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Markets Gain Despite Dollar and Gold
May 02, 4:47 PM EDT |
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| Auto sales fell for April. Gold and silver close at a new record. Crude oil approach $75. |
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| Market averages continued to climb in the face of falling dollar and rising crude oil and commodities prices. The borader averages gains were led by large industrial companies. Verizon reported stronger than expected earnings. After the close Dream Works, Pacer International, platronics, Thor Industries and Allied Waste reported earnings. European markets closesd higher. India closed at a record level. |
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Strong European Close
May 02, 12:47 PM EDT |
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| Cairn Energy helped the oil sector, climbing over 5% in London after Merrill Lynch upgraded the oil exploration company to buy from neutral. |
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| European markets closed sharply higher on strong resource stocks and corporate news. Commodities, oil and gas stocks advanced with Cairn Energy and Xstrata standing out among gainers. In corporate news, Credit Suisse Group rose 1.5%, French Lafarge gained 1.1%, telecoms group Alcatel and beer company Heineken gained on brokerage upgrade, rising 1% and 2.3% respectively. The German DAX 30 climbed 0.7%, the French CAC 40 rose 1%, and London FTSE 100 climbed 1%. |
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Pinnacle Swings to Profit
May 02, 12:00 PM EDT |
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| Apple shares rose 2.2% on the company's deal with the four largest record companies that will allow it to keep iTunes prices at 99 cents per download. |
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| Shares of Chesapeake Energy Corp. moved up 3% after the company reported earnings jump on record oil and gas production. Pinnacle Entertainment Inc. gained 4% after the company reported Q1 earnings of $13.5 million, or 28 cents a share, up from a year-ago loss of $2.2 million, or 6 cents a share. Shares of Hovnanian Enterprises Inc. plunged 7% after the company cut its Q2 and 2006 earnings forecasts on production delays and lower sales. |
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Sensex Soars 1.4% on Surging Asian Markets
May 02, 10:42 AM EDT |
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| Indian Sensex hits record high, up 1.4%, led by a rise in banking stocks and strong auto sales. A favorable US court ruling boosted company stocks. |
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| Indian Sensex closed 176.22 points higher to hit an all-time high at the time when the news of government probe into cement price high hit the market. The Sensex remained on positive territory throughout the session soaring at the opening hours. The index has kept a steady rise in the past three trading sessions, up 3.2% over that time. |
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Hovnanian down 6%
May 02, 10:14 AM EDT |
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| E-commerce conglomerate IAC/InterActiveCorp posted a 32% drop in quarterly earnings, despite 36% revenue growth. |
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| Insurer St. Paul Travelers lifted its 2006 earnings outlook and said it would buy back $2 billion in shares. The stock rose 4.6%. Sirius rose 7% after posting a wider net income loss, reflecting payment of $225 million in stock-related compensation. However, the loss was better than analysts expected. Hovnanian Enterprises Inc. fell 6% after the homebuilder lowered its Q2 profit outlook on slowing sales and production delays. |
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Verizon up on Earnings
May 02, 9:15 AM EDT |
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| Crude oil climbed to $74.56 a barrel on worries about disruptions in oil exports. European gold hit a new 25-year high. The dollar gained vs. the yen. |
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| Verizon reported Q1 earnings of $1.6 billion or 56 cents a share compared to $1.8 billion or 63 cents per share last year on 25% revenue growth. Excluding special items, the company earned 60 cents per share, a penny above analyst estimates. Pinnacle Entertainment swung to profit in Q1, reporting 28 cents a share, up from a loss of 6 cents a share due to 70% revenue jump. Quarterly results exceeded analyst estimates. Hovnanian Enterprises fell 6% on lowered Q2 and 2006 profit outlook. |
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Mining Stocks Boost Europe
May 02, 8:14 AM EDT |
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| Swiss banking giant Credit Suisse gained 2.2% after it reported a 36% increase in first-quarter net profit to Sfr2.6 billion. |
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| European markets advanced at mid-day, boosted by strength in mining and oil stocks, including companies like BP and Xstrata. Some corporate news also generated positive sentiment with Suisse Credit Group up 2.2%, Lafarage, up 1.7%, Alcatel up 0.8%, and Heineken, up 2.4%. The German DAX 30 added 0.4%, the French CAC 40 rose 0.6%, and London FTSE 100 climbed 0.7%. |
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Tokyo Powers Asian Markets
May 02, 7:48 AM EDT |
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| In Tokyo at close, Bridgestone soared 4.9% as the tire maker profits advanced despite higher raw material costs. Mitsui & Co rose 1.7%. |
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| Japan’s benchmark Nikkei 225 Stock Average was boosted above the 17000 barrier. The Nikkei 225 advanced 1.4% following the strong results from tire maker Bridgestone. South Korean benchmark Kospi ended up 1.1% higher, as bank and telecom shares advanced on optimistic outlook. Hong Kong’s Hang Seng also gained 1.24% on fading interest rates concerns. China markets were closed for a public holiday. |
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