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Oil, Gold, Alcoa and Earnings
Apr 10, 5:09 PM EDT |
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| Oil cosed near $70. Gold up $9 to $600. Yield on 10-year bond near 5%. Google rise $10 on earnings optimism. |
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| Market averages rose in the early hours of trading but tech stocks lost momentum in the afternoon and failed to recover. Oil traded up and closed near $70. Gold and silver advanced with gold above $600 and silve racing to $13. Emerging markets and European markets closed up led by Russia, Norway,India and Mexico. Alco reported 69 cents vs. 30 cents a year ago. Newspaper publishers and GE and Genentech to report earnings this week. |
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Russia and India Lead Emerging Markets
Apr 10, 3:40 PM EDT |
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| Russian markets registered 2.2% gain at close. Strong energy prices and rising consumer spending is supporting Russian stock market of $600 Billion. |
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| Emerging markets led yet another day of steady rise in Russia, India and Mexico. Russia rose 2.2%, India added 0.63% and Mexico gained 0.3% at close. Indonesia closed at all time high. Russian markets have added more than 32% for the year and India is up 22%. Local economic growth and consumer spending is fueling growing optimisms in two nations. |
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Newspaper Earnings Week
Apr 10, 3:12 PM EDT |
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| Several newspaper companies are to release earnings this week. Alcoa, Genentech and General Electric to release Q1 earnings this week. Oil above $68. |
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| Market shifts focus to the first quarter earnings season led by Alcoa earnings tonight. Genentech and General Electric are two other large companies to follow this week. In all eight S&P companies are set to release earnings this week. Several newspaper companies including Gannett, McClatchy, New York Times and Tribune are to release earnings this week. |
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European Stocks Rally
Apr 10, 12:39 PM EDT |
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| Biotech firm Serono fell over 8% after it abandoned the idea of selling itself and instead said it was considering making acquisitions. |
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| European stocks recovered in afternoon trading to close sharply higher, supported by oil, mining and auto stocks. Oil companies like BP and Royal Dutch Shell rose on higher crude oil prices. The Italian MIB-30 climbed 1.3% after exit polls pointed to an opposition election victory. The German DAX 30 jumped 0.9%, London FTSE 100 rose 0.7%,and the French CAC 40 gained 0.3%. |
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Boeing Hits a Record
Apr 10, 11:47 AM EDT |
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| Red Hat Inc. surged $2.27 to $29.70 after saying it agreed to acquire fellow software maker JBoss for $350 million in stock and cash. |
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| U.S. stocks traded mixed in late morning ahead of quarterly earnings reports and economic data. Oil, oil service and natural gas stocks moved notably higher on surging oil prices. Oil giant Exxon Mobil gained nearly 1% and Chevron rose 1.7%. Gold stocks were other conspicuous gainers. At the same time, rising oil dragged airline stocks down. Shares of Boeing hit a record high after the company agreed to settle U.S. allegations of violation of export regulations. |
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Oil Stocks Surge
Apr 10, 8:41 AM EDT |
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| J.P. Morgan Chase & Co. agreed to swap its corporate trust business with the Bank of New York Co.'s 338 branches. |
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| U.S. stocks advanced in early going with the oil, oil service and natural gas sectors moving notably higher on surging oil prices. Oil giant Exxon Mobil gained nearly 1% and Chevron rose 1.6%. Gold stocks were other conspicuous gainers. At the same time, rising oil dragged airline stocks down. Railroad stocks were also weak with CSP CP down 1.4% and Union Pacific losing 0.8%. |
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J.P. Morgan in Swap Deal
Apr 10, 10:01 AM EDT |
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| J.P. Morgan Chase & Co. agreed to swap its corporate trust business with the Bank of New York Co.'s 338 branches. |
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| U.S. stocks started trading modestly higher as investors looked past the steep declines Friday and focused their attenion on the opening of the new earnings season. Apart from aluminum maker Alcoa which kicks off the season, other major companies releasing Q1 results during the week are Genentech, Circuit City, Advanced Micro Devices and General Electric. Starwood Hotels & Res dropped 19%. Railroad stocks were weak with CSP CP down 1.4% and Union Pacific losing 0.8%. |
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Oil, Gold Advance
Apr 10, 9:17 AM EDT |
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| Crude oil rose to $67.76 on fears of supply shortage. European gold traded near $600 on weak dollar and speculative buying. The dollar was mixed. |
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| U.S. stock futures predicted a flat start of Monday session, following steep one-day declines on Friday after better-than-expected employment report. JPMorgan Chase & Co. is expected to be in focus after it said it will swap its corporate trust unit for Bank of New York Co.''s 338 retail branches and small business banking network. |
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Autos Drag France
Apr 10, 8:22 AM EDT |
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| Shares of Vodafone Group rose 1.2% on news that giants and private-equity firms are considering a $168 B bid for the telecom giant. |
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| European markets were mixed at mid-day. Strong energy, resource and auto stocks sent the British and German averages slightly higher, but concerns over the French economy offset the positive sentiment. The German DAX 30 gained 0.04%, London FTSE 100 rose 0.3%, while the French CAC 40 declined 0.3%, reflecting disappointing industrial production data. |
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Asia Closes Mostly Lower
Apr 10, 7:54 AM EDT |
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| At close in Tokyo, Inpex Holdings rose 6.9% on news that the company plans to invest about $5.9 billion to produce liquefied natural gas in Australia. |
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| Asian-Pacific benchmarks closed mostly in the red. The Nikkei dropped 0.6% to 17,456.58 on profit taking after reaching six-year highs last week. Technology and machinery stocks led losers with Sony falling 1.2% and Komatsu down 2%. Hong Kong Hang Seng climbed 0.3%, led by MTR and China Mobile. |
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