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Nasdaq Drops 1%
Oct 02, 4:27 PM EDT |
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| Market averages dropped despte more than 2% decline in oil price. British online gambling stocks dropped more than 40%. |
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| Market averages traded lower with no clear direction. Nasdaq led the decline with a loss of 1%. Oil dropped more than 2% on worries that more production cuts are not likely. Report on manufacturing showed a slowing level of activity and construction spending rose 0.3% in August. Stock markets in Peru and Saudi Arabia led the world at the end of Q3 with a gain of 115% and a loss of 33% respectively. Emerging markets are ahead of New York and European markets for the year by a factor of two. |
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Tech, Gambling Stocks Drag Europe
Oct 02, 1:04 PM EDT |
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| Shares of British water company AWG rose 4.9% after agreeing to accept a 2.2 billion-pound ($4.1 billion) bid from a consortium called Osprey. |
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| European markets finished below the flat line, pulled down by weaker technology stocks and steep losses in online gambling shares. About $7.5 billion of market value was wiped off gambling stocks after the U.S. Congress passed a bill that would prohibit U.S. financial services firms from processing payments to these. London FTSE 100 ended lower by 0.1%, followed by the German DAX 30 and the French CAC 40, also down 0.1%. |
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Harrah's to Be Bought for $15 B
Oct 02, 12:09 PM EDT |
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| Harrah's Entertainment rose 14% after it received a $15.05 billion offer for the company from private equity firms Apollo Management and Texas. |
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| On the first day of the fourth quarter, stocks traded in a lackluster manner, reflecting mixed economic data, falling oil prices and merger news. The Institute for Supply Management said the manufacturing sector grew at the slowest pace in more than a year in September due to weaker U.S. auto sales and a slowing housing market. The Commerce Department said construction spending in August rose 0.3% after falling 1% in July. |
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Wal-Mart Sales Weigh
Oct 02, 10:06 AM EDT |
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| Crude-oil futures dropped 34 cents to $62.57 a barrel. The dollar fell against the euro, but advanced slightly vs. the Japanese yen. |
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| U.S. stocks opened below the flat line Monday after Wal-Mart Stores said September same-store sales came in at the low end of a forecast. Company''s shares slipped nearly 2%. In corporate news, casino operator Harrah''s Entertainment rallied 19% after it received a $15.05 billion offer from private equity firms Apollo Management and Texas Pacific Group. |
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Miners Keep London Higher
Oct 02, 9:31 AM EDT |
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| Further gains in the mining sector kepr the London benchmark index afloat, offseting gambling stocks plunge. |
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| PartyGaming weighed down on the market on reports it is considering suspending its US business but miners are having a good day led by Anglo-American and BHP Billiton. Utilities are also riding high after water stock AWG announced it has agreed a with Osprey, but said it has received a number of other approaches. Scottish Power is performing well and current trading is expected to be ahead of expectations. The FTSE 100 is up 0.07% at 5,965.10 at 2pm GMT. |
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Gilead Takes Over Myogen for $2.5 B
Oct 02, 9:01 AM EDT |
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| Myogen surged 48% to $51.74 in pre-open trading after Gilead Sciences said it will acquire it for $2.5 billion, or $52.50 a share in cash. |
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| Stock market futures reversed from earlier gains to move slightly down, as Wal-Mart reported disappointing sales results and the stock of Apple Computer was downgraded. Wal-Mart posted September same-store sales rose 1.8%, just below the mid-point of its 1% to 3% forecast range. Apple dropped fell 2% to $75.40 in pre-open trading after Citigroup downgraded shares to hold. |
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Online Gambling Companies Tumble
Oct 02, 7:56 AM EDT |
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| British online gambling companies tumbled Monday after the U.S. Congress passed legislation as part of a port securities bill. |
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| PartyGaming plunged 60% to 43 pence (81 cents), shares in 888 sank 48% to 76 pence ($1.42), while Sportingbet shares dropped 67% to 60 pence ($1.12). PartyGaming said it would pull out of the United States if President Bush signs the legislation into law. |
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Japan Higher on Upbeat Manufacturers
Oct 02, 7:32 AM EDT |
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| The big manufacturers in Japan have grown more confident about the future, survey shows. |
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| The Bank of Japan tankan survey of business conditions stated Monday, although some economists expressed worries forward-looking sentiment estimates pointed to a nearing slowdown. The headline diffusion index for big manufacturers'''' sentiment came in at 24, higher than market expectations of 20 for the past three months. The tankan suggested the economy will be softening into next year, mainly because of the direction of the diffusion index into next quarter. |
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Mergers, Commodities Boost Europe
Oct 02, 6:35 AM EDT |
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| European markets were higher Monday as fresh merger talk, lifted EDP, the Portuguese power generator and Ahold, the Dutch retailer. |
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| Gains from commodities companies such as oil and gold helped European stocks start the fourth quarter on a positive note Monday, although shares in online gambling companies including PartyGaming plunged in London after a law was passed that may lead to companies to stop accepting bets from their top customers, Americans. The FTSE 100 in London climbed 0.2%, Frankfurt Xetra Dax added 0.3% and in Paris, the CAC 40 gained 0.2%. |
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Gold, Silver Slip
Oct 02, 5:39 AM EDT |
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| Gold and silver futures slipped on Friday, hurt by a combination of a stronger dollar and chart-based factors. |
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| Firmer dollar sentiment and light profit taking in the oil market weighed on gold and the other precious metals on Friday. With the dollar stronger and oil down sharply, stimuli are negative, both from a technical and fundamental standpoint, and fund selling occurred. December gold was unable to maintain momentum through the $610 an ounce area as a factor contributing to the pullback. |
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