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Market Averages Rebound On Earnings
Aug 02, 4:22 PM EDT |
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| Proctor & Gamble reported 36% rise in profits to $2.65 per share. Time Warner reported second quarter profit of $1 billion. |
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| As market reached close Dow gained 74 points , Nasdaq was up 17, and S&P rose 8. Positive earnings from P&G, Time Warner, MasterCard, Blue Nile, and Cognizant supported market advance. P&G, aided by price increases, reported positive earnings of more than 4%. Time Warner posted positive earnings of 24 cents versus a loss of 9 cents a year ago. AOL lost close to a 1 million subscribers in the quarter. Oil gained 90 cents to close at $75.81. |
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Cadbury, Danone Boost Europe
Aug 02, 12:27 PM EDT |
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| French bank BNP Paribas rose 4.2% after saying Q2 profit rose 30.6% to 1.9 billion euros on 40% revenue jump. |
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| European markets finished Wednesday session sharply higher, boosted by positive profit outlook from Danone and Cadbury Schweppes, as well as strong gains on Wall Street. British confectionery maker Cadbury Schweppes jumped 3.2%, while Food group Danone rose 4.4%. The German DAX 30 surged 1.5%, the French CAC 40 soared 1.6%, and London FTSE 100 climbed 0.9%. |
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Cigna Gains on Profit Jump
Aug 02, 11:31 AM EDT |
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| Crude oil inventories fell 1.8 million barrels in the week ended July 28. while gasoline inventories declined by 100,000 barrels. |
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| Cigna, insurance provider, rose 11% after the company reported Q2 earnings of $2.31 per share, exceeding analyst estimates of $1.94 per share. MasterCard, global payment solutions company, reported it lost $2.30 a share, compared to net income of 89 cents a share in the year-ago period. Excluding items, the company earned 74 cents a share, beating estimates of 62 cents a share. Company''s shares climbed 10%. |
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Late Hour Rally in Sensex
Aug 02, 10:39 AM EDT |
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| The Sensex jumped more than 1% on a late rally in the last hour of trading on buying in large cap stocks. |
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| The Indian benchmark index notched a third consecutive day of gains thanks to strong buying in blue-chip stocks in the closing hour of trade. Small-cap and mid-cap stocks helped the market-breadth to consolidate in the last hour of trading. Tata Motors and Tat Steel led the gainers, together with BHEL and NTPC. Cement stocks also performed well. Maruti Udyog and ICICI Bank led the decliners. A planned merger between Essar and local mobile telephone unit Hutchinson in Mumbai has been called. |
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Procter & Gamble Profit up 36%
Aug 02, 10:09 AM EDT |
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| Light crude gained 67 cents to $75.58 a barrel, while gasoline rose 10%. The dollar fell against most major currencies. Gold prices advanced. |
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| Stocks advanced at opening on better-than-anticipated results from Time Warner, although climbing oil prices limited early gains. Time Warner rose 3% on $1 billion profit in Q2. Procter & Gamble climbed 4% on 36% profit rise in Q4. Ford Motor Co. gained 2.9% on reports that the company launched a strategic review of ailing business units that could lead to a sale of those divisions or broader strategic alliances with other automakers. |
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Time Warner Swings to $1 B Profit
Aug 02, 8:52 AM EDT |
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| Credit Suisse Group announced Q2 profits surged 135% on 18% revenue growth. Mittal Steel's Q2 net income was $1.44 a share, down from $1.57 last year. |
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| U.S. stock futures pointed to a bullish start, with Time Warner and Procter & Gamble reporting higher-than-expected quarterly results. Time Warner Inc. reported a Q2 profit of $1 billion in contrast to a loss of $409 million a year earlier, citing cable TV business growth. Revenues edged up 1% to $10.7 billion. P&G said its Q4 profit grew 36% to 55 cents per share from 52 cents per share last year on 25% revenue increase. |
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$10 B Bid for Philips Unit
Aug 02, 8:01 AM EDT |
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| Kohlberg Kravis Roberts & Co. and Silver Lake Partners are reportedly close to a deal with Philips Electronics NV's chip unit. |
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| The Wall Street Journal said the deal may be worth more than eight billion euros, or $10.26 billion, citing people familiar with the matter. Since 2005 Philips has been seeking a separate legal structure for its chip unit, which had 2005 sales of 4.62 billion euros, or $5.8 billion and makes products for mobile phones and cars. |
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Asia Shrugs off Early Worries
Aug 02, 7:33 AM EDT |
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| Asia recovered from a bad start to trade in the green Wednesday afternoon, although advances were limited due to American economic outlook concerns. |
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| Stocks declined in morning trading as U.S. stocks t fell overnight after worries about inflation sent stocks down in New York for a second straight day. In Japan, stocks rebounded moderately as investors traded pulp-paper, pharma and beer company stocks amid a takeover battle among two Japanese paper manufacturers. Oji Paper of Japan began a hostile bid for Hokuetsu Paper Mills in a deal that would create the world No. 5 paper maker. |
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Earnings Boost Europe
Aug 02, 6:39 AM EDT |
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| European stocks advanced Wednesday after earnings season gathered speed with financial stocks again in focus. |
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| European markets gained ground on Wednesday brushing off the interest-rate rise worries that pressured U.S. markets to a lower finish overnight. Strong earnings outlooks from companies such as Danone and Cadbury Schweppes helped the rise as well as the results from Credit Suisse and BNP Paribas. The U.K. FTSE 100 index gained 0.5%, the German DAX Xetra 30 index rose 0.7% and the French CAC-40 index climbed 0.8%. |
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Gold Rallies
Aug 02, 5:20 AM EDT |
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| Gold prices hit a two-week high Tuesday as the dollar sank and crude oil breached the $75-a-barrel mark. |
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| The dollar had lost ground and suggested a strong round of buying in gold. The growing tension between Israel and Hezbollah also made prices rise. Silver rose to a high, before settling down, but was up on the day. Copper futures failed to take out the peak on Monday, its best level since July 19. Crude oil finished on the rise too. |
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