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Pinnacle
Master |
17-Oct-2007 00:25
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U.S. Stocks Drop on Bernanke Comments; Banks, D.R. Horton Fall Oct. 16 (Bloomberg) -- U.S. stocks dropped for a second day after Wells Fargo & Co. and Keycorp reported earnings that fell short of analysts' estimates and Federal Reserve Chairman Ben Bernanke said the housing slump may drag on through next year. Wells Fargo, the biggest lender on the U.S. West Coast, and KeyCorp, Ohio's third-largest bank, led financial shares to a fifth straight decline. D.R. Horton Inc. helped drag down homebuilders for a third day after reporting orders plunged to the lowest in almost six years last quarter. The Standard & Poor's 500 Index lost 3.67, or 0.2 percent, to 1,545.04 at 11:38 a.m. in New York. The Dow Jones Industrial Average fell 39.26, or 0.3 percent, to 13,945.54. The Nasdaq Composite Index added 0.09 to 2,780.14. Bernanke said in a speech last night in New York that it's too early to gauge how much the housing slump will affect spending by consumers and businesses. S&P 500 companies are expected to report a drop in quarterly earnings for the first time in five years, according to a Bloomberg survey. ``The housing situation is going to continue to plague the U.S. economy,'' said Kevin Rendino, who runs the $8.1 billion BlackRock Basic Value Fund from Plainsboro, New Jersey. ``It's going to be a lot harder for companies to hit earnings.'' The drop in U.S. stocks followed declines in Europe and Asia. Europe's Dow Jones Stoxx 600 Index lost 0.8 percent to 383.85 after Ericsson AB's profit fell short of its own forecast. The Morgan Stanley Capital International Asia-Pacific Index slid 1.3 percent to 166.64. Wells Fargo, KeyCorp Wells Fargo lost $1.40 to $34.55. The biggest bank on the U.S. West Coast said per-share profit rose to 68 cents from 64 cents, a penny less than the average estimate of analysts surveyed by Bloomberg. The bank reported net credit losses of $892 million, up 35 percent from a year earlier. About half of the increase stemmed from home equity loans, where lower home prices caused steeper-than-expected losses, the company said. KeyCorp declined $1.36 to $30.99. Ohio's third-largest bank said profit fell 33 percent, a bigger decline than analysts expected, on losses from loan sales and writedowns the company attributed to ``extraordinary volatility'' in the credit markets. Regions Financial Corp., the biggest bank based in Alabama, declined 44 cents to $28.69. Profit excluding acquisition-related costs was 64 cents a share, the company said. That missed the 69- cent average of 17 analyst estimates compiled by Bloomberg. D.R. Horton D.R. Horton dropped 39 cents to $13.19. Orders for the period ended Sept. 30 dropped to 6,374 from 10,430 a year earlier, the company said. The value of houses ordered declined 48 percent to $1.3 billion and the cancellation rate was 48 percent. A gauge of homebuilders in S&P indexes declined 2.2 percent. Ericsson's U.S.-traded shares dropped $9.97, or 24 percent, to $30.96. Net income fell 36 percent to 4 billion kronor ($620 million) from 6.2 billion kronor a year earlier. Revenue rose 6 percent to 43.5 billion kronor. Analysts had predicted profit of 6.14 billion kronor, the average of nine estimates in a Bloomberg survey. Genentech Inc. dropped $2.24 to $75.26. The world's second- biggest biotechnology company posted third-quarter revenue of $2.91 billion, lower than analysts' estimates of $2.92 billion. In economic reports, industrial production in the U.S. rose 0.1 percent in September, restrained by a slump at automakers, the Fed said. The increase in output at factories, mines and utilities matched expectations and followed no change in August. Capacity utilization, which measures the proportion of plants in use, held at 82.1 for a second month. International investors sold a record amount of U.S. financial assets in August as tightening access to credit spurred an exodus from American equities. Total holdings of equities, notes and bonds fell a net $69.3 billion after an increase of $19.2 billion in July, the Treasury Department said. |
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Pinnacle
Master |
17-Oct-2007 00:11
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Stocks fall on oil NEW YORK (Reuters) - Stocks fell on Tuesday as high oil prices raised concern about the impact of oil prices on the economy's outlook and disappointing bank earnings fueled caution about profit growth. Wells Fargo & Co (WFC.N: Quote, Profile, Research), the fifth largest U.S. bank, posted the smallest quarterly profit gain in more than six years. Shares of financial services companies, homebuilders and retailers were among the market's top decliners, along with technology shares. A barrel of U.S. crude for November delivery rose 0.5 percent to $86.55 on the New York Mercantile Exchange after earlier hitting a record $87.97 a barrel due to Middle East tension. Investors worry that higher energy costs will hurt U.S. consumers and businesses just as the economy grapples with fallout from the housing slump and the effects of the credit squeeze. "Crude is certainly a concern," said Cleveland Rueckert, market analyst at Birinyi Associates Inc. in Stamford, Connecticut. In addition, "the earnings aren't terribly exciting right now," he said. