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Oil Up 1%, Dow and Nasdaq Down
Sep 21, 4:20 PM EDT |
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| Worries of economic slowdown, rise in oil and gold prices and negative sentiment among traders pulled averages lower. |
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| Market averages could not shake off the selling sentiment that gradually strengthened during the trading hours. At close Dow, Nasdaq and S&P 500 fell. HP fell close to 5% on the worries that CEO may have played bigger than anticipated role in a recent scandal involving board members. Wal-Mart launched a pilot program to offer generic drugs at a cheaper price for 300 drugs. Oil recovered 1.4%. Thailand dropped 4% at opening but closed 1.4% lower. |
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Europe Up On Weaker Oil
Sep 21, 12:46 PM EDT |
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| Cruise operator Carnival rose 5.6% after reporting a better-than-forecast 4% profit rise on demand for Alaskan and European cruises. |
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| European markets finished higher as automakers and chemicals companies benefited from weaker oil prices. BMW and Volkswagen each rose more than 1%, and chemicals companies BASF and Akrema advanced 2%. The German DAX 30 added 0.1%, the French CAC 40 advanced 0.3%, while London FTSE 100 rose 0.5%. |
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HP Drags Dow and S&P 500
Sep 21, 11:47 AM EDT |
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| Crude futures rose 74 cents to $61.48. Exxon shares rose 1.6%, while Chevron Corp. and ConocoPhillips added 2%. |
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| Market was dragged down by drug store shares after Wal-Mart Stores announced it was slashing prices of generic drugs in Florida, but an advance by energy stocks helped offset losses. Hewlett-Packard was the biggest drag on the Dow and the S&P 500, falling 3.6% on media reports that its CEO may have been more closely involved in a board-leak investigation than previously reported. |
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Tax Collection, Short Covering
Sep 21, 10:41 AM EDT |
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| The Sensex extended its rally for the second day in a row on higher tax collection and short covering by traders. |
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| The benchmark index finished well above the psychologically important 12,000 level in a broad-based rally in a firm trading session. Advance tax collections in September have grown a sturdy 32.5% and together with the U.S. Fed decision to keep key US interest rates unchanged and a steady drop in global crude oil price bolstered the maket. Bajaj Auto, BHEL, Hindustan Lever led the advancers. Reliance Communications and Hero Honda led the decliners. |
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Fedex Earnings Jump 40%
Sep 21, 10:16 AM EDT |
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| General Mills reported Q1 earnings and revenue growth, exceeding expectations, and reaffirmed its fiscal 2007 outlook. |
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| Stocks started trading higher Thursday, boosted by renewed confidence after the Fed Reserve left interest rates unchanged. In corporate news, Fedex posted Q1 profit rose 40% amid strong demand for ground and international express shipments. The company said costs from a proposed new contract with its pilots'' union would cut Q2 earnings. Cisco Systems rose 0.5% after Piper Jaffray upgraded the networking giant to outperform from market perform. |
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FTSE Higher on Morrison Performance
Sep 21, 9:47 AM EDT |
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| London moved higher after a quiet opening on strong performance by Morrison, coupled with corporate activity in the mining sector. |
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| In London, there was a speculative feel to trading, as Anglo-American surged on rumours that a Chinese mining company was looking to acquire a stake. Wm Morrison announced strong prformance after half-year profits and news on current trading exceeding forecasts. By mid-session, the FTSE 100 recovered from a dull opening to trade 0.5% higher. |
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ConAgra Profit Falls, Beats Estimate
Sep 21, 9:14 AM EDT |
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| The Labor Department said that 318,000 workers filed claims for jobless benefits, up by 7,000 from the benefit applications filed last week. |
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| U.S. stock futures indicated a higher market opening, lifted by strong earnings, lower oil prices and unchanged key interest rates. ConAgra Foods posted higher-than-expected earnings, despite a profit drop because of higher energy and ingredients expenses. Transportation company FedEx reported strong revenue and earnings growth. Shares in the company rose 0.4% before the bell. |
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German Merck Buys Serono for $13.3 B
Sep 21, 8:34 AM EDT |
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| Merck KGaA German drug maker, announced Thursday it will acquire Europe's largest biotechnology company Serono for $13.3 billion. |
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| Merck said it agreed to buy the Bertarelli family''s 64.5% stake in Serono for 1,100 Swiss francs a share and will launch a public offer for the outstanding shares at the same price. The offer is at a 20% premium to Wednesday''s closing price of 915 Swiss francs a share. |
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Exporters Lead Asia Higher
Sep 21, 7:32 AM EDT |
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| Asian markets clsoed mostly higher Thursday with Japanese exporters advancing from a rise in trade surplus. |
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| Asian markets advanced modestly on Thursday as some exporters, including Honda Motor, made gains from a rise in Japan trade surplus and the U.S. Federal Reserve decision not to hike interest rates, while China Mobile helped push Hong Kong to a six-year high. Also, Japanese stocks recovered from Wednesday lows, led by oil-sensitive rubber and automobile stocks owing to an overnight decline in oil prices. |
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Europe Higher on Merger Activity
Sep 21, 6:33 AM EDT |
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| Recovering from a weak start, European markets rallied by mid-morning Thursday, supported by merger activity in the pharma sector. |
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| The fact that German pharma company Merck has agreed to obtain a majority stake in Serono and the bid speculation in the Spanish property sector boosted Eurpean markets on Thursday. After a difficult morning, the FTSE climbed out of early losses as gains in the mining sector offset a slide in oil stocks. The FTSE 100 was up 0.31% at 5,873.6, while the German Xetra Dax added 0.2% and the French CAC 40 gained 0.2%. |
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