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Retail Sales, GE Earnings, Four IPOs
Oct 13, 5:19 PM EDT |
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| Market averages continued their advances supported by healthy earnings, strong debut inIPO market and healthly retails sales data. GE profit rose 10%. |
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| September total retail sales fell 0.4%, excluding gasoline sales rose 0.6%. Consumer spending at elevated level. All four IPOs priced today had successful debut. SAIC, defense contractor rose 21%, Acme Packet surged 76%, eHealth gained 63% but UltraPetrol fell 5%. Defense Contractor SAIC is likely to rise further in the coming weeks. China foreign exchange cross $1 trillion. |
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Mining, Oil Stocks Push Europe Up
Oct 13, 12:57 PM EDT |
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| Shares of cosmetics giant L'Oreal traded down 2.3% after releasing disappointing sales figures. |
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| European markets closed mostly higher Friday, surpassing five-year highs. Stocks were boosted by gains in commodity-related stocks on the back of rebounding oil prices, helping to offset losses posted by cosmetics giant L’Oreal and early weakness on Wall Street. London FTSE 100 gained 0.3%, the German DAX 30 added 0.1%, while the French CAC 40 closed flat at 5,362. |
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Mining, Oil Stocks Push Europe Up
Oct 13, 12:45 PM EDT |
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| Shares of cosmetics giant L'Oreal traded down 2.3% after releasing disappointing sales figures. |
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| European markets closed mostly higher Friday, surpassing five-year highs. Stocks were boosted by gains in commodity-related stocks on the back of rebounding oil prices, helping to offset losses posted by cosmetics giant L’Oreal and early weakness on Wall Street. London FTSE 100 gained 0.3%, the German DAX 30 added 0.1%, while the French CAC 40 closed flat at 5,362. |
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Home Depot Drags Dow, Apple Lifts Nasdaq
Oct 13, 11:45 AM EDT |
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| Centex Corp., home builder, declined 3.9% after the company cut its earnings outlook because of slowing housing market. |
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| U.S. stocks turned mixed in late morning trading Friday. A day after hitting an all-time high, the blue-chip index was dragged lower by losses at conglomerate General Electric and home improvement store Home Depot. Home Depot Inc. slipped 2.6% after a negative comment by Prudential Equity Group. At the same time, the tech-heavy Nasdaq was pushed to the upside, led by Apple Computer, rising nearly 1%. |
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Record High for India
Oct 13, 10:40 AM EDT |
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| The benchmark index hit a new record high Friday on buying in large cap stocks for the second straight day. |
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| Although the large-caps spurted leading the Sensex to its all-time high, the overall market-breadth remained negative. Small-caps and mid-caps suffered heavy selling pressure. Market sentiment was upbeat on expectations for robust second-quarter corporate earnings results. Reliance Communications led the rally, HDFC Bank and BHEL surged. Reliance Industries closed all time high. Bajaj Auto and Tata Steel led the decliners. |
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Weaker Retail Sales Weigh
Oct 13, 10:08 AM EDT |
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| Light, sweet crude advanced 92 cents to $58.78 a barrel. The U.S. dollar rose against the euro and the Japanese yen. |
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| U.S. stock markets opened below the unchanged mark as investors reacted to a report showing an unexpected drop in September retail sales and an inline-with-estimates earnings report from General Electric failed to inspire. The Commerce Department reported 0.4% decline in retail sales last month, largely due to a 9.3% drop in spending on gasoline. |
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London Drifts back ahead of U.S. Start
Oct 13, 9:39 AM EDT |
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| Leading stocks trimmed earlier gains as US futures indicate a likely weaker start, although the benchmark index is running safely in the blue. |
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| With oils improving and most miners higher, the FTSE 100 is still trading in positive territories, despite losses in the banking sector. A rally for oil prices on Friday helped the energy sector higher, with BP and BG Group at the forefront of the advance. In the volatile mining sector, BHP Billiton and Kazakhmys also notched up considerable advances. At 2:22 pm GMT, the FTSE 100 was 24.60 points, or 0.40% higher, at 6,145.90. |
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GE Meets Estimate, Revenue up 12%
Oct 13, 8:56 AM EDT |
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| Yahoo was cut to peer perform from outperform on beliefs that the company may have a difficult time achieving medium-term consensus earnings forecast. |
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| Stock market futures were steady after industrial bellwether General Electric released in-line-with-estimate Q3 results. GE reported Q3 profit growth of 6% to 48 cents a share, up from 44 cents a year ago, boosted by strong orders across the company. Revenue climbed 12% to $40.86 billion from $36.37 billion. The company projected 2006 earnings in the range of $1.97 to $1.99 a share, above the expected $1.98 a share. |
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Asia Surges
Oct 13, 7:32 AM EDT |
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| Asian markets finished sharply higher Friday, with indexes in Japan and South Korea leading the advance. |
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| Asian stocks surged on Friday, with the Nikkei in Japan closing at a five-month high as investors purchased Sony Corp., Toshiba Corp., and other blue chips. Shares in South Korea also hogged the spotlight after upbeat earnings reports from large U.S. companies boosted expectations of a strong showing by their Asian counterparts. Hong Kong, shares also ended higher ahead of Industrial & Commercial Bank of China initial public offering. |
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Flat Trading in Europe
Oct 13, 7:00 AM EDT |
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| European markets lacked impetus Friday as gains for oil groups and telecoms stocks were wiped off by profit-taking in the banking sector. |
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| In Europe, a number of banking stocks fell as investors resorted to profit taking. Banca Intesa and Sanpaolo IMI, prospective Italian merger partners, were both lower in spite of the boards of both companies approving the merger. French cosmetics company L''Oreal and some weakness in the resource sector helped also offset technology stock gains. By mid morning, the FTSE 100 in London was little changed, the CAC 40 in Paris was 0.1% lower and Frankfurt Xetra Dax also remained also flat. |
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