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Weaker Job Report Surprise
Oct 06, 7:03 PM EDT |
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| Google is reported to buy YouTube.com for as much as $1.6 billion. GM stock dropped more than 6%. |
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| Market averages declined on mixed employment report and sharp decline in General Motors. September non-farm payroll rose 51,000, significantly lower than Wall Street growth estimate of 121,000. However, August growth was revised to 188,000 from 128,000. Separate job survey reported that unemployment rate dropped to 4.6% in September from 4.7% in August. GM dropped 6.3% on the news that Tracinda will not raise its stake in the company and Jeremy York will resign from the GM board. |
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Telecoms Pressure Europe
Oct 06, 12:44 PM EDT |
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| Barclays and Lloyds TSB boosted the banking sector after a report that BBVA could be interested in merging with either of the two. |
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| European markets closed slightly lower, reflecting weakness in the telecoms sector and disappointing U.S. employment report. Telecommunication stocks came under pressure after Deutsche Bank downgraded Vodafone Group and Telecom Italia to hold from buy, sending their shares down by 1% and 1.5% respectively. The German DAX 30 ended flat at 6,073, the French CAC 40 dipped 0.2%, and London FTSE 100 lost 0.1%. |
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Caterpillar Drags Dow Lower
Oct 06, 11:56 AM EDT |
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| Chattem Inc. rose $6.99, or 20.3%, to $41.42 after it agreed to buy five over-the-counter products from Johnson & Johnson and Pfizer Inc. |
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| U.S. stocks were weak Friday, reversing from three straight sessions of record gains. The negative sentiment was generated by a jobs data report which showed that employers added fewer jobs in September than analysts had expected. Heavyweight stocks Caterpillar Inc. and United Technologies Corp. were the biggest drags on the Dow, down 1.5% and 1% respectively. |
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Sensex Slips, Small-Caps, Mid-Caps Shine
Oct 06, 10:38 AM EDT |
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| The Sensex closed in the red Friday, after trading in postive and negative territory alternatively in a range-bound session. |
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| As profit-taking seized the blue-chips the focus was laid to small-caps and mid-caps today. The market-breadth was strong. IT, banking and auto stocks retreated. Refinery and construction shares edged higher. Some power stocks were also in demand. Hindalco, Reliance Communications and Gujarat Ambuja led the advancers. Hindustan Lever led the decliners. India is on course to attract a record $12 billion of foreign direct investment this fiscal year. |
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Micron Slides 10% on Disappointing Profit
Oct 06, 10:15 AM EDT |
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| Crude oil futures dropped 18 cents at $59.85 a barrel. The U.S. dollar advanced vs. rival currencies after jobs data. Gold futures gained. |
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| Stock averages started trading in the negative, following three straight sessions of record gains. The initial weakness was due to an employment report which gave another signal that the economy is slowing and inspired traders to cash in on the market''s recent gains. In corporate news, Micron Technology dropped 10% after the chipmaker issued a Q3 profit report that disappointed investors. |
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FTSE Flat Ahead of U.S. Job Report
Oct 06, 9:31 AM EDT |
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| Investors took to the sidelines on Friday ahead of key employment data from the US this afternoon. |
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| The report should provide further clues as to whether the world biggest economy is heading for a hard or soft landing. The FTSE 100 clung to the 6,000 level at mid-day, with a bounce in PartyGaming and further M&A excitement across utilities helping to ease nerves. In early afternoon, the FTSE index lost 13.00 points, or 0.22%. Manufacturing output grew for the fourth month in a row in August, pushing up the annual rate of increase from 1% in July to 1.5%. |
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Lower Employment Rate Weighs
Oct 06, 9:12 AM EDT |
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| U.S. stock market futures declined Friday after weaker-than-expected September employment data added too worries about an economic slowdown. |
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| The Labor Department said that U.S. nonfarm payrolls rose by an estimated 51,000 in September, the lowest rise in 11 months, and came in below the 123,000 rise expected by economists. The weakness in employment, which was mainly concentrated in the manufacturing and retail sectors, was offset by gains in health care and finance. |
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Crown Castle Acquires Global Signal
Oct 06, 8:24 AM EDT |
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| Crown Castle International agreed to acquire Global Signal Inc. for $5.8 billion in cash and stock.. |
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| Under the terms of deal, Crown Castle, owner and operator of wireless infrastructure, will assume estimated debt of $1.8 billion, and the total cash consideration will be capped at $550 million. The transaction brings together two tower companies with more than 24,000 wireless sites between them. |
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Japan Retreats on Profit-Taking
Oct 06, 7:33 AM EDT |
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| Asian markets ended mostly flat Friday, as the Nikkei slid slightly on profit-taking and Hong Kong edged lower. |
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| The Nikkei 225 in Japan slipped on profit-taking in blue-chip Canon Inc. while market heavy HSBC Holdings extended its record-setting run on bullish sentiment following another record close for the U.S. market. The urge to book profits offset a revival among commodity stocks and a strong performance from blue-chip financial stocks. In Hong Kong, property companies outperformed the stock market on easing interest-rate concerns. |
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