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Oracle, Yahoo Down; Home Builders Up
Dec 06, 4:00 PM EST |
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| Home builders and financial brokerage stocks rallied bucking the generally lower market. Tech , railroads and pharma stocks lost ground. |
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| Market averages traded lower in New York, Europe and Asia. Merck traded lower on 2007 revenue outlook. Ford dropped 4% on 50% boost in convertible bond offering. Yahoo lost 2% on management reorganization. Railroad stocks lost ground on downgrade by Merril Lynch. CSX, Union Pacific and Burlington Santa fe declined. Home builders rose on 10-month low mortgage. Lennar, Toll Bros, Beazer Homes and D R Horton rose more than 1%. Boeing wins $5 billion order from Lufthansa. Panera Bread lost 3%. |
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European Stocks Close Lower
Dec 06, 2:36 PM EST |
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| Markets in Europe closed lower ahead of expected hike in rates tomorow by ECB. Bank of England is not likely to revise rates. |
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| Tech and pharma stocks drag European markets lower at close. Russian main index led the gainers in the region with a rise on 0.9%. Germany, France, Spain and Norway declined. European Central Bank is expected to raise rates by 0.25% tomorrow but Bank of England is keep rates unchanged. Capgemini lost 4% on stock issuance to fund recent acquisition. Lufthansa is likely to buy Boeing 747 upgraded jets. Tesco agrees to buy eight Makro stores in Malaysia. Porsche reported sales growth. |
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Yahoo, Merck and Ford Decline
Dec 06, 12:53 PM EST |
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| Yahoo reorganizes management roles at executive level. Lehman awards $180 million of stocks to CEO. Merck revenue guidance for 5-year disappoints. |
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| Market average remain under pressure after rising for the last three days. S&P500 after reaching a six-year high is trading lower. Yahoo, Merck and Ford are leading the decliners. Ford is reported to boost its convertible bond offering by 50%. Merck revenue guidance disappointed market. Novellus and Oracle dropped and broker comments. Weekly inventories of crude oil, gasoline and distillate declined. ADP survey showed that private sector in Novemeber added 158,000 to the payroll. |
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Broad Weakness in Mumbai Trading
Dec 06, 10:31 AM EST |
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| The Sensex in India witnessed its sixth consecutive day of gains in a session characterized by intense volatility. |
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| The benchmark index managed to egde higher amid high volatility and very weak market-breadth. Most sectors traded in negative territory with banking and IT stocks barely registering gains. Reliance Energy led the decliners, ACC and HDFC also plunged. Ranbaxy led the advancers, ICICI Bank rose, capitalising on a rise in cross-border deals. Bharti Airtel gained on a likely Vodafone stake upgrade. India has no plans to scrap import duties on cement or ban exports. |
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RBS Leads London Higher
Dec 06, 9:34 AM EST |
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| The FTSE 100 advances helped by strong performance by RBS and housebuilder Persimmon. |
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| Gains for the banking sector in the wake of an upbeat trading statement from Royal Bank of Scotland saw the FTSE 100 move higher on Wednesday. The UK lender said results are running slightly ahead of expectations as it reassured that bad debts have actually improved over the last year. ABN Amro gave Persimmon a boost in a bullish review of the housebuilding sector by the Dutch broker. Helped by those gains the FTSE 100 added 17.6 points, or 0.3%. |
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Tokyo Breaks Losing Streak
Dec 06, 7:32 AM EST |
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| Asian stocks finished broadly higher today with Japan gaining on banks and Australia rallying on M&A. |
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| Asian markets closed mostly higher Wednesday, with Japan breaking a two-day losing streak and Australia gaining on merger-and-acquisition news, while Taiwan hit a fresh six-year high. In Hong Kong, the Hang Seng Index rose on hopes that third-generation mobile licenses in China will be issued soon. In Taiwan, shares reached a fresh six-year high as both land owners and electronics put in strong performances. Shares in South Korea bucked the trend and declined. |
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Banks Push Europe Higher
Dec 06, 6:56 AM EST |
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| European markets advanced on Wednesday, with banks leading the advance due to strong performances from Anglo Irish Bank. |
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| European stocks gained on Wednesday, with banks leading the gainers after investors welcomed forecast-beating results from Anglo Irish Bank and an upbeat trading statement from Royal Bank of Scotland. Declines were coming, though, from more defensive sectors, including utilities and health care companies. By mid morning, the FTSE 100 in London climbed 0.2%, Frankfurt Xetra Dax was fractionally higher, and the CAC 40 in Paris gained 0.1%. |
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Gold and Silver Retreat
Dec 06, 5:31 AM EST |
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| Gold and silver futures slipped Tuesday, on a slightly stronger dollar and dropping oil prices. |
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| Gold and silver prices edged lower Tuesday, as a slightly stronger dollar and slipping oil prices encouraged metals traders to pause and take profits. Data-related dollar gains and modest profit-taking in the energy sector have triggered a bout of liquidation across the precious complex today, although dips in all metals have found good support. The approaching end of the quarter and year is another influence. |
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