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Earnings, Oil and Trade Deficit
Apr 12, 4:42 PM EDT |
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| AMD, profits 38 cents vs. 4 cents loss a year ago on revenue of $1.33B. February trade deficit third worst. Oil drops. Copper and gold at record high. |
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| Investors focused their attention on earnings. February trade deficit of $65.74 billion, near peak oil prices and rising bond yields did affect the market averages. Copper, siver and gold rose to a new high at close. Earnings from Gannett, Media General, Harley Davidson disappoint but AMD and Circuit City surprise the market. |
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Brazil Leads Emerging Markets
Apr 12, 3:52 PM EDT |
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| Hong Kong and India corrected ahead of holiday period. Markets in Latin America gained as Brazil closed up. Russia and Venezuela are up on higher oil. |
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| Emerging markets in Asia corrected as Jpan declined 1.5%. Hong Kong and India lost 1.0% and 2.63% respectively. Indonesia and Philippines scale new record. In Latin America Venezuela bounces back on the back of elevated oil prices. Markets in Brazil gain 1.5% but in Mexico close lower ahead of holiday weekend. Gold, silver and copper trade at record levels. |
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Boeing Gains on China Order
Apr 12, 11:47 AM EDT |
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| Crude oil inventories climbed by 3.2 million barrels for the week ended April 7, while gasoline inventories posted a drop of 3.9 million barrels. |
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| Boeing Co. soared to a new all-time high on news that China finalized a purchase agreement for 80 commercial jetliners from Boeing at a list price of $4.6 billion, followed by a positive comment from a Morgan Stanley analyst who said that the company''s earnings could double from 2006 to 2009. The stock rose 4%. |
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Foreigners Sell in India
Apr 12, 10:38 AM EDT |
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| Sensex in India corrected 2.6% after rising more than 22% for the year. Sensex suffered its worst decline after two years of steady gain. |
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| On the heels of weak Asian markets, Sensex in India lost 2.6% for the first time in two years. International fund managers sold more than $200 million of stocks in the last three trading sessions. In volatile trading several leading stocks of IT, telecom, pharmaceuticals and banking sectors stock fell more than 5%. |
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Harley-Davidson Falls
Apr 12, 10:09 AM EDT |
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| The U.S. trade deficit narrowed sharply to $65.7 billion in February from an upwardly revised $68.6 billion in January. |
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| Stock averages opened mixed on better-than-expected earnings and downgrade of Google. Circuit City posted Q4 65% profit growth with net sales rising 12.8% on 11.6% increase in comparable store sales. Gannett posted Q1 income dropred to 99 cents a share, in line with expectations. Harley-Davidson reported 3.3% earnings rise in Q1, matching expectations. The company shares dropped 4%. |
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Key Drug Drags Genentech
Apr 12, 9:09 AM EDT |
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| Crude oil prices hovered round $69 a barrel ahead of inventory report. European gold lost ground. The U.S. dollar traded lower vs. major currencies. |
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| Stock index futures indicated flat opening as soaring oil prices and disappointing sales of a key drug by Genentech hurt sentiment. The biotechnology company reported higher quarterly profit on strong sales of cancer medicines, but disappointing sales of a drug treating rheumatoid arthritis. Circuit City posted net sales rise of 12.8% on 11.6% increase in comparable store sales. Gannett posted Q1 income dropred to 99 cents a share, in line with expectations. |
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Weak European Stocks
Apr 12, 8:19 AM EDT |
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| Shares in the LSE soared 14% after the Nasdaq Stock Market acquired a 14.99% stake in the London Stock Exchange for $781.7 million. |
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| European markets traded in the negative at mid-day, reflecting a sharply lower close of U.S. markets and concerns that the strong increase in the oil price and the industrial metals will lead to higher interest rates. London FTSE 100 fell 0.6%, the German DAX 30 lost 0.6%, and the French CAC 40 dropped 0.9%. |
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Nikkei Leads Decliners
Apr 12, 7:49 AM EDT |
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| In Tokyo at close, Advantest was down 3.8%, Toshiba dropped 2.6%, Sony fell 2.5%, and Mitsubishi UFJ Financial Group slipped 3%. |
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| Asian markets closed deeply in the red, reflecting weak high technology stocks and concerns that rising oil prices could hurt U.S. consumer spending and exporter issues. Regional decliners were led by the Nikkei which fell 1.5% to 17,162.55. Australia All Ordinaries was the second worst performer, falling 0.9%. Singapore Straits Times fell 0.3% and South Korean Kospi slipped 0.2%. |
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