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UBS, Deutsche Telekom in Fcous
May 05, 5:41 PM EDT |
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| UBS is expected to announce layoff of as many as 10% of its staff tomorrow. The Swiss bank is expected to report weak earnings tomorrow. |
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| European markets closed unchanged in a quiet trading. Markets in UK were closed. Crude oil surged 3% on the continued worries related to Nigerian oil supply. Natural gas, crude oil and precious metals rebounded. Gold, Silver and several food commodities clossed higher. Deutsche Telekom is liklely to bid for Sprint. Deutsche Post said that it has met its first quarter operating profit target. |
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Yahoo, Countrywide Fall; Sprint, Oil Rise
May 05, 5:09 PM EDT |
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| The latest Fed survey suggested record tight lending conditions for businesses and individuals. Oil surged above $120 a barrel. |
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| U.S. stocks opened and closed lower. Yahoo and Microsoft were $4 per share apart and called off merger talks. Sprint is likley to initiate merger talks with Deutsche Telekom. Sprint surged 10%. Separately, Arcelor Mittal is in preliminary talks with the second largest steel company Angang Steel in China. Countrywide plunged 10% on the speculation that the Bank America purchase terms may be revised substantially. |
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HK Stocks Decline, Shanghai Up
May 05, 4:56 PM EDT |
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| Telecom stocks fell as speculation of management changes at China Unicom and China Mobile dominated trading desks. |
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| China permitted more companies to open investment management operations, however the companies remained cautious. April consumer price inflation in China is expected to be near 8%, lower than in March and February. Angang Steel jumped 4% on the reports that Arcelor Mittal and Angang are in discussions to explore merger or stake sale. Retailer Maoye International fell below its offering price of HK$3.10 on its first day of trading. |
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Stocks Fall; Yahoo, Microsoft Talks Fail
May 05, 10:05 AM EDT |
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| Countrywide fell 13% on the speculation that Bank of America may abandon the purchase of severly change the deal terms. |
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| U.S. stocks fell at the opening after the merger talks between Yahoo and Microsoft fell. Yahoo fell nearly 20% after the two companies could not agree on a price. Sprint Nextel rose on the potential interest from Deutsche Telekom. Arcelor Mittal, the largest steel company and second largest Chinese steel company are in merger talks. Berkshire Hathaway, after reporting sharply lower earnings over the weekend, is expected to make a purchase in Europe. |
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