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Cisco and Kerr-McGee on the Rise
May 09, 5:39 PM EDT |
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| Cisco reported 22 cents of earnings on better than expected sales of $7.36 billion. Kerr-McGee hiked dividend by 25% and split stock 2-for-1. |
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| Market averages braved higher ahead of the Fed meeting. widely expected rise in interest rate after the Fed meeting tomorrow may set the stage for market volatility in the afternoon. Coach reported $500 million buy back. Cisco reported better sales after-the clsoe. Gold crossed $700 for the first time since 1980. Copper and silver rose to yet another record high. General Motors rose on borker upgrade. Google jumped $14 at close. Mining and mineral stocks rally. Brazil and Mexico close up. |
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Coach Buyback and Fluor, Chipotle Earnings
May 09, 2:25 PM EDT |
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| Coach, handbag retailer, to buyback $500 million of shares. Fluor Corp reported earnings of $1 vs. 56 cents a year ago. |
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| US averages see little change early in the afternoon with DOW and S&P having modest gains and NASDAQ down only slightly. Prices light crude oil rose $1.63 to $71.40 from $69.77 on Monday. Oil prices are still short of the record highs seen in April of this year when prices reached $75.35 a barrel. Gold climbed over $700 today for the first time since October of 1980, the highest futures level in almost 26 years. Sara Lee Corp reported earnings of 6 cents vs. 24 cents a year ago. |
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GM Gains 4%
May 09, 11:54 AM EDT |
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| Dell's profit warning for the first quarter sent Intel's stock down 1.4% and Hewlett-Packard down 1.8%. Shares of Google surged 11%. |
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| Stocks were mixed, reflecting cautious trading ahead of FOMC meeting on Wednesday and weakness among tech stocks on disappointing news from Dell. Computer giant Dell dropped 6% as the company issued lowered profit guidance. General Motor rose 4.2% after the company revised its Q1 loss to a profit due to an accounting change. The automaker was helped by an upgrade by Deutsche Bank which raised its rating on the stock to hold from sell. |
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Volatile India Inches Higher
May 09, 10:43 AM EDT |
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| Amidst a highly volatile trading session, Sensex index closed up 1.1% from the low of the day. Index has rallied 6% in the last ten trading days. |
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| Initially, the Indian index was given a sturdy lift by the falling prices in crude oil, dropping below $70 per barrel mark, led by easing tensions on Iran’s nuclear disputes. Later in the session, the Sensex displayed a high degree of volatility before settling at above the 12,500 mark. Kamdhenu Ispat IPO doubles at opening to close at Rs. 45.75. |
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Chipotle up 9%
May 09, 10:11 AM EDT |
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| Crude oil hovered below $70 on easing supply worries. European gold gained, but fell short of 25-year highs. The dollar rose vs. the euro and pound. |
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| Stocks were mixed, reflecting cautious trading ahead of FOMC meeting on Wednesday and weakness among tech stocks, following disappointing news from Dell. Computer giant Dell dropped 6.4% as the company issued lowered profit guidance. Chipotle rose 9% on tripled quarterly profit, citing 40% revenue growth. FMC Technoligies climbed 9% on Q1 earnings rise of 67 cents a share on 28% revenure growth, beating estimates. |
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Techs to Open Lower on Dell
May 09, 9:08 AM EDT |
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| Crude oil hovered below $70 on easing supply worries. European gold gained, but fell short of 25-year highs. The dollar rose vs. the euro and pound. |
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| Stock futures pointed to a flat start Tuesday ahead of Fed Reserve''s decision on interest rate increases on Wednesday. The U.S. central bank is expected to raise its benchmark interest rate to 5%, but investors will be focused on clues about the future direction of rates. Computer giant Dell dropped 6.4% before the opening bell as the company issued lowered profit guidance. General Motors Corp. climbed 2.2% before the bell as the automaker revised its Q1 results to show a profit. |
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Telecoms and Autos Lift Europe
May 09, 8:19 AM EDT |
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| Shares of Vodafone Group rose 3.2% on a report that U.S. Verizon Communications offered to buy out Vodafone's 45% stake in Verizon Wireless for $38 B. |
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| European markets rose at mid-day, lifted by gains in the telecoms and automotive sectors which helped offset weakness among technology stocks. Merger-and-acquisition deals provided some support with steelmaker Arcelor rising 2.3% on speculations that Mittal will raise its bid. The German DAX 30 added 0.2%, the French CAC 40 rose 0.4%, and London FTSE 100 climbed 0.6%. |
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Shanghai Extends Rally
May 09, 7:48 AM EDT |
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| In Tokyo at close, export-related high-tech component maker Kyocera fell 2.3% and optics and electronics giant Canon fell 1.4% on weaker dollar. |
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| Asian markets closed mostly in the negative on currency jitters, profit taking and cautiousness ahead of U.S. Fed Reserve’s decision on interest rates Wednesday. However, China Shanghai Composite jumped 2.3%, extending Monday’s rally on strong demand for Chinese shares. The Nikkei slipped 0.6% to 17,190.90 as weaker dollar weighed on exporter issues. Hong Kong’s Hang Seng slid 1%, dragged down by real-estate issues and energy stocks. |
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Gold Drops at Close
May 09, 6:26 AM EDT |
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| Gold prices declined Monday, after reaching a quarter-century high in the wake of a likely relieving of tensions between the United Sates and Iran. |
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| June gold hit a new high of $688.20 an ounce on the NYME only to close at $679.90 an ounce, $4.40 down. The cooling of prices came as a result of the news that Iranian President Mahmoud Ahmadinejad wrote a letter to President George W. Bush in an effort to offer ‘new solutions’’ to solve the differences between the two countries. |
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