|
|
|
Late Afternoon Rally Falters
Dec 20, 4:13 PM EST |
|
| NYSE and Euronext merger got a step closer to a reality. FedEx earnings up but stock fell. CarMax jumped on sharp rise in earnings. |
|
| Advancing stock indexes faced headwind as investors stayed on the sidelines, however in the broader market stocks managed to gain. FedEx reported 9% jump in earnings but forecasted lower Q3 earnings dragging the stock lower by 2%. Redback agreed to be acquired by Ericsson for $2.1 billion, stock rose 20%. Used car dealer, CarMax rose 8% on sharp rise in sales and earnings. European markets rose. Asian markets gained on Thai market rise of 11% after losing 15% a day earlier. |
|
|
Full Story... |
CarMax Up on Profit Jump
Dec 20, 3:36 PM EST |
|
| User car dealer, CarMax reported better than expected earnings and revised full year sales and earnigs for the second time. |
|
| Largest used car dealer, CarMax Inc, reported 24% rise in sales and 100% growth in earnings. Used car sales are down for the year 4%. The company reported average used vehicle price jumped to $17,500. Sales gained on the rise in demand for SUV, pick-up trucks and luxury cars. Gasoline price dropped 21% in the third quarter. The company plans to open 13 new stores in the next fiscal year. |
|
|
Full Story... |
Ericsson, Arcelor-Mittal Lift Europe
Dec 20, 1:22 PM EST |
|
| HMV Group closed down 4.8% after the U.K. book and music retailer warned that annual profit would come at the low end of market expectations. |
|
| European stocks closed mostly in the positive Wednesday, lifted by takeover activity from Swedish telecom equipment maker Ericsson and steel giant Arcelor-Mittal. Ericsson rose 1.3% after it agreed to buy Redback Networks Inc. for $2.1 billion in cash. Arcelor-Mittal rose 2.4% after the steelmaker agreed to acquire Mexico''s Sicartsa for $1.44 billion. The French CAC 40 climbed 0.5%, the DAX 30 also gained 0.5%, while London FTSE 100 fell 0.1%. |
|
|
Full Story... |
Redback up 18% on Takeover Bid from Ericsson
Dec 20, 11:52 AM EST |
|
| Palm fell 1% after posting a sharp drop in earnings, in line with expectations, but disappointed investors with its forecast for the current quarter. |
|
| Stock market averages gained ground in late Wednesday trading, driven higher by a flurry of merger deals which helped offset disappointing forecasts from Fedex and Palm. Harrah''s Entertainment rose 0.6% after it agreed to be bought by private-equity firms. Telecoms equipment provider Ericsson added 1% after it agreed to buy Redback Networks for $2.1 B. Steel giant Arcelor Mittal rose 1% on news that it is buying Mexico''s Sicartsa from Grupo Villacero for $1.44 B. |
|
|
Full Story... |
India Sheds 0.3%, Shobha Dev IPO
Dec 20, 10:37 AM EST |
|
| The Sensex in India closed in negative territory Wednesday in a highly volatile session ahead of the expiry of December derivatives. |
|
| In a volatilie session, Sensex in India traded in a wide range of 335 points and finished lower on selling pressure in Hindustan Lever, Tata Motors and Hero Honda. Volatility is likely to persist in the coming days ahead of the expiry of the December derivative contracts on January, 28. Mid-caps and small-caps underperformed. Tata Steel led the gainers, while the only advancer in the Sensex, yesterday, Hero Honda, led the decliners today. Arcelor Mittal buys Sicartsa of Mexico. |
|
|
Full Story... |
FedEx Profit up 9%
Dec 20, 10:00 AM EST |
|
| Arcelor Mittal continued steel-sector consolidation agreeing to buy Mexico's Sicartsa for $1.44 billion from Grupo Villacero. |
|
| U.S. stocks opened little changed on Wednesday as transportation stocks fell after FedEx financial report limited gains generated by optimism about global merger-and-acquisition activity. FedEx Corp. reported Q2 profit rise of 9% on strong results from its ground delivery business. Earnings for the quarter increased to $1.64 per share, up from $1.53 per share last year. However, the company also released a disappointing Q3 forecast. |
|
|
Full Story... |
FTSE Higher on Asian Recovery
Dec 20, 9:48 AM EST |
|
| The FTSE traded in positive territory on Wednesday as Asian markets recovered and on strong finish in US markets overnight. |
|
| The London market bounced back on Wednesday after Asian markets recovered their gains. But shares in British Energy declined sharply after the biggest power producer in the UK announced repair work on two of its ageing nuclear power stations would take until March. Credit checking business Experian is among the leading risers after Morgan Stanley raised its recommendation on the company. The FTSE 100 rose 26.6 points, or 0.4%. |
|
|
Full Story... |
Techs Lead Market to Higher Opening
Dec 20, 9:04 AM EST |
|
| Harrah's Entertainment late Tuesday agreed to be bought by two private-equity firms for $27.8 billion with assumed debt included. |
|
| U.S. stock market futures pointed higher Wednesday, boosted by tech shares gains after Ericsson announced a deal with a network hardware company. The Swedish telecommunications equipment maker agreed to buy Redback Networks for $2.1 billion cash, an 18% premium to Tuesday''s close. A recovery in Asian-Pacific stock markets after a sharp decline yesterday also contributed to the advance. Thailand''s government reversed a decision on capital controls, sending its benchmark SET index up 11%. |
|
|
Full Story... |
Thai Reversal Leads Asia Higher
Dec 20, 7:43 AM EST |
|
| Asia recovered on Wednesday, as Thai stocks surged after the country announced reversal of the central bank decision. |
|
| Thai authorities stated they would exempt equities from capital controls meant to restrict appreciation of the Thai baht. The benchmark index of Thailand soared 11% on the decision. That fact, together with the record finish on US market overnight led Asian markets higher today. In Japan, the Nikkei gained on strength in exporters after the yen weakened, while HK ended higher on real-estate developers. |
|
|
Full Story... |
Europe Rallies on Autos, M&A
Dec 20, 6:33 AM EST |
|
| European markets traded higher Wednesday led by carmakers and technology stocks, rebounding from recent losses. |
|
| Apart from autos, European shares recovered on Wednesday, on the heels of a rebound in commodity-dependent stocks, deal news from Ericsson and Arcelor-Mittal and another record in the U.S. markets overnight. Also, Ericsson of Sweden announced that it has agreed to acquire Redback Networks. By mid morning, the FTSE 100 in London climbed 0.4%, Frankfurt Xetra Dax added 0.7%, while the CAC 40 in Paris advanced 0.6%. |
|
|
Full Story... |
1
2
 |
|
