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Defense and Healthcare Drop on Election
Nov 08, 4:07 PM EST |
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| Defense Secretary Rumsfeld resigned pushing the defense stocks lower. Energy stocks rose on rise in oil. Democrats gained control of House. |
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| Wall Street was affected by the shift in political landscape in washington. President acknowledging the election results accepted the resignation of Rumsfeld, a controversial figure. Ethanol stocks rose on higher subsidy expectations. New York Stock Exchange to fire 17% and considers closing the floor in New York. Cisco reported 30% rise in earnings to 26 cents from 20 cents a year ago. |
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Pharmas Lead European Decline
Nov 08, 12:50 PM EST |
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| EADS rose 3.2% as the company confirmed it expects sales of well above 37 billion euros in 2006. |
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| European stock markets finished down, reflecting cautious trading amid the election victory of the U.S. Democrats. Drug stocks were among the biggest losers on fears that if the Democrats win both the House and the Senate, they might enforce lower drug prices. AstraZeneca slipped 2%, GlaxoSmithKline dropped 1.6%, Novartis fell 1%, while Roche lost 0.5%. The German DAX 30 fell 0.2%, London FTSE lost 0.1%, while the French CAC 40 was flat at 5,437.10. |
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Merck and Pfizer Pressure S&P 500
Nov 08, 11:51 AM EST |
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| Exxon Mobil was the leading gainer on the Dow and S&P 500 due to rising oil prices and a broker upgrade which sent the stock up 1%. |
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| Worries about the impact of the U.S. election results, kept stocks under pressure in morning trading. Drug stocks Merck and Pfizer were the biggest drags on the S&P 500, falling 3.3% and 1.9% respectively. Health insurance stocks moved lower, led by Molina Healthcare, falling 8.3% after the company reaffirmed full-year outlook below estimates. |
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Sensex in India Loses 0.6%
Nov 08, 10:36 AM EST |
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| The Sensex closed in negative territory for the second straight day in volatile trading, due to profit-taking. |
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| The plunge was attributed to the emergence of selling by funds as well as retail investors in large-cap stocks at higher levels. The market, extremely volatile in the late-afternoon trade, managed to bounce back in the final hour of trading, still ending lower. ICICI Bank, Infosys and Wipro led the advance, while Reliance Industries and Hero Honda led the decliners with Bajaj Auto and Tata Motors losing ground as well. |
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Federated Loss Widens on Acquisition
Nov 08, 10:15 AM EST |
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| U.S. stock markets opened lower, following the election victory by the Democrats who are known as less business friendly than the Republicans. |
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| Federated Department Stores posted $3 million profit loss in Q3 due to costs related to its acquisition of May Department Stores. The loss amounted to a penny per share vs. a profit of 90 cents per share last year, missing analyst estimates of 25 cents per share. Cablevision Systems reported a narrower Q3 loss on increased number of customers. The company posted a loss of 21 cents per share, vs. a loss of 22 cents per share a year ago, lower than the expected loss of 14 cents. |
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Democrats' Election Victory Weighs
Nov 08, 9:03 AM EST |
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| Crude oil futures added 17 cents to $59.10 a barrel ahead of supply data. The dollar fell slightly vs. the euro and the yen. |
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| Following Tuesday’s strong rally, U.S. stock market futures dropped Wednesday, pressured by the possibility that the less-friendly-to-business Democrats may gain control over the House of Representatives and the Senate. In earnings news, Satellite television broadcaster DirecTV Group reported that its Q3 profit nearly quadrupled to 30 cents a share, up from 7 cents last year, driven by 13% higher revenue. |
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Asia Declines
Nov 08, 7:36 AM EST |
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| Asian markets closed mostly lower Wednesday, as Japanese stocks declined on talks of higher interest rates. |
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| Domestic stocks in Tokyo fell following comments on Tuesday that the the central bank may lift the rates again after it raised a key interest rate in July for the first time in six years, lifting it to 0.25% from virtually zero. Investors in Japan were also cautious as they eyed U.S. Congressional election results. Hong Kong shares tumbled, breaking a six-session rally, on rumors that telecom giant China Mobile plans to sell shares. New Zealand bucked the trend, endind at record closing high. |
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Gold Ends Flat
Nov 08, 5:23 AM EST |
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| In the trading session on Tuesday precious metals finished near flat ahead as U.S. voters went to the polls. |
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| During the trading session the contract did not move far from the unchanged level as it traded in a tight range of $626.20 to $631.20 an ounce, with traders noting a tone of cautiousness on Election Day. Political experts expect the Democrats to regain control of the House in Congressional elections. They say that a democratic win in Congress would likely be negative for the dollar and bullish for gold. |
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