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 45.20 points, or 0.32 percent, at 13,939.60. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 6.85 points, or 0.44 percent, at 1,541.86. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was down 14.80 points, or 0.53 percent, at 2,765.25. KeyCorp (KEY.N: Quote, Profile, Research), a large Midwest bank, posted a third-quarter profit that fell short of estimates, hurt by a doubling of loan losses and volatility in fixed-income markets. Its shares dropped 3.8 percent to $31.13 on the NYSE. Wells Fargo shares fell 4 percent to $34.52 on the New York Stock Exchange after it said profit was hurt by credit pressures from mortgage, home equity and auto loans. It was the top drag on the S&P 500, followed by Citigroup Inc. (C.N: Quote, Profile, Research), the largest U.S. bank, whose stock dropped 1.8 percent to $45.44. Among retailers, shares of Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research), the world's biggest retailer, slid 1.3 percent to $45.88 on the NYSE. Shares of D.R. Horton Inc (DHI.N: Quote, Profile, Research), the largest U.S. home builder, fell more than 3 percent to $13.15 after it said quarterly net orders for new homes slid 39 percent in another sign of the housing slump. |
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mirage
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16-Oct-2007 18:21
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Test postings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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mirage
Veteran |
16-Oct-2007 18:19
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HONG KONG (MarketWatch) -- Most Asian indexes declined Tuesday after a weak finish on Wall Street, with Japanese stocks dragged down by financials after securities firm Nomura Holdings said it would post a loss on investments related to the U.S. subprime-mortgage crisis.
But Shanghai-listed stocks defied the broad trend and continued to rise after ending at record highs on Monday. Stocks in Mumbai touched a lifetime high and Bangkok shares hit an 11-year high in intraday trading, but retreated as investors locked in profits. In Hong Kong, the Hang Seng Index lost steam as it approached the psychologically important 30,000-point level.
"I think the first stage of [fund inflows from China] is over... and further inflows may temporarily stop once the stocks reach [the investors'] target price," said Linus Yip, strategist at First Shanghai Securities, said.
Hong Kong continued to receive strong fund inflows from institutional investors in mainland China, he said. Yip said the inflows from China had boosted Hong Kong-listed stocks in the past several days, as surplus liquidity chased a limited number of stocks.
Energy stocks in the region also continued to rally as crude oil pushed even higher Tuesday in Asian electronic trading, after closing at a record high of $86.13 a barrel on the New York Mercantile Exchange Monday.
In Hong Kong, the Hang Seng Index had a roller-coaster ride, swinging between a low of 28,884.23 and an intraday record high of 29,920.25, after ending at a record high on Monday. It finally ended 2% lower at 28,954.55. The 43-issue Hang Seng China Enterprises Index closed 1.6% lower at 19,441.33, after breaking past the 20,000-point milestone for the first time earlier in the session.
In mainland China, the Shanghai Composite rose 1% to a record at 6,092.06, registering its sixth record finish in the previous seven sessions.
In Tokyo, the Nikkei 225 average dropped 1.3% to 17,137.92, while the broader Topix index declined 1.9% to 1,625.25.
India's Sensex soared to a record of 19,174.45 in intraday trading, before skidding back to 18,799.13 in the afternoon, 1.4% lower than the previous close.
Thailand's SET Index climbed as high as 908.83, its highest level in 11 years, before retreating to 895.93 in late afternoon, a decline of 0.1%.
Elsewhere, Australia's S&P/ASX fell 0.7% to 6,692, New Zealand's NZX 50 index slipped 0.3% to 4,312.17, South Korea's Kospi lost 1.5% at 2,005.76 and Taiwan's Weighted Index advanced 0.8% at 9,592.47. Singapore's Straits Times Index was off 1.6% at 3,798.69 in late afternoon trading.
In a note to clients, Merrill Lynch strategists Mark Matthews and Willie Chan wrote that Morgan Stanley Capital International's Asia ex-Japan index has risen more than 60% over the past 12 months.
However, "rather than flee from Asian markets in the next 12 months, we predict even more money will be allocated to them, driving up valuations. Asia has high growth levels, and equally if not more importantly, most of the rest of the world doesn't," they added.
