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Fed Raised Rate, Google Falls
Jan 31, 5:22 PM EST |
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| Fed raised key rate to 4.5%. OPEC meeting kept oil production unchanged. Google reported $1.22 per share but stock falls 16%. |
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| Market did not react to the rise in expected key interest rate to 4.5%. A batch of economic report failed to excite the market. For January 2006, Dow closed up 1.4% and Nasdaq rose 3%. Oil rose and then fell. Semiconductor stocks fell. Google reported earnings below estimate, stock dropped as low as 19% in the after-market. |
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Consumer Confidence Improves
Jan 31, 11:19 AM EST |
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| Digital music company Napster Inc. soared 52% on news that Google is considering an extensive alliance including a potential acquisition. |
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| Stocks opened weak ahead of the FOMC minutes release. The key interest rate is expected to be increased by a quarter point to 4.5%. In earnings news Merck reported fourth-quarter earnings were up slightly. Altria Group posted higher Q4 earnings but forecast a decline in 2006 earnings due to restructuring charges. Haemonetics posted 155% quarterly profit jump of $1.02 a share, above estimates of 42 cents. Constellation Energy reported Q4 profit rise, beating estimates. |
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Merck and Altria Profits Decline
Jan 31, 10:00 AM EST |
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| Oil prices hovered over $68 a barrel ahead of a meeting of OPEC expected to decide on keeping the oil output. European gold rose. The dollar fell. |
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| Asian-Pacific benchmarks finished largely up, led by South Korean Kospi, up 1.1% and the Nikkei, rising 0.6% to 16,649.82. European stocks reversed from losses to rise on oil and gas shares with the German DAX 30 and the French CAC 40 up 0.5%. Constellation Energy reported Q4 profit rise of $1.09 a share, beating estimates. Knight Ridder posted earnings decline to $1.24, exceeding estimates of $1.22. Tupperware Brands adjusted Q4 earnings of 54 cents a share met expectations. |
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