|
|
|
Techs Rise, Refiners Fall in Tokyo
Jul 16, 5:16 PM EDT |
|
| The broader stock index declined in Japan trading as commodities and realty stocks fell. Tech stocks led the gainers. |
|
| Stocks in Japan traded in a listless fashion but the broader Topix index declined for the fourth day in a row. Tech stocks rose after Intel reported 25% rise in earnings and lifted its sales guidance. Inpex, the largest refiner fell after crude oil futures prices declined in the region. Realty stocks fell. Sumitomo Mitsui Financial Group has already suffered loss of more than $700 million in its investment in pending Barclays Plc public offering at a fixed price. |
|
|
Full Story... |
Shanghai Drops 4%
Jul 16, 5:12 PM EDT |
|
| Shanghai stocks continued to decline as investors fear rising inflation and smaller rise in real estate prices will hurt profits. |
|
| Stocks in Shanghai fell sharply but in Hong Kong edge higher. Huaxin Cement reported first sales rise of 31% to 2.7 billion yuan and net income increased 74% to 191 million yuan or 0.50 yuan per share. Shanghai Electric Power probably lost money in the first half after record coal prices. Huaneng Power also estimated loss in the first quarter. Casino stocks Melco Entertainment and Galaxy Entertainment fell 6% on tighter travel restrictions for mainland visitors. |
|
|
Full Story... |
Unemployment Claims Rise, Stocks Fall
Jul 16, 3:23 PM EDT |
|
| UK stocks edged lower on weak mining and energy stocks. ICAP rose 8% after it supported its earnings estimates. |
|
| UK stocks edged lower after a fall in crude oil and base metal prices. Miners and energy stocks led the decliners dragging FTSE 100 index lower 0.4%. Financial rebounded on the rally in sector in the U.S. and in Europe after better than expected earnings from Wells Fargo. Barclays investors in the recent public offering have suffered a loss of 14%, before the completion of the offering. Separately, unemployment claims rose but the rate remained at 5.2%. |
|
|
Full Story... |
Stocks Rally 2% on Wells Fargo, Crude Declines
Jul 16, 4:55 PM EDT |
|
| Banks and financial stocks rallied after Wells Fargo increased its quarterly dividend and reported 25% decline in earnings, but exceeding estimates. |
|
| U.S. benchmark indexes increased more than 2% after investors bid up banks and other lenders. Wells Fargo reported 25% decline in earnings but exceed expectations of some investors and increased its quarterly dividend by 10% to 34 cents per share. The news of better earnings lifted stocks of banks, insurers and lenders. Crude oil futures dropped as much as 5% after the weekly inventories data showed an increase. |
|
|
Full Story... |
Alpha Agrees to $10 B Offer; Wells Fargo Up
Jul 16, 4:57 PM EDT |
|
| U.S. stocks rebound in the early hours of trading. Cleveland-Cliffs and Alpha Natural Resource agree to merge. Wells Fago jump on earnings. |
|
| U.S. stocks rise after $10 billion merger deal, losses fom American Air and Delta Air Lines and talks of dividend cut at Fanne and Freddie. Cleveland-Cliffs agreed to acquire coal miner Alpha Natural Resources for $128 a share or $10 billion. AMR, the parent of American Air reported quarterly loss of $1.45 billon and Delta Air Lines lost $1.04 billion. Wells Fargo rose afte it reported second quarter profit of $1.75 billion or 53 cents per shrare on reveue rise of 16% to $11.5 billion. |
|
|
Full Story... |
1
 |
|
