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Declining Consumer Confidence and Home Sales
Sep 27, 7:57 PM ET |
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| Wellpoint has agreed to acquire WellChoice for $6.5 billion in cash and stock at 9.4% premium from yesterday's clsoe. Oil and home sales decline. |
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| Declining consumer confidence and home sales, elevated energy cost and volatile bond yields kept investors on the edge. Heavy volume of two billion shares on NYSE. Stocks of home buidlers and energy companies saw above average volume as volatile bond yields and crude oil prices kept investors gusessing. Lennar, Pepsi Bottling Group and Jabil Circuit delivered better than expected earnings. August home sales declined 9.9%. |
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Declining Oil, Rising Rates
Sep 27, 1:39 PM ET |
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| Pepsi Bottling Group's 3Q earnings rise 7% to 82 cents a share on strong sales. Lennar' 3Q profit up 50%, raised 2005 profit outlook. |
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| The Conference Board released a report, showing that consumer confidence in September dropped to 86.6 from 105.5 in August, although economists had expected a more modest decline of 98.0. The Department of Commerce released data, indicating that new home sales fell 9.9% to a seasonally adjusted annual rate of 1.237 million units in August from the revised July rate of 1.373 million units. Economists had expected sales to fall to a 1.363 million unit rate. |
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Market in Search of Direction
Sep 27, 11:00 AM ET |
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| Oil prices have fallen 60 cents to $65.22 a barrel after a broad rally yesterday on supply concerns while Rita's impact was being assessed. |
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| Pepsi Bottling Group posted 3Q 7% earnings rise of 82 cents a share vs. 73 cents a year ago on strong sales. Excluding special gains, the quarterly results met expectations of 78 cents a share on sales of $3.14 billion. Lennar, homebuilder, reported 3Q 50% income growth of $2.06 a share vs. $1.36 a year ago, beating estimates. The company raised its 2005 profit outlook to $8.10 a share. New home sales in August were 1,237,000, down 9.9% from July, but up 6.2% from August 2004. |
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Weak Start at Opening
Sep 27, 10:14 AM ET |
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| Oil prices fell to $65.23 a barrel, while gasoline rose 1 cent to $2.1374. Gold prices and U.S. dollar climbed in Europe. |
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| Asian markets closed mixed with South Korea's Kospi and Australia's All Ordinaries at all-time highs. The Nikkei lost 0.6% after Monday's four-year peak. European stocks trade mixed, pressured by rising oil. The consumer spending report due out later in the day is expected to show that confidence index dropped to 95 from 105.6 in August on soaring gasoline prices. |
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