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Techs and Industrials Guide Market Lower
Jul 21, 5:11 PM EDT |
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| Economic slow down and lower coroprate profits worries led stocks to decline. Dell profit warnings. Microsoft to launch portable music player. |
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| Market swings from euphoria to calamity and today it was the day of economic slow down worries. Industrial and tech comapanies, in spite of reporting better earnings, traded lower. Caterpillar reported the best quarter in the company history,but stock fell 1.1%. Slowing economy and rising uncertainity for the coroporate profits does not bode well for near term investors. Dell and semiconductor stocks declined on slowing markets for computer and chips. Dell closed near six-year low. |
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Caterpillar Posts 38% Growth
Jul 21, 11:51 AM EDT |
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| BellSouth Corp. shareholders approved the proposed sale of their company to AT&T Inc. for $67 billion in stock. |
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| Stocks dropped on significant weakness for tech stocks, dragged by five-year low for Dell due to disappointing earnings. The semiconductor sector was also weak as Broadcom, communications semiconductors maker, reported Q2 revenue in line with estimates but issued a disappointing Q3 forecast. Swedish telecom equipment maker Ericsson fell 1.7% after reporting weaker-than-expected Q2 sales. Caterpillar said Q2 earnings surged 38%, the strongest financial performance in four decades. |
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Local Rate Hike Worries in India
Jul 21, 11:00 AM EDT |
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| Sensex declined 2%, down third time this week, on a possible rate hike next week. Tata Steel and L&T report earnings. |
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| Metals, energy and pharmaceuticals faced a wave of selling for the third time this week. Sensex in India closed down 267 points on the rate hike worries for the coming week. Tata Steel and Larsen & Toubro report rising earnings. For the week Sensex in India lost 5.5%. |
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AMD Disappoints, Drops 12%
Jul 21, 10:19 AM EDT |
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| Eli Lilly reported second-quarter earnings of $822 million, or 76 cents a share, versus a loss of $252 million, or 23 cents a share last year. |
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| U.S. market averages opened mixed, with the Dow and S&P 500 moving modestly higher, but the Nasdaq falling down on weakness in the tech sector. The losses followed a profit warning from Dell which offset better-than-expected quarterly results from Microsoft and Google. Advanced Micro Devices also came under pressure as the chipmaker said Q2 net income totaled $89 million, or 18 cents a share versus $11 million, or 3 cents a share last year.Sales were $1.22 billion, vs. $1.26 billion a year ago. |
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Dell Drops 12% on Warning
Jul 21, 9:01 AM EDT |
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| Microsoft raised its full-year outlook on strong demand for Windows and said it planned a $40 billion share buyback. |
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| Stock futures reversed from earlier strength to indicate a flat opening as profit warning by Dell offset strong results from Caterpillar. Shares of Dell dropped 12.3% in pre-market trading after warning that Q2 earnings and revenue would come below forecasts, citing ‘aggressive pricing’ in a slowing market. Caterpillar rose 2.8% after reporting higher quarterly profit to $1.52 a share from $1.08 a share a year earlier. The heavy equipment maker also raised is outlook for the full year. |
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Oil Prices Retreat
Jul 21, 8:00 AM EDT |
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| Light, sweet crude for September delivery slipped 18 cents to $74.09 a barrel in Asian electronic trading on the Nymex. |
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| Crude oil prices declined Friday morning, following comments by the U.S. Federal Reserve Chairman Bernanke that surging oil prices have negative effect both on economic growth and inflation. Oil prices have retreated from recent highs after data showed an increase in U.S. petroleum inventories last week, but there are still lingering concerns about the Middle East crisis. |
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Strong Yuan Boosts Shanghai
Jul 21, 7:02 AM EDT |
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| In Tokyo at close, Softbank lost 3%, Yahoo Japan declined 2%, and Toyota Motor lost 0.7%. Mitsubishi Estate lost 2.4% and Sumitomo Realty fell 1.7%. |
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| Asian markets sharply reversed from yesterday’s strong rally due to a heavy sell-off on profit taking. Negative sentiment was also generated by lower close on Wall Street. The Nikkei rebounded from 3.1% advance Thursday to close down 0.84%, with notable weakness in property shares. Hong Kong’s Hang Seng finished down 0.27%, South Korea’s Kospi lost 0.1%, and Australia’s benchmark slid 0.72%. China’s Shanghai Composite rose 0.6%, led by financial stocks. |
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