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Financials Rally on Bank Earnings
Jul 21, 6:12 PM ET |
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| Financial stocks in Shanghai and HK closed higher on optimistic outlook after better than expected earnings at Citigroup. |
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| Stocks in Hong Kong and Shanghai rallied after three of the five leading banks in the U.S. reported better than expected earnings. Benchmark indexes rose 3% in Shanghai and Hong Kong after media speculation that China Investment Corp may inject capital in HSBC. Four leading brokerage houses reported a surge in profit at the end of the first half according to industry reports. HSBC, ICBC, Bank of Communications and Bank of China closed higher. |
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Financials Gyrate, Crude Rebounds
Jul 21, 5:42 PM ET |
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| Financial stocks rose after better than expected earnings from Bank of America. After the close American Express and Apple fell. |
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| Stocks in New York and Europe closed higher on rising crude oil prices, strength in financial stocks and an offer to acquire Genentech at a premium. Bank of America reported 41% decline in earnings but higher than what most analysts had estimated, lifting stocks in the sector. Fannie Mae and Freddie Mac rose after investors put faith in comments from Treasury Secretary. Merck and Schering Plough fell on Vytorin research study. Crude oil rebounded on impending storm in the Gulf of Mexico. |
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Genentech Trades Above Roche Offer
Jul 21, 10:41 PM ET |
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| Investors bid up Genentech stock above the offer price of $89 per share in the hope of higher offer from Roche. |
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| Roche offered to acquire 44% of Genentech that it does not own at $89 per share, nearly 9% above Friday closing price. Roche will raise cash through debt offering and from internal resources to pay for Genentech and keep the company as independent research operation. Roche, struggling with new product development has acquires several smaller research companies in the past to keep its pipeline of new drug offering active. Roche fell 4% and Genentech closed up 15% near $94. |
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Energy, Mining Companies Lift UK Stocks
Jul 21, 5:30 PM ET |
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| UK stocks edged higher on a rise in energy and base metal prices. European markets closed higher on a rebound in financial stocks. |
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| UK edged higher on a rebound in energy prices and expectations of milder than expected recession. Home prices in July dropped 1.8% from June and 2% from a year ago. Rebound in energy and metals prices lifted metals and energy companies stocks. A member of the UK Monetary Policy in an interview stated that UK is probably in a recession and unemployment will jump to 7% from current rate of 5.2%. |
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Genentech Bid, Financials Rally
Jul 21, 1:32 PM ET |
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| Roche offered to pay $89 per share for Genentech. Roche controls 56% of the genetic science company. Investors expect higher bid. |
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| U.S. stocks trended lower after rallying at the opening. Swiss pharmaceutical company Roche offered $89 per share to Genentech stock holders for 44% of the company that it does not own. The stock rallied in the hope that Roche may raise its offer above $100 per share. Separately, financials rallied in the morning after Bank of America reported 41% drop in earnings and estimated Countrywide merger will add earnings faster than earlier expected. |
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Bank of America Earnings Lift Stocks
Jul 21, 9:24 AM ET |
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| U.S. stocks edged higher after better than expected earning from Bank of America lifted financial stocks. Fannie Mae rose on optimism. |
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| U.S. stocks edged higher in the morning trading on better than expected earnings from Bank of America. Crude oil futures edged higher as Tropical Storm Dolly brewed in the Gulf of Mexico. European markets at mid-day edged upwards. In Asia, Australia and Hong Kong added more than 3%. |
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