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Utility Merger Talks Spark Rally
Feb 06, 5:28 PM EST |
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| European markets closed higher led by a rise of 1.7% in Spain followed by increases of 1.2% in Germany and the Netherlands. |
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| LVMH Moet Hennessy gained 1% after it reported second half sales rise of 9.3% and earnngs gain of neearly 10% and said that the economic outlook for the current year is worrisome. France Telecom second half sales increased 2% and earnings increased 67% but for the year revenue increased 2.4% and earnings gained 52%. Solar energy comapny Conergy in Germany fell 24% after it reported a loss of 194 million loss in 2007. EDF and Iberdrola talks of merger lifted stocks in two markets. |
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U.S. Stocks Fell on Inflation Fears
Feb 06, 5:12 PM EST |
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| Stocks closed lower as investors worried that slowing economy and rising inflation may sap energy from the market. |
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| U.S. stocks edged lower after trading down, up, and dow at close. The talks of inflation fighting from the Philadelphia Fed President weighed on the market. Earlier, in the mornig, market digested a drop in oil price on the weekly crude oil inventory report and a rise in productivity in the last quarter and in 2007. Earnings from Disney and Time Warner lifted the sentiment. Toll Brothers reported senventh quarter of declining earnings. |
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Rio Rejects Revised Bid, BSkyB Rises 7%
Feb 06, 2:56 PM EST |
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| Rio tTinto rejected revised offer at $147 billion from BHP and said it undervalues the company. British Sky Broadcasting jumped 7% on earnings. |
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| Nationwide Building Society''s index of consumer confidence in January fell indicating rising anxities among consumers. In London trading FTSE 100 rose 0.13% or 7.4 to 5, 875.40. Of the FTSE 100 stocks traded, 66 gained, 34 declined, and 2 were unchanged. British Sky Broadcasting led advancers with a rise of 7% after the company reported full-year profit will be at £740 million and reported 11% in first half 2008 revenue. |
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Rio Tinto Rejects BHP’s Revised Offer
Feb 06, 2:55 PM EST |
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| Rio Tinto fell 2% in New York trading after it rejected a revised offer from BHP which valued the company at $147 billion. |
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| Rio Tinto rejected the revised offer from BHP which valued the company at $147 billion from earlier offer of $127 billion. BHP raised its ofer to 3.4 BHP stock for one stock of Rio Tinto on the last day to meet the UK regulatory requirements for takeover. Rio cited in the statement that the ofer fails to value its underlying assets adequately. BHP may revise the offer again. Separately BHP reported declining earnings on rising operating costs. |
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Global Markets Drag Sensex Down 2.8%
Feb 06, 12:59 PM EST |
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| Software exporters and metal companies fell sharply on the worries of U.S. economic slowdown. |
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| Mumbai stocks are caught in a volatile and choppy trading for the last three months, and trading today was no different. Sensex index fell 2.8% or 523 to 18,139.49 in line with global market sell-off. U.S. market averages fell between 2.5% and 3% and markets in Europe decline more than 2%. European markets todaly eked out minor gains after a mild rebound in the U.S. Maruti Suzuki, Tata Motors, and Bajaj Auto fell. |
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BHP Bid, Disney Earnings Lift U.S. Stocks
Feb 06, 12:30 PM EST |
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| Disney stock jumped to a 2-year high after reporting 63 cents per share income on 9% rise sales. |
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| U.S. stocks rebounded from the losses at the open after a revised bid of $147 billion from BHP, better than expected earnings frm Disney, JDS Uniphase, and Time Warner. Asian markets fell sharply tracking the losses in Europe and the U.S. in Tuesday trading. In Europe, Spain and Germany are leadig the gainers in the region. Mining and metals stocks rallied after BHP revised its offer for Rio Tinto. JDS Uniphase soared 30% after reporting 22 cents per share income. |
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BHP Revised Rio Bid, Earnings Drop
Feb 06, 11:19 AM EST |
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| Australian stocks fell on global sell-off on the weakness in U.S. service industry index. BHP revised its offer to 3.4 stocks for one Rio stock. |
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| BHP billiton revised its offer for Rio Tinto to $147 billion from $127 billion. The revised offer now values the company at 3.4 BHP stock to 1 stock of Rio. Chinalco and Alcoa may make a offer for Rio after purchasing 9% stake in Rio. Seprately, BHP reported lower earnings on higher operating costs. Stocks in Australia fell 3.2% on the sharp decline in global markets prompted by a weak read on the U.S. service sector in January. Markets in Asia, Europe, and Australia fell sharply. |
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Hong Kong Declines 5.4%, Leads Fall in Asia
Feb 06, 2:13 PM EST |
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| Worries related to the U.S. slowdown and lowered GDP outlook from IMF for Hong Kong hurt stocks. |
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| Financial markets in Asia fell shaprly after service sector index showed a decline in activities in January. In Hong Kong trading Hang Seng Index fell 5.4% or 1,339.24 at 23,469.46, down 0.8% for the week, and the Hang Seng China Enterprises Index, Which tracks H share of mainland companies, slid 6.9 % to 13,067.11. |
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Japan Stocks Plunge 4.7%
Feb 06, 8:38 AM EST |
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| Japan and Asian markets fell on the rising worries of the U.S. recession fears. Yen held steady but rupee in india traded at elevated levels. |
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| Stocks in Japan and Asia fell across the region, sharply. The rising fears of U.S. recession hobbled investors in the region. Investors in Tokyo, Shanghai, Hong Kong, and Mumbai sold stocks. In Tokyo trading Nikkei 225 fell 4.7% or 646.26 to 13,099.24, and the broader Topix Index slipped 4.2% or 57.07 to 1,298.41. Japan Tobacco and Nissin Food deal to sell frozen food unit has collapsed. Mitsubishi Heavy and Nikon rose on earnings. |
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