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Dow and Nasdaq Flirt with Record Levels
Sep 27, 4:04 PM EDT |
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| Unexpected rise in new home sales, rise in oil price near close and weaker than expected durable goods orders dominated trading sentiment. |
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| Market averages rose in the morning hours but managed to hold on to gains during the session. Dow rose to the high for the year but Nasdaq and S&P 5000 were subdued. August durable goods orders fell 0.5% when expectations were for the orders to rise 0.5%. Oil rose inthe final hour of trading after government reported that oil inventory levels were higher than expected at the end of previous week. New home sales rose 4.1% in August to 1.05 million annual rate. |
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Utility Bids and Miners Lift Stocks
Sep 27, 3:06 PM EDT |
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| European stocks rose across the region supported by higher bid on Spanish utility, upgrade on BHP by Goldman Sachs and firm oil price in the region. |
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| Market averages closed higher across the European region led by a surge of 2.6% in Spain and 1.5% rise in Norway. Peogeot said that it may let 10,000 people in Europe by the end of the Europe. Germann E.on raised its bid for Spanish Endesa by 38% taking with it Spanish market higher. Firm oil price supported a rise of 1.5% in Norway. Goldman Sachs raised outlook for BHP and other miners. Aer Lingus prices its IPO at 2.2 euros per share. |
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Averages Keep Rising
Sep 27, 11:36 AM EDT |
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| Crude oil inventories slipped 100K barrels in the previous week, while gasoline stockpiles increase 6.3 million barrels. |
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| U.S. stocks traded higher Wednesday, with blue chip stocks like Intel and McDonalds pushing the Dow Jones Average very close to a new high. Intel rose 3% while Advanced Micro Devices rose 1.7% after a federal judge limited AMD antitrust suit against its larger competitor. Shares of McDonald''''''''s rose 1.5% after its board approved an increase of nearly 50% for its dividend. |
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Sensex Edges Higher in Volatile Trading
Sep 27, 10:43 AM EDT |
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| The benchmark index, riding high till mid-day, suddenly sank as selling pressure weighed in late-afternoon trading. |
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| The Sensex opened higher today and surged to a fresh high in early morning but profit-taking at blue-chip level saw the index fall in late trading. Volatility was high on account of expiry of September derivative-contracts on Thursday. Reliance Energy led the advancers, while Reliance Capital was the most active stock. The BPO industry in the country has the potential to process up to 30% of the US bank transactions by 2010. |
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Red Hat Slips 22% on Sales Forecast
Sep 27, 10:15 AM EDT |
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| Shares of Red Hat slipped 22% after the provider of open-source software posted 34% profit drop in Q2 and said quarterly sales will miss estimates. |
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| Stock markets opened in the negative reflecting a weak durable-goods report that revived fears of slowing economy. An advance by oil prices further undermined sentiment. Shortly after opening hours, stocks turned flat to higher to enter the positive territory after the Commerce Department said that new home sales rose 4.1% in August, their biggest increase in five months. |
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U.K. Market Buoyed by U.S. Gains
Sep 27, 9:41 AM EDT |
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| The FTSE 100 tracked U.S. overnight success on Wednesday as the index pushed on from strong gains in previous sessions. |
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| Leading stocks traded in positive territory at midday, bolstered by advances across the mining sector, while expectations of a renewed bid approach for EMI from Warner Music was adding to the pervading optimism. The market was also assisted by continued strength across the Atlantic, expected to open higher again today. By mid-day, the FTSE 100 index was up 53.6 points at 5,927.2, with only UK small caps in the red. |
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Weak Durable Goods Orders Weigh
Sep 27, 9:10 AM EDT |
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| Oil futures rose 45 cents to $61.46 a barrel ahead of weekly inventory data.The dollar fell slightly vs. the Japanese yen and the euro. |
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| Stock market futures turned lower Wednesday, erasing earlier gains with the Dow nearing a new all-time high. Market sentiment was hurt by an unexpected decline in orders to U.S. factories for big-ticket manufactured goods. The Commerce Department reported that durable goods orders dropped 0.5% last month to $209.7 billion, reflecting a decrease in demand for computers and other electronic products. |
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E.On Improves Bid for Endesa by 38%
Sep 27, 8:03 AM EDT |
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| Endesa received an improved bid offer from Germany's E.On which raised its initial offer for the Spanish utility by 38% to $47 billion. |
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| E.On upped its all-cash offer for Endesa to 35 euros a share vs. a previous bid of 25.40 euros a share. The company''s move comes after Acciona disclosed Monday that it bought a 10% stake for 32 euros a share, suggesting that the Spanish government was urging the conglomerate to buy a stake in order to keep Endesa out of German reach. |
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Asia Surges Tracking U.S. Advance
Sep 27, 7:31 AM EDT |
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| Asian markets closed sharply higher Wednesday, on upbeat U.S. markets supported by consumer-confidence data. |
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| Japanese and Australian stocks led a sharp advance in Asian markets on Wednesday, as investors bought consumer, banking and commodity stocks with sentiment improving after a sharp rally on U.S. markets overnight. Japanese stocks soared in the wake of the election of the new government. Hong Kong advanced as dropping U.S. bond yields helped lift demand for local and Chinese banking and property companies. |
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European Markets Higher As M&A Warm Up
Sep 27, 6:46 AM EDT |
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| Europe moved higher Wednesday, tracking gains on U.S. markets and in Asia, with further takeover activity in the Spanish utilities. |
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| A return to gains in the mining sector and the bid for Spanish utility Endesa by E.On buoyed European stock markets to advance in early trading Wednesday. The mining companies strong cash generation raises the prospect of higher dividends or further buybacks and M&A, which is believed to support a recovery in the shares. The U.K. FTSE 100 index rose 0.6%, the German DAX Xetra 30 index rose 0.5% and the French CAC-40 index climbed 0.5%. |
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