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Kirin, Seiko Fall on Earnings
May 01, 10:15 PM EDT |
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| Seiko Epson reported annual sales declined 4.8% to 1.3 trillion yen and earnings fell 19 billion yen. Kirin reported quarterly loss. |
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| Stocks in Japan fell on the downgrade of economic growth by the Bank of Japan and a spate of negative earnings news from Kirin Holdings and Seiko Epson Corp. March cash earnings of employees rise 1.2% at small companies and 1.4% at large and mid-size companies. Seiko Epson reported that annual profit for the year ended March 31st fell to 19 billion yen as net sales fell 4.8% to 1.3 trillion yen from 1.4 trillion a year earlier. |
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Rally in Techs, Financials Lifts U.S. Stocks
May 01, 10:31 AM EDT |
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| U.S. markets indexes rose sharply in the late afternoon as oil and gold fell and consumer spending increased. Tech stocks lifted Nasdaq 2.8%. |
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| Stocks in financials and technology sector closed sharply higher at close on a rally in the late afternoon. Tech heavy Nasdaq closed up 2.8%, Dow Jones Industrial rose 1.5% and S&P 500 increased 1.7%. Most markets in Asia, Latin America and Europe were closed for trading today. Exxon Mobil led decliners in Dow and American Express led gainers. Of the stocks in S&P 500, 430 closed higher and 70 closed lower, with MBIA leading gainers and JDS Uniphase leading decliners. |
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Smith Nephew Led FTSE Stocks Decline
May 01, 4:40 PM EDT |
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| UK stocks closed unchaged. ISM survey of the UK economy indicated that economy failed to grow in April and rising for 78 months in a row. |
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| The Bank of England in its report on financial stability said that the current re-pricing in the credit markets is taking longer than anticipated. But, added that prices of securities are likely to rebound from the current low in levels in months ahead. FTSE 100 index close unchanged on a weakness in energy and mining and metals related stocks. Smith & Nephew led decliners in the FTSE 100 shares with a drop of 13% followed by losses in Eurasian Natural of 3%, in Home Retail Group of 2.8%. |
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GM, Ford Sales Fall; Toyota, Nissan Sales Rise
May 01, 3:39 PM EDT |
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| Consumers were cautious in April and purchased fewer and smaller vehicles as rising fuel costs and worries related to economy dominated. |
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| General Motors and Ford report sales decline but Toyota and Nissan sales rise. As consumer watch the rising fuel cost, more people chose to buy smaller vehicles and forego purchase of light trucks. There were also two fewer selling days in April this year compared to April 2007. GM unit sales declined 17% and sales at Ford fell 12%. Toyota unit sales rose 3.5% and at Nissan sales surged 6.7%. |
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ExxonMobil Falls; Visa, MasterCard Raised
May 01, 4:38 PM EDT |
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| U.S. stocks traded mixed after weekly jobless claims increased. Personal income and expenditure in March rose. |
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| U.S. stocks traded higher in the morning trading after the release of weekly jobless claims and personal income and expenditure data. Weekly jobless claims increased 35,000 at the end of last week and personal income in March rose 0.3% and personal consumption expenditure rose 0.4%. Exxon Mobil earnings fell short of expectations and stock fell 4%. UBS raised its price target for MasterCard to $350 from $275 and for Visa to $100 from $88. |
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