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Fortescue, Rio Race for Pilbara Mines
Jun 18, 1:38 AM EDT |
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| Flight Cenre Ltd stock surged 6.5% after it said its pre-tax profit for the current year to exceed to $210 million. |
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| Fortescue and Rio Tinto race to develope Pilbara region rich in iron ore and unexplored. Fortescue Metals Group and Cazaly agreed on revenue split arragement if the Cazaly succeeds in gaining exploration and development rights. Rio Tinto approved expansion funding in the region to increase its annual capacity to 320 million tons by 2012. |
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Banks Fall in U.S. and Europe
Jun 18, 5:05 PM EDT |
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| Fear of more losses in credit markets, surprise capital raising from Fifth Third Banc and rising crude oil price dragges stocks lower. |
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| Stocks in the final hours accelerated their losses as banks, transportation and tech stocks fell. Crude oil rebounded after the release if weekly inventory report. Fifth Third Bancorp plunged 27% after it announced a plan to raise $1 billion and sell assets to cover its rising losses. Morgan Stanley reported 61% fall in earnings. FedEx plunged to a one-year low after it reported loss and projected sharply lower earnings in the current quarter. European stocks fell. |
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Shnaghai Stocks Surge 5%
Jun 18, 4:49 PM EDT |
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| Stocks in Shanghai surged after falling for two weeks in a row and CSI 300 index dropped as much as 50% from its peak. |
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| China and the U.S. decided to review investment criteria for both and within two countries as China looks for ways to allocate its growing foreign exchange reserve. The reserve of $1.5 trillion and growing is also losing its purchasing power as dollar declines in the international currency markets and investment barriers in the U.S. restricts the investment options. |
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Realty Stocks Surge in Tokyo
Jun 18, 3:41 PM EDT |
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| Real estate stocks rose in Japan after comments from the privately held largest real estate developer Mori Building. |
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| Realty stocks in Japan surged after comments from Mori Building suggested that office space rents may increase in Japan as much as 10%. The company also projected a rise in profit of 43% from a year ago as it completes the tallest office building in Shanghai. Japan and China are expected to announce a production sharing and gas field development project. GS Yuasa surged 12% on the speculation that rising energy prices will increase demand for battery operated cars. |
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Slower Growth at Sainsbury, UK Stocks Fall
Jun 18, 4:47 PM EDT |
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| Banks and home builders fell on the worries that credit market losses may widen. Rising wage expectations are worrying the government. |
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| Stocks in London fell sharply after Chancelor of Exchequer cautioned against rising expectations of higher wages. The sharp rise in wages at a recent settlement between striking petrol tank drivers and Royal Dutch Shell prompted commnets. In London trading stocks fell, led by a sharp decline in banks and home builders. J Sainsbury reported first quarter sales rise at a slower pace on 3% increase in food cost. |
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Credit Worries Drag Stocks Lower in Europe
Jun 18, 1:46 PM EDT |
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| Rising fuel prices, elevated inflation and estimates further credit market lossees dragged stocks lower in the region. |
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| European stocks declined after credit market worries and rising inflation put investors on the defensive. Porsche, maker of luxury sports cars reported 10-month sales rose to 6.02 billion euros from 5.98 billion euros in the same period a year ago. Sales of SUV Cayene soared 47% and sports car GT2 fell 15%. Two largest paper manufacturers Stora Enso and UPM-Kymmene along with other companies projected lower earnings for the year on rising cost of pulp and fuel. |
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CarMax, Lindsay Drop; Stocks Struggle
Jun 18, 4:48 PM EDT |
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| Car Max lost more than 11% and Lindsay Corp dropped as much as 30% before recovering. |
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| U.S. stocks struggled after FedEx in the quarter reported loss and Morgan Stanley net income fell. The used car retailer CarMax, a used revenue rose 3% but earnings fell 55% to $29.6 million. Earnings per share fell to 13 cents from 30 cents. Lindsay Corp, irrigation system provider, third quarter revenue 54% to $143.6 million and net income in the quarter increased to 47% $14.1 million or $1.15 per share. |
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FedEx Loss Drags Stocks Lower
Jun 18, 9:56 AM EDT |
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| FedEx reported a loss in the fourth quarter on higher fule charges and projected 50% lower earnings in the current quarter from a year ago. |
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| U.S. stocks declined after FedEx reported quarterly loss on higher fuel price and asset write down. FedEx in the fourth quarter lost $241 million or 78 cents to per share compared to net income of $610 million or $1.96 per share a year ago. Revenue in the quarter rose 8% to $9.87 billion. UPS and FedEx dropped in the morning trading. |
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