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UPS Falls 4%, Kroger Rises 8%
Jun 24, 11:29 AM EDT |
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| UPS falls to a four-year low after it lowered second quarter earnings estimate. Kroger rises 8% after earnings increase 13%. |
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| UPS lowered second quarter ernings guidance as fuel prices rise and shipping volumes in the domestic and international markets decline. Separately, largest grocery chain Kroger reported first quarter revenue rose 11.5% to $23.1 and net income increased 13% to $386 million. |
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Home Price Index Falls, Record Decline
Jun 24, 10:28 AM EDT |
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| Metropolitan home prices declined in each of the twenty cities tracked by the index. The index has falled in every month since Jan 2007. |
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| Metropolitan home price index fell as 13 of the 20 cities show record annual lows on prices. The S&P/Case-Shiller index fell in May 15.3% from a year ago as prices fell in all of the 20 cities that the index tracks. The home prices in Las Vegas and Miami fell 27%. The prices are likely to decline further as inventory of unsold homes continue to build. |
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BG Launches $13.8 B Offer for Origin
Jun 23, 11:35 PM EDT |
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| The UK based BG Group took its offer directly to shareholders of the largest coal-to-seam gas producer, Origin Energy. |
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| BG Group, UK based energy company hopes that an offer taken directly to the shareholders of Origin Energy Limited may succeed better than the same offer rejected by the management earlier in May. BG offered $15.50 per share or A$13.8 billion for Origin in all cash. The fundamental difference between the current offer and the management expectations is in the valuation of the CSG reserves. Origin stock rose 5% to A$16.30 and has surged 60% in the last two months of trading. |
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Macarthur in Play, Valad Lowers Estimates
Jun 23, 10:45 PM EDT |
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| Rio Tinto may develop the first significant diamond mine in India. Australia stocks edhed lower as global financial markets weakness drag stocks. |
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| Macarthur may become a subject of takeover from ArcelorMittal after Ken Talbot, director with 19.76% stake resigned from the board and sold 4.3% stake in the company to the steel giant. Separately, Valad Property lowered its earnings and distribution guidance as a weakness in global property market squeeze the activities. |
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Business Sentiment in Japan Decline
Jun 23, 5:31 PM EDT |
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| Small and large companies business sentiment declined in the three months to June. Exporters worry that exports to the U.S. may slow down. |
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| Business sentiment dropped as large and small comanies worry about the export market and consumer spending in the three months to June. Sentiment at smaller companies declined the most. In the stocks market financials stocks declined as more analysts voice additional write downs at the U.S. banks and brokerages. Mitsubishi Estate and Daikyo lowered prices for condominiums in Tokyo. |
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Energy Stocks Rise, Financials Decline
Jun 23, 10:20 PM EDT |
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| Corn Products agreed to be acquired by Bunge Limited and Republic Services and Allied Waste Industries agreed to merge. |
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| U.S. stocks traded in a tight range and as it has been for the most of the year energy complex stocks led the gainers and financial stocks led the decliners. Lehman, Goldman Sachs, Wachovia, Citigroup and Bank America fell. Walgreen Company rose after net income rose 2%. Inflation in China increased to 5.7% and Indian rupee declined on a recent inflation surge to 11.5%. UK home prices fell. |
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China Inflation Rises
Jun 23, 3:51 PM EDT |
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| Inflation in May in China rose 5.7% from 5.4% in April. Inflation in June may rise further after the recent fuel price increase of 18%. |
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| Stocks in Shanghai fell 2% and are now 55% lower from its peak in November as inflation in May rose to 5.7%. Inflation is expected to rise in the coming months after recent fuel prices and upsurge in food price increases. Chalco, the Aluminum Corp of China fell 6% after it estimated profit decline of 50% in the first half. Sinopec slipped 2.5% after it said that the recent price hike will not be enough to generate profit. |
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Financials Drag Indexes Lower
Jun 23, 3:21 PM EDT |
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| The largest Canadian telephone operator rose after the Supreme Court of Canada permitted the company sale. |
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| U.S. stocks traded in a tight range after financials led the decliners and energy complex stocks closed higher. Lehman Brothers, Goldman Sachs and Citigroup fell. National Oilwell rose on recommendation and Goodrich Petroleum rose after it raised its production target for the second quarter. MBIA and Ambac fell on the continued worries of the capital adequacy. Range Resources rose and XL Capital fell on brokers rating revisions. |
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UK Home Prices Drop, Aggreko Surges
Jun 23, 4:40 PM EDT |
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| Stocks in London trading rose but lost most of its gain after crude oil prices rose. BHP may get price increase of 80% for iron ore shipment to China. |
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| The Brent Crude oil prices rose, home prices in the month fell and stocks in trading edged slightly higher. UK home prices fell 1.2% in the month after more sellers list homes for sale and inventory rose to a record level. The Brent Crude oil rose 2% in trading after Nigeria reported oil production declined to a 15-year low. Aggreko, power equipment rental company surged 10% after it issued earnings estimate. |
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Bunge,Corn Products and Republic, Allied Merge
Jun 23, 1:52 PM EDT |
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| Bunge acquires Corn Products in all stock transaction that may value the company at $6 billion. Republic Services and Allied merge. |
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| Corn Products agreed to be acquired by Bunge Limited in all stock transaction that may value the company between $4.4 billion and $6 billion. Bunge will assume debt of $414 million and will pay between 0.42 and 0.5142 of its share. In addition, Republic Services Group and Allied Waste have agreed to merge. The shareholders of Allied will hold 52% of the combined waste collection company. |
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