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Inflation Comments Spark Sell-off
Oct 04, 11:19 PM EDT |
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| Morning lacklusted trading on profit warnings and downgrades intensified into sell-off as Dalls Fed Chairman's inflation comments spread. |
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| Profit warnings, downgrades, inflation scare, natural gas merger and tech deal between Google and Sun, all fed energy into last hour of trading. In an otherwise directionless trading in the morning succumbed to one negative news after another. Procter & Gamble was downgraded by Citigroup, Clorox narrowed earnings guidance and BP lowered earnings forecast by $700 million. Chesapeake Energy to buy Columbia Natural Resources for $2.2 billion and debt. |
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Job Cuts And Profit Warnings
Oct 04, 4:07 PM EDT |
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| Oil slipped below $64 a barrel. Lexmark lowered its Q3 profit outlook to the range of 40 to 50 cents a share on a revenue decline by 4% to 5%. |
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| Procter & Gamble fell 1.7% after Citigroup downgraded the company to hold from buy, worried over raw materials pricing. Clorox narrowed its Q2 and full-year earnings guidance on high energy costs, considering price increases to compensate the costs. BP warned it won't meet 2005 production targets and expects a profit decline of $700 million. |
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Sluggish Opening
Oct 04, 11:55 AM EDT |
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| Lexmark, printer-maker, lowered its Q3 profit outlook in half to the range of 40 to 50 cents a share on unexpected revenue decline by 4% to 5%. |
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| The U.S. Census Bureau reported that new orders for manufactured goods in August increased $9.7 billion or 2.5% to $395.2 billion, following a 2.5% decrease in July. The computer hardware sector is the biggest loser because of Lexmark's lowered Q3 earnings outlook. The upgrade by Goldman Sachs to Attractive from Neutral, did not help the sector. Chesapeake Energy has agreed to buy Columbia Natural Resources for $2.2 billion in cash and $75 million in debt. |
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Oil and Dollar Lift Stocks
Oct 04, 9:26 AM EDT |
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| Crude-oil prices have fallen below $65 a barrel on expectations of heating oil stockpiles release. Gold trades higher. U.S. dollar is mixed. |
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| Asian-Pacific markets closed mostly up on exporter issues, boosted by stronger dollar. The Nikkei reached a new four-year high, rising 1.6% to 13738.84 points on strong semiconductor sales. European stocks gain on automotive shares, but oil-heavy U.K.'s FTSE declines 0.2%. Chesapeake Energy has agreed to buy Columbia Natural Resources for $2.2 billion in cash and $75 million in debt. |
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