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PPI and Retail Sales Drive Late Rally
Nov 14, 4:35 PM EST |
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| A more than expected drop in Producer Price Index and Retails sales rose excluding auto and gasoline sales supported a late hour rally in large caps. |
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| Nasdaq average rose to a five-year high and S&P 500 neared six-year high on the back of late hour rally. Higher than expected drop of 1.6% in PPI and retail sales, excluding auto and gasoline, gained 0.4% suggesting a steady consumer spending and sparking a late hour rally in the market. The comments from Fed President William Poole suggested that rate hike is not likely in the coming weeks. Retailers, pharmaceuticals and manufacturing related stocks rose. |
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Economic Worries Weigh on Europe
Nov 14, 12:59 PM EST |
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| Acambis dropped 39% in London. Spanish Telefonca rose 1.2%, and Telekom Austria gained 2.1% on strong Q3 results. |
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| European stock markets closed modestly lower on Tuesday, reflecting worries about the strength of the European economy and losses for steel stocks. Tame U.S. inflation data and gains in the telecommunications sector failed to offset the decline. The German DAX edged down 0.1%. The French CAC 40 dropped 0.3%. London FTSE 100 ended down 0.1%. |
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Stocks Erase Earlier Gains
Nov 14, 11:45 AM EST |
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| EasyJet, Europe's No. 2 budget airline, said 2006 profit jumped 59% on increased traffic and higher ticket prices. |
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| U.S. stock markets retreated from earlier gains, as concerns about the health of the economy and weak financial results from Home Depot offset data, showing that inflation is slowing and consumer spending is stronger than expected. Home Depot traded down 1% after reporting a 3% profit drop, with both profit and sales missing estimates. Housing stocks helped limit losses, with D.R. Horton jumping 8% on quarterly results. |
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Sensex Drifts Up, TCS Rallies
Nov 14, 10:47 AM EST |
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| Tuesday was the fourth straight day of gains for the Sensex, with the market witnessing record turnover on a rally in TCS. |
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| Although profit-taking in early deals made the benchmark index slip, the market exhibited in late trading a strong range-bound movement with a positive bias. The total turnover exceeded Rs 5,000 crore, as a surge in IT stock TCS accounted for more than 18%. Apart from TCS, other gainers included ICICI Bank, Infosys, and Satyam. Metal stocks bucked the overall uptrend and declined, together with consumer durables stocks. NTPC and Hindustan Lever led the decline. |
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Wal-Mart, Target Earnings Rise
Nov 14, 10:16 AM EST |
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| Stocks were mixed at opening Tuesday, reflecting economic reports which signaled inflation is slowing and consumer spending is stronger than expected. |
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| Retailers reported mixed Q3 results. Wal-Mart Stores Inc. reported 11.5% profit increase, sending its shares up 3.6%. Target said Q3 profit rose 16%, helped by 11% sales increase. The retailer posted profit rise of 59 cents per share, up from 49 cents per share last year, beating expectations of 55 cents a share. Target sai same-store sales tose 4.6%. In contrast, Home Depot lost 1.5% after the retailer posted a 3.1% Q3 profit drop on a sharp decline in same-store sales. |
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FTSE 100 Edges Higher
Nov 14, 9:49 AM EST |
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| M&A talks and mining sector gains supported the FTSE 100 to move back into positive territory. |
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| Home Retail and Experian are both doing well on vague takeover talk, while Vodafone remains in the blue after interim underlying profits beat expectations. Miners also enjoyed strong performances after sharp declines in previous sessions. Engineering design group Aveva rose again as it issued another earnings upgrade. Acambis is the worst peformers. At 2:30 GMT, the FTSE 100 is 1.90 points, or 0.03% higher. |
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PPI, Retail Sales, Home Sales
Nov 14, 9:03 AM EST |
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| The Labor Department said that the producer price index fell sharply to a five-year low of 1.6% in October. Retail sales fell 0.2% in October. |
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| U.S. stock market futures turned higher before opening, as strong economic data eased inflation worries and raised optimism about consumer spending. Wal-Mart Stores posted 11.5% higher quarterly profit to 63 cents a share, compared with 58 cents a year ago, beating estimates of 59 cents. Same-store sales were 1.5% higher. Wal-Mart shares rose 1% before the bell. |
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Home Depot Profit, Sales Drop
Nov 14, 8:00 AM EST |
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| Home Depot reported 3.1% profit drop in Q3, blaming slowing housing market with considerably lower same-store sales. |
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| The company said it earned 73 cents a share, compared with a profit of 72 cents a share a year ago, missing expectations of 75 cents a share. Revenue in the quarter rose 11.3% to $23.09 billion, up from $20.74 billion for the same period a year ago, but same-store sales dropped 5.1%. Home Depot also cut its full-year earnings per share and sales growth outlook. |
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Asia Surges on Japanese Rally
Nov 14, 7:31 AM EST |
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| Asian markets gained Tuesday, as Japan rallied on better-than-expected economic data which boosted sentiment. |
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| The Japanese advance was led by real estate, technology and banking stocks. Shares were lifted by news that Japanese economy grew for the seventh straight quarter, expanding at an annualized 2% for the July-September quarter. Shares in Hong Kong moved higher on gains in China-related blue chips. In South Korea, brokerage and tech shares led advancers. Other markets also gained, boosted by the strong gains in Japan. |
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Strong Dollar, Profit-Taking Lower Gold
Nov 14, 5:20 AM EST |
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| Gold and silver futures declined on Monday at the NYME due to a combination of profit-taking and a firm dollar. |
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| There was little news affecting the precious metals markets but cues were taken from weaker base metal prices in New York and London as well as an increase in the dollar. Gold continues to be influenced by the movements in the dollar, oil and seasonal physical demand as the year-end approaches. Physical demand for gold will increase ahead of the Christmas season, but news that gold jewelry exports of Turkey were curbed by the volatile prices this year dented sentiment. |
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