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Alcoa Meets Earnings Expectations
Jul 10, 5:39 PM EDT |
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| Market averages rose on earnings enthusiasm in the morning trading but faded in the afternoon. Oil and Gold fell. |
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| Market gained in the early hours of trading but began to lose steam in the afternoon. European market closed higher and in the overnight trading Tokyo rebounded. Alcoa reported earnings of 85 cents vs 52 cents a year ago on revenue rise of 19%. AMD, EMC and Kronos traded lower on earnings warnings. Tech sector traded lower on broker downgrade. Oil and gold fell. Oil dropped 1.5% at mid-day. Getty Images droped to 20 month low. |
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L'Oreal, Novartis Lift Europe
Jul 10, 12:57 PM EDT |
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| British insurance giant Standard Life rose to 241.25 pence on its first day of trading as a listed company, after pricing its offering at 230 pence. |
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| European markets closed in the positive, reflecting robust opening on Wall Street ahead of the second-quarter earnings season and gains for L’Oreal and Novartis. The German DAX 30 closed up 0.4%, the French CAC 40 rose 0.6%, and London FTSE 100 edged up 0.1%. |
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EMC Drops 5% on Warning
Jul 10, 12:46 PM EDT |
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| Shares of EMC dropped4.7% on the Nymex after it said it missed its own targets for a second quarter in a row. |
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| EMC Corp., the biggest maker of corporate data storage equipment, announced its quarterly earnings fell short of expectations as it misjudged demand and did not stock enough inventories for a new product. EMC expects to report on Friday net income of 12 cents a share on revenue of about $2.575 billion, vs. previous forecast of 13 cents a share on sales of at least $2.66 billion. |
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Kimco Realty Pays $2.9 B for Pan Pacific
Jul 10, 11:54 AM EDT |
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| A bigger-than-forecast rise in wholesale inventories of 0.8% in June raised hopes that easing demand will help cool the economy. |
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| Stocks rallied Monday as after weeks of volatile trading on confusion about interest rates, investors gained optimism for a strong Q2 earnings session. A few multibillion-dollar acquisitions also helped to generate positive sentiment. Kraft Foods Inc. agreed to buy the Spanish and Portuguese units of United Biscuits for $1.07 billion and Kimco Realty Corp. agreed to acquire Pan Pacific Retail Properties Inc. for $2.9 billion. |
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Cement and IT Rally In India
Jul 10, 10:49 AM EDT |
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| Information Technology and cement company stocks boosted Sensex index in Mumbai, supported by upbeat Asian markets and lower oil prices. |
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| The market rebounded today after a sharp fall in the previous two trading sessions on strong Asian markets, lower crude oil price and short-covering in derivatives. Volatility was high as the benchmark Sensex moved in the trading range of 243 points. IT stocks soared on hopes of an upward revision in earnings and revenue guidance and cement shares advanced on hopes of strong first-quarter results. |
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Market Gains on Acquisitions
Jul 10, 10:14 AM EDT |
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| Kraft Foods Inc. agreed to acquire the Spanish and Portuguese units of United Biscuits for $1.07 billion. |
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| Stock markets opened higher on optimism of strong earnings season. Helen of Troy Ltd. reported Q1 net earnings sank to 21 cents a share, from 33 cents a share last year despite net sales growth, missing analysts’ forecasts for a profit of 26 cents a share. Shaw Group Inc. reported narrower Q3 profit loss to 21 cents a share from 31 cents a share a year ago on 37% revenue growth. |
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Centro Watt to Buy Heritage Property for $3.2 B
Jul 10, 9:04 AM EDT |
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| Crude oil futures slipped 39 cents to $73.70 a barrel. The dollar rose on the euro but fell against the yen. Gold futures also declined. |
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| U.S. stock market futures moved higher ahead of the start of second-quarter earnings season, with aluminum-producing giant Alcoa scheduled to announce its results after the closing bell. General Electric, PepsiCo and Texas Instruments are also due to report quarterly earnings this week. In merger deals, Centro Watt, a U.S.-Australian joint venture, agreed to buy Heritage Property Investment Trust for $3.2 billion, or $36.15 a share. |
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U.S. and South Korea in Free Trade Talks
Jul 10, 8:29 AM EDT |
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| The U.S. and South Korea opened second round of free trade talks trying to reach an ambitious free trade agreement. |
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| The two sides are trying to reach an agreement by the end of 2006 aiming to slash tariffs and other trade barriers between the two countries. The talks received strong resistance from South Korean labor groups, especially farmers who have protested against any reduction in protections for agriculture, particularly rice. |
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Tokyo Rebounds
Jul 10, 7:31 AM EDT |
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| Asian markets finished broadly higher Monday, shifting their focus from N. Korea's missile program to the region's optimistic economic outlook. |
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| Asian markets seemed to have shrugged off the North Korea’s scare. Share gains were led by South Korea''s Kospi index, which ended with a 2% gain. Japan''s Nikkei 225 Average also ended up positively, reversing losses that had seen the leading index decline more than 1% in the first hour of trading. |
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Europe Starts Week Lower
Jul 10, 6:40 AM EDT |
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| Europe started the week lower as a cheaper oil price hit the oil sector. U.S. markets negative end to last week also weighed on sentiment. |
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| US stocks ended last week lower as investors grew uneasy over record high oil prices, rising labour costs and signs of economic softening. Investors appear to be worried that the July unemployment report may show rising wage inflation, which could force the Fed to hike the fed funds target at its August meeting. The U.K. FTSE 100 index declined 0.1%, the German DAX Xetra 30 index lost 0.1% and the French CAC-40 index sank 0.2%. |
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