Wachovia Loss Sends Stocks Lower

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 12:43 PM EDT April 14 2008

(Continued)

Email article | Print article

U.S. stocks edged lower after Wachovia cut its dividend by 41% and proposed to raise as much as $7 billion through convertible preferred stock offering. Wachovia also reported a loss in the first quarter and asset write down of $2 billion. UK media reports suggested that Citigroup is likely to write down assets of $12 billion and Merrill Lynch of $3 billion. Blockbuster proposed $1 billion in cash buyout for Circuit City.

Eaton trades up on earnings

Eaton Corporation, industrial equipment manufacturer reported first quarter revenue of $3.5 billion compared to $3.11 billion. Earnings in the quarter jumped to $256 million from $243 million. Earnings per share increased to $1.64 from $1.56 a year ago.

Eaton (ETN: chart) stock jumped $1.90 to $80.86.

Asian Markets Review

In Tokyo Nikkei 225 Index closed lower 406.22 or 3.05% to 12,917.51, in Hong Kong Hang Seng index decreased 856.59 or 3.47% closed to 23,811.20. In Australia ASX 200 index lower 96.90 or 1.78% to close 5,342.40. In Malaysia KL Composite index decreased 13.36 or 1.07% closed to 1,233.43.

In South Korea Kospi Index decreased 33.00 or 1.85% to close at 1,746.71, Indonesia JSE Index edged decreased 31.45 or 1.37% to 2,272.48. Market of Thailand and India were closed today.

1 2

More: Market Update Archive