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Gold and Copper Slide
May 19, 4:12 PM EDT |
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| World markets still remain unsettled as markets in New York attempt a feeble recovery. Gold, silver, copper and aluminum decline. |
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| Market averages closed higher led by a late hour rise in Nasdaq. Dell earnings supported rise of 8% in Advanced Micro. Fear of rising interest rates rattled markets around the world as markets in Europe, Asia and Latin America declnied between 5% and 19% during the week. Russia closed 19% lower and India lost 13%. Gold lost 10% and silver lost 12% in the last six trading days. Copper lost 7% in NY trading today. Benihana, Rackable Systems and retailer Hibbett Sporting Goods plunged. |
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Benihana Plunges, Rackable and Hibbett Slide
May 19, 2:51 PM EDT |
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| Benihana, Japanese restaurant operator down 25%. Retailer Hibbett Sporting Goods lost 10% and Rackable systems dropped 9%. |
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| Market remained unsettled for the most part of trading session. Market averages charted volatile path with no clear direction. Market has been unsettled as of may 10th when Fed raised interest rates and gave no clear direction for the future rate hikes. Gap inc revenue declined 17% and guided that same-store sales will stop falling in the second half of the year. Benihana dropped 25% on lowered earnings guidance. Hibbett Sporting Goods fell 10% and Rackable Systems fell 9%. |
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BNP Paribas, Arcelor Help Europe
May 19, 1:02 PM EDT |
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| British Airways was the U.K. main index's biggest riser, adding 9.1% after announcing that Q4 profit jrose to 83 million from $6 billion a year ago. |
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| European markets closed mostly higher, helped by gains for BNP Paribas, British Airways and a lifted bid for steel maker Arcelor. BNP Paribas climbed 3.5% Arcelor climbed 9% after Mittal raised its bid 34% to nearly $33 billion. The German DAX 30 added 0.1%, the French CAC 40 rose 0.7%, while London’s FTSE 100 fell 0.3%. |
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Mittal Raises Arcelor Bid
May 19, 11:40 AM EDT |
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| Semiconductor stocks posted significant strength Friday. Advanced Micro Devices rose 9.7%, Dell gained 3%, and Marvel Technology rose 7.6%. |
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| Mittal Steel raised its hostile bid for rival steelmaker Arcelor SA by 34% to $32.9 billion in cash and stock. Should the takeover take place, the two joined companies would have control of 10% of the world''s steel production. Arcelor rejected an earlier offer of $27 billion, but said it would consider the new bid. |
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India Continues the Plunge
May 19, 10:46 AM EDT |
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| Sharp selling pressure pushed Indian Sensex down for a second day in a row, as a host of negative news and investors’ skepticism impacted the market. |
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| The news that the Indian government will introduce guidelines to draw a distinction between investment and speculative trading is still rattling the market, despite state clarification that it will be done carefully not to affect international investors. The benchmark was off to a positive start but quickly got caught in volatility and closed 4% lower. |
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AMD Climbs 9%
May 19, 10:13 AM EDT |
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| Apparel retailer Gap Inc. said profit slid 17 % in Q1 amid a deepening sales slump that the company said should end in the second half of the year. |
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| Stocks opened in the positive. The semiconductor sector was one of the best performers in the early going on Friday. News that Dell Inc. would begin using AMD chips in its top-selling computers gave both stocks a boost and supported the technology sector. Dell rose 3% and Advanced Micro Devices climbed 8.5%. |
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Dell Profit Falls 18%
May 19, 9:10 AM EDT |
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| Crude oil prices advanced to $69.81 a barrel. Gold price declined. The dollar slightly gained vs. the euro. |
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| Stock futures advanced Friday with Dell and AMD boosting technology stocks. Dell rose 3.6% before the opening bell after the computer maker posted earnings in line with expectations. Advanced Micro Devices climbed 12.3% in pre-market trading after the chip maker said Dell would offer its processors in Dell servers by year''s end. AMD rival Intel Corp. fell 4.8%. |
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Bausch & Lomb Rebounds
May 19, 8:20 AM EDT |
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| Baush & Lomb has plunged 30% in the last two months, but the stock has rebounded 10% this week on hopes that the medical mystery has been solved. |
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| Bausch & Lomb Inc., maker of contact lens care products, permanently withdrew its contact lens solution MoistureLoc from the world markets on Monday. In April, federal regulators revealed they were investigating links between its new-formula contact lens cleaner and a rare fungal infection known to cause blindness. |
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European Bourses Buck Downtrend
May 19, 6:42 AM EDT |
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| Europe stocks rose Friday against beliefs of a third day of continuous decline after New York weakened further on inflation and interest rate fears. |
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| US stocks ended down Thursday as a last minute sell-off canceled out profits made earlier in the trading. Otherwise, for analysts, the weaker-than expected growth in job rates might end fears that the increase will continue. The FTSE 100 in London advanced 0.2% in early trade, as did the Xetra Dax up also 0.2% and the CAC-40 in Paris rising 0.4% higher. |
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Gold Slumps
May 19, 5:22 AM EDT |
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| Gold and silver prices declined Thursday, in spite of a sharp increase in U.S. jobless claims and the dollar's fall against the euro. |
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| Investors normally turn to safe-haven gold when the U.S. economy seems to be on the decline. Precious metals prices have the potential to go higher, but that volatility damages the market. It appears that for the time being the metal will continue being affected by the U.S. dollar rates and that the consolidation phase is not over yet. |
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