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Brokerage, Housing Stocks Advance
Jul 28, 11:38 AM EDT |
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| Chesapeake Energy Corp. posted an 86% jump in Q2 profit due to an aggressive drilling and gas field acquisition program. |
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| Coventry Health Care, health insurer, posted Q2 net income growth to 84 cents a share, up from 79 cents a share last year. Office Depot, office products retailer, reported Q2 profit rise of 18% to 41 cents a share from 31 cents a share a year ago. ITT Corp. said that Q2 net income increased 2.3% to 75 cents a share from 73 cents a share a year ago, with revenue rising 11%. |
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Economic Slowdown Powers Rally
Jul 28, 10:17 AM EDT |
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| Light crude lost 45 cents to $74.09 on the Nymex.The U.S. dollar extended its losses to the yen. Gold prices slipped to $640 an ounce. |
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| Stocks rallied at opening, following second-quarter GDP data release. The Commerce Department said GDP growth slowed to a 2.5% annual rate from 5.6% in the first quarter, feeding hopes that the Federal Reserve may not continue raising interest rates further. The GDP report said core consumer prices surged 2.9%, while the department''s employment cost index rose a stronger-than-forecast 0.9%. |
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Oil Majors Release Robust Profit
Jul 28, 9:02 AM EDT |
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| Bristol-Myers' shares fell 8 % after it announced the U.S. Department of Justice had launched an investigation over generic drug deal. |
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| Stock futures rose Friday morning as energy companies reported robust earnings growth. Chevron Corporation reported Q2 net income growth of $1.97 per share, compared with $1.76 per share in the year-ago period. Oil field services company Baker Hughes and independent oil and gas producer Anadarko Petroleum said quarterly profit soared, helped by surging crude oil prices. |
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Oil Continues to Surge
Jul 28, 8:09 AM EDT |
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| Light, sweet crude for September delivery was up 16 cents to $74.750 a barrel in midmorning Asian electronic trading on the Nymex. |
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| Oil prices moved higher on Friday, on news that OPEC has no power to stop price surges caused by geopolitical tensions. In other Nymex trading Friday, gasoline futures remained steady at $2.2960 a gallon, while heating oil futures rose 0.75 cent to $1.9871 a gallon. Natural gas futures were up 4.5 cents to $7.168 per 1,000 cubic feet. |
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Sony, Canon Boost Tokyo
Jul 28, 7:01 AM EDT |
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| In Tokyo at close, shares of Sony Corp., climbed 4.1%, Canon Inc. gained 1.3%, and NEC surged 5.6%. |
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| Asian-Pacific benchmarks finished mixed on Friday in a light trading session. The Japanese Nikkei advanced 1.07% to close up at 15,342.87 points, boosted by stronger-than-expected earnings from leading tech companies. Across the region, Hong Kong’s Hang Seng gained 0.23%, South Korea’s Kospi ended up 0.1%, while Australia’s index declined 0.88%. |
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