Regional detail
In Tokyo, shares of Nomura (JP:8604: news, chart, profile) (NMR:
nomura hldgs inc sponsored adr
Last: 17.24-0.70-3.90%
4:02pm 10/15/2007 Delayed quote data Sponsored by: Financials weakened across the region on subprime-related concerns, as well as a weaker than expected earnings report from Citigroup (C:
Citigroup, Inc
Last: 46.24-1.63-3.41%
4:01pm 10/15/2007 Delayed quote data Sponsored by: Shares of Mitsubishi UFJ Financial Group (JP:8306: news, chart, profile) (MTU:
mitsubishi ufj finl group in sponsored adr
Last: 9.41-0.49-4.95%
4:01pm 10/15/2007 Delayed quote data Sponsored by: mizuho finl group inc sponsored adr
Last: 11.25-0.35-3.02%
4:03pm 10/15/2007 Delayed quote data Sponsored by: National Australia Bank Limited
Last: 186.00-3.00-1.59%
8:14pm 10/10/2007 Delayed quote data Sponsored by: kookmin bk new sponsored adr
Last: 82.80-4.25-4.88%
4:01pm 10/15/2007 Delayed quote data Sponsored by: HSBC Hldgs Plc
Last: 97.75+0.88+0.91%
4:01pm 10/15/2007 Delayed quote data Sponsored by: united overseas bk ltd sponsored adr
Last: 30.78+0.13+0.42%
8:14pm 10/10/2007 Delayed quote data Sponsored by: Chinese financials, however, were exceptions, on continued buying by retail investors. In Shanghai trading, shares of ICBC (HK:1398: news, chart, profile) , the largest bank in the world by market value, rose 3.7%, while Bank of China (HK:3988: news, chart, profile) (BACHF:
bank of china ltd shs
Last: 0.61-0.01-2.40%
8:13pm 10/10/2007 Delayed quote data Sponsored by: Energy stocks gained on high crude-oil prices, with shares of Inpex Holdings Inc. (JP:1605: news, chart, profile) rising 3.9% in Tokyo and Woodside Petroleum (AU:WPL: news, chart, profile) (WOPEY:
woodside pete ltd sponsored adr
Last: 49.72+0.67+1.37%
8:14pm 10/10/2007 Delayed quote data Sponsored by: In Seoul, shares of Posco (PKX:
posco sponsored adr
Last: 181.00-5.24-2.81%
4:01pm 10/15/2007 Delayed quote data Sponsored by: Shares of mobile phone maker LG Electronics also dropped 3.3% in line with the broad market weakness, despite better-than-expected third-quarter results.
In Mumbai, shares of Tata Consultancy Services fell 0.8% in afternoon trading, despite a better-than-expected second-quarter earnings report. The company, India's largest software exporter, posted a 26% increase in profit for the July-September quarter from a year ago.
Crude oil for November delivery rose as much a dollar to $87.13 a barrel, after closing up $2.44 at a record high of $86.13 a barrel on the New York Mercantile Exchange.
In currency trading, the U.S. dollar fell 0.4% to 116.98 yen and the Australian dollar lost 1.3% at 104.21 yen.
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Pinnacle
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16-Oct-2007 08:44
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The Dow Jones industrials and S&P 500 posted their worst day in five weeks on Monday after a gloomy outlook from Citigroup and news that big banks were forming a fund to shore up the commercial paper market dashed investor hopes for a fast resolution to the credit crunch. The stock market also faced significant headwind from record high oil prices over $86 per barrel which threatened to fan inflation and crimp consumer and business spending. The Dow Jones industrial average ended down 108.28 points, or 0.77 percent, at 13,984.80. The Standard & Poor's 500 Index was down 13.09 points, or 0.84 percent, at 1,548.71. The Nasdaq Composite Index was down 25.63 points, or 0.91 percent, at 2,780.05. |
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cashiertan
Elite |
16-Oct-2007 01:16
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no matter what dow perform today. sell tomolo or u have to hold for a long time | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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CWQuah
Master |
16-Oct-2007 01:06
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DJIA just breached the 13950 support level. Hope it closes above it by end of the day. If not, expect more red. Trade with extreme care. |
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winsontkl
Elite |
16-Oct-2007 00:11
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Oh.....a touch of reality surface after all bullishness??? Sub-prime and credit crisis two months ago seems to ebb away from memories since many market indicies has been hitting all time high. |
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Pinnacle
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16-Oct-2007 00:09
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Wall St drops further, Dow slides 1 percentNEW YORK (Reuters) - U.S. stocks fell further on Monday, sending the Dow Jones industrial average down more than 1 percent, as shares of financial services companies slid on renewed concerns about the effects of the credit squeeze and Citigroup's (C.N: Quote, Profile, Research) suspