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Exporters and Pharmas Boost Europe
Nov 29, 12:29 PM EST |
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| Pharmaceutical giants AstraZeneca, GlaxoSmithKline, and Sanofi Aventis rose 3% each after Pfizer announced a plan to 20% sales force.. |
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| European stock markets closed sharply higher, ending a five-session losing streak. The markets reversed from weakness after comments from Fed Reserve Chairman Ben Bernanke helped the U.S. dollar recover vs. the euro and the pound. The recovery of the greenback reflected strength in the shares of exporter stocks. BMW and DaimlerChrysler both gained 1%, while Voklswagen rose 4.3%. The French CAC 40 led regional gainers, rising 1.4%, followed by the German DAX 30, up 1.3%, and London FTSE rose 1%. |
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Tiffany Surges 7% on Earnings
Nov 29, 11:43 AM EST |
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| Jewelry retailer Tiffany & Co. led the S&P 500 with an advance of 7% after it said Q3 profit grew a stronger than expected 23%. |
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| Stocks continued to post gains Wednesday on the back of strong GDP growth in Q3, shrugging off weak home sales data. A report released by the Commerce Department showed 3.2% decline in new home sales, largely due to a steep drop in sales in the Northeast. Exxon Mobil rose 1% and ConocoPhillips rose 1.6%, leading the S&P 500 index higher as crude oil prices gained nearly $1 after weekly petroleum data showed U.S. inventories fell more than expected. |
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Modest Advance for India
Nov 29, 10:36 AM EST |
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| The Sensex finished with a modest gain on Wednesday as focus shifted to small-caps and mid-caps. |
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| In a highly volatile session the benchmark index witnessed a rally of small-cap and mid-cap stocks as investors turned away from big companies. Short-covering of positions in the the derivatives ahead of expiry of November contracts also impacted the trading. Cement and auto shares ended in positive territory with ACC, Gujarat Ambuja, and ITC surging. Several large-caps finished in the red including Infosys, ICICI Bank, ONGC, Bharti Airtel and Reliance Industries. |
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Boeing and Pfizer Boost Dow
Nov 29, 10:06 AM EST |
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| Crude oil futures gained 19 cents to $61.18 a barrel. The dollar rose 0.2% against the euro.Gold for December delivery fell $1.80. |
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| U.S. stocks advanced at opening, boosted by 2.2% upward revision of Q3 economic growth which helped reverse a slide in the dollar and pushed market averages higher. The Dow was supported by Pfizer with an advance of 1.5% after news of its job cut plans. Boeing also lent support to the blue-chip index, rising 0.3% after Prudential raised its price target on the stock to $99 from $94. |
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London Recovers
Nov 29, 9:36 AM EST |
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| London recovered in mid-morning trading Wednesday as financial and pharma stocks firmed up. |
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| FTSE stocks moved higher on Wednesday, following six consecutive sessions of losses, helped by bid speculation among financial stocks and strength in the pharmaceuticals sector. Business software group Sage leads the way while insurer Legal & General is trading near the top of the pile as market watchers talk of a possible bid from Dutch insurer Aegon. The FTSE 100 rebounded 38.9 points, or 0.6%, to 6,065.3. |
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Economy Grows 2.2% in Q3
Nov 29, 9:07 AM EST |
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| Pengrowth Energy Trust agreed to buy Canadian oil and natural gas producing properties and undeveloped lands from ConocoPhillips for $1.4 billion. |
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| U.S. stock market futures predicted a positive opening Wednesday as the heavy dollar sell-off subsided and the Commerce Department reported that the U.S. economy grew at a 2.2% annual pace in Q3. Drug companies advanced after Pfizer announced 20% sales jobs cuts. Shares of the company rose 0.8%, sending shares of rivals GlaxoSmithKline and Sanofi Aventis also higher. Apple extended recent gains in pre-open trading, rising 2.5%. |
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Pfizer Cuts 20% Sales Force
Nov 29, 8:25 AM EST |
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| Pfizer announced it will cut its U.S. sales force by 20%, or 2,200 people by the end of the year, as part of a cost-cutting program. |
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| The cuts are most likely to affect sales representatives as well as management and support staff. Pfizer said its sales force cuts won''t effect its ability to market its major products including cholesterol-lowering drug Lipitor and new drugs such as cancer treatment Sutent. |
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Asia Rallies as Tokyo Surges
Nov 29, 7:47 AM EST |
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| Asian stocks recouped Wednesday, due to Japanese benchmark index after surprisingly strong industrial output data. |
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| Asian stocks recovered Wednesday, led by Nikkei 225 stock average after surprisingly strong industrial output data sparked buying in large-caps. The stronger data revived expectations the Bank of Japan will boost interest rates as early as December, spurring a rally in the yen against the U.S. dollar and the euro. Major markets across the region were broadly higher, tracking gains in the U.S. and riding gains in the energy sector after crude-oil prices rebounded. |
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Gold Declines on Profit-Booking
Nov 29, 5:20 AM EST |
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| Gold prices declined Tuesday, as traders took profits from recent rises, while silver advanced. |
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| While the dollar has been weaker, some selling of gold may have begun as the U.S. currency showed at least some signs of stabilizing after morning comments from the Treasury Secretary. A strong dollar is clearly in the interest of the US. The complexion of Federal Reserve Chairman Ben Bernanke statements may have contributed to the tendency to take profits.The Fed chief did not appear to be overly worried about the slowdown in the economy. |
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