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Dell and Chipotle
May 08, 6:18 PM EDT |
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| Dell drops 6% and Chipotle rise 6.5% in the after-market trading. Dell lowers earnings guidance to 33 cents. Chipotle report Q1 earnings of 26 cents. |
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| Market averages did not trace a direction after rising sharply on Friday. News of two mega-deals drove trading sentiment. Wachovia agreed to buy Golden West Financial for $26 billion and Thermo Electron agreed to merge with Fisher Scientific for $10.6 billion. Dollar fell in Asian trading. The dollar fell to 111 Japanese yen. Singapore dollar and Korean won rose to eight-year high against dollar. Chinese yuan has lost value against other Asian currencies making its export even cheaper. |
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Merger Monday
May 08, 5:22 PM EDT |
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| Market averages rose a little as traders focused on a deal between Wachovia and Golden West Financial for $26 billion. |
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| Market averages traded lacklusted for the most part of the day. Oil and gold fell on the news that Iran has sent a letter to President Bush to find a diplomatic solution. Gold fell more thn $4 but copper rose. News of two large deals kept traders busy. Golden West Financial agreed to be acquired by Wachovia Bank and Thermo Electron and Fisher Scientific agreed to merge. |
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Oil Weighs in London
May 08, 12:48 PM EDT |
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| Vodafone fell 1.6% after the mobile-phone giant said it will slash fees for calls made while traveling in Europe by at least 40% next year. |
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| European stocks closed mixed as declining oil prices helped markets in Germany and France but weighed on commodity-sensitive London FTSE 100. The German DAX 30 rose 0.25%, the French CAC 40 reversed from a 4 ½-year high reached earlier in the session to close down 0.1%, while the U.K.’s FTSE 100 fell 0.4% as gas company BG Group and oil giants BP and Royal Dutch Shell weighed. |
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Dollar, Oil and Gold Decline
May 08, 12:02 PM EDT |
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| Apple gained after a judge in Britain ruled that the company''s iTunes Music Store did not infringe on the trademark of the Beatles' Apple Corps. |
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| Stocks were weak in late morning trading, reflecting cautiousness before the FOMC meeting Wednesday, sliding dollar and decreasing oil prices. Three multibillion-dollar merger deals were in the centre of attention. Golden West Financial rose 7.5% on $26 billion bid from Wachovia. Fisher Scientific gained 6% after Thermo Electron offered to acquire it for $10.6 billion. Berkshire announced it was buying an 80% stake in Israel-based Iscar Metalworking Cos. for $5 billion. |
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India Closes at Historic High
May 08, 10:42 AM EDT |
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| Indian Sensex hit another high, keeping its pace of growth on strong global and domestic markets. |
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| Asian stocks were on the rise on a report from the U.S. Labor Department that proved to be slower than expected. The Sensex held positive territory all through the session. Reliance Industries soared, as well as HDFC. Cement stocks gained in the late trading on a greater interest from buyers and on stable product prices. Automotive stocks gained too. |
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Thermo and Fisher in $11 B Deal
May 08, 10:21 AM EDT |
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| Crude oil fell below $70 on easing comcerns about Iran's program. Europeran gold hit a new 25-year high. The dollar dropped vs. major currencies. |
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| Stocks opened weak, reflecting cautiosness ahead of FOMC meeting Wednesday and sliding U.S. dollar. Wachovia bid $26 billion for Golden West Financial and Thermo Electron offered $10.6 billion for Fisher Scientific. Apple Computer Inc. rose 1.8% after a judge in Britain ruled that the company''s iTunes Music Store did not infringe on the trademark of the Beatles'' Apple Corps. |
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Wachovia Bids $26 B for Golden West
May 08, 9:11 AM EDT |
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| Shares of Inco jumped more than 22% after zinc miner Teck Cominco Ltd. said it would make a bid for the Canadian nickel producer. |
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| Stock futures pointed to a flat market opening, despite two major merger deals, including Wachovia''s $26 billion bid for Golden West Financial and Thermo electron''s offer of $10.6 billion for Fisher Scientific. In pre-market trading shares of Apple Computer rose 1.6% after a judge in Britain ruled that the company''s iTunes Music Store did not infringe on the trademark of the Beatles'' Apple Corps. |
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Europe Trades Mixed
May 08, 8:25 AM EDT |
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| EADS shares climbed 1.8% after Merrill Lynch upgraded the aerospace company to buy. Shares of Adidas-Salomon rose 2.4% on football-related news. |
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| European markets traded mixed at mid-day as declining oil prices helped markets in Germany and France hit 4 1/2-year highs but weighed on the commodity-sensitive London FTSE 100. All markets gained on strong U.S. markets close Friday after weaker jobs report helped ease interest rate concerns. The German DAX 30 rose 0.5%, the French CAC 40 added 0.4%, while the U.K.’s FTSE 100 fell 0.2%. |
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Shanghai Climbs 4%
May 08, 7:45 AM EDT |
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| In Tokyo at close, Ishikawajima-Harima Heavy Industries rose 3.2%, while Kawasaki Heavy Industries gained 4.1%. |
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| Asian markets surged on Monday, led by China Shanghai Composite which hit a two-year high, rising 3.95% to 1497.10. The index was boosted by gains in oil and real estate issues, following new stock rules. The Nikkei climbed 0.8%, benefiting from strength in financial and heavy industries. In Hong Kong, the Hang Seng soared 1.7%, supported by metals shares. Australia All Ordinaries rose 1.3%, with Rio Tinto and BHP Billiton each rising 3.6% |
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Tech Stocks Up on Jobs
May 08, 7:11 AM EDT |
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| Tech stocks closed higher Friday led by positive news that employment figures were lower than expected, alleviating inflation concerns. |
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| The Nasdaq Composite Index edged up, as did the Morgan-Stanley tech index. The Nasdaq put its weekly tally of gaining to almost 1%. Advancers also outstripped decliners. Activision and THQ rose after their earnings reports were released. Among other leading stocks were Sun Microsystems Inc. and Hewlett Packard. |
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