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Oil Helps Europe Retreat
Oct 17, 12:42 PM EDT |
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| LVMH Moet Hennessy closed down 2.4% as sales and revenue figures came in line with estimates. Roche sales rose 19%. Shares fell 1%. |
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| European stock markets retreated from recent gains to close lower Tuesday as higher oil prices dragged auto and transport stocks down, while luxury-goods retailer LVMH and drug maker Roche Holdings declined after posting sales. Inflation fears on Wall Street also hurt market sentiment. The German DAX 30 finished down 1.2%, the French GAC 40 ended lower by 1.1%, and London FTSE 100 ended down 1%. |
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CME and CBOT in $8 B Acqusition Deal
Oct 17, 11:50 AM EDT |
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| Intel dropped 3.4% to $20.88 after Goldman Sachs downgraded the world's biggest chip maker to 'Neutral' from 'Buy'. |
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| Merrill Lynch lost 0.3% after it reported Q3 profits more than doubled. United Technologies fell 2%, despite reporting better-than-expected quarterly earnings. Johnson & Johnson gained 1.7% on strong Q3 profit. Chicago Mercantile Exchange Holdings agreed to acquire rival exchange CBOT Holdings for more than $8 billion in a deal that combines the two largest U.S. futures exchanges. CBOT shares surged 12%, while CME shares rose 2%. |
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Sensex Loses Steam
Oct 17, 11:06 AM EDT |
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| After three session of gains, the benchmark index ended lower on Tuesday on selling pressure and weak global markets. |
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| The Sensex declined on Tuesday in a volatile trading as profit-taking persisted throughout the day. IT stocks lost finally momentum and finished flat after positive results from Infosys kept the sector upbeat over the last three session. Small-caps and mid-caps succumbed to selling pressure, contributing to a negative market-breadth. Satyam and Hero Honda led the advance, while HDFC Bank was the top decliner. Corus has accepted the bid from Tata Steel. |
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Eli Lilly Buys Icos for $2.1 B
Oct 17, 10:54 AM EDT |
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| Quarterly earnings released by United Technologies, Merril Lynch, and Johnson & Johnson exceeded expectations. |
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| U.S. stock markets declined, following inflation data. Downgrade of chip maker Intel also weighed, as the stock fell 3% after Goldman Sachs cut its rating on the stock. In corporate news, Eli Lilly said it will buy joint venture partner Icos Corp. for $2.1 billion cash in a move to get full ownership of the top-selling impotence treatment, Cialis. Lilly will pay $32 per share for each Icos share, a premium of about 18% to Monday''s closing price of $27.12. |
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Higher Core PPI Weighs
Oct 17, 9:03 AM EDT |
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| Corus Group said it is in talks to be bought by India's Tata Steel in a deal that would value the Anglo-Dutch steelmaker at $7.6 billion. |
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| A bigger-than-expected rise in core wholesale inflation put futures under pressure Tuesday. The Labor Department said the biggest decline in the seasonally adjusted producer price index in three years. It said that wholesale prices dropped 1.3% in September as the price of energy goods tumbled at the fastest rate in 20 years. Meanwhile, the core producer price index surprisingly rose 0.6%, as the prices of motor vehicles jumped at the fastest rate in more than 15 years. |
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Wal-Mart Expands in China
Oct 17, 8:19 AM EDT |
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| Wal-Mart Stores is reportedly bidding about $1 billion for a chain of 100 hypermarkets in China. |
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| The retailer plans to buy the hypermarkets from Taiwanese Trust-Mart. If the deal completes, Wal-Mart will become the country''s biggest food and department store network. Initially, Wal-Mart will acquire 31 stores, while the remainder of Trust-Mart''s stores will be bought over the next three years. |
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Gold, Silver Sharply Higher
Oct 17, 5:20 AM EDT |
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| Gold and silver prices surged Monday, supported by a softer dollar, rising crude oil and worries about the nuclear program of North Korea. |
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| The stage for this was set by the weekend resolution on North Korea, even though it was not really an important imposition of sanctions. But the fact the Security Council did pass a resolution suggests the situation is quite serious. The strength of the euro against the dollar also added to the rise of gold as it is traditionally regarded as a hedge against inflation. |
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