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News Corp Boosts Buy-Back
May 10, 6:53 PM EDT |
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| Fed raises interest rates .25% percent forcing US averages down until close. Cisco expense forecast rises; News Corp boosts its buyback program. |
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| The Federal Reserve increased interest rates by a quarter percent to 5%. The market average has already factored in the rate hike. Baidu.com, Inc reported a revenue increase of 196.8% to $16.9 million, compared to the estimated $15.14 million. Cisco revenue rose 18% topping expectations by $.15 billion. Toyota Motor Corp reported a 39% rise in fourth quarter profit. Legg Mason, Inc reported its net income $1.03 a share, short of the anticipated $1.25 a share. |
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Legg Mason Declines on Earnings
May 10, 3:36 PM EDT |
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| Baidu reported revenue up 196.8%, Global Imaging Systems reported Q4 earnings of 63 cents a share. Legg Mason earnings fall short. |
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| The Federal Reserve raised interest rates a quarter percent to 5%, the highest level in five years, forcing U.S. stocks down. Whirlpool Corp. said it will consolidate operations by cutting 4,500 jobs and closing several plants as part of its acquisition of Maytag Corp. Baidu.com, Inc. reported earnings of $4.4 million. Legg Mason was 22 cents a share short of expectations. Toyota reports that it sold .3 million more vehicals in North America that it did a year ago. |
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Europe Ends Lower
May 10, 12:35 PM EDT |
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| Austrian oil giant OMV rose 3% in Vienna after agreeing to buy power provider Verbund in a deal valued at $16.6 billion. |
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| European markets extended earlier losses to finish in the negative ahead of the U.S. Fed Reserve interest-rate decision. Weaker dollar pressured export-related issues like tech stocks Infineon Technologies, Philips Electronics, and SAP. However, carmaker DaimlerChrysler rose 1.2% as Deutsche Bank upgraded the company to buy from hold. The German DAX 30 dropped 0.4%, the French CAC 40 declined 0.6%, and London’s FTSE 100 fell 0.4%. |
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Toyota Net up 39%
May 10, 11:53 AM EDT |
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| Crude oil inventories rose by 300,000 barrels for the week ended May 5. Gasoline inventories posted a week-over-week advance of 2.4 million barrels. |
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| Major averages turned mixed in late morning trading. The Dow moved to the upside supported by General Motors, up 2.3%. The Nasdaq traded lower as disappointing forecasts from Cisco and Federated weighed. Disney reported earnings increase of 12% last quarter, helped by strong television ratings and increased theme park attendance.Toyota Motor posted Q4 net profit rise of 39% on 18% sales growth. |
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India Hits New High
May 10, 10:41 AM EDT |
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| India’s Sensex kept on its record-breaking course to see another hike 12,600 level today, led by strong gains in metals, banking and heavyweights. |
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| Indian bank stocks were boosted by hopes that U.S. fed will stop hiking the rates, a policy, followed for almost two years now. Solid metal prices in the global markets pushed metal stocks up. Copper jumped over $8000 a ton on supply fears, igniting a dizzying rally. Reliance Industries gained, ahead of the listing of its subsidiary Reliance Petroleum on Thursday. Cement and auto shares declined. |
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Federated down 3%
May 10, 10:25 AM EDT |
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| Crude oil prices hovered above $70 a barrel ahead of petroleum report. European gold hit 25-year high. The dollar fell to one-year low. |
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| Stocks opened lower Wednesday as investors anxiously awaited Fed Reserve interest-rate decision. Negative sentiment was also generated by disappointing forecasts from Cisco Systems and Federated Department Stores. Cisco shares dropped 3%. Federated fell 3%. The company posted Q1 loss of 19 cents per share vs. profit of 71 cents a year ago, citing costs from acquiring May Department Stores. |
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BIDU up 27%
May 10, 9:14 AM EDT |
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| Crude oil prices hovered above $70 a barrel ahead of petroleum report. European gold hit 25-year high. The dollar fell to one-year low. |
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| U.S. stock futures pointed to a weak opening ahead of Fed Reserve interest-rate decision, due out in the afternoon. The benchmark fed funds rate is expected to be raised by a quarter of a point to 5%. In pre-market trading BIDU shares jumped 27% after China''s Web search system reported sharply higher quarterly earnings. Cisco Systems reported better-than-expected profit, but fell about 0.8% on a disappointing revenue forecast. |
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Nikkei Slips, Shanghai Gains
May 10, 8:37 AM EDT |
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| In Tokyo at close, Kyocera fell 2.6%, Honda Motor declined 2.3%, Sony lost 1.2%, and Advantest Corp. shed 1.2% . |
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| Asian markets finished largely in the negative, dragged by weaker dollar and cautiousness ahead of U.S. Fed Reserve interest-rate decision. The Nikkei dropped 1.4% to 16951.93 as the weak dollar weighed on exporter-related issues. Shanghai Composite rose 1%, extending gains to hit a 2-year high on fresh fund flows. Hong Kong’s Hang Seng fell 0.3%, dragged by property stocks. Taiwan Weighted index dropped 0.9% on weak financial stocks. |
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DaimlerChrysler Helps Europe
May 10, 7:55 AM EDT |
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| Shares of Adecco, Swiss stuffing giant, rose 6.4% on better-than-forecast 59% profit rise. British retailer DSG International jumped 7.6% on sales. |
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| European stocks traded in a tight range at midday as investors were cautious ahead of the U.S. Fed Reserve interest-rate decision. In addition, weaker dollar pressured export-related stocks. Shares of tech companies like Infineon Technologies and Philips Electronics moved lower. Automakers were supported by DaimlerChrysler which rose 2.5% as Deutsche Bank upgraded the company stock. The German DAX 30 gained 0.2%, the French CAC 40 lost 0.1%, and London’s FTSE 100 edged down 0.03%. |
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Gold Closes above $700
May 10, 6:14 AM EDT |
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| June contract gold topped Tuesday the $700 mark an ounce for the first time in 26 years, led by inflationary worries and geopolitical tensions. |
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| U.S. benchmark gold futures finished at a 26-year high of $701.50 an ounce, up $21.60 on the day, the highest price for the leading U.S. gold futures contract since September 1980. The rally on gold was driven by tensions over Iran''s nuclear plans, inflationary concerns and speculations about China''s gold reserves. Platinum, palladium and silver also hit record highs. |
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