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Averages Struggle, Earnings Worries
Oct 11, 7:02 PM EDT |
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| Market traded in a tight range as investors dealt with weak earnigs and worries of inflation. McAfee CEO and Chairman resigned. |
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| Market averages remained subdued as investors faced lower than expected earnings from Alcoa, Genentech, Monsato and Legg Mason. Genentech profit rose 58% but missed revenue target. Legg Mason lowered its earnings range to between 96 cents and $1.02 missing Wall Street estimates of $1.06. Legg Mason fell 17%. Monsato reported wider loss in the fiscal fourth quarter. CNET, online publisher, said that its CEO, general counsel and head of human resources have resigned. The stock fell 7.7%. |
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Genentech Falls on Disappointing Sales
Oct 11, 12:06 PM EDT |
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| Genentech lost 1.1% after Q3 sales of several of its drug treatments missed Wall Street's forecasts. |
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| Stocks remained under pressure in morning trading. Market sentiment was hurt by a disappointing profit, released by Alcoa at the start of the third-quarter earnings season. The stock slipped nearly 6%. Monsanto Co. posted wider Q4 profit loss due to weaker sales and projected 2007 profit below analyst estimates. The company''s shares fell 5%. |
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Sensex Slips, Infosys Surges
Oct 11, 10:39 AM EDT |
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| IT stocks were in focus Wednesday in volatile trading, with the benchmark index ending almost slightly lower for fourth straight session. |
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| The Sensex closed almost flat Wednesday as late-hour pressure on large-caps helped the benchmark index recover earlier losses. Intense selling in small and mid-cap stocks with a negative bias in a volatile session with IT stocks dominating trading. Infosys led the advancers as it reported stronger than expected quarterly results. Ranbaxy, lead the decliners. |
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Legg Mason Slips 15%
Oct 11, 10:15 AM EDT |
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| Legg Mason Inc. dropped 15% after the asset manager predicted quarterly earnings below analyst expectations. |
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| Weaker-than-expected Q3 earnings posted by Alcoa sent stocks sharply lower at opening, as concerns about corporate profits at the start of the earnings season weighed. The aluminum giant''s shares fell 5.5% to $26.73. Genentech was another early loser, falling 2.1%, despite posting a 58% rise in Q3 net earnings, helped by better-than-expected sales of its drug Lucentis. |
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FTSE Lower, Holds Above 6,000 Level
Oct 11, 9:44 AM EDT |
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| Weakness in the the blue-chip stocks in mining sector pulled the FTSE lower on Wednesday. Shares in J. Sainsbury sank. |
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| Weak mining stocks were the reason for London benchmark index to slip by mid-day. Kazakh mining group Kazakhmys led the decliners in the sector. Shares in U.K. supermarket chain J Sainsbury fell as well, while luxury clothing brand Burberry gained after second-quarter sales figures and updated investors on prospects. The FTSE 100 index lost 18.8 points, or 0.2% by mid-day. |
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Futures Slide as Alcoa Disappoints
Oct 11, 9:03 AM EDT |
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| Crude oil added 14 cents to $58.66 a barrel after OPEC agreed to reduce global oil production by 1 million barrels a day in order to boost prices. |
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| Stock equity futures traded weak Wednesday, pointing to a negative start as Dow component Alcoa released disappointing Q3 earnings, raising worries about the earnings outlook and economic growth. The financial services sector is expected to come under pressure after Legg Mason Inc. predicted quarterly earnings below analyst expectations. Legg shares fell 13% before the bell. |
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Harrah's Received a Sweetened Offer
Oct 11, 7:51 AM EDT |
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| Harrah's Entertainment, casino operator, has reportedly received a sweetened offer, worth over $15.5 billion. |
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| Apollo Management Group and Texas Pacific Group are offered $83 to $84 a share for the world''s largest casino operator, after their initial offer of $81 a share had been rejected. Shares of Harrah''s advanced nearly 2% in pre-market trading. |
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Weaker Yen Presses Japan Lower
Oct 11, 7:21 AM EDT |
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| Asian stocks ended mixed Wednesday, as declines in banks and Internet shares countered gains in exporters. |
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| Asian markets traded mixed on Wednesday, with the Nikkei Average in Japan edging slightly lower as falls in steelmakers and internet shares erased gains in exporters Canon Inc. and Sony Corp after the yen dipped to a multi-month low against the dollar. Energy-related stocks were also mixed after crude-oil prices slid below the $59 per-barrel-level in U.S. trading. Stocks in Japan ended lower still reeling by North Korea nuclear weapon test. |
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European Stocks Decline
Oct 11, 6:39 AM EDT |
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| European shares were lower on Wednesday, as profit-taking seized the market and banks gave back some recent gains. |
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| European markets eased on Wednesday morning, after Alcoa kicked off the U.S. earnings season by missing analyst forecasts, putting mining shares under pressure and offsetting lower crude-oil prices. Other Europeanstocks were also lower as uncertainty about North Korea nuclear-testing plans still existed. By mid morning, the FTSE 100 in London shed 0.2%, while Frankfurt Xetra Dax slipped 0.4%, and the CAC 40 in Paris lost 0.6%. |
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Dollar and Gold Rise, Oil Fall
Oct 11, 5:01 AM EDT |
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| Gold prices ended lower on Tuesday, surrendering the prior session gains, triggered by North Korea nuclear weapon test. |
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| As marketmen observed a soaring dollar and retreating crude-oil prices, the realization set in that it may perhaps become difficult to achieve even a $600 price for the gold contract for 2006. The almost complete lack of emotional reactive power to the unfolding North Korean nuclear drama cast a dark shadow on gold as a safe haven. Traders are beginning to wonder just what it is that gold will react to anymore. |
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