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Sanofi-Aventis Drags France Down
Oct 31, 12:45 PM EST |
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| The Swiss SMI stock market index dropped 0.9%, as UBS shares slipped 3.8% after the company reported 21% profit drop in Q3. |
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| European stock markets finished little changed Tuesday, reflecting gains in transport and auto shares on the back of weaker oil prices, but losses in the banking in the wake of disappointing results reported by Swiss banking giant UBS. Germany''s DAX Xetra 30 index gained 0.17%. London FTSE 100 index added 0.04%. The French CAC 40 closed down 0.25%. |
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Eastman Kodak Gains on Narrower Loss
Oct 31, 11:41 AM EST |
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| The Conference Board said that consumer confidence fell unexpectedly in October on growing pessimism about the job market and the economy. |
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| Stocks traded in a lackluster fashion after a decline in consumer confidence countered stronger-than-expected quarterly earnings. Eastman Kodak Co. rose 4% to $24.70 after posting a narrower-than-expected loss amid a 10% decline in sales. |
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Volatile Sensex Slips, Hindustan Earnings Surge
Oct 31, 10:44 AM EST |
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| Intense selling impacted the market negatively today in a highly volatile session, in which turnover surged. |
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| The Sensex witnessed a highly volatile session Tuesday with selling continuing throughout trading, making the benchmark index shed points. Although the turnover rose sharply, the market-breadth was weak, as selling hurt small-caps and mid-caps. State bank gained after RBI kept key interest rates unchanged in its credit policy announced today. The central bank raised slightly its overnight lending rate. Tata group and Reliance Communication led the decliners. |
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Weaker Oil Generates Gains
Oct 31, 10:10 AM EST |
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| Insurance giant MetLife fell 1.7%, despite reporting 34% profit increase in Q3, with earnings above estimates. |
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| Stocks posted modest gains at opening, as Procter & Gamble Co. reported stronger-than-expected results and oil prices further declined amid easing political tensions. Light, sweet crude, fell 56 cents to $57.80 a barrel in electronic trading. In other earnings news, Eastman Kodak Co. posted a loss of $37 million, or 13 cents a share in Q3, citing $202 million in restructuring costs. The stock rose 5.7%. |
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FTSE 100 Steady on Upbeat Earnings
Oct 31, 9:38 AM EST |
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| The benchmark index was stable at midday despite the fact that some of the top oil stocks gave up ground on weak crude prices. |
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| Cairn Energy and BG fell as US crude for delivery in December dipped again, BP declined after preliminary findings by investigators at the US Chemical Safety Board showed a history of serious accidents. However, the FTSE 100 index was little changed at midday on Tuesday, erasing earlier losses as companies announced upbeat third-quarter earnings, but the market remained cautious ahead of U.S. economic data. The FTSE 100 is 0.26% higher at 6,143 in the afternoon on Tuesday. |
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P&G Profit and Outlook Up
Oct 31, 9:03 AM EST |
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| Crude oil futures rose 2 cents to $58.38 a barrel. The dollar edged higher. Gold futures lost ground, falling 5.10 an ounce to $603.30. |
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| U.S. stock market futures traded higher Tuesday, boosted by uplifted earnings outlook at Procter & Gamble on a better commodity and energy cost forecast. The consumer products maker reported higher-than-expected Q1 profit jump of 33% to 79 cents a share, up from 77 cents last year, boosted by 27% revenue. |
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Merck Pays $1.1 B for Sirna
Oct 31, 8:14 AM EST |
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| Pharmaceutical company Merck & Co. said Monday it agreed to buy Sirna Therapeutics Inc. in a deal worth $1.1 billion. |
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| Sirna is a small biotechnology company developing drugs based on new technology, the so-called RNA interference technology. Merck''s $13-per-share offer is almost a 102% premium over Sirna''s closing price of $6.45. Sirna''s stock surged 98% to $12.74 in after-hours trading. |
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South Korea Boosts Asia
Oct 31, 7:40 AM EST |
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| Asian markets closed mostly higher, with South Korea leading the advance on strong gains from retail shares. |
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| In Japan, investor disappointment over profit guidance impacted sentiment negatively. Machinery and large-cap stocks countered the displeasure of investors at the lack of upward revised forecasts from companies. South Korea stocks were led higher by strong gains from Lotte Shopping and other retail stocks. Elsewhere in the region, Hong Kong, Taiwan and New Zealand gained while Australia slipped. |
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Europe Higher on Carmakers
Oct 31, 6:41 AM EST |
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| European markets advance by mid morning on Tuesday as carmakers rallied, while banks swung from earlier losses. |
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| Banks reversed earlier losses and also insurers made strong earnings-driven gains. Carmakers recovered some of the previous losses, with DaimlerChrysler leading the advance on speculation it may sell its poorly-performing US Chrysler group. UBS, the biggest wealth manager in the world, impacted the market negatively as it posted a worse-than-forecast 21% drop in third-quarter net profit. By mid morning, the FTSE 100 rose 0.3%, Frankfurt Xetra Dax added 0.4%, the CAC 40 in Paris climbed 0.1%. |
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Gold, Silver Surge on Fund Buying
Oct 31, 5:06 AM EST |
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| Gold and silver prices jumped Monday, as the precious metals were in demand from investment funds despite falling oil prices. |
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| The December gold futures rose above the 50-day moving average, which as of the close stood around $602.20. A lot of it was technical buying in nature. The market put in a better performance despite weaker energy, divorcing itself from that. Copper futures pared steep losses from early Monday when bargain hunting emerged after the metal had initially plunged due to softer energy prices. |
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