|
|
|
Nasdaq Erases 2006 Gain
May 17, 4:12 PM EDT |
|
| Nasdaq declined1.5% and erases gains for the entire year. Dow and S&P lost close to 2%. Petsmart reports 30 cents earnings per share after the close. |
|
| Popular averages lost ground as inflation worries gripped trading sentiment. Market is finally waking up to the prospect of higher inflation and impact of rising commodities prices. Stocks fell across the board led by industrials, financials and technology sectors. HP earnings gain of 51% failed to sway the market but the stock rose 3%. Carnival Cruise lost 3% and Brazilian airline GOL lost 8%. Applied Materials reported rising earnings but stock lost 5%. |
|
|
Full Story... |
Brazilian Air, GOL Down 8%
May 17, 3:22 PM EDT |
|
| Brazilian air, GOL lost 8% in the New York trading. The company filed to raise $100 million to pay for expansion. |
|
| Brazil economic expansion has fueled rise of stock market in the last three years. The air transportation has been growing at one of the fastest pace in the world as commodity price driven economic expansion has supported a rise in air travel demand. Demise of former air travel leader Varig has given rise of TAM and GOL airlines. Both airlies has used stock market listings to fund expansion in the domestic and international markets. |
|
|
Full Story... |
Decline Steepens
May 17, 3:07 PM EDT |
|
| Inflaton worries have gripped trading sentiment. Market averages remain on a slippery slope in the last trading hour. |
|
| Market averages are now trading between 1.5% and 2%. Dow is down 2%, Nasdaq is down 1.5% and S&P down 2%. Apirl consumer price infation rose 0.6% and core infation rose 0.3%. March and April core inflation rose 0.3% each month. Financial services, technology and industrial stocks led decliners. Carnival Cruise sank 3% on lower earnings guidance. Gold, silver, copper and crude oil traded lower. |
|
|
Full Story... |
European Averages Drop 3%
May 17, 12:44 PM EDT |
|
| Copper miner Xstrata fell 5.3% after it offered to buy Canada's Falconbridge Ltd. for C$52.50 a share, valuing the entire company at C$52.50 . |
|
| European markets erased earlier gains to close deeply in the red after stronger-than-expected U.S. data on consumer prices raised concerns about inflation and further increases of interest rates. The German DAX 30 slipped 3.4%, the French CAC 40 tumbled 3.2%, and London FTSE 100 dropped 2.9%. |
|
|
Full Story... |
Stocks Sink on Inflation
May 17, 11:58 AM EDT |
|
| Crude oil inventories fell by 100,000 barrels for the week ended May 12, while gasoline stocks posted a week-over-week rise of 1.3 million barrels. |
|
| Stocks traded steeply lower as consumer prices report raised concerns about inflation and interest-rate increases. In earnings news, Zale Corp. reported Q3 net income advanced to 35 cents a share, up from 28 cents last year, beating analyst estimates. Talbots reported Q1 earnings of 51 cents a share, down from 63 cents a share year-ago. Circuit City rose 5.6% after the consumer electronics retailer reiterated its outlook for net sales growth of 7% to 11% in 2007. |
|
|
Full Story... |
Large Caps Drive India
May 17, 10:39 AM EDT |
|
| Sensex finished with a burst on strong gains in large cap stocks dominating index. State Bank of India, Reliance Industries, ONGC,Tata Steel rose. |
|
| The Sensex opened up with a strong gain and closed up 3%. Early trade on Wednesday was boosted by strong Asian markets and metal prices. The Indian benchmark struck a last-minute high as trade intensified. The market saw a great degree of volatility, fluctuating some 276 points. Advancing stocks led decliners by a margin of 4 to 1. |
|
|
Full Story... |
Core CPI Rises 0.3%
May 17, 10:18 AM EDT |
|
| Applied Materials fell 1.5% after reporting higher quarterly profit, but disappointing outlook. Hewlett-Packard rose 4% on 51% earnings jump in Q2. |
|
| U.S. stocks opened lower on consumer prices data, which raised concerns about inflation and interest-rate increases. A report from the Labor Department showed a bigger-than expected-increase in core consumer prices, rising by 0.3% in April, exceeding economist estimates of an increase of 0.2%. Utilities and banking shares dropped, with Bank of America Corp. falling 1%, while JPMorgan Chase & Co. was down 1.3%. |
|
|
Full Story... |
Hewlett-Packard Net up 51%
May 17, 9:11 AM EDT |
|
| Hewlett-Packard posted profit of $1.46 billion, or 51 cents a share, compared with $966 million, or 33 cents per share last year. Sales rose 5%. |
|
| Stock futures pointed to a flat opening as investors digested key economic data. The Labor Department reported that consumer price index rose 0.6% in April following a 0.4% increase in March. The report also showed that the core consumer price index, which excludes food and energy prices, rose 0.3% for the second consecutive month. |
|
|
Full Story... |
Honda Expands Production
May 17, 8:04 AM EDT |
|
| Honda Motor Co. announced plans to build a new plant in the United States in order to meet growing demand for its cars. |
|
| The company also plans to build a new assembly factory in Japan and an engine plant in Canada. The three plants are aimed at meeting 34% increase in annual sales to 4.5 million vehicles a year by 2010. In addition to the new plants, the company will double vehicle production at its plant in Brazil to 100,000 units by 2008, and double output in India to 100,000 by 2007. |
|
|
Full Story... |
Europe Gains on Earnings
May 17, 6:49 AM EDT |
|
| European markets rallied on Wednesday morning on strong gains in Asia, buoyant earnings and rallying mining stocks. |
|
| Although New York closed a bit lower, reflecting the weaker-than-expected economic data, Asia markets were upbeat Wednesday. That together with strong earnings reports coming from companies across the region gave stocks a boost. Vivendi raised its full-year estimate and its shares were up 4.9%. EADS, the aerospace company advanced 3% after an upgrade by Deutsche bank. By mid morning, London’s FTSE 100 was up 0.2%, CAC in Paris rose 0.4% and Frankfurt’s Xetra Dax gained 0.4 %. |
|
|
Full Story... |
1
2
 |
|
