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US and Europe Down, Asia Up
Dec 22, 4:28 PM EST |
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| Market averages trade lower ahead of holiday weekend in the North and South America and Europe. Durable goods orders fell in November. |
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| Markets around the world sold-off in light trading ahead of three-day weekend. Asian markets contniued to climb. India, Singapore and Hong Kong markets remained at elevated levels. Research in Motion stocks traded as high as $140 on 49% rise in sales and 47% gain in earnings. Markets in the U.S. sold off on ligh volume and on weak November durable goods orders. News Corp and Liberty Media agreed to exchange assets worth $11 billion. Used car auction company Adesa is bought for $3.7 billion. |
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Research in Motion Falls
Dec 22, 1:49 PM EST |
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| Research in Motion reported 49% increase in sales and 47% rise in earnings on accelerated subscriber growth. |
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| Ahead of three-day holiday weekend, trading activity is below normal level. Market averages are selling off as traders show reluctance to hold positions. Durable goods orders for the November month fell for the secodn month in a row. Research in Motion reported added 875,000 subscribers in the third quarter. The stock jumped to $140 but settled lower at $130. Red Hat up 18% on earnings news. |
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India Market Ignores Higher Inflation
Dec 22, 10:47 AM EST |
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| Sensex in India rebounded in the last hour of trading. SEBI released new guidelines for investing in local excahnges. |
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| Ahead of three day weekend market showed a slight upward bias. India Sensex picked up momentum to close up in the final hour of trade. Pharma, engineering, metal and select auto stocks rallied while banking stocks declined. Hero Honda led the advancers and Satyam led the decliners. Inflation at wholesale level continues to trend upwards on rising food prices. U.K. based Vodafon said that it plans to bid for controlling stake in Hutchinson Essar. |
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Market Opens Lower
Dec 22, 10:24 AM EST |
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| U.S. stock markets opened lower, despite positive economic data, as traders turned to profit-taking ahead of the Christmas holiday weekend. |
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| Tech stocks, which provided strength to the market in pre-open tradinmg, were in focus. Research In Motion, BlackBerry device maker, posted 47% profit jump on strong shipments of its handheld devices. The company reported a profit of 93 cents per share, up from 63 cents per share last year. Quarterly sales rose 49%. The stock rose 2.5% in early trading. |
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London Firm Despite Miners
Dec 22, 9:35 AM EST |
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| The FTSE 100 was slightly higher in mid-day trade despite mining stocks plunge on the weak copper prices. |
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| Mining stocks declined in the wake of the copper demise, hitting a six-month low in Shanghai. Rio Tinto and Vedanta Resources led the decline. Vodafone fell, following its decision of a likely offer for a controlling stake in Hutchison Essar. Carnival gained for a second day on its report yesterday of better-than-expected earnings. The benchmark FTSE 100 Index gained 2.9, or less than 0.1%, at 11:47 a.m. in London. The U.K. market closes at 12:30 p.m. today. |
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Walgreen Profit Climbs 25%
Dec 22, 9:05 AM EST |
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| Walgreen reported surging Q1 profit. The drugstore chain said net income rose 25% to 43 cents per share, up from 34 cents per share last year. |
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| U.S. stock futures gained Friday as tame inflation data and well-received results in the technology sector lifted sentiment. The Department of Commerce said consumers increased their spending in November by 0.5%, the largest amount in four months. Another economic report showed stronger-than-expected demand for big-ticket goods. Durable goods orders rose 1.9%, higher than the 1.5% gain economists were anticipating. |
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Red Hat Profit down 37%, Tops Estimates
Dec 22, 8:42 AM EST |
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| Red Hat reported Q3 profit drop of 37% because of stock options expenses and tax provisions. |
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| The company said earnings dropped to $14.6 million, or 7 cents per share, down from $24.6 million, or 12 cents a share last year. Excluding stock options expenses and income tax provisions, profit totaled $29.6 million, or 14 cents per share, exceeding estimates of 12 cents a share. Revenue rose 45%. |
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Europe Edges Lower
Dec 22, 6:58 AM EST |
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| European stocks declined on Friday, the last day of trading before Christmas, despite volumes being thin. |
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| With thin volumes trading witnessed more volatility than usual. Trading was expected to be light during that time before the Christmas break, however, telecom company Vodafone Group put some downward pressure after it announced it was interested in buying a stake in the fourth biggest mobile operator in India. In morning trade, London FTSE 100 was fractionally lower, Frankfurt Xetra Dax fell 0.3% and the CAC 40 in Paris shed 0.3%. |
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Gold, Copper Finish Lower
Dec 22, 5:23 AM EST |
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| Gold finished lower on Thursday declining nearly $4 an ounce as copper futures plunged to six-month lows. |
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| Gold is still closely connected with the movements of the dollar and oil, but while both may turn out to be supportive in the long term, short-term the market is still in consolidation with traders winding down for the holiday period. Copper was the big decliners on Thursday, leading base metals lower on Wednesday as well. The weakness in copper seems to have been triggered by general liquidation selling. |
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