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Earnings Rise Markets Fall
May 03, 4:45 PM EDT |
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| More than 63% of S&P 500 companies have released earnings with avg gain of 13%. Starbucks report 16 cents on same store sales rise of 10%. |
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| Market traded up but closed lower. Consumer spending may come under attack as oil remains near record level, metals and other commodites are near 25-year high but corporate earnings are growing at a steady pace. More than 63% of S&P 500 index companies have released their earnings with an average growth of 13% beating the expectation of 11% at the beginning of the season. TimeWarner, P&G declined. Cigna lost $15 on lower earnings. Whole Foods report 36 cents vs. 30 cents a year ago. |
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Cigna & Genesis Decline
May 03, 3:34 PM EDT |
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| Averages turned negative in the afternoon trading. Crude oil inventory for the week rose. Gold and silver dropped. |
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| Market averages turn negative after digesting a fresh batch of earnings in the morning. TimeWarner reported higher revenue and earnings but missed the estimate. Proctor & Gamble reported higher earnings and 21% higher revenue. P&G stock has been on the decline for the 45 days and declined further today. Blue Nile and Cognizant reported better than expected earnings. FPL, Clear Channel met expectations. Genesis Micro and Cigna disappointed the market. Cigna dropped $12 and Genesis lost 20%. |
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Rising Euro Drags Europe
May 03, 12:50 PM EDT |
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| BMW fell 2.7%, despite Q1 income rise to 80.6%, helped by a gain on the settlement of the exchangeable bond on Rolls-Royce shares. Sa |
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| European stocks finished sharply down on oil prices and weaker dollar against the euro. Shares of automakers lost ground, with BMW AG falling 2.7% and Volkswagen, down 1.7%. Deutsche Bank and insurer Allianz declined 1.7% each. The German DAX 30 dropped 1.4%, the French CAC 40 declined 0.9%, and London FTSE 100 fell 1.2%. |
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Weak Stocks on Strong Data
May 03, 11:58 AM EDT |
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| The Department of Energy posted an unexpected increase in oil inventories by 1.7 million barrels and a 2.1 million barrels rise in gasoline stocks. |
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| Stocks moved lower on strong economic data raising concerns about higher interest rates. Disappointing profit outlooks from Adobe, down 8.9% and Procter & Gamble, down 4.7% also weighed. The Commerce Department said that new orders at U.S. factories rose a stronger-than-expected 4.2% in March on strong demand for transportation equipment, electronic products and machinery. Rate-sensitive utilities and financial stocks showed a notable weakness. Gold and energy stocks also fell. |
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India up 4%
May 03, 10:38 AM EDT |
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| Sensex closed up 91.94 points, or 0.75% in a volatile trading and gained 4% in four days. Banks, oil refiners and industrial stocks led the advance. |
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| Sensex in India rose for the fourth day in a row and gained 4% for the week. Sensex is now trading 30% higher since the beginning of the year only trailing 47% rise in Russian market. Banking, refining and mid-cap industrial stocks advanced on earnings. Volatility in the market has increased in the last two months of trading. |
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Time Warner Net up 60%
May 03, 10:12 AM EDT |
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| Warner Music Group Corp. rose $1.82 to $29.11 after saying it refused a $4.2 billion cash-and-stock offer from rival record label EMI Group PLC. |
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| Stocks opened flat on surging oil and gold prices which offset the positive sentiment generated by strong earnings from Time Warner and Procter & Gamble. Time Warner posted 60% quarterly profit rise, lifted by growth in its cable television business and from the sale of its book group. |
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P&G Profit Jumps 37%
May 03, 9:02 AM EDT |
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| Crude oil jumped to $74.74 on growing tensions over Iran's nuclear program. European gold hit a new 25-year hgh to $675. The dollar was weak. |
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| Time Warner Inc. reported Q1 profit rise to $1.46 billion, or 32 cents per share, up from $915 million, or 19 cents per share last year, beating estimates. Procter & Gamble Co. posted Q3 earnings jump of 37% to $2.21 billion, or 63 cents per share, up from $1.61 billion, or 59 cents, exceeding analyst expectations. |
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Europe Slips On Oil
May 03, 8:27 AM EDT |
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| Deutsche Bank reported Q1 earnings rose 55% to 1.7 billion euros, beating estimates. Insurer Allianz reported Q1profit rose 38% to 1.8 billion euros. |
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| European markets moved lower at mid-day, reversing from early gains fueled by commodities and mining stocks. Stocks declined on continuously rising oil prices leading auto stocks down. The German DAX 30 dropped 0.6%, the French CAC 40 declined 0.3%, and London FTSE 100 fell 0.6%. |
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Upbeat Asia
May 03, 7:55 AM EDT |
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| Asian markets rose Wednesday, as HK and Singapore led the stocks higher on strong banking and property shares. |
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| South Korea advanced at mid-day on positive earnings news, lifting financial stocks performance. Seoul’s Kospi index showed some volatility, rising 1.2% on HSBC positive net news to end flat. Hong Kong’s Hang Seng closed 0.9% up. Singapore Straits Times Index advanced 1% at close and shares in Taiwan finished 0.6%. Jakarta shares advanced 0.9% as well. |
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