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IPO, Payroll Data Drive Markets
Dec 08, 4:14 PM EST |
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| Stocks rose after payroll data. Healthy job gains outside manufacturing and construction were reported. Jobless rate rose to 4.5%. |
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| November jobless rate rose to 4.5% from 4.4% in October. Total of 132,000 of new jobs were added in the month on top of 79,000 in October. Average weekly earnings rose to $574.27 in November from $573.25 in October. Children shoemaker Heelys priced 6.43 million shares at $21 per share. The shares jumped 61% to close at $33 after rising as high as $38.75. More than 11 million shares changed hands. Citigroup rose on rumors and Bank of America and Barclays gained on merger speculation. |
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Banking Shares Help Europe
Dec 08, 1:52 PM EST |
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| BHP Billiton lost 2.8%, shares of Rio Tinto dropped 1.9% and shares of AntoFagasta lost 4.2% after Merrill Lynch downgraded the mining sector. |
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| European stocks closed modestly higher Friday, as gains in the banking sector managed to offset weakness among mining stocks. Barclays climbed 3.3% in London on speculations Bank of America is interested in making a bid for $117.6 billion, offering a premium of 25% to 30%. The U.K. FTSE 100 rose 0.3%, followed by the German DAX 30, up 0.2%, and the French CAC 40, up 0.1%. |
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Heelys, Allegiant, Aegean IPOs Rise
Dec 08, 11:49 AM EST |
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| Stocks turned higher as market shrugged off a lower-than-expected consumer confidence reading and focused on better-than-expected employment report. |
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| Small-cap firms Heelys and Allegiant Travel rallied 60% and 40%, respectively, in their stock market debuts Friday. Heelys, a maker of children''''s sneakers, jumped over its price range of $16 to $18 to set its IPO at $21 a share. The stock opened at $30.30 and rose to $34.70 for a gain of about 65%. Allegaint priced its IPO at $18, above its $15-$17 range. The IPO opened at $24 a share and rose to $25.23 for a gain of 41%. |
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Indian IT stocks Advance on Oracle Bid
Dec 08, 10:54 AM EST |
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| The Sensex in India broke its winning streak on Friday on profit-taking in auto, metals, oil and gas stocks. |
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| Sensex opened strong, above the 14,000 level, but quickly yielded to selling pressure in large-cap stocks. Traders consolidated positions before Cairn India IPO, due to be launched on December 11, the largest initial public offering in India. Dr Reddy and Reliance Energy were the leading gainers on the market, while Tata Motors and ACC led the decliners. Inflation was lower than expected the previous week. |
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Modest Gains on Employment Data
Dec 08, 10:17 AM EST |
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| Light, sweet crude rose 81 cents to $63.30 a barrel. The dollar declined vs. other major currencies. Gold prices rose. |
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| Stocks opened modestly higher Friday amid easing concerns about the health of the U.S. economy. The long awaited employment report brought some relief to the market as the Labor Department said 132,000 jobs were created in November, greater than the expected increase of 105,000. Unemployment ticked up to 4.5%. However, sharply higher oil prices and weaker dollar limited gains. |
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Miners Drag FTSE 100 Lower
Dec 08, 9:50 AM EST |
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| The FTSE 100 slipped into negative territory weighed down by the mining stocks in afternoon trading on Monday. |
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| The top performing shares on London market erased early losses by the afternoon helped by some bid speculation over Pearson believed to be the next in line. Other takeover speculation also helped to cancel out losses with chemical firm ICI, up on reports of a possible connection with Akzo Nobel of Holland. The mining industry dragged the benchmark index lower after Merrill Lynch downgraded the sector to neutral. The FTSE 100 was marginally lower 0.07% at 6,128 in afternoon trading. |
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More Jobs Created in November
Dec 08, 9:14 AM EST |
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| Shares of Xilinx Inc. fell 5.4% in trading before the opening bell as the company cut its outlook for the current quarter. |
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| Wall Street sentiment turned positive after a long awaited government report showed that jobs created in November were more than expected, easing worries about the economy''s health. The report showed that non-farm payrolls rose by 132,000 jobs, following a downwardly revised increase of 79,000 in October. Economists had expected an increase of about 105,000 jobs. The unemployment rate edged up to 4.5% in November from 4.4% in October. |
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Oracle Boosts Bid for India's i-flex to $1.3 B
Dec 08, 8:15 AM EST |
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| Oracle Corp. improved its offer for Indian banking software provider i-flex Solutions Ltd. to $1.3 billion. |
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| Oracle said it wanted to boost its stake in i-flex to 90% and raised the price to 2,100 rupees per share, up 42% from 1,475 rupees previously offered. The revised offer represented a 20% premium to i-flex''''s closing price on Thursday. |
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Japan Ends Lower As Data Disappoints
Dec 08, 7:39 AM EST |
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| Asian stocks mostly declined Friday, as Japanese economic data weighed on the Nikkei, and in HK short-covering was still in place. |
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| Asian stocks ended mostly lower on Friday, with the Nikkei falling due to weak performance from NTT DoCoMo while October machinery orders disaapointed and pushed shares such as Fanuc Ltd lower. Data of October core machinery posted mid-afternoon in Tokyo was weaker from the previous month. Hang Seng Index in Hong Kong finished lower as investors still resort to profit-taking. Other major index also fell, such as Australia and South Korea. New Zealand bucked the trend and advanced. |
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Europe Sinks on US Data Concerns
Dec 08, 6:43 AM EST |
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| European stocks retreated in early trading Friday due to concerns about the US employment report. |
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| European markets were trading slightly lower on Friday, tracking US subdued close as investors await the monthly US employment report, published later. The markets are jittery ahead of November non-farm payrolls data, a keenly-watched yardstick of jobs creation in the US economy. London-listed miners influenced the market the most, as some key stocks were lower. By mid morning, FTSE 100 in London slipped 0.2%, Frankfurt Xetra Dax shed 0.3%, and the CAC 40 in Paris declined 0.5%. |
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