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ECB Offer 6-month Loans, Pound Declines
Mar 28, 6:03 PM EDT |
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| ECB in an effort to improve liquidity in the interbank loan market offered six months loans for the first time. ECB also extended its 3-month loans. |
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| European markets were on the decline after money markets remained tight and pound fell against euro to a new low. ECB plans to offer, for the first time, 100 billion euros for six months loan in two separate auctions next month. UK March consumer confidence fell to a fifteen-year low and home prices in February rose at 1.1%. Punch Taverns pulled its 2 billion pounds offer to buy Mitchells & Butlers on comments from Lehman Brothers. |
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Weak Consumer Spending, Retailers Decline
Mar 28, 9:27 AM EDT |
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| Apollo Group led the decliners in the S&P 500 after it reported a wider than expected loss. Tech stocks failed to sustain the earlier rebound. |
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| U.S. stocks edged lowere after worries related to consumer spending resurfaced. February personal spending rose at a slower than expected pace and an index of inflation in the month sharply. Rising food and energy prices are contributing to steady rise in inflation. Retailers were on the decline after JC Penney lowered its earnings outlook. In the earnings news, Accenture reported better than expected earnngs and Williams-Sonoma fell on lowered revenue growth outlook in 2008. |
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Retailers Decline, Techs Rebound
Mar 28, 1:31 PM EDT |
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| Retail stocks fell sharply after JC Penney lowered its earnings estimate for the current quarter. Accenture rose on earnings of 64 cents per share. |
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| U.S. stocks traded sideways after earnings warning from JC Penney. The department store retailer warned that earnings for the quarter will be near 50 cents per share, lower than earlier forecast between 75 cents and 80 cents. The warning dragged most retailers lower. Lehman Brothers traded lower after Citigroup raised the stock rating and set target price of $65. Consumer spending in February rose 0.1% after gaining 0.4% in January. Consumer sentiment index in March declined. |
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JC Penney Plunges 12%
Mar 28, 10:03 AM EDT |
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| JC Penney fell sharply after it lowered same store sales guidance and earnings for the current quarters. |
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| JC Penney lowered its earnings estimate for the current quarter to 50 cents from 75 cents to 80 cents per share. The retailer that counts half of American families as its customers blamed lower than expected sales during Easter holiday. However, retailer did not lower its plan to open new stores and appears to keep spending money under is capital investments plan. |
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Lehman Upgrade, Investors Skeptical
Mar 28, 9:04 AM EDT |
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| Lehman stock edged higher after comments from Citigroup analyst and price target of $65. |
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| Lehman Brothers stocks was upgraded to buy from hold by an analyst at Citigroup with a target price of $65. The research note suggested that the company has adequate liquidity and the recent Fed action will provide ample support to the stock. Lehman stock traded as high as $81 in June of 2007 and since then has been on a slide. Lehman on March 17, Monday after the deal between JP Morgan and Bear Stearns, came under heavy pressure and touched as low as $20. |
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