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HP, Abercrombie and Applied Materials Earnings
May 16, 4:17 PM EDT |
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| HP- earnings of 51 cents vs. 33 cents a year ago. Abercrombie & Fitch- earnings of 62 cents vs. 45 cents a year ago. |
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| Market averages traded in a narrow range as latest economic data indicated mixed economic picture. Apil wholesale inflation rose, housing starts declined but factory output rose. On the earnings front Wal-Mart delivered better than expected earnings, Home Depot falied to meet sales expectations. After the close HP reported net revenue rise of 5% to $22.5 billion and earnings of 51 cents vs. 33 cents a year ago. Applied Materials reported earnings of 26 cents vs. 18 cents a year ago. |
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Earnings Dominate Trading
May 16, 1:59 PM EDT |
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| Market averages remained under pressure for the most part of morning. Economic indicators pointed a mixed picture. Apple lost 3%, Carnival dropped 9%. |
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| Market averages remained closed to unchanged level at mid-day. Economic data painted mixed picture. Rise in April Inflation at wholesale level was reported at 0.9% but housing starts dropped 7.4% to 1.85 million annual level and factory output rose by 0.8%. Apple lost 3% on the news that Creative Technology has filed complaint and a lawsuit. Deere & Co. reported earnings per share of $3.13 on revenue rise of 2%. |
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Pharmas Lift Europe
May 16, 1:19 PM EDT |
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| EADS shares declined 2.6% after posting gains on strong quarterly results. GlaxoSmithKline shares gained 1.7%, while Sanofi shares added 2.4%. |
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| European markets erased early losses to close higher, supported by defensive healthcare giant companies. The German DAX 30 rose 0.5%, supported by 1.5% gain for Deutsche Post. The French CAC 40 climbed 0.6%, with EADS falling 2.6% after making early gains. London FTSE 100 gained 0.6%, helped by catering company Compass Group, which rose 2.8%. |
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Home Depot Net Rises 19%
May 16, 12:16 PM EDT |
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| A report from the Federal Reserve showed that industrial production rose by 0.8% in April, above the expected growth of about 0.5%. |
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| U.S. market averages turned mixed as investors digested a number of key economic reports. Wal-Mart Stores Inc. reported Q1 profit rose 6.3% to 63 cents per share, up from 58 cents a year ago, beating estimates of 61 cents. Home Depot posted Q1 profit rise of 19% to 70 cents a share, compared with a profit of 57 cents a share, for the same period a year ago, exceeding expectations of 67 cents a share. NCO Group Inc. rose 39% on news that its chief executuve offered to buy the company for $1B. |
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Sensex in India Rebounds
May 16, 10:42 AM EDT |
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| Indian market recovered in late trading led by a rally in cement stocks. Reliance Industries, Infosys and auto sector stocks took part in the rally. |
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| Market volatility was at display in cement sector. Cement shares soared in volatile market, as cement companies offered a 5% discount for cement supplies to government projects. Other factors contributing to the market rise were the surging quarterly results, and hopes that the U.S. Fed may cancel its policy of lifting the interest rates. |
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Tame Wholesale Inflation
May 16, 10:08 AM EDT |
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| The Commerce Department said housing starts dropped 7% to 1.85 million in April, below estimates of 1.95 million. |
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| Stocks opened modestly higher, following a tame report on wholesale inflation which raised hopes that stabilizing prices will keep the Fed Reserve from raising interest rates. The Labor Department''s producer price index showed that high energy costs have not yet affected core wholesale prices. The overall PPI for April jumped 0.9%, while core PPI grew a lower-than-forecast 0.1%. The yield on the 10-year Treasury note dropped to 5.13% from 5.16% Monday. |
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Wal-Mart Beats Estimates
May 16, 9:04 AM EDT |
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| Crude oil continued its decline Tuesday, falling to $69.27 a barrel. European gold posted losses. The dollar fell against the euro. |
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| Stock futures were poised to a flat opening with investors awaiting producer prices data. In earnings news, Wal-Mart Stores Inc. reported Q1 profit rose 6.3% to 63 cents per share, up from 58 cents a year ago, beating estimates of 61 cents. Home Depot posted Q1 profit rise of 19% to 70 cents a share, compared with a profit of 57 cents a share, for the same period a year ago, exceeding expectations of 67 cents a share. |
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BellSouth Says No to NSA
May 16, 8:10 AM EDT |
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| Verizon spokesman claimed that the company had complied with relevant laws and was ‘committed’ to customer privacy. |
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| A report released by USA Today identified BellSouth Corp., AT&T Inc. and Verizon Communications Inc., as companies that had complied with a National Security Agency request for millions of customer phone records after the terrorist attacks in 2001. BellSouth denied having assisted the NSA. |
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Nikkei Hits Two-Month Low
May 16, 7:34 AM EDT |
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| Energy stocks sank Asia's markets Tuesday despite an optimistic start. Market fell, following the decline in commodity and energy shares. |
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| The Nikkei advanced 0.1% soon after the trading started, led by a recovery on Wall Street and a slight weakening of the yen. The advances were lost, however, and the Japanese index plunged into a sixth consecutive losing session of, shedding 0.2% at close. Kospi in South Korea dropped 1.1% and Australian index finished 0.3% lower. |
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Europe Starts Lower
May 16, 6:54 AM EDT |
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| European markets started lower by mid morning on Tuesday, swinging from earlier advances, as investors were pressured to sell commodity stocks. |
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| Volatility prevailed on the market, as London FTSE 100 dropped 0.5 %, along with the CAC in Paris, down 0.3% and Frankfurt’s Xetra Dax slipping 0.5%. Stocks closed mixed in US trading overnight, as commodity-related companies were on sale after some heavy losses for crude oil and industrial metals. Austria’s OMV led the decliners, down 8.5%, after posting earnings, missing the mark. Among other losers were Norwegian oil company Statoil, falling 0.8%. |
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