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Holiday Sales Drive Stocks
Nov 21, 4:13 PM EST |
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| Oil settled above $60 on Alaska loading restrictions on weather conditions. Deere gained 7% on higher earnings. Master Card crossed $100. |
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| Market averages lost its mid-day trading momentum as oil gained. Oil rose and settled above $60. Weather conditions in Alaska prevented oil tankers loading. Deere & Co stock rose 6.55% on 19% jump in earnings on higher farm equipment prices. Google gained $14.60 to close at $509.65. Niche apparel retailers rose in anticipation of better holiday sales. Nordstrom gained 4.5% on earnings. |
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Europe Ends Modestly Higher
Nov 21, 1:02 PM EST |
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| Henkel and in Deutsche Bank rose 3.8% and 2.3% respectively after Merrill Lynch raised its price target for both companies. |
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| European stock markets finished modestly higher Tuesday, as weakness in the auto sector offset gains in financial-services stocks. Oil producers BP and Total also lent support, gaining on higher crude prices. London FTSE 100 ended flat at 6,202.60, with shares in British Land rising 1.1%. The German DAX 30 edged up 0.12%, with Deutsche Boerse, up 3%. The French CAC 40 ended up 0.08%, supported by 1.9% gain for food group Danone. |
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Boeing up 1% on $5.5 B Order
Nov 21, 11:45 AM EST |
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| Adobe Systems gained 2.6% after it was upgraded to outperform from market perform at Wachovia. |
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| U.S. stocks declined in late morning, as trading slowed ahead of the Thanksgiving holiday. However, gains by Boeing Co. provided support for the Dow. Company''s shares rose 1% after winning a $5.5 billion order for 25 planes from Korean Air Co. Google topped $500 for the first time after the Internet search engine announced discounts for online shoppers, using its payment service during the holiday season. It traded up 1.7% at $503.50. |
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Sensex Surges 1.4%, Bharti Airtel up 3%
Nov 21, 10:45 AM EST |
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| The benchmark index zoomed Tuesday, suported by a broad-based rally in banks, tech stocks, cement, and auto stocks. |
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| The markets rose to a record close on Tuesday as investors bought cement and software stocks on hopes of good profit growth, with a strong debut for Info Edge also boosting sentiment. ITC led the gainers, together with Bharti Airtel and Reliance Energy. Infosys and HDFC led the decliners. Several small-caps and mid-caps also surged today. India and China signed a number of trade agreements today. The number of telecom subscribers in India will reach 250 million by end of 2007. |
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Google Crosses $500
Nov 21, 10:25 AM EST |
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| Google rallied more than 2% to top the $500 level for the first time. The stock was last up $10.16, or 2.1%, at $505.09. |
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| Stocks opened little changed Tuesday, with Boeing Co. supporting the Dow after the aerospace company received a $5.5 billion order for planes from Korean Air which is buying 25 passenger and freighter aircraft. The stock rose 78 cents to $89.90. Medtronic was upgraded by a number of analysts after the company reported its quarterly profit came in above expectations. The stock jumped 7%. |
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FTSE Gains on Platinum Stocks
Nov 21, 9:39 AM EST |
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| London stocks advanced in afternoon trading on Tuesday, as platinum stocks surged, led by Lonmin. |
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| Lonmin was a leading advancers in London on Tuesday, as platinum hit a new high. The increase was due to talk that a new exchange traded fund was being created in platinum that will allow the metal to be traded more easily. Utility stocks also gained on reports that Spanish utility Iberdrola was set to make a takeover bid for Scottish Power. Demand from jewellers also rises in the run up to Christmas. In afternoon trade, the FTSE 100 was up 18.2 points, or 0.3%, to 6,222.7. |
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Nordstrom Profit Jumps 26%
Nov 21, 9:11 AM EST |
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| Wachovia lifted its rating on shares of Adobe while J.P. Morgan Securities upgraded Medtronic after the company reported earnings above estimates. |
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| U.S. stock futures moved higher. Nordstrom posted Q3 profit rise of 26%, benefiting from higher margins and brisk same-store sales. The company earned 52 cents a share, up from 39 cents a share a year ago, above estimates of 51 cents. Total sales increased 12%, while same-store sales rose 11%. Medtronic reported Q2 earnings decline of 59 cents a share, down 16.6% from 67 cents a share last year due to higher costs. However, revenue for the quarter jumped 11%, exceeding estimates. |
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Verizon Upgraded
Nov 21, 8:39 AM EST |
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| Oil futures rose 31 cents to $59.11 a barrel. Platinum soared on speculation of the launch of an exchange-traded fund that would track the commodity. |
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| U.S. stock market futures were trading near the flat line after a six-session winning streak for the Dow Industrials Index was snapped on Monday, despite several mega merger deals totaling about $70 billion. However, Dow components Boeing and Verizon are seen as potential gainers for the blue-chip index. Verizon was upgraded at Credit Suisse to outperform from neutral. Boeing is selling 25 planes to Korean Air worth $5.5 billion. |
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Asia Finishes Higher
Nov 21, 7:32 AM EST |
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| Asian markets bounced back on Tuesday, as HK advanced on property stocks, while Japan edged higher on large-caps rally. |
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| Asian stocks recovered on Tuesday, as property stocks supported Hong Kong and Singapore, while the Nikkei in Japan gained slightly as large-caps rebounded from the losses of previous session. Advances by technology companies in Japan were held back by declines in banking and construction stocks, while a drop in South Korean auto makers countered a rise in the telecommunications sector. Australia and New Zealand also gained, as well as Taiwan. |
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Banks Lifts Europe
Nov 21, 6:41 AM EST |
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| European shares made slight gains on Tuesday morning, as banks and exports led markets higher. |
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| European stocks markets advanced on Tuesday as banks rallied, while luxury goods groups rebounded after data showed strong exports of Swiss watches. Results from Icap and British Land and an advance in the shares of stock exchange operator Deutsche Boerse also boosted the financial services sector. By mid morning, the FTSE 100 in London climbed 0.1%, Frankfurt Xetra Dax gained 0.2%, and the CAC 40 in Paris added 0.2%. |
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