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Market Attempts to Fight Back
May 22, 4:46 PM EDT |
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| Market averages made an attempt to comeback in the final hour of trading but failed to gain ground. Commodities fell and then gained at close. |
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| Market averages fractional decline at close fails to explain strong undercurrent of negative bias. The averages lost at one point close to 1% in Dow and S&P 500. Nasdaq index closed 1% lower. Metals, mining, and international stocks declined the most in New York trading. Gold fell as much as $20 and oil lost 2% before recovering to close 1% higher. New York Exchange proposed $10 billion for Euronext. Bausch & Lomb receives IRS notice for $200 million of back taxes. Russian main index lose 9%. |
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Corning Hits Production Snags
May 22, 4:21 PM EDT |
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| Corning, maker of advanced materials including flat panel glass, hits production problem but maintains the earnings guidance. |
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| Corning maker of flat panel glass among other advanced materials cautioned investors of production problems. The company still maintained its earnings guidance of 24 cents to 26 cents per share for the quarter. The company forecasted flat TV penetration of 19% in the market and shipment volume target raised from 38 million to 41 million for the year. |
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Bausch & Lomb Receives a Tax Notice
May 22, 4:10 PM EDT |
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| Bausch & Lomb receives request to pay $200 million of back taxes and penalties. |
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| Decline in market averages left few stocks in the positive territory. Financials, techs and industrial stocks led decliners in New York. Gold and silver reversed the earlier course and closed higher but copper lost at close. Bausch & Lomb received a tax notice to the tune of $200 million. The company has been caught in a product recall, accounting restatements and a FDA investigation. The stock has lost 30% in two months of trading. |
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Mittal Improves Arcelor Offer
May 22, 3:59 PM EDT |
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| Mittal imporved the offer on the second day after launcing takeover process. Mittal and Arcelor together will control 10% of the global steel. |
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| Market averages remained under pressure worldwide. Markets in Asia and Europe closed lower for the second week on the heels of lower metals and oil prices and worries of rising inflation and interest rates. Mittal improved on its offer for Arcelor and offered to cut its stake to 45% of the combined company. Mittal also proposed a $800 million plan to modernise iron ore mine production in Ukraine. |
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Russia Collapses on Gold and Oil
May 22, 3:22 PM EDT |
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| Russia's main index RTS collpased 9.1% on daily trading volume of $1.2 billion. Falling commodities and oil prices contributed to the decline. |
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| Russian index RTS declined 9.1% for the day and lost 25% in last eight trading days. Market averages have been on the slide for more than two weeks as world prices of metals and oil have come under heavy pressure. Leading oil, metals and telecom companies led the decliners. Gazprom lost 12%. Other emerging markets around the world suffered steep declines. Indonesia lost 6%, Brazil, Mexico and Norway declined close to 5% and India retreated 4%. India lost 20% in less than ten trading days. |
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Global Markets on Decline
May 22, 2:32 PM EDT |
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| Averages in New York decline as markets in Asia and Europe close lower. Oil and Gold fell at mid-day trading. Financials and industrials led losers. |
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| Market averages remain under pressure for the second week in a row. Gold and oil fell in the morning trading. European and Asian market closed lower. Japan lost nearly 2% and India plunged 4.2% and Indonesia slid 6%. Germany, UK and France closed below 2% or more. Brazil and Mexico are close to 4% down. |
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Commodities Drag Europe
May 22, 1:05 PM EDT |
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| Euronext closed down 9.5% as investors eyed an offer price below the exchange's closing share price on Friday. Deutsche Boerse fell 8.5%. |
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| European markets closed in the red, continuing a downward trend started last week when inflation and higher interest rates weighed. On Monday market sentiment was hurt by a heavy sell-off in the metals and energy sectors, reflecting a decrease in commodities prices. The German DAX 30 slipped 2.2%, the French CAC 40 tumbled 2.56%, and London FTSE 100 dropped 2.2%. |
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Oil Companies Drop
May 22, 12:01 PM EDT |
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| Metals and energy stocks came under pressure Monday morning on falling commodities prices. Dow components Alcoa, Exxon Mobil were the biggest losers. |
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| NYSE offered to acquire Euronext for $10.2 billion, swapping each of its shares for 0.98 share of Euronext and $27.22 in cash. The deal values Euronext at about 5% below its Friday closing price of $95.24, and outbids a rival $82-per-share bid from Deutsche Boerse. NYSE Group fell $3.28 to $61.22, and Nasdaq fell $2.95 to $30.10. |
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Commodities Sell-Off
May 22, 11:18 AM EDT |
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| Wal-Mart Stores Inc. is selling its South Korean unit to Shinsegae, Korea's biggest discount retailer, for $882 million. |
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| Inflation concerns as well as a heavy sell-off in commodities stocks sent stock markets lower. Falling oil prices dragged on the energy sector, sending Dow component Exxon Mobil Corp. down 59 cents to $59.86, and ConocopPhillips down 68 cents to $62.04. The gold sector posted a particularly sharp decline, falling by about 3.5%. |
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Lowe's Beats Estimates
May 22, 10:10 AM EDT |
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| Crude oil futures slid 86 cents to $67.67 a barrel, dragging oil giants ConocoPhillips and Exxon Mobil. Gold stocks steeply declined. |
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| U.S. stock futures opened lower as worries about inflation and higher interest rates weighed. Sharp declines in overseas markets also generated negative sentiment. Lowe''s Cos., home improvement products retailer, reported Q1 earnings rise of 44% to $1.06 a share, up from a profit of 73 cents a share a year ago, beating estimates. Sales soared 20.3%. |
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