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Earnings, Downgrades and Deficit
Jul 12, 4:42 PM EDT |
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| Market averages declined on earnings shortfalls, earnings warnings, tech stocks downgrades and large trade deficit. Microsoft to face EU fine. |
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| Market averages reversed the earlier course in the mid-afternoon as tech stocks declined. Analysts downgrade on IBM and Dell pushed tech heavy Nasdaq down near 2%. Apple Computer fell on analyst comments. Oil and gold gained. European markets closed higher on earnings expectations. Mexico and Brazil closed lower. India rebounded with 3% rise, one day after bombings. U.S. trade deficit in May rose to $63.8 billion, sixth largest deficit ever. |
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Miners and Autos Support Europe
Jul 12, 2:11 PM EDT |
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| Switzerland's Roche rose 1.4% after majority-owned Genentech reported an 80% profit rise and lifted its fiscal-year earnings guidance. |
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| European markets finished in the positive on hopes for strong second-quarter earnings season and gains for resource and automotive stocks. gainers were miners like Antofagasta and Vedanta Resources. A decline of the euro versus the dollar boosted automakers like DaimlerChrysler and Renault. The German DAX 30 rose 0.4%, the French CAC 40 climbed 0.6%, and London FTSE 100 edged up 0.1%. |
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Indian Stocks Defy Terror
Jul 12, 1:33 PM EDT |
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| Sensex index gained near 3% on earnings from Infosys Technologies. Inofrmation technology and metals stocks led the rally. |
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| Although a series of blasts shook Mumbai on Tuesday evening, Indian stock market opened strong on Wednesday, undeterred by the terror attacks, and surged 3% supported by strong Q1 results from the IT sector. Infosys rose 8% and guided upward fiscal year 2007 earnings and revenue. |
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Trade Deficit Widens
Jul 12, 10:11 AM EDT |
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| Genzyme advanced 4% after reporting better-than-expected Q2 earnings and revenues, while Genentech dropped 3%, despite the strong quarterly results. |
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| Stocks opened near the flat line Wednesday, reflecting a government report on trade deficit and a decline for Microsoft Corp. following an unfavorable EU antitrust ruling. The Commerce Department reported the trade imbalance rose by 0.8% in May to $63.8 billion, mainly due to higher oil prices. The increase was smaller than the 2.5% rise that economists expected but still represented the sixth largest deficit in history. |
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Genentech Profit Tops Estimate
Jul 12, 9:03 AM EDT |
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| Crude oil climbed above $74 a barrel on Iran's nuclear program and expectations of a decline in U.S. gasoline stocks. |
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| U.S. equity futures indicated a flat opening, with tech stocks expected to come under pressure as European antitrust regulators fined Microsoft Corp. $357 million for not complying with a 2004 antitrust ruling. In earnings news, biotechnology company Genentech reported Q2 earnings that increased from last year and beat analysts'''' estimate on higher revenues, boosted by strong sales of its cancer drugs, including Avastin. |
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Microsoft Fined by EU
Jul 12, 8:00 AM EDT |
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| Microsoft was fined $357 million by the EU because the software maker failed to obey a 2004 antitrust order to share program code with rivals. |
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| In addition, the EU threatened penalties of $3.82 million a day beginning July 31 unless the company supplies ‘complete and accurate’ technical information to developers to help them make smoothly working software with its ubiquitous Windows operating system. |
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Tokyo Slumps Ahead Of Rates Hike
Jul 12, 7:12 AM EDT |
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| Asian markets ended mostly lower Wednesday ahead of the decision of the Bank of Japan on interest rates later this week. |
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| Asian markets were divided into winning and losing camps Wednesday, with gains in the Japanese yen dragging down the Nikkei Average. South Korea followed Japan lead, while Hong Kong Hang Seng Index reversed early loses to end in positive territories. Shares in Shanghai and Taiwan also settled lower. |
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Europe Rises On Miners And Tech Stocks
Jul 12, 6:42 AM EDT |
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| European shares advanced on Wednesday, led by mining and technology shares. Investors still hope that second-quarter earnings would be good. |
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| European markets extended its early gains by mid-morning on Wednesday after a late overnight rally on U.S. markets but high oil prices continue to weigh on investor sentiment. Corporate news flow was set to be relatively light. The U.K. FTSE 100 index gained 0.4%, the German DAX Xetra increased 0.9% and the French CAC-40 index rose 0.6%. |
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Gold Surges In Response To Bombings
Jul 12, 5:02 AM EDT |
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| Gold prices jumped to a five-week high on Tuesday as news of bombings in India sent shivers down the market. |
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| Early in the trading, as gold was already making gains alongside oil while the dollar slipped against the euro, news broke that a number of blasts hit commuter rail network of Mumbai during rush hour Tuesday, killing more than 100 people. The bombing was the catalyst of the rally in gold. In addition, technical factors were also at the forefront of the rally as funds returned as buyers to the marketplace. |
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