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Dow Down 73, Nasdaq Down 9
Nov 09, 4:13 PM EST |
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| Pharma and consumer stocks declined again. Oil and gold rose. China sends dollar lower and gold higher. AIG and Disney beat earnings expectations. |
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| Maket averages tunred negative in the afternoon trading on rise in oil price. ExxonMobil gained on the rise in oil and is expected to generate annual gain not seen since 1985. Cisco rose 7% on the 28% rise in earnings. Trade deficit in Sept declined to $64 on lower oil price and strong sales of aircraft. Initial claims of jobless fell in the last week. Gold miners rose between 4% and 5%. |
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Banks, Pharmas Weigh on Europe
Nov 09, 1:00 PM EST |
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| Shares of Siemens rose 3.1% on higher profit and sales for 2006. EADS added 1.1% on news Dubai International Capital with a potential EADS stake buy. |
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| European stock markets closed mixed, reflecting earnings-inspired gains from industrial conglomerate Siemens and brewer Inbev and weakness in the healthcare and financial sectors. London FTSE 100 finished down 0.1% dragged by pharma and ban stocks. The German DAX 30 added 0.2%, supported by Siemens. The French CAC 40 rose 0.2%, helped by EADS. |
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Dow Falls, Nasdaq Gains
Nov 09, 11:56 AM EST |
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| Dow component Hewlett-Packard rose 1.5% after Goldman Sachs raised earnings estimates and the price target for the stock. |
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| Stocks reversed from earlier gains, as weaker-than-expected consumer sentiment data and higher oil prices limited the advance generated by Cisco profit, a narrowing trade deficit and lower import prices. Cisco boosted networking stocks, rising 7% on 28% profit jump. Media giant Viacom dropped 2.1% as the company reported a 16% decline in Q3 earnings, but the results topped analyst forecasts. |
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Sensex up 0.5%, Maruti Down 3%
Nov 09, 10:41 AM EST |
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| The Sensex finished with modest gains on Thursday in a volatile trading session after the correction of 114 points in the past two days. |
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| Strength in large-caps and in key stocks from the auto, banking, consumer goods, energy and software sectors led the advance today in highely volatile trading session. There has been a surge in select small-cap and mid-cap stocks catching up with the trend in large-caps. Infosys and Satyam, together with ICICI Bank and HDFC Bank led the gainers, while Maruti led the decliner. The government is considering lifting the sugar export ban in the next two weeks. |
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Trade Deficit Sharply Narrows
Nov 09, 10:12 AM EST |
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| U.S. stocks opened mixed Thursday, with the Nasdaq and S&P 500 extending recent gains, while the Dow moved lower. |
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| The strength in the tech sector was contributed by better-than-expected quarterly results from tech bellwether Cisco, sending its shares up 6.3%. Well received economic news also generated positive sentiment. Investors cheered data, showing that trade deficit showed a sharp improvement in September, import prices dropped 2% in October, and initial jobless claims dropped 20,000 to 308,000. |
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London Declines on Rate Hike
Nov 09, 9:38 AM EST |
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| London stock markets moved back on Thursday as the Bank of England raised interest rates. |
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| The Bank of England raised the base rates from 4.75% to 5%, the highest level for five years. Pharmaceutical stocks were among the leading fallers amid fears that the victory for the Democrats in the US mid-term elections would hit the sector. Mining stocks also plunged, while electricity generators advanced. The FTSE 100 index was down 22.8 points at 6,216.2, from a five-year high in the previous session. |
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Cisco Profit Tops Estimate
Nov 09, 9:08 AM EST |
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| U.S. trade deficit showed a sharp improvement in September. The overall deficit fell 6.8% to $64.3 billion in September. |
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| U.S. stocks indicated a flat market opening Thursday, reflecting rising oil prices and positive Cisco Systems quarterly earnings. Oil futures rose 38 cents to $60.22 a barrel. Cisco Systems rallied 8.6% in pre-open trading on better-than-forecast 28% quarterly profit rise to 26 cents a share, up from 20 cents last year, boosted by 25% sales rise. |
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3M Sells Pharma Business for $2.1 B
Nov 09, 7:55 AM EST |
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| Manufacturer 3M Co. announced it would sell its global branded pharmaceutical business in three deals for a total $2.1 billion. |
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| Graceway Pharmaceuticals Inc. agreed to acquire 3M''s pharmaceutical operations in the U.S., Canada, and Latin America for $875 million. Meda AB agreed to buy 3M''s pharmaceutical business in Europe for $857 million. And Ironbridge Capital and Archer Capital will buy the Asia-Pacific operations, including Australia and South Africa, for $349 million. |
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Hang Seng up, Nikkei down
Nov 09, 7:33 AM EST |
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| Asian stocks ended mixed on Thursday, with Hong Kong advancing while the Nikkei 225 in Japan fell slightly. |
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| Asian stocks finished mixed Thursday, with Hong Kong rising on gains in oil-related, property and tech stocks, but stocks in Japan and Australia suffered by concerns over rising interest rates. In Tokyo, advances in the auto and technology sectors failed to counter concerns the Bank of Japan may raise interest rates. In Sydney, the market declined after the central bank raised rates a quarter point on Wednesday. |
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Profit-Taking Sends Gold Lower
Nov 09, 5:24 AM EST |
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| Profit-taking was the main cause for gold and the other precious metals to move lower on Wednesday. |
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| Some profit-taking has occurred in all of the precious metals, pushing metals lower. The pullback can be seen as a natural retracement for the next move up. Gold staged a good run coming up to the $630 level. But now the market may be in a period of consolidation for one to one and a half weeks. Crude oil advanced as well as coffee futures and raw sugar. |
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