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Expeditors, Starbucks and Whole Foods Shine
May 04, 9:03 PM EDT |
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| Reported corporate earnings exceed expectations for the most companies. S&P 500 reported companies show 13% earnings rise. |
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| Market averages gained on business productivity data, April same-store retail sales and corporate earnings. Market kept advancing and retained a positive bias at close. Wal-Mart reported April same-store sales rise of 6.8%. Teenage apparel retailer advanced the most. Oil fell and then rose at close. Whole Foods, Starbucks, Expeditors International and Cognizant report stronger than expected earnings. Market anticipates strong non-farm payroll data of 200,000 on Friday. |
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Oil Majors Lift Europe
May 04, 12:44 PM EDT |
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| Shares of oil giants Royal Dutch Shell and Total rose by 0.4% and 1.7% respectively on strong Q1 earnings. Chemicals company BASF rose 2.4%. |
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| European markets extended early gains to close up, boosted by major oil companies, record-high copper prices and strong performance of U.S. markets. The Bank of England and the European Central Bank kept interest rates steady as expected. The German DAX 30 rose 1.2%, the French CAC 40 gained 0.8%, and London FTSE 100 added 0.5%. |
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Eastman Kodak down 5%
May 04, 11:55 AM EDT |
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| Applied Films Corp. climbed 22% after it agreed to be bought by Applied Materials Inc. for $28.50 a share, or $464 million. |
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| Stocks traded firmly in the positive, boosted by upbeat worker productivity data, strong retail sales, and retreating oil. The Dow hit a six-year high, supported by transportation stocks which advanced on sharply lower oil prices. Some disk drive stocks like Iomega, M-Systems, and SanDisk also posted notable gains. Among retailers, Abercrombie & Fitch said same-store sales rose 17% in April, beating estimates of 7.9% increase. Eastman Kodak fell 5% on wider Q1 net loss. |
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Volatile Session in Indian Market
May 04, 10:49 AM EDT |
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| Sensex in India closed at a record high. Strong liquidity in the market has taken the index to a record high and up 30% for the year. |
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| In a second day of volatility, the Sensex soared another 100 points in afternoon trade to suddenly drop after a sell-off. Reliance Industries followed the trading gyration and rose sharply only to drop off its earlier level later in the session. Stocks in banks, cement and auto sector led trading volume. |
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Strong Retail Sales
May 04, 10:12 AM EDT |
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| In the week ended April 29, initial jobless claims rose to 322,000 from the previous week's revised figure of 317,000. |
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| Stocks opened higher, supported by strong April retail sales and positive earnings. Tyco International Ltd. reported higher-than-expected Q1 net income and announced a $2 billion buyback. Wal-Mart Stores Inc. reported 6.8% rise in same-store sales, above estimates. Costco Wholesale Corp. posted 7% same-store sales growth, beating estimates. Pacific Sunwear of California beat expectations with 14% same-store sales increase. Limited same-store sales rise of 9% also exceeded analyst expectations. |
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Unit Labor Costs Rise
May 04, 9:11 AM EDT |
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| Crude oil prices fell to $71.95 a barrel on strong gasoline stockpiles. |
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| Stock futures indicated a higher start, supported by data showing stronger-than-expected rise in Q1 unit labor costs, falling oil, and positive earnings. Tyco International Ltd. reported higher-than-expected Q1 net income and announced a $2 billion buyback. Wal-Mart Stores Inc., Costco Wholesale Corp., Pacific Sunwear of California Inc. and Limited Brands Inc. released stronger-than-expected April sales. |
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Europe Gains on Earnings
May 04, 8:03 AM EDT |
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| Royal Dutch Shell gained 1% after it said Q1 profit on a current cost of supplies basis rose 12% to $6.09 billion, above estimates of $5.57 billion. |
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| European markets advanced at mid-day trading, boosted by gains in oil and chemicals companies like Royal Dutch Shell, Total, and BASF. Markets also awaited interest-rate decisions by the Bank of England and the European Central Bank. The German DAX 30 rose 0.6%, the French CAC 40 gained 0.3%, and London FTSE 100 added 0.2%. |
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Mixed Finish in Asia
May 04, 7:42 AM EDT |
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| High-tech stocks boosted the index in Taipei, while other markets across the region recuperated from early weakness, following the weak day on NYSE. |
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| Taiwan Weighted Index hit a five-year high, leading the gainers in Asia mainly on tech stocks. It was Taiwan Semiconductor Manufacturing which was the market leader to advance 1%. Financial shares also contributed to Taipei’s leading position on the day, the main gainer being Chinatrust Financial Holdings, advancing 6% on an improved outlook perspective. |
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