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GM Gains Lost At Close
Mar 22, 4:31 PM EST |
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| General Motors released plan for employee buy out for 100,000 employees. Investors remail skeptical. |
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| Market built a slow but steady rise in averages during the day despite negative news from General Motors and Microsoft. GM buyout may not go far enough and Microsoft delay in lauching Vista caused ripple effects in chip and hardware stocks. Tech stocks sold-off but Nasdaq Index gained at close. Weekly petroleum report suggested healthy inventories of crude oil and gasoline. Emerging markets around the world corrected but Brazil advanced. |
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Brazil Bucks Latin Decline
Mar 22, 3:30 PM EST |
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| Brazil market gains 0.8% after suffering a loss of more than 2% in the week on graft scandal worries. Mexico, Argentina and Venezuela weaken. |
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| Latin markets were no exception to the sell-off in the emerging markets across the world. Argentina, Venezuela, Mexico and Chile lost 0.9%, 0.45%, 0.66% and 0.22% respectively near close. Brazil managed to buck the trend and traded as high as 0.8% up for the day. Large caps were under pressure in Mexico but gained in Brazil. Emerging markets around the world faced a sharp correction led by markets in Asia. |
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Metals Trade Near Peak
Mar 22, 2:49 PM EST |
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| Silver, gold and copper trade near two decade-high prices and silver prices are likely to go up. |
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| Metals have enjoyed booming market on the back Chinese demand for copper and zinc and Indian and Middle Eastern demands for gold and silver. The price of silver crossed 22-year peak during yesterday trading on strong volume on the news of an approval of silver ETF by Barclays. Copper inventories are low but are rising and metal may face price correction that traders have been predicting for six months. |
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European Markets Gain
Mar 22, 12:45 PM EST |
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| UK shares gained on merger talks of media companies, France rose on drug stocks and Norway rose on higher oil. |
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| U.K. stocks rose modelstly on the news that retailer GUS rejected an offer for its credit rating agency, Imperial Chemical may get a bid from DuPont and media company ITV after rejecting an offer from U.S. based private equity partners. The stocks in France and Germany on the upswing. European stocks have seen the sustained positive gains for ten days, longest in last five years. |
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Morgan Stanley Profit up 17%
Mar 22, 11:07 AM EST |
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| Crude oil inventories dropped unexpectedly by 1.3 million barrels for the week ended Mar 10. Gasoline stocks showed a decline of 2.3 million barrels. |
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| U.S. stocks opened mixed. The Nasdaq declined on weak tech stocks, following news that Microsoft will delay the release of its operating system, raising concerns that this will negatively affect computer makers. The Dow gained after Morgan Stanley reported 17% earnings rise for Q1 on record revenues, beating expectations. General Motors also provided support, rising 2.6% on agreement with Delphi and UAW. FedEx reported Q3 net income rise of 35% on 9% revenue growth, beating analyst estimates. |
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FedEx Beats Forecast
Mar 22, 10:41 AM EST |
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| FedEx reported Q3 net income rise on 9% revenue growth, beating analyst estimates. |
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| U.S. stocks opened mixed. The Nasdaq declined on weak tech stocks, following news that Microsoft will delay the release of its Vista operating system, raising concerns that this will negatively affect computer makers like Apple, Hewlett-Packard, Dell. The Dow gained after Morgan Stanley reported 17% earnings rise for Q1 on record revenues, beating expectations. General Motors also provided support, rising 2.6% on agreement with Delphi and UAW. |
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Techs Weaken on Microsoft
Mar 22, 9:51 AM EST |
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| Crude oil hovered near $62 on expectations of strong oil inventories. European gold extended losses.The U.S. dollar strengthened vs. major currencies. |
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| Tech futures declined on news that Microsoft will delay the release of its Vista operating system, sending shares of memory chip and computer makers down. In earnings news, Morgan Stanley reported earnings rise for Q1 of $1.54 per share on revenues of $8.48 billion, beating expectations. Apparel retailer Nike posted 19% profit increase in Q3 on sales growth, beating estimates. |
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India Corrects with Asia
Mar 22, 9:16 AM EST |
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| Banking, automobile and cement stocks fell in the sell-off. Dr. Reddy jumped 10%. |
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| Indian market managed to gain another 1,000 points in less than 30 days of trading on strong fund flows from domestic investors. International investors have been cautious as index scaled new high for the last six days in a row. |
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Pharma Stocks Gain in Europe
Mar 22, 8:27 AM EST |
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| Among pharmaceutical gainers, Sanofi-Aventis surged 9.7%, Astra Zaneca rose 2.4%, and GlaxoSmithKline added 2%. |
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| European averages traded mostly in the red, dragged by interest-rate concerns. However, pharmaceutical, media and auto stocks limited the downward trend. The German DAX 30 fell 0.2%, the French CAC 40 dropped 0.4%, while London FTSE 100 edged up 0.02%. |
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Asia Posts Heavy Losses
Mar 22, 7:42 AM EST |
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| At market close, Samsung Electronics dropped 3.3%, while Hynix Semiconductor fell 3.7%. The Japanese Nippon Steel rose 1.3% |
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| Asian-Pacific markets sharply dropped Wednesday on continuous interest-rate concerns and weakness in the tech sector after Microsoft announced a delay of its operating system. South Korean Kospi tumbled 2%, dragged by tech stocks, Hong Kong slipped 1.8%, followed by Taiwan Weighted index, down 1%. The Nikkei lost 0.8% with losses limited by Nippon Steel. Australia was one of the very few gainers, up 0.4%. |
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