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Nasdaq Down 16, Dow Declines 36
Aug 21, 4:18 PM EDT |
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| Major market averages spent the day in negative column. Gold rose $13 and oil gained $1.20. |
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| Rising oil prices, profit warning from Lowes and profit taking sentiment drove major averages lower at close. Lowes reported 60 cents earnings vs. 52 cents a year ago but lowered forecast for the year. Pilgrim Pride launched unsolicited offer at $1 billion for Gold Kist. Gold gained $13 and oil rose $1.20 on refusal from Iran to stop uranium enrichment process. SanDisk launched MP3 player at $249 with 8GB of storage. European markets closed lower. Russia repaid $23.8 billion ahead of schedule. |
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Russia Repays $23.8 B
Aug 21, 3:47 PM EDT |
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| Russia today repaid $23.8 billion in debt, ahead of schedule, to Paris Club creditors. Russian market closed up 1.5%. |
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| Oil rich Russia repaid $23.8 billion in debt to Paris Club creditors ahead of schedule with the prepayment penalty of $1.3 billion. The reversal of fortune is marked by a four-fold rise in oil price in the international market and annual economic expansion at more than 7% at home. Russia foreign debt stands at less than 9% of GDP, a significant decline from 96% in 1999. Moscow stock market rose 1.47%. |
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Sandisk Cuts Music Players Prices
Aug 21, 3:02 PM EDT |
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| Flash memory maker SanDisk released 8GB storage MP3 Player for $249. The company also cut prices on all other players. |
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| The flash memory maker SanDisk today released MP3 player with 8GB of storage. The $249 deivce is likely to appeal to price conscious listeners with need for large storage. iPod from Apple, the current leader in the market, is not likely to face any serious erosion in sales. However, as new players with more features and cheaper prices are released, Apple may have to cut prices on several of its iPod models. |
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Gold Gained $13
Aug 21, 2:10 PM EDT |
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| Geopolitical issues, rising oil price and sustained demand for gold from Middle-East ans Russia kept god rising. |
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| Market aveerages spent most of the day in the negative zone. Gold jumped $13 in the trading on the news of refusal from Iran to suspend uranium enrichment. Gold, silver, copper and platinum rose in the metals trading in New York. Metals and mining stocks rose in New York and European trading. BHP Billiton, Newmont Mining and Phelps Doge gained on strong volume. |
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Pilgrim Offers $20 for Gold Kist
Aug 21, 12:00 PM EDT |
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| Pilgrim's Pride made an unsolicited offer of $20 per share for Gold Kist, valuing the company at $1 billion. Glenborough Realty to be acquired for $26 |
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| Two large deals domninated merger news this morning. Glenborough Realty agreed to be acquired for $26 per share by funds managed by Morgan Stanley Real Estate. Pilgrims Pride made an unsolicited offer to buy Gold Kist at $20 per share. The stock of Pilgrim rose 6% and Gold Kist rose 50% on the news. Market averages at mid-day remain in the negative. European markets closed mostly lower on higher oil price. |
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Dollar General Declins 8%
Aug 21, 11:37 AM EDT |
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| Market averages remain under pressue after two hours of trading. Nasdaq led the decline in averages. |
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| Market averages declined in the first two hours of trading led by 16 points decline in Nasdaq, 35 points loss in Dow and 4 points loss in S&P 500. The weakness in European and Aian trading and rise in oil prices kept traders from buying. Dollar General lowered its second quarter earnings. MasterCard jumped $2.05 or 4% on heavy volume and no news. |
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Sensex Closes Higher
Aug 21, 10:30 AM EDT |
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| The Bomaby Stock Echange Index, Sensex-30, in India reversed the course in late trading and managed to gain 45 points. Refinery stocks lead gainers. |
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| Trading on Mumbai Stock Exchange was subdued but market averages managed to rise at close. Investors bid up refining stocks as oil price fell in the world markets. HCL Techonolgies reported 44% rise in earnings. IPO of GMR Infrastructure closed near the offer price on heavy trading volume. Other Asian markets in Japan, Taiwan and Hong Kong closed sharply lower. |
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Nasdaq Down 0.7%
Aug 21, 9:57 AM EDT |
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| In the first thirty minutes of trading Nasdaq fell 0.7%. worries over Iran, volatile oil and lower than expected earnings from Lowes affected trading. |
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| After rising for the five days in a row, market appears to be ready to take profit. Nasdaq and Dow fell in the early trading and Nasdaq is now nearing 0.7% decline. Dow is down 40 points and S&P 500 is down 5 points. Lowes after reporting 60 cents per share earnings fell 3% at the open. Asian markets closed lower led by 3.2% decline in Taiwan and 0.85% loss in Japan. |
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Dow and Nasdaq Expected to Open Lower
Aug 21, 9:09 AM EDT |
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| After rising for five days in a row, market averages are expected to open lower. Lowe's reported 60 cents, cut the guidance for the year. |
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| Market averages are expected to open lower after gaining for five days in a row. Futures trading indicates that Dow is expected to open 3 points and Nasdaq is expected to open 9 points lower. Lowes reported second quarter profit of 60 cents vs. 52 cents a year ago. In the European trading, market averages are showing a slight negative bias. Japan closed below 16,000 mark. |
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