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India Leads Decliners in Emerging Markets
Apr 25, 7:02 PM EDT |
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| Fall of more than 2.2% led decliners in emerging markets. Hong Kong, Philippines and Thailand fell close to 1%. Mexico rose 0.8%. |
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| Emerging markets encountered volatile trading for the second day of the week. Markets around the globe declined led by a steep decline in India, Thailand, Hong Kong and Chinese stocks trading in Hong Kong. Mexico bucked the trend and gained 0.8%. International price of oil declined byut stayed near elevated levels.Chinese stocks in Hong Kong strading came under renewed pressure on worries that government may tighten moentary authority to control recent rise in the market. |
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Market Loses Focus on Earnings
Apr 25, 5:44 PM EDT |
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| Earnings: Amazon reported 12 cents vs. 18 cents. Murphy Oil reported flat earnings of 60 cents. Valero reported earnings of $1.32 vs. 96 cents. |
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| Market averages came under pressure on existing home sales and consumer confidence data. Existing home sales edged up in March to 0.3% and consumer confidence rose to four year high. A string of mixed earnings failed to excite traders. Burlington Northern reported earnings of $1.09, up 28% on revenue growth of 16%. The stock fell 8%. Amazon reported earnings of 12 cents vs. 18 cents a year ago on revenue growth of 20%. The stock rose 1.5% in the after-market. |
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U.S. Rates Weigh in Europe
Apr 25, 12:34 PM EDT |
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| Shares of Renault jumped 7.1% after the French automaker reported first-quarter sales up 5.8% to 10.5 billion euros. |
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| European shares erased earlier gains to close mixed as U.S. interest rates weighed in regional markets and largely offset gains for carmaker Renault and food producer Nestle. The German DAX 30 finished flat, London FTSE 100 slipped 0.2%, while the French CAC 40 rose 0.3%. |
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Oil Slips 1%
Apr 25, 11:38 AM EDT |
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| Oil prices declined on news that President Bush plans to temporarily halt deposits to the U.S. strategic petroleum reserve. |
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| Market turned lower on concerns about higher interest rates, raised by strong economic data. The Conference Board reported that consumer confidence rose to 109.6, reaching its highest level in almost four years, despite energy costs. In a separate report, the National Association of Realtors said sales of existing homes edged up 0.3% last month to a seasonally adjusted annual rate of 6.92 million units. |
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Consumer Confidence Strongly Improves
Apr 25, 10:49 AM EDT |
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| The Conference Board said that its consumer confidence index rose to 109.6 in April, its highest level since May of 2002. |
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| Stocks turned to the downside after stronger-than-expected economic data raised inflation concerns. AT&T reported Q1 earnings rise of 52 cents per share compared to 34 cents per share in the year ago quarter, beating estimates of 48 cents per share. DuPont reported Q1 earnings decline of 93 cents per share, but well above analyst estimates of 80 cents per share. Lockheed Martin posted 60% profit jump in Q1 to $1.34 per share from 83 cents a year ago, beating estimates |
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AT&T Profit Tops Estimate
Apr 25, 10:09 AM EDT |
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| Sun Microsystems rose 5% after naming its president and chief operating officer Jonathan Schwartz to succeed Scott McNealy as chief executive officer. |
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| Stock opened slightly up on strong quarterly results and concerns about record-high oil prices. AT&T reported Q1 earnings rise of 52 cents per share compared to 34 cents per share in the year ago quarter, beating estimates of 48 cents per share. DuPont reported Q1 earnings decline of 93 cents per share, down from 96 cents last year, but well above analyst estimates of 80 cents per share. Lockheed Martin posted 60% profit jump in Q1 to $1.34 per share from 83 cents a year ago, beating estimates |
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Lockheed Profit up 60%
Apr 25, 9:11 AM EDT |
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| Crude oil prices hovered over $73, slightly down on profit taking and ahead of petroleum data. European gold gained ground. The dollar strengthened. |
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| Stock futures pointed to a higher opening on strong quarterly results from major companies. AT&T reported Q1 earnings rise of 52 cents per share compared to 34 cents per share in the year ago quarter, beating estimates of 48 cents per share. DuPont reported Q1 earnings decline of 93 cents per share, down from 96 cents last year, but well above analyst estimates of 80 cents per share. Lockheed Martin posted 60% profit jump in Q1 to $1.34 per share from 83 cents a year ago, beating estimates. |
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Nestle, Renault Lift Europe
Apr 25, 8:29 AM EDT |
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| Food producer Nestle gained 0.2% after reporting a forecast-beating 14% surge in Q1 sales, benefiting from a stronger dollar. |
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| European stocks gained at mid-day, supported by strong sales from carmaker Renault and food producer Nestle. However, stocks were off earlier highs as recovering crude oil prices erased some of the gains. The German DAX 30 gained 0.2%, the French CAC 40 rose 0.4%, and London FTSE 100 added 0.1%. |
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Currencies Weigh in Asia
Apr 25, 8:00 AM EDT |
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| In Tokyo at close, synthetic fiber maker Toray Industries Inc. jumped 6.2 % after receiving orders worth $3 billion from Boeing Co. |
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| Asian markets finished mixed as strengthening Asian currencies against the dollar weighed on exporter issues and large industrial shares. The Nikkei recovered from the steep decline Monday, helped by property stocks like Mitsubishi Estate and Mitsui Fudosan. Export-related stocks like Toyota Motor, Sony and Canon declined. South Korean Kospi closed flat. Hong Kong Hang Seng dropped 0.8%. |
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