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Falling Oil, Benign Inflation, Thai Coup
Sep 19, 4:58 PM EDT |
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| Benign inflation, near 4% drop in oil price and coup in Thailand topped investor focus. Yahoo led drop in Internet stocks. |
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| Market averages traded lower despite lower than expected wholesale inflation. Producer Price Index rose 0.1% but core index fell 0.4% for the month of August. Oil fell more than $2 on the news that OPEC may not have to cut the porduction in the coming years. Yahoo CEO said that financial and auto advertising is slowing dragging the stock 11% lower. Thai military launched a coup against the Prime Minister Thaskin. |
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Nasdaq Slips 1% on Thai Coup Rumors
Sep 19, 1:29 PM EDT |
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| U.S. stocks fell steeply down Tuesday after a state of emergency was declared in Thailand and rumors of a military coup spread. |
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| The Thai coup news contributed to further market decline after being hit by a sharp drop in the pace of U.S. housing starts in August, down 6%, the lowest point in over three years. The Nasdaq composite index made the steepest decline by 22.55, or 1.01%. |
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European Shares Slide
Sep 19, 12:53 PM EDT |
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| Bank of Ireland rose 1.6% on expectations to deliver an excellent performance in the current half-year and raised its earnings forecast. |
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| European markets finished steeply in the red, despite benign U.S. wholesale inflation data and earnings-inspired gains. DaimlerChrysler lost 0.1% amid profit warning, while auto parts supplier GKN dropped 4.3% after UBS downgraded the company following DaimlerChrysler''s warning. London FTSE 100 dropped 1%, followed by the German DAX 30, down 0.9%, and CAC 40, down 0.6%. |
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Napster Gains 15%
Sep 19, 11:39 AM EDT |
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| DaimlerChrysler AG rose 26 cents to $49.44 after the company said its Chrysler Group will cut deliveries to dealers by 90,000 vehicles in Q3. |
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| Stocks traded in a lackluster fashion Tuesday morning with investors looking ahead to the Federal Reserve''s decision on interest rates on Wednesday. Steeper-than-expected decline in housing starts weighed on market sentiment. Napster jumped 14.9% after the company said it hired UBS Investment Bank to ‘examine potential combinations,’ including a sale of the company. |
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Goldman to Invest $1B
Sep 19, 10:32 AM EDT |
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| The Sensex witnessed a see-saw session with the market dipping in last-hour trading on profit taking. Goldman Sachs to invest $1 billion in India. |
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| Benchmark index retreated today, slipping below the psychological 12,000 level. The decline was across the board in volatile trading. In the final hour of trading, the Sensex fell sharply due to profit-takking. Tata Motors led the decliners, Cipla, Maruti and Grasim also fell. Satyam, TCS and Dr Reddy’s firmed up. Petrol pump dealers continued their strike in Maharashtra, for the second day. |
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Slowing Construction Hurts Averages
Sep 19, 10:07 AM EDT |
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| Cride oil gained 27 cents to $64.07 in electronic trading. The U.S. dollar dropped vs. most other major currencies in European trading. |
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| U.S. stocks opened flat Tuesday after upbeat producer-prices data helped ease inflation fears, but another report showed a sharper-than-expected slowdown in home building, a day before the Fed Reserve announces its interest-rate decision. Tech stocks opened lower, though shares of Oracle Corp gained 1% ahead of releasing its Q2 results. |
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London Lower Ahead of Fed Meeting
Sep 19, 9:40 AM EDT |
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| The FTSE in Britain fell on Tuesday ahead of Federal Reserve decision on Wednesday concerning interest rates. |
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| There is not any huge volatility shown but volumes are low across the board and a lot of people are waiting ahead of the data and the Fed. The market also reacted negatively to a speech by the head of the International Monetary Fund in which he warned further oil price increases and global economic imbalances. British Energy led the decliners and shares in miner Kazakhmys plunged. By mid-day, the FTSE was off 44.2 points, or 0.75%. |
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Core Inflation Declines
Sep 19, 9:01 AM EDT |
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| New construction on U.S. homes fell 6% in August to a seasonally adjusted annual rate of 1.665 million, the lowest since April 2003. |
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| Stock futures were flat following an unexpected decline in core wholesale level inflation. U.S. producer prices rose by a smaller-than-expected 0.1% in August, while the core rate of the producer price index fell 0.4%, the largest drop since April 2003. Economists had expected a 0.3% gain in the August PPI and 0.2% rise in the core rate. |
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Motorola Acquires Symbol for $3.9 B
Sep 19, 8:00 AM EDT |
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| Motorola Inc. agreed to acquire Symbol Technologies Inc. in a cash deal of about $3.9 billion, or $15 per each outstanding Symbol share. |
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| The deal is expected to complete late this year or at the beginning of 2007, pending regulatory clearance and the approval of Symbol stockholders. The transaction is expected to considerably advance Motorola''s enterprise mobility strategy. Symbol jumped 15.4% in pre-market trading, while Motorola rose 0.4%. |
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Asia Awaits Fed
Sep 19, 7:31 AM EDT |
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| Asian markets ended flat Tuesday as trading was dull ahead of U.S. Federal Reserve meeting on Wednesday. |
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| The Japanese market was responding to regional gains in the morning on Monday but fell back in line with the precarious mood in the afternoon. The Nikkei Average finished slightly higher, with Hitachi and Sony shares dropping as faulty products impacted negatively their outlooks. Hong Kong, Australia, Taiwan and South Korea also declined and only China bucked the downtrend. |
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