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Robust Construction and Consumer
May 01, 5:14 PM EDT |
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| Financial and stock brokers decline as market loses the ealy drive of the day. European market were closed. Oil, gold and silver rose. |
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| Market averages rose in the morning and fell in the afternoon on a newsreport that Fed Chairman thinks that market may have misinterpreted his comments. Oil rose in geopolitical tensions drove oil close $74 per barrel. Gold and silver rose on international tensions and weakness in dollar across all major currencies. Illegal immigrants gathered in various cities to press their cause. Meapacking, agricultural farms and restaurants reported fewer workers at jobs. |
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Nasdaq Declines 0.7%
May 01, 3:55 PM EDT |
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| Steep fall in tech stocks led major averages to decline. Oil rose and gold and silver rose modestly. European markets are closed for a holiday. |
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| Market averages declined in the afternoon trading led by a fall in tech stocks. Large companies sold-off as 19 of 11 stocks in Dow fell led by 3% decline in Intel. Wal-Mart rose 2% on same-store sales and Eastman Kodak rose 3%. Oil climbed back on the geopolitical worries in the Middle East. Aramark received a buyout offer taking the stock higher 20%. Kerzner International, casino operator to go private. |
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$5.8 B Offer for Aramark
May 01, 12:47 PM EDT |
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| A group of investors offered about $5.8 billion to acquire food service provider Aramark. Shares of the company jumped from $5.35 to $33.46. |
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| Going into afternoon trading, the Dow Jones index outperformed the Nasdaq and S&P 500 as most of the blue chip stocks moved to the upside. Discount retailer Wal-Mart turned in the best performer on strong same-store sales, followed by oil giant Exxon Mobil which gained on rising oil prices. However, Intel was a notable loser, falling 1.4%. Brokerage stocks also showed weakness with Legg Mason down 6%. |
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Wal-Mart up 2.7% on Sales
May 01, 11:39 AM EDT |
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| April manufacturing index rose to a stronger-than-expected 57.3. March construction spending rose 0.9%, above the average forecast of 0.4% rise. |
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| In late morning trading stocks gave back some ground with averages coming off intraday highs. Brokerage stocks posted losses, with shares of Legg Mason falling down 6%. Stocks of Lehman Brothers and Bear Stearns also moved lower. Commodity stocks moved notably higher helping the indexes remain in the positive. Wal-Mart rose 2.7% after reporting April same-store sales growth of 6.8%, beating forecasts. |
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Boeing Buys Aviall for $1.7 B
May 01, 10:38 AM EDT |
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| April manufacturing index rose to a stronger-than-expected 57.3. March construction spending rose 0.9%, above the average forecast of 0.4% rise. |
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| Stock markets traded higher, reflecting upbeat economic data, strong sales report from Wal-Mart Stores as well as merger-and-acqusition news. The discount retailer rose 2.3% after reporting April same-store sales growth of 6.8%, beating forecasts. Boeing agreed to buy aircraft parts supplier Aviall Inc. for $1.7 billion in cash, while Internet service provider Level 3 agreed to buy telecommunications company TelCove Inc. for about $1.08 billion. |
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Consumer Spending up 0.6%
May 01, 10:01 AM EDT |
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| The Commerce Department said that personal spending rose 0.6%, while personal income rose 0.8%, well above expectations of 0.4% rise for both indexes. |
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| Strong consumer spending data sent U.S. stocks higher at market opening. Market sentiment was also helped by strong sales report from Wal-Mart Stores as well as merger-and-acqusition news. The discount retailer reported April same-store sales grew 6.8%, beating forecasts. Boeing agreed to buy aircraft parts supplier Aviall Inc. for $1.7 billion in cash, while Internet service provider Level 3 agreed to buy telecommunications company TelCove Inc. for about $1.08 billion. |
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Humana Net Drops 22%
May 01, 8:49 AM EDT |
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| Crude oil prices rose nearly $1 to $72.47 after an oil refinery fire in Italy. Gold climbed to $660 on weaker dollar. The dollar dropped vs. the yen. |
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| U.S. stock futures predicted a positive market opening on personal spending and income data. In earnings news, food distributor Sysco Corp. announced Q3 net income drop of 30 cents a share from 34 cents a year ago, missing analyst estimates. Par Pharmaceutical reported Q1 earnings rise of 24 cents per share on revenue growth, meeting expectations. Humana reported net income for Q3 of 40 cents per share, down from 65 cents per share last year, despite 39% revenue growth. |
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Australia up on Gold
May 01, 7:39 AM EDT |
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| Australian benchmark advanced on gold, as well as Japan’s Nikkei which gained on investors’ reluctance to support the yen’s march on the 113-level vs. |
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| Tokyo’s Nikkei 225 Average finished the session up 15.28 points, 0.09% higher. Gold prices advanced 12% in Asia, while the dollar went down to 113.07 yen, retreating from its level of 113.84 in late Friday on NYSE trading. The stronger yen impacted technology and export share, whereas utility and drug companies advanced. |
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