|
|
|
Caterpillar Drops 13%, Google Rises 7%
Oct 20, 4:05 PM EDT |
|
| Oil fell despite OPEC production cut. Merck rose 2% but released lower earnings. Caterpillar plunged 13%, SanDisk lost 20% and Google rose 7%. |
|
| Industrial stocks traded lower after Caterpillar released earnings of 95 cents. The stock dropped 13%. SanDisk dropped 20% after it warned that fourth quarter earnings will drop between 15% and 20% on flash memory price slow down. Coca Cola rose 4% on earnings and broker recommendation. 3M reported earnings of $1.18 vs. $1.08 a year ago. Google jumped 7% on higher than expected earnings. |
|
|
Full Story... |
Europe Closes Mostly Higher
Oct 20, 2:05 PM EDT |
|
| Corus shares ended down 1% as investors registered their disappointment that it agreed to be bought by Tata Steel for 4.3 billion pounds. |
|
| European stock markets closed mostly higher, with retreating oil prices helping to erase some of the earlier gains. The oil-sensitive London FTSE 100 ended down 0.01% at 6,155.20. Across the region, the German DAX 30 closed up 0.41% at 6,202.82. In Paris, the CAC 40 gained 0.29% at 5,375.35. |
|
|
Full Story... |
Pricing Fears Drag SanDisk 20%
Oct 20, 11:40 AM EDT |
|
| Arch Coal Inc. dropped 7% after the company lowered its full-year profit forecast due to weaker domestic market. |
|
| SanDisk tumbled 20% amid concerns about pricing pressure and oversupply for the company''s flash memory storage technology used in consumer electronic gadgets. Company''s stock was downgraded at Citigroup and Oppenheimer to hold from buy. On Thursday, SanDisk reported Q3 profit drop of 4% to 51 cents a share, despite 27% revenue growth. |
|
|
Full Story... |
India Wholesale Price Index Unchanged
Oct 20, 10:40 AM EDT |
|
| Better-than expected results from Reliance Industries failed to lead the benchmark index higher on Friday. |
|
| In after-the-close release, Reliance Industries posted yesterday better-than-anticipated results. In trading today, though, the Sensex finished lower in a highly volatile session due to a last-minute selling pressure which broke the otherwise solid trend in earlier hours. Reliance led the advancers, Bharti Airtel and Tata Steel followed suit. Satyam led the decline, together with Bajaj Auto. Corus, the Anglo-Dutch accepted the proposed bid by Tata Steel. Wholesale Price Index remains unchanged. |
|
|
Full Story... |
3M and Merck Limit Dow Losses
Oct 20, 10:13 AM EDT |
|
| Google rose 7% after it said its profit nearly doubled and revenue surged 70% during the third quarter. |
|
| Stocks traded in a lackluster fashion at opening, with the Dow erasing gains on disappointing Caterpillar results a day after breaking through 12,000 for the second day in a row. The Dow component dropped 10.6% after warning that costs, a slowing housing market and lower sales would negatively affect its earnings by the end of 2006 and 2007. However, the decline was limited by 2% gain for 3M and 1.3% for Merck after they reported better-than-expected Q3 earnings. |
|
|
Full Story... |
FTSE Tracks U.S. Futures Lower
Oct 20, 9:46 AM EDT |
|
| The London equities market turned lower in early afternoon trading, tracking US stock futures down. |
|
| Heavy truck maker Caterpillar failed to mpost results in line with expectations and led U.S. futures lower. The London benchmark index also followed suit. Corus, which has agreed to a deal from Indian Tata Steel, also declined. Next and media company SMG sank as well. Wolfson Microelectronics plummeted after the company said full-year revenues would fall below expectations. Hanson advanced despite profit warnings from Martin Marietta and ITV rose too. The FTSE 100 declined 1.4 points, or 0.02%. |
|
|
Full Story... |
Caterpillar Earnings Disappoint
Oct 20, 9:02 AM EDT |
|
| Crude oil rose 35 cents to $58.85 a barrel, following a move by the OPEC to cut production by more than expected. |
|
| U.S. stock futures moved to the downside, hurt by disappointing earnings and guidance from blue chip equipment maker Caterpillar. Rebounding crude oil prices also weighed. Caterpillar slipped 8% in preopen trading on disappointing Q3 earnings of $1.14 a share, up from 94 cents a year ago, but missing expectations of $1.35. In contrast, Google Inc. climbed 7.5% after the Internet search giant reported a 92% profit jump. |
|
|
Full Story... |
Corus Accepts Tata's $8 B Offer
Oct 20, 8:08 AM EDT |
|
| Anglo-Dutch steelmaker Corus Group on Friday agreed to be taken over by India's Tata Steel in a deal worth 4.3 billion pounds. |
|
| Under the terms of agreement Corus stockholders will receive 455 pence in cash for each of their shares. The offer is at a 26.2% premium to the 12-month average closing price for Corus shares, but it came in below their market price. Corus shares fell 1.6% in London. Tata Steel rose 1.4% in Bombay. |
|
|
Full Story... |
Dow Boosts Asia
Oct 20, 7:33 AM EDT |
|
| Asian markets were broadly higher Friday, in the wake of another record close on U.S. markets and the oil cuts by OPEC. |
|
| Japan and Australia led Asian stocks higher on Friday, as investors were upbeat, tracking a record-high close for the U.S. market while recovering oil prices after newly-announced production cuts by OPEC nations gave a boost to Inpex Holdings Inc., PetroChina and other energy companies. South Korea ended higher with diplomatic efforts still continuing to defuse the North Korean nuclear crisis. |
|
|
Full Story... |
Gold, Silver Advance
Oct 20, 5:21 AM EDT |
|
| Gold and silver futures advanced on Thursday, buoyed by the possibility from OPEC members to cut oil prices which made crude prices rally. |
|
| Traders commented that a buy signal appeared at the $599.10 an ounce level while at the same time, crude oil rose after comments from the oil minister of Saudi Arabia hinting that OPEC could make further reductions to stop the recent decline in the oil market. The Saudi comments boosted oil prices which in turn pushed gold higher. All the other precious metals rallied as well. |
|
|
Full Story... |
1
 |
|
