.9% increase. GDP in Q4 rose modestly by 1.1%, the slowest rate of growth since the Q4 of 2002. |
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| In mid-day trading U.S. major averages were sitting near intraday highs. Stocks traded in the positive Friday morning with strong quarterly results from Microsoft boosting the sentiment and disappointing GDP data limiting gains. The software giant posted Q2 profit rise on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. Broadcom posted more than doubled Q4 income on 52% sales growth. Mittal Steel launched a $22.8 billion bid for European rival Arcelor. |
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Broadcom Climbs 20%
Jan 27, 11:52 AM EST |
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| Fourth-quarter GDP rose modestly by 1.1%, the slowest rate of growth since the Q4 of 2002. Economists expected growth of 2.8%. |
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| U.S. stocks opened slightly higher with better-than-expected quarterly results from Microsoft boosting the sentiment and disappointing GDP data limiting gains. The software giant posted Q2 profit rise of 34 cents a share on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. In deal news, the world''s largest steel company Mittal Steel launched a $22.8 billion bid for European rival Arcelor. |
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Mittal Launches $23 B Bid for Arcelor
Jan 27, 9:35 AM EST |
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| Oil prices were pushed back above $67 a barrel on continuous tensions in Nigeria and Iran. European gold advanced. The U.S. dollar strengthened. |
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| Asian-Pacific benchmarks rallied Friday, led by huge gains in the Nikkei which rocketed 3.6% to 16,460, posting the biggest one-day rise in four-years. The index jumped 556.66 points, lifted by record-high results released by Sony. European averages gained on Mittal Steel''s bid for Arcelor with the German DAX 30 up 1%. Microsoft posted Q2 profit rise of 34 cents a share on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. |
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