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Dollar, Oil and Copper Fell
Nov 10, 4:24 PM EST |
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| Oil drops below $60 per barrel. S&P and Nasdaq higher led by rsie in AIG and Boeing. Dollar fell against major currencies. Gold fell. |
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| AIG profit rise and Boeing win of order worth as much as $15 bilion failed to excite investors in the larg cap. Martket averages barely budged for the day. Disney profit gains was tempered by the caution that recent acquisition of Pixar may take five years to work out. Disney stock fell 3.5%. Copper dropped 22 cents causing a sharp drop in Phelps Dodge, Rio Tinto and Southern Copper Peru. |
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U.K. Falls on Weak Pharmas
Nov 10, 1:36 PM EST |
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| Shares of Euronext jumped 6.5% boosted by the shares of its agreed merger partner, the NYSE Group. |
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| European stock markets closed little changed Friday, reflecting continuous weakness among pharmaceutical stocks. However, gains in chemical firms such as Rhodia and commodity-related shares helped limit the downside move. London FTSE 100 dropped 0.37%. The French CAC 40 ended flat at 5,447.5. The German DAX 30 ended flat at 6,357.77. |
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Tanox Soars 44% on Acquisition Bid
Nov 10, 12:01 PM EST |
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| American International Group Inc. rose 2.3% to $69.59 after the company reported a surge in Q3 net income. |
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| Stock markets turned mixed in quiet trading Friday as AIG''s quarterly results and a multibillion-dollar contract for Boeing offset losses for Walt Disney''s shares. Boeing gained 1.5%, while Disney fell 3% turning into the biggest drag on the Dow, despite posting strong earnings. The company also said it plans to increase capital spending in 2007. In deal news, drug developer Tanox jumped 44% after it agreed to be acquired by pharmaceutical company Genentech Inc. for $919 million. |
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Sensex up 1.1%, Reliance Surges
Nov 10, 10:40 AM EST |
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| The Sensex crossed the 13,300-point mark on Friday on across-the-board buying, easing slightly in late trading to end 145 points higher. |
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| A decline in inflation rate and upbeat industrial production figures led the market to a new high. The Indian market was also spurred by sustained buying in private bank stocks and index large-caps such as Reliance Industries, which was the most-active stock today. ICICI Bank, BHEL, HDFC Bank, Gujarat Ambuja were the other large-cap advancers. Cipla, Satyam led the decliners. Industrial production in India advanced 11.4% in September from a year earlier. |
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Boeing Wins $13 B Contract
Nov 10, 10:11 AM EST |
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| Genentech said it plans to acquire Tanox for $20 per share in a $919 million deal, a 47% premium to the stock's closing price. |
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| A pullback by the oil price pushed stocks modestly higher at opening. Light, sweet crude dropped 45 cents do $60.71, helping oil-sensitive airline stocks to recover from recent losses. Boeing won out over Lockheed Martin Corp. and United Technology Corp.''s Sikorsky division in securing a contract to build U.S. Air Force helicopters. The contract isworth about $13 billion. |
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Lacklustre London
Nov 10, 9:46 AM EST |
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| Bid talk on a lacklustre day for news was not enough to pull stocks in London out of losses in the afternoon. |
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| Cairn Energy led the advancers on Friday as a leading bank said the IPO of the Indian operations oil group could lead to a re-rating. Platinum miner Lonmin, shot ahead supported by bid rumours, suggesting an offer could be in the offing soon. Anglo American rose strongly as the Oppenheimer family sold a third of its stake to China Vision Resources. In early afternoon, the FTSE 100 was broadly flat at 6,231.3. |
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Disney, AIG Earnings Surge
Nov 10, 9:07 AM EST |
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| Crude oil retreated from recent highs to trade down 74 cents at $60.42 a barrel. The dollar declined. Gold futures fell $2.30 to $634.50 an ounce. |
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| U.S. stock futures pushed higher on Friday, helped by retreating oil prices and strong earnings. Disney''s net income rose 36 cents a share, up from 19 cents last year, beating estimates of 34 cents. The strong rasults were helped by improved sales. AIG reported surging Q3 net income to $1.61 a share, an improvement from profit of 66 cents a share last year. The quarterly earnings exceeded expectations of $1.42 a share. |
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Asia Finishes Mostly Lower
Nov 10, 7:46 AM EST |
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| Asian markets were mostly down Friday, with Nikkei 225-stock index in Japan leading the declines. |
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| Japan fell after the central bank official said is concerned about the risk of a rapid unwinding of the yen-carry trade and its potential impact on asset markets. Japanese exporters Toyota Motor Corp. and Sony Corp. led declines among large-caps while banking company Mitsubishi UFJ Group was also lower. Elsewhere in Asia, BHP Billiton and PetroChina Co. advanced as oil climbed to a two-week high, pushing Australia slightly higher. Taiwan also edged higher. |
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Pharma Stocks Push Europe Lower
Nov 10, 6:33 AM EST |
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| European shares dropped on Friday with pharmaceutical stocks leading the declines on fears over tighter regulation of drug companies in US. |
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| European shares traded in the red on Friday morning, due to a concerns over U.S. consumer sentiment data and recent oil price strength and as the downturn in pharmaceuticals stocks such as GlaxoSmithKline and AstraZeneca continued. Friday represents the third day of share price weakness for these companies. By mid morning, the FTSE 100 in London lost 0.5%, while Frankfurt Xetra Dax fell 0.7%, the CAC 40 in Paris shed 0.5%. |
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