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DLF $2 B Offering in Singapore
May 13, 6:49 PM EDT |
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| Reliance Communications and Alcatel Lucent form a joint venture to provide infrastructure services. |
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| Indian stocks on Wednesday reversed early session gains to settle lower in a mixed trade. In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged. |
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SocGen, Agricole and Fortis Earnings Fall
May 13, 5:51 PM EDT |
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| European markets closed higher despite earnings decline and another round of credit market losses at Fortis and Societe Generale. |
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| European stocks closed higher after the release of earnings from banks Fortis and Societe Generale. SocGen fell after it reported another write down of assets related to credit markets of 1.45 billion euros and 23% decline in earnings. Fortis reported a a decline in earnings of 30% to 808 million euros and reported a mark down of 4.9 billion euros. Credit Agricole earnings falls more than 50% to 892 million euros. |
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AIG Raises $11.9 Billion, Bond Insurers Drop
May 13, 4:53 PM EDT |
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| Wal-Mart fell after the earnings but Fluor and McDermott jumped on the earnings outlook. |
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| MBIA and Ambac fell after the bond rating agency Moodys raised concerns on the capital adequacy at the insurance companies. MBIA, only a day ago asserted at the time of earnings release that it does not need additional capital and has a significantly higher book value than GAPP accounting would suggest. Moodys suggested that fallng home values and continued decline in loans values in the secondary market may force the insurance companies to raise more capital. |
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HP Lifts Outlook, Acquires EDS
May 13, 4:27 PM EDT |
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| EDS has agreed to be acquired by HP for $25 per share. EDS has been struggling in the last three years as its revenue growth slows to less than 5%. |
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| Hewlett Packard agreed to pay $25 per share or $13.9 billion for technology service company EDS. The purchase price is at 33% premium from the last trading price on Friday. HP with the acquisition of EDS hopes to bolster its service business from $17 billion in 2007 to nearly $40 billion in 2009. The deal is expected to GAAP earnings accretive in 2010. |
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IIP Growth Slows, Rupee Falls
May 12, 7:03 PM EDT |
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| Rupee against dollar fell as crude oil jumped to a record high and industrial producon dropped in March. |
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| Industrial production in March fell to 3% and for the fiscal year ending in the month declined to 8.1% from 11.6% a year ago. The sharp fall in manufacturing sector output dragged the index lower in the month. Rupee fell in trading to 41.63 on the news. Software exporters rose after a weakness in rupee. TCS, Infosys, Wipro and Satyam rose. Ranbaxy gained 5% after it agreed to develop for the U.S. based Merck anti-infection drug. |
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Konica, Orix Outlook Lifts Tokyo Stocks
May 12, 6:04 PM EDT |
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| Stocks in Japan recovered after positive earnings guidance from Konica Minolta and Orix Corporation. |
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| Stocks in Japan rose on strong earnings forecasts from Konica Minolta and Orix Corp. A weaker yen also helped exporters. Electric utility companies fell for the second week in a row on record crude oil prices. In Tokyo trading Nikkei 225 rose 0.6% or 88.02 to 13,743.36, and the broader Topix Index increased 0.08% or 1.03 at 1,342.79. |
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UK PPI Soars, Trade Deficit Narrows
May 12, 5:48 PM EDT |
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| Producer price at the end of April jumped 7.5% from 6.5% at the end of March. The rise in the index was highest since 1985. |
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| UK traded deficit in March narrowed to £4 billion from £4.3 billion in February afte the February deficit was revised from the prevous estimate of £4.4 billion. The first quarter deficit on trade in goods and services widened to £13.4 billion compared with £13.1 billion deficit in the fourth quarter of 2007. Cairn Energy led advancers in the FTSE 100 index shares with a rise of 4% followed by increases in Kingfisher of 3.7%, in Centrica Plc of 2.7% and in G4S Plc of 2.7%. |
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Steel Stocks Rise Ahead of Earnings
May 12, 5:14 PM EDT |
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| Renault and Nissan in partnership with Bajaj will build a small car in India as consumer upgrade to small car from scooters. |
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| European markets edged higher on the strength in energy and steel stocks. ArcelorMittal and ThyssenKrupp led the rise in market averages in Germany and in France ahead of earnings this week. Societe Generale fell after HSBC took a charge of $3.2 billion to cover losses in the U.S. mortgage loans. |
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EDS Surges, Ann Taylor Outlook Lifts Retailers
May 12, 4:45 PM EDT |
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| U.S. stocks gained on the speculation in the retail sector and a fall in crude oil prices. Hewlett Packard offered 30% premium to acquire to EDS. |
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| U.S. stocks closed higher after Hewlett Packard offered to pay nearly $13 billion for EDS. The offer valued the company nearly 30% higher than market value at the close on Friday. Separately, Ann Taylor revised its earnings outlook. The revision lifted stocks in the retail sector. MBIA closed higher despite it reported $2.4 billion in losses. HSBC set aside $3.2 billion in the first quarter to cover losses related to the U.S. mortgage lending. |
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Decline in Oil, Rise in Retail Stocks
May 12, 2:45 PM EDT |
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| Ann Taylor revised its first quarter earnings guidance. Collective Brands lost a case against Adidas. Crude oil fell below $124 a barrel. |
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| U.S. stocks rallied to the high of the day after a steady drop in crude oil prices. Crude oil traded below $125 a barrel. Ann Taylor lifted its earnings outlook for the first quarter. The revised guidance lifted retail sector stocks. Nordstrom, JC Penney and Macy''s gained. Collective Brands, operator of Payless ShoeSource increased after jury awarded $305 million in a trial against Adidas. |
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