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Toyota and Honda Charge Ahead
Aug 01, 6:12 PM EDT |
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| Ford and Chrysler reported a sharp decline in July sales. Oil closed above $75 per barrel. |
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| Fears of inflation were back on market with the release of consumer spending report. Commerce Department reported that consumer prices are up 2.4% from a year ago so far for this year, highest since inflation rate in April 1995. Another month and another loss of a market share for domestic auto makers. Ford and Chrysler reported a steep decline in auto sales in July from a year ago. Oil climbed back above $75 per barrel. Vodafone refused to sell its take in Verizon back to the company. |
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Domestic Auto Makers, Sales Decline
Aug 01, 3:45 PM EDT |
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| Ford, GM and Chrysler sales drop dramatically in the absence of incentives. GM sales decline 22%. |
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| Fears of inflation were back on market with the release of consumer spending report. Commerce Department reported that consumer prices are up 2.4% from a year ago so far for this year, highest since inflation rate in April 1995. Another month and another loss of a market share for domestic auto makers. Ford and Chrysler reported a steep decline in auto sales in July from a year ago. Oil climbed back above $75 per barrel. Vodafone refused to sell its take in Verizon back to the company. |
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Europe Picks up Rate Worries
Aug 01, 12:41 PM EDT |
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| Vodafone dropped 1.7% after Verizon Communications' CEO said that Vodafone wasn't interested in selling its 45% Verizon Wireless stake. |
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| European markets finished steeply lower on interest rate concerns and mixed earnings reports. Among movers, Dutch telecom KPN climbed 5.6%, Deutsche Bank shares fell 4.7%, and low-cost airline Ryanair also dropped 3.5%. The German DAX 30 slid 1.5%, the French CAC 40 fell 1.2%, and London FTSE 100 lost 0.8%. |
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DaimlerChrysler Sales Drop 34%
Aug 01, 11:31 AM EDT |
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| Auto maker DaimlerChrysler said that its total group sales in U.S. for the month of July declined 34% to 171,940 passenger vehicles. |
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| Stocks continued to trade lower on inflation worries, sparked by strong economic data. The ISM''s manufacturing index added to investor interest rate worries, as the index rose to 54.7 in July, far better than the 53 reading economists had expected. In another report, the Commerce Department said that construction spending rose 0.3%, exceeding expectations of 0.2% growth. |
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India Rises On Ratings Upgrade
Aug 01, 10:44 AM EDT |
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| After remaining in the red most part of the day on weak Asian markets and rise in oil price, the Sensex recovered in late trading on rating upgrade. |
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| The benchmark Sensex experienced extreme volatility during the day but bounced back after news that international rating agency has upgraded India''s sovereign ratings to investment grade on an improvement in public finances. IT shares, banks and cement stocks finished higher in the latter part of trade. Auto and pharma stocks were down. |
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Nasdaq Opens 1% Lower
Aug 01, 10:06 AM EDT |
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| Whole Foods Market fell 11% a day after the organic foods retailer said profit rose but sales were below estimates. |
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| Stocks opened lower following a government report which helped renew concerns about the pace of inflation and interest rates. The Commerce Department released a report showing that consumer prices, excluding food and energy prices, rose at an annual rate of 2.4% compared to the 2.2% rate seen in the two previous months. Core personal consumption expenditures rose 0.2% in June. |
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Verizon Profit Declines
Aug 01, 8:58 AM EDT |
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| TXU posted higher Q2 earnings, helped by power prices. International Paper Co. also posted higher Q2 profit, helped by better pricing. |
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| Verizon reported Q2 earnings of $1.6 billion, or 55 cents a share, down from $2.1 billion, or 75 cents a share last year, citing charges and merger integration costs. Eastman Kodak said Q2 loss widened to $282 million, or 98 cents per share from $155 million, or 54 cents per share a year ago on restructuring charges and rising silver prices. |
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Northwest Flight Attendants Reject Contract
Aug 01, 8:02 AM EDT |
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| Northwest Airlines Corp. flight attendants rejected Monday their second tentative labor contract with the company. |
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| That move is likely to lead the bankrupt airline to unilaterally impose a new, cost-cutting contract on the union, but the airline''s 9,300 flight attendants warned that any attempt by the airline to enforce new work rules will lead to random mini-strikes aimed at hampering the carrier''s operations. |
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Asia Ends Down on Profit-Taking
Aug 01, 7:33 AM EDT |
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| Asian markets slipped Tuesday as optimistic earnings results helped counterbalance greater losses following declines in the U.S. |
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| The Nikkei 225 Average of Japan shed 0.04%, as traders sold blue chip electronics. Sony and Canon were among the main decliners. The Hang Seng Index of Hong Kong fell 0.35% on falls in China-related companies. The Korea Composite Stock Price Index, or Kospi, eased 0.8%, as profit taking in banks and shipbuilders erased gains in technology shares. |
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Europe Shakes Off Early Weakness
Aug 01, 6:53 AM EDT |
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| European markets traded higher Tuesday, as the improved outlook from KPN helped investors overcome disappointing Deutsche Bank results. |
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| European stocks turned higher on Tuesday, as broadly satisfying results from the likes of Allied Irish Banks and KPN offset weakness caused earlier by Deutsche Bank and Ryanair. The U.K. FTSE 100 index notched 0.2% up and the French CAC-40 index gained 0.1%, with only the German DAX Xetra 30 index slipping 0.1%. |
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