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Sharp Pause in Market Rally
May 12, 5:10 PM EDT |
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| Market rally came to a sharp halt in the last two trading days of the week. Dollar, gold, and oil declined. Expedia lost 26% and Google fell 3%. |
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| Two days of decline and market rally came to a sharp halt. Market is still trying to decipher the direction interest rates. Inflation jitters were back on the minds of traders. Import prices rose 2.1% in April and 5.9% from a year ago. Petroleum prices rose 12% in the month. Expedia lost 26% of its value on earnigs decline of 57%. Emerging markets in Asia and Latin America fell. Brazil and Argentina dropped 1.5% and 2.7%. |
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Nasdaq Down 1%
May 12, 2:30 PM EDT |
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| Market averages traded lower since opening and stayed lower. Nasdaq lost close to 1% in the late afternoon trading. Dell, Google and eBay fell. |
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| Market averages declined for the second day in a row. Broader averages came under pressure as wave after wave of sale orders hit the market initiated by program trading. March trade deficit was reported at $62 billion lower than the estimate of $67 billion. Economists expect for the year annual trade deficit still to be 8% ahead of last year. Deficit with China, Japan, Mexico and EU rose. Expedia declined 25% on lower earnings. The stock has lost 50% since the end of Jan. |
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Europe Posts Steep Decline
May 12, 12:55 PM EDT |
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| Spanish telecommunications giant Telefonica fell 3% after reporting 40% quatrerly profit jump, helped by acquisitions of O2 and Cesky Telecom. |
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| European markets dropped to their lowest levels in two years. Stocks moved steeply down on concerns over inflation and interest rates. Negative sentiment was also generated by shares of steel companies which reported lower quarterly profit. Mittal Steel dropped 2.4% on 30% net income decline for Q1, while Arcelor fell 2.3%, on 20% profit decline. The German DAX 30 tumbled 2.3%, the French CAC 40 slid 2.1%, and London''''s FTSE 100 dropped 2.15%. |
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Online Financials Drop
May 12, 11:48 AM EDT |
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| General Motors added 1.9% to $26.30 after a brokerage firm upgraded the car maker to buy from hold. |
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| Online financial-services firms traded lower, despite better-than-expected April volumes for several companies. Charles Schwab Corp fell 1.4% after saying that April daily average revenue trades, or DARTs, rose 44% to 293,000. April client assets rose 22% to $1.3 trillion. TD Ameritrade Holding Corp. reported that it handled an average of 278,000 trades a day in April. The stock was down 0.5%. |
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Cement and Reliance Drag India down
May 12, 10:36 AM EDT |
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| Indian Sensex fell for a second consecutive day on a sell-off in cement stocks and a sharp decline in Reliance shares. |
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| The real estate developer DLF was reported to have drafted a preliminary prospectus with SEBI amounting to $3 billion that was the reason for the market volatility in late session. Worries reign over the possibility that the super IPO might drain liquidity from the secondary market. The market was also influenced by weak global markets. |
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March Trade Deficit $62 B
May 12, 10:26 AM EDT |
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| For the second month in a row trade deficit declined. 8.5% decline in imported petroleum products and rising exports played a role in lower deficit. |
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| Market averages remained lower in the first hour of trading. Trade deficit declined for the second month in a row but annual rate of deficit for the year is still expected to be higher. Deficit with China, Japan, Mexico and European Union rose. Deficit with Canada declined. Exports of electrical equipment and farm products rose. Dow, Nasdaq and S&P are down a fraction in the fir hour of trading. |
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Expedia Down 25%
May 12, 9:52 AM EDT |
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| Market traded lower at the opening. Metals, Mining and energy stocks are trading lower. Expedia falls 25% at the opening. |
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| Market averages are down at the opening. Dow opened 30 points lower, Nasdaq traded 14 points down and S&P opened 3 points lower. Oil traded lower as International Energy lowered demand for oil. Expedia, online travel booking service, reported earnings of 6 cents vs. 14 cents a year ago on 2% rise in revenue. Domestic revenue in the first quarter declined 4% and international booking revenue rose 24% excluding foreign exchange impact. |
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Weak Opening
May 12, 9:12 AM EDT |
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| Market sentiment in the futures market indicate weak opening in broader averages. Dollar and oil fall in European trading. |
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| Market aveerages for the second day are likely to trade in the negative territory for the second day in a row. Weak dollar and rising metals and oil prices are worrying traders. Oil fell in the European trading as International Energy Agency lowered its demand for oil by 200K barrels per day to 84.4 million barrels per day. Best Buy is in a deal to buy a stake in the fourth largest electronic retailer in China. |
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Europe Sinks in Early Trading
May 12, 7:42 AM EDT |
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| European shares plunged 1.5% in early trading on Friday, dragged down by the weak dollar, hitting exporters. |
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| The dollar sank to a one-year low versus the pound and the euro bringing up concerns of less-than expected translated earnings in Europe. Miners led the decliners, as they price their products in dollars with BHP Billiton and Kazakhmys shedding 4% each. Carmakers lost up to 3%. By 0948 GMT, the London FTSE 100 dropped 92.6 points, Germany''s DAX 30 shed 1.6 % and France''s CAC 40 fell 1.7 %. |
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Gold Sets New 26-Year High
May 12, 5:23 AM EDT |
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| Gold and silver closed on Thursday at price levels not seen since the early 1980s, fueled by huge fund rally, soft dollar and geopolitical tensions. |
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| Gold has gained more than 40% since November of last year, led by a number of factors, among which are the worse-than-expected U.S. economic data and a decline of the dollar against the euro. These key reasons have brought about massive speculative and fund rallies. The tensions over Iran’s nuclear ambitions and the continuing rise of the oil prices also helped lift the price of gold. |
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