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Flash Memory Makers Surge
Apr 05, 5:07 PM EDT |
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| Nasdaq advances as tech stocks rise on Apple and flash memory makers. Apple, Sandisk and M-Systems rose 10%. |
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| Nasdaq and S&P rose to a five-year high after a positive report on service sector of the economy indicated falling prices for the services. The gain in oil prices muted the rise in indexes on weekly petroleum report. The weekly petroleum report showed a rising crude oil inventory. Apple surged close to 10% on the release of software to run Windows on Intel based Mac machines. Flash memory makers rose 10% on revised revenue guidance from M-Systems. |
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Emerging Markets Surge
Apr 05, 4:15 PM EDT |
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| Thailand, Argentina and Russia led a global surge in emerging markets. Thailand closed up 3.1%, Russia up 2% and Argentina up 1.6% at close. |
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| Emerging markets around the world surged on higher metal and oil prices, strong liquidity and better economic growth prospects. Higher gold and silver prices led metal stocks surging for the year in Russia and Brazil and that trend continued today. Thailand surged on the news that Prime Minister Thaksin will not return to the power. Mexican and Brazilian stocks staged a late rally to recover earlier losses in the day. |
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Nasdaq up 0.3%
Apr 05, 3:12 PM EDT |
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| Apple, Sandisk, Google all contributed to the rise in tech stocks in the late afternoon trading. Oil fell and European stocks close up. |
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| Market averages retain positive bias in the late afternoon trading. Tech stocks are firmer on the back of rise in Apple, Google and Sandisk. Apple released software to help Mac users run Windows. Benihana, up 10%, operator of Japanese restaurant reported same-store sale growth of 10%. P.F. Changs, Chinese restaurant chain, reported same-store sales growth of 1.3% and the stock lost 8%. European markets close higher. |
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Europe Rebounds At Close
Apr 05, 12:43 PM EDT |
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| Germany's DaimlerChrysler climbed 1.9% and France's Lagardere added 4.7% after the two companies decided to reduce their holdings in EADS. |
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| European stocks recovered from early weakness to finish in the positive, lifted by gains for DaimlerChrysler and Lagardere on the sale of their stakes in EADS. The companies, which both helped create EADS, decided to sell by 7.5% of their holdings in the aerospace concern. The German DAX 30 gained 0.3%, the French CAC 40 rose 0.3%, and London FTSE 100 climbed 0.6%. |
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Weak Gasoline Stocks
Apr 05, 11:54 AM EDT |
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| Crude oil inventories rose 2.1 million barrels for the week ended Mar 3, while gasoline stocks posted a week-over-week drop of 4.4 million barrels. |
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| After the early rise, stocks gave back some ground with investors worried about interest rate hikes. An icrease in the price of oil also contributed to the market weakness. Crude oil rose to $66.65 after the Energy Dept. showed a steeper-than-expected decline in gasoline inventories.Tech stocks were strong with shares of Apple rising 7% on the introduction of new software that enables Intel-based Macs to run Windows XP. |
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New Orders Boost Service Sector
Apr 05, 10:47 AM EDT |
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| The ISM's business activity index rose to 60.5 in March from 60.1 in February, vs. expectations the index to slide to a reading of 59.0. |
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| Stock markets extended early gains, lifted by tech and metals stocks. The Nasdaq showed considerable strength, helped by computer hardware stocks with Apple rising 6% on the introduction of new software that enables Intel-based Macs to run Windows XP. Seed company Monsanto reported Q2 income rise of $1.60 per share on sales growth, beating expectations of $1.52 a share. |
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Apple up 6% on New Software
Apr 05, 10:05 AM EDT |
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| Crude oil prices retreated to $65.05 ahead of petroleum report. European gold fell on rallying prices. The dollar gained strength. |
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| Stocks opened modestly higher, although trading was light ahead of the release of a report on business activity in the services sector. The Nasdaq showed considerable strength, helped by computer hardware stocks with Apple rising 6% on the introduction of new software that enables Intel-based Macs to run Windows XP. In earnings news, seed company Monsanto reported Q2 income rise of $1.60 per share on sales growth, beating expectations of $1.52 a share. |
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Market to Open Flat
Apr 05, 9:14 AM EDT |
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| Crude oil prices retreated to $65.05 ahead of petroleum report. European gold fell on rallying prices. The dollar gained strength. |
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| Stock index futures pointed to a flat opening as investors seemed worried about interest-rate hikes and inclined to lock in recent gains. In earnings news, seed company Monsanto reported Q2 income rise of $1.60 per share on sales growth, beating expectations of $1.52 a share. Acuity Brands, lighting equipment producer, reported it swung to profit in Q2, posting profit of 32 cents a share, up from a net loss of 20 cents last year. |
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Indian Market Up 24%
Apr 05, 8:58 AM EDT |
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| For the third day in a row Sensex in India rose. Market is up 24% for the year. Cement and pharma stocks led the advance. |
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| Sensex in India closed up 109 points or 0.94% to 11,747, a new record. Sensex in India is now trading at a Price to Earnings multiple of 21 for 2007 earnings. Market is adjusting to higher economic growth expectations, easier credit rules for private banks and better earnings from local infrastructure and cement companies. |
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European Stocks Lack Drivers
Apr 05, 8:16 AM EDT |
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| Shares of European Aeronautic Defense & Space Co. dropped 3.9%, while DaimlerChrysler added 2% in Frankfurt, and Lagardere gained 3.5% in Paris. |
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| European averages traded near the flat line at mid-day as investors turned to profit taking. With no catalysts to drive the market, stocks erased earlier gains made on the back of strong U.S. markets close. The biggest decliner was EADS which fell 3.9% after DaimlerChrysler and Lagardere decided to cut their stakes in the concern. |
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