|
|
|
Retailers and Home Builders, Lower Market
Jul 14, 4:14 PM EDT |
|
| General Electric reported earnings rise of 4% on revenue growth of 9%. Horton reported 93 cents, missed $1.30 estimate. EMC trimmed annual out look. |
|
| Rising oil, weak retail sales, earnings warnings from a home builder and widening conflict driven by Israel aggression all contributed to the makret sell-off. June retail sales declined 0.1%, oil traded as high as $79 per barrle and gold climbed back to $668 per ounce. D R Horton missed earnings estimates and lowered fiscal earnings guidance. Continued violence in the Mid-East threatens the world oil price. Bank of Japan raised interest rate to 0.25% after five year of zero-rate policy. |
|
|
Full Story... |
Europe Loses On Record Oil
Jul 14, 12:42 PM EDT |
|
| LVMH Moet Hennessy, the luxury goods maker, and truck maker Man AG were among the worst performers, each losing 3%. |
|
| European markets closed deeply in the red for a second day in a row due to surging oil prices and weakness on Wall Street. Crude oil hovered below the $78 a barrel amid ongoing unrest in the Middle East. The German DAX 30 closed down 1.9% and 5% lower for the whole week, with warning from SAP contributing to the decline. The French CAC 40 slipped 1.5%, while London FTSE 100 fell 1%. |
|
|
Full Story... |
Soaring Oil Pressures Stocks
Jul 14, 11:54 AM EDT |
|
| The U.S. dollar rose versus the Japanese yen and was flat versus European currencies. Gold prices advanced to $665 an ounce. |
|
| Surging oil prices of nearly $78 a barrel, weaker retail sales, and bland earnings at General Electric sent stocks deeply in the red. In economic news, the Department of Labor reported that import prices increased modestly by 0.1%, while export prices notably rose by 0.8%. Petco Animal Supplies jumped $8.43 to $27.88 after it agreed to be taken private for $29 per share, or $1.68 billion. |
|
|
Full Story... |
India Sinks On Oil Price
Jul 14, 11:03 AM EDT |
|
| Oil price surges above $ 78 a barrel. Auto, refineries and chemical companies decline. |
|
| The Sensex lost nearly 2%, as the oil price rise hit auto, IT, refinery and cement stocks. Large-cap companies ended mostly in the red and the overall market breadth was negative. Select software stocks managed to finish higher on expectations of strong first-quarter results. |
|
|
Full Story... |
EMC Income Slides 5%
Jul 14, 10:23 AM EDT |
|
| Light crude was recently up $1 at $77.70. Crude futures had reached a record $78.40 a barrel as Israel intensified its attacks on Lebanon. |
|
| U.S. stocks opened the Friday session in a lackluster fashion as weak June retail sales fed speculation the Fed Reserve might stop raising interest rates, but stocks dropped following a weaker-than-expected data on consumer sentiment in July. EMC Corp. added to investors’ worries over corporate profits as the software maker said earnings slid 5% last quarter, after warning earlier this week of a possible miss. |
|
|
Full Story... |
GE Meets Profit Estimates
Jul 14, 9:16 AM EDT |
|
| The Commerce Department reported that retail sales unexpectedly dropped in June by 0.1% , vs. expectations of 0.4% rise. |
|
| General Electric Co., the industrial, financial services and media conglomerate, posted Q2 profit rise of 4% to $4.85 billion, or 47 cents per share, compared with $4.65 billion, or 44 cents per share, a year ago. Total revenue climbed 9% to $39.9 billion. The results matched analyst estimate of 47 cents per share. GE reaffirmed its 2006 earnings expectations. |
|
|
Full Story... |
BOJ Raises Rates to 0.25%
Jul 14, 8:16 AM EDT |
|
| Japan's central bank raised interest rates Friday for the first time since 2001 when Japan lowered rates to zero. |
|
| The decision boosts the Bank of Japan''s key overnight call rate to 0.25% from 0.069%, signifying that deflation has been overcome and the economic recovery is gathering speed. The bank''s move links Japan with the other major economies, where central banks are also tightening their money policy. |
|
|
Full Story... |
Japan Hikes Interest Rates
Jul 14, 7:31 AM EDT |
|
| Asia ended lower Friday in the wake of the Bank of Japan decision to end zero-interest rates and worries over violence in the Middle East. |
|
| The policy board of Bank of Japan hiked its key interest rate by a quarter percentage point to 0.25% Friday, putting an end to its five-year policy of keeping rates near zero percent. In addition to tightening the overnight call rate, the central bank also chose to boost the official discount rate, or the interest rate banks charge each other in the interbank market. Worries over escalating violence in the Middle East also impacted the stocks negatively. |
|
|
Full Story... |
European Stocks Hit By Oil Surge
Jul 14, 6:32 AM EDT |
|
| Europe struggled on Friday as oil prices hit record highs of $78 a barrel as ongoing unrest in the Middle East continued to cause supply concerns. |
|
| European markets moved lower by mid-morning on Friday after escalating violence in the Middle East pushed crude oil to a record high and prompted sharp drops in global markets in the previous session. Following sharp drops in early trade, markets moved off their worst levels of the morning. The U.K. FTSE 100 index shed 0.5%, the German DAX Xetra 30 index declined 1.1% and the French CAC-40 index dropped 0.9%. |
|
|
Full Story... |
1
 |
|
