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Bonds Decline, Stocks Rise
May 31, 4:12 PM EDT |
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| Market averages pared back early rise after the release of FOMC meeting minutes. Sun Microsystems to lay-off between 4,000 and 5,000 people. |
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| Market averages rebounded after declining for most of the last week and yesterday. Decline in oil and precious metals prices helped investors to step-in. Stocks in Europe staged a mild rebound, rising 1% across the region at close. Latin American averages closed higher on the release of Brazil Q1 GDP growth of 3.4% beating the estimates of 2.7%. FOMC meeting minutes showed policymakers grappling with the rate hike decision. |
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Telecoms Help Europe Rebound
May 31, 1:01 PM EDT |
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| Anglo-Dutch steelmaker Corus Group rose 2.3% after reporting a 73% fall in net profit to 45 million pounds but was upbeat about the next few quarters. |
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| European stocks finished sharply higher, boosted by telecom and other defense stocks. Deutsche Telekom gained 2.6%, Telecom France rose 4.2%, and U.K. Vodafone Group closed up 2.7%. Utilities stocks were also strong, benefiting in part from U.S. utility NRG Energy, which rejected an $8 billion bid from rival Mirant Corp. The German DAX 30 climbed 1.3%, the French CAC 40 gained 0.7%, and London FTSE 100 rose 1.3%. |
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ADC to Buy Andrew for $2 B
May 31, 11:59 AM EDT |
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| U.S. plane maker Boeing shares rose 1.3%, while shares of industrial conglomerate United Technologies Corp. gained 0.7%. |
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| Stock markets traded higher, supported by retreating oil prices. In merger-and-acquisition news, ADC Telecommunications dropped 19% after it agreed to acquire fellow equipment maker Andrew Corp. in a $2 billion stock swap worth $12.76 per share. ADC also posted a 32% drop in quarterly earnings. |
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India Declines 7% at Peak
May 31, 10:39 AM EDT |
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| Sensex was volatile and continued to trade on low turnover in the market. Falling Indian rupee and world metal prices kept investors away. |
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| Following a global decline the Sensex opened lower only to experience a morning session of high volatility and a sharp decline of 7% of 675 points. In the afternoon, the benchmark regained lost ground to finish only 3.60% lower. Among the factors involved are global markets weakness, lower base metal prices and falling auto, banking and cement shares. |
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Tiffany's Profit up
May 31, 10:11 AM EDT |
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| Crude oil prices lost 48 cents to $71.55 on the Nymex. The U.S. dollar inched up against the Japanese yen. Gold traded near $660 an ounce. |
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| Stocks moved higher at opening, helped by bargain hunting. Trading was subdued as investors awaited the release of the FOMC meeting minutes, expected to give a clue about further interest-rate hikes. In earnings news, Tiffany & Co, jewelry retailer, reported that Q1 earnings advanced to 30 cents a share, from 27 cents a share a year ago, beating estimates of 28 cents. Revenue advanced 6%. |
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Costco Profit Misses Estimates
May 31, 9:23 AM EDT |
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| Shares of Andrew rose 23% on news that equipment maker ADC Telecommunications agreed to buy the company in an all-stock deal worth $2 billion. |
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| Stock futures were poised to a strong opening Wednesday ahead of the Fed Reserve FOMC minutes release. Costco, warehouse retailer, reported Q3 earnings of $235.6 million or 49 cents per share compared to $209.8 million or 43 cents per share last year. Analysts had been expecting the company to earn 50 cents per share. |
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Time Warner and Comcast Sued
May 31, 8:18 AM EDT |
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| The America Channel sued cable giants Time Warner and Comcast, trying to hinder their plans to acquire bankrupt Adelphia Communications. |
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| Comcast and Time Warner were accused of price-fixing and bid-rigging in their submission of a joint bid instead of competing against each other to acquire Adelphia''s assets. The America Channel claimed in its lawsuit that the deal violated federal antitrust laws and would reduce competition in the cable TV industry. |
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U.S. Stocks Drag Tokyo Down
May 31, 7:31 AM EDT |
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| Asian stocks fell sharply Wednesday due to the impact of U.S. markets and disappointing Japanese household spending data. |
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| The steep fall of U.S. stocks overnight, together with the rise in oil prices, pulled Japan’s benchmark Nikkei down. All sectors declined in Tokyo trading, with industrials contributing some of the largest losses. Australian shares also dropped sharply, with the benchmark S&P/ASX 200 index losing 2% and Singapore''s Straits Times Index shedding 2.1%. Markets in Hong Kong and Taiwan are closed for holiday, while South Korean markets are shut for local elections. |
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Europe Recuperates On Telecoms Stocks
May 31, 6:39 AM EDT |
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| European stocks recovered early losses Wednesday on the strength of bank and oil shares, combined with firm telecom sector. |
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| European market recovered early losses Wednesday as banks and oil stocks reversed the downtrend, helped also by strength in telecoms stocks, which have exhibited defensive qualities during market volatility recently. By mid morning London’s FTSE 100 recouped 0.5%, Frankfurt’s Xetra Dax edged up 0.2% and the CAC 40 in Paris added 0.1%. |
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Dollar Boosts Gold
May 31, 5:24 AM EDT |
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| Gold and silver prices advanced Tuesday, lifted by a sharp fall in the dollar and a decline in the labor market outlook. |
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| Traditionally regarded as a safer alternative to the dollar, gold rose yet again in the wake of the greenback fall versus the euro, following the replacement of the U.S. Treasury Secretary. The decline in the outlook in the labor market was another blow to the already enfeebled dollar. |
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