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Intel to Lay-Off 10,500
Sep 05, 6:17 PM EDT |
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| Intel announced a sweeping restructring and plans to lay-off 10,500. The company also plans to sell underperforming divisions. |
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| Intel announced much rumored restructuring and said that it plans to lay-off 10,500 people. Most of the job losses will be in marketing, management and information technology areas. The company also plans to avoid spending $1 billion in capital expenditures. |
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New CEO at Ford, Markets Trade Lackluster
Sep 05, 4:52 PM EDT |
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| Oil discovery, falling bond yields and executive changes at Ford and Viacom dominated trading news. |
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| Market averages gained a little in a lackluster trading on a moderate volume. Shares of Chevron, Statoil and Devon Energy advacned on the news that the consortium of three companies have discovered oil in the Gulf of Mexico region. Ford Motor appointed Alan Mulally as its CEO and president. Oil dropped but gold advanced. Asian and European markets closed lower. |
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Hershey, Redback and Medifast Decline
Sep 05, 2:03 PM EDT |
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| Market averages are nearly unchaged in the early afternoon trading with a negative bias. Oil fell but gold rose. |
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| Market averages on the first day of trading this week are struggling with less than two hours of trading left. Oil traded lower and gold gained $13 on renewed buying in Asia and Middle East. Hershey fell nearly 5% on lowered rating by J P Morgan and Redback Networks lost 14% on downgrade by UBS. |
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Europe Tracks U.S. Losses
Sep 05, 12:43 PM EDT |
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| U.K. discount clothing retailer Matalan jumped 7% on improved sales. IT services group Cap Gemini fell 2.3% on downgrade. |
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| European markets closed in the negative influenced by a choppy trading on Wall Street after an extended holiday weekend. The oil-services sector was in focus after France''s Compagnie Generale de Geophysique agreed to buy U.S. Veritas for $3.1 billion. The French CAC 40 was the biggest decliner, falling 0.6%, followed by the German CAX 30, down 0.4%, and London FTSE 100, down 0.1%. |
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Illinois Tool to Buy Click Commerce
Sep 05, 11:30 AM EDT |
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| Media conglomerate Viacom was the biggest percentage loser on S&P 500, falling 5.1%. |
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| Illinois Tool Works Inc. agreed to acquire Click Commerce Inc. for a total of $292 million. Illinois Tool Works offered to buy the outstanding shares of Click Commerce for $22.75 each, representing a 27% premium over Friday''''s closing price of $17.95 on the Nasdaq.
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Dull Trading in India
Sep 05, 10:34 AM EDT |
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| The market edged lower on mixed Asian markets. Cement stocks and ONGC gained but software and auto stocks fell. |
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| A mixture of oil price fall and a surge in global markets made the Sensex surge on Monday. The market was also brightened by the finance ministry statement on the issue of participatory notes. In the session today the market traded in a narrow range, retreating in the fternoon trading. ONGC advacned 1.3% after company engineers postponed strike by three-weeks. |
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Inco Terminates Agreement with Phelps Dodge
Sep 05, 10:15 AM EDT |
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| Inco Ltd terminated its merger agreement with Phelps Dodge and as part of the termination, Inco paid Phelps Dodge $125 million. |
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| Stocks opened lower Tuesday as investors turned to profit taking. With no economic data due out, a fairly light volume session is expected. Chevron added 1.1% after it announced the discovery of a major new oil source. Caterpillar shares rose 1.3% after the company said it would be raising machinery and engine prices from January 2007. |
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Futures Recover on Weaker Oil
Sep 05, 9:03 AM EDT |
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| Crude futures fell 65 cents to $68.54 a barrel. The dollar was mixed, rising 0.4% vs. the euro and losing 0.3% against the yen. |
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| U.S. stock futures recovered from earlier declines to move slightly higher Tuesday as another drop by crude oil futures provided a boost to market sentiment. In corporate news, Viacom named insider Philippe P. Dauman, as president and CEO after Tom Freston resigned his positions with the company. |
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Veritas to Be Acquired for $3.1 B
Sep 05, 8:28 AM EDT |
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| Co. Generale de Geophysique, French provider of equipment and services to the oil and gas industry, agreed to buy Veritas for $3.1 billion. |
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| The deal indicates a premium of 35% over the average closing price of Veritas for the 30 days ended on Aug. 29, which was $55.69. Holders can choose cash or stock, subject to a 51% stock, 49% cash split, the companies said. The deal is expected to close around the end of 2006. |
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Japan Recovers In Choppy Trading
Sep 05, 7:34 AM EDT |
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| Japanese stocks rebounded late on Tuesday to end higher, with the Nikkei Average stepping in and out of positive territory. |
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| In Japan, investors made profits in Toshiba and other leading shares after the index notched a three-month closing high in the previous session. Australian insurance broker OAMPS rallied after getting a takeover offer, while Australia''s S&P/ASX 200 index advanced 0.4% at 5,150.60, after touching a fresh four-month high in morning trading. Shares in Singapore and Taiwan traded flat. Hang Seng in Hong Kong finished down 0.4% |
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