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Earnings and Techs Drive Averages
Jul 11, 5:09 PM EDT |
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| Market reversed its course in the late afternoon trading. Pepsi Bottling Group reported a sharp rise in operating income. Gold rose $17. |
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| Earnings and techs were in limelight. Alcoa revenue miss kept market averages under check in the morning trading. In the afternoon, news on KLA-Tencor supported a reversal in tech stocks led by a sharp gain in semiconductor stocks. Oil rose. Gold jumped $17 on the news of seven bomb blasts in Mumbai, India. European stocks closed lower, on the weakness in tech stocks. Mexico declined 0.6% but Brazil and Argentina gained. |
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Techs and Oil Drag Europe
Jul 11, 12:48 PM EDT |
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| Mobile phone giant Vodafone dropped 1.7% after it was downgraded to neutral from buy at UBS. |
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| European markets finished steeply down, reflecting an advance in oil prices and weakness in the technology sector. Sales warning from Lucent Technologies dragged French telecom equipment maker Alcatel, down 5.9% and its peer Ericsson, down 3.4%. Automakers like Renault and Volkswagen moved lower on rising crude oil. The German DAX 30 tumbled 1.6%, the French CAC 40 slipped 1.4%, and London FTSE 100 lost 0.7%. |
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Explosions Hit Indian Commuter Trains
Jul 11, 12:16 PM EDT |
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| A series of explosions hit commuter trains in Mumbai, India during rush hour in the financial hub. |
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| Seven blasts occurred within 15 minutes of each other and reportedly killed up to 100 people and more than 250 were injured. Following reports of the blasts, U.S.-listed stocks of Indian companies tumbled, led by carmaker Tata Motors, down 5.2% at $16.09. The rupee was down 0.3% against the dollar. |
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Pepsi Gains 4% on Profit and Outlook
Jul 11, 11:36 AM EDT |
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| After Lucent issued a profit warning, Citigroup raised their rating on company's shares to 'buy' from 'hold', citing low valuation. |
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| Stocks kept trading in the negative due to a disappointing revenue report by economy bellwether Alcoa and a profit warning by Lucent Technologies. Shares of Alcoa fell 4.8% on the NYSE, while Lucent declined 4.3%. On a positive note, Pepsi Bottling Group rose 4.3% after posting higher-than-expected Q2 profit and raising its 2006 outlook. |
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Earnings Dominate India Trading
Jul 11, 10:30 AM EDT |
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| Volatile trading was dominated by earnings news from Hero Honda. Banking stocks are to report earnings this week. |
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| The Sensex experienced weak session as it traded in the red for most part of the day. Auto and steel sector witnessed intense selling pressure, as investors took profit, while cement stocks bucked the downtrend and finished higher on the expectations of firm prices.Volatility was high, the turnover was slightly higher than yesterday’s and the market breadth was negative. Hero Honda earnings jump 16%. |
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Alcoa, Lucent Weigh on Sentiment
Jul 11, 10:12 AM EDT |
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| Light crude added 34 cents to $73.95 a barrel. The U.S. dollar was flat against other major currencies. Gold prices jumped to more than $630 an ounce. |
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| Stocks started the trading session in the negative after a disappointing revenue report by Alcoa and a profit warning by Lucent Technologies. In released earnings news, Pepsi Bottling Group, producer of Pepsi-Cola beverages, reported Q2 net income of 61 cents a share, against 59 cents last year on 10% higher revenue. LG.Philips LCD reversed to a loss in Q2 of 322 billion won compared with a profit of 41 billion won in the same period last year. |
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Levi Strauss Profit up 33%
Jul 11, 8:50 AM EDT |
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| Light sweet crude rose a penny to $73.62 a barrel. The U.S. dollar traded in a narrow range against the euro and the yen. |
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| Stock futures pointed to a weaker opening, reflecting concern that profit and sales figures from Alcoa and Lucent Technologies may be a harbinger of a disappointing second-quarter earnings season. Privately held apparel maker Levi Strauss & Co. posted Q2 profit jumped 33% due to a tax benefit. The company said net income rose to $40.2 million from $26.8 million a year ago. |
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Profit-Taking Weighs Tokyo Down
Jul 11, 7:32 AM EDT |
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| Asian markets ended lower Tuesday, as profit-taking weighed on sentiment already apprehensive of the Bank of Japan policy meeting Friday. |
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| Major Asian stocks settled lower Tuesday, as investors moved to the sidelines after a mixed session in New York and growing uneasiness about interest rates ahead of the policy meeting of the Bank of Japan which starts Thursday. The lack of willingness to push markets higher, before the policy meeting of the Bank of Japan, ends Friday alongside the impulse to gain from retail traders after a dramatic rebound Monday caused the broader market fall amid weak trading volumes. |
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Tech Stocks Pressure Europe
Jul 11, 6:51 AM EDT |
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| European shares sank Tuesday, hard-pressed by the technology sector, following an overnight warning from Lucent Technologies impacting owner Alcatel. |
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| The technology weakness followed a similar move overnight in the U.S. market, where stock indexes ended Monday after weakness in technology shares pulled the indexes down. Lucent said that revenue would come much lower than expected, thus weighing heavily on its recent acquirer, Frances Alcatel. The U.K. FTSE 100 index slipped 0.2%, the German DAX Xetra 30 index declined 0.6% and the French CAC-40 index lost 0.3%. |
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Gold Closes Lower On Oil Price Decline
Jul 11, 5:13 AM EDT |
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| The decline in oil prices, a rising U.S. dollar and profit-taking after last week's rally weighed on gold futures Monday. |
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| The loosening geopolitical pressure and falling oil prices are forcing the yellow metal down, which will likely remain volatile in the near term due to the upcoming Group of Eight summit in St. Petersburg, Russia late next week and the North Korea talks. The volatility is expected to calm down and the metal is mainly to trade sideways into the summer. |
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