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3M and Job Report Drag Market
Jul 07, 4:23 PM EDT |
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| June non-farm payroll gained 121,000, significantly lower than the economists estimate of 200,000. 3M said that it will miss the earnings estimate. |
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| Market averages declined on job report, worries of rising wage inflation, earnings warnings from 3M and sales declie at Advanced Micro. worries of stagflation, slowing economy and rising inflation, put market and investor on the edge. Tech stocks traded lower in NY and European trading. Asian markets recovered. Brazil and Mexico fell. India declined on political worries. 3M fell 9% on earnings warning. |
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Techs Lead Europe Lower
Jul 07, 12:32 PM EDT |
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| British insurance company Aviva lost 3.7% after Aviva announced it is in talks to buy U.S. insurer AmerUs Group. |
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| European markets closed slightly lower on weakness in the technology sector, following two high profile profit warnings. Weakness on Wall Street also contributed to the downward trend as the latest U.S. jobs data sparked concern the economy may be slowing to a point where corporate earnings may suffer. The German DAX 30 lost 0.2%, the French CAC 40 dropped 0.3%, and London FTSE 100 inched down to 5.888 points. |
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Record Oil Pressures Stocks
Jul 07, 11:49 AM EDT |
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| Stocks were weak, with traders worried that a strong economy could spark inflation, but a weak economy would eat into corporate profits. |
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| The industrial conglomerate 3M contributed to the weakness of Dow with a decline of 7% after it cut its Q2 and 2006 profit forecasts due to lower-than-expected sales. Advanced Micro Devices Inc. fell 65 cents to $23.18 after cutting its revenue forecasts. The announcement also send Intel Corp. lower, down 12 cents at $18.73. Record oil prices also weighed, with traders worrying that higher energy prices would hurt consumer spending. |
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India Plunges On Political Worries
Jul 07, 10:49 AM EDT |
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| After gaining in early trade, the market plummeted in the last 30 minutes of Friday's trade mainly due to political tensions. |
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| News that the Indian government may fall led by a decision not to proceed with selling stakes in state-run firms disturbed the trading. The market was gripped in a sell-off after the government suspended all divestments as a key ally threatened to pull out of the ruling coalition. A rebound in ICICI Bank supported by a large block deal, at the end of session, aided recovery in the Sensex after it had lost over 300 points in late trade. |
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Profit Warning Sends 3M down 7%
Jul 07, 10:06 AM EDT |
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| A barrel of light sweet crude set an intraday record of $75.78 before retreating to $75.65. |
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| U.S. stocks opened weaker, reflecting corporate profit warnings, record-high oil prices, and a weaker-than-expected jobs creation report, raising worries that the economy was cooling too quickly. Dow component 3M Co. dropped 7% on warning of lower-than-anticipated Q2 earnings. Micro Devices slipped 4.7% on warning of 6% drop in Q2 revenue. |
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Weaker Job Growth
Jul 07, 9:03 AM EDT |
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| Advanced Micro Devices dropped 5% on warning of 6% drop in Q2 revenue. Starbucks fell 3.4 % after it posted a 6% rise in same-store June sales. |
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| Stock futures jumped on weaker-than-expected job growth, suggesting that the Fed Reserve might pause interest rate hikes. The Labor Department reported that 121,000 nonfarm payroll jobs were created in June, below expectations of 185,000 jobs and up an upwardly revised 92,000 in May. The unemployment rate remained at a five-year low of 4.6%, in line with expectations. |
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Lawsuit Accuses Cingular of Deceiving
Jul 07, 8:35 AM EDT |
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| Cingular which acquired AT&T Wireless Services Inc. for $41 billion two years ago was accused of deceiving customers. |
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| A federal lawsuit alleges breach of contract and violations of consumer protection laws, seeking class-action status on behalf of the more than 20 million customers AT&T Wireless had at the time of the merger. The lawsuit, based on complaints received by the Foundation for Taxpayer and Consumer Rights in Santa Monica, seeks up to treble damages for fees and charges paid by the AT&T Wireless customers. |
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Tokyo Lower, Asia Higher
Jul 07, 7:47 AM EDT |
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| Asian-Pacific stocks were mostly higher Friday as worries over North Korea's missile tests subsided. |
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| The weaker-than-expected data in the U.S. also raised hopes for a halt to interest-rate increases. Japan''s Nikkei 225 finished the day slightly lower, after giving back morning gains. Hong Kong''s Hang Seng Index also ended while South Korea''s Kospi index finished with a gain. |
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Tech Stocks Weigh On Europe
Jul 07, 6:30 AM EDT |
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| European stocks were lower Friday, as technology shares came under pressure after AMD of the U.S. and Business Objects of France lowered guidances. |
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| Investors, also, nervously awaited US employment data for further clues on the likely direction of future US monetary policy. The airline sector in Europe provided some upside after a number of carriers reported June passenger numbers. The U.K. FTSE 100 index lost 0.4%, the German DAX Xetra 30 index decreased 0.5% and the French CAC-40 index slipped 0.5%. |
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Gold Rises Due To Dollar And N.Korea
Jul 07, 5:11 AM EDT |
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| Continued geopolitical tensions after North Korean missile tests, a weaker U.S. dollar and technical factors lifted gold on Thursday. |
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| A combination of factors helped power the rally, including a softer U.S. dollar and increased geopolitical tensions. The latest is that North Korea might test more missiles. It so turns out that risks of all kinds are being priced back into the market. Traders also have been citing ongoing worries about Iran''s nuclear program. |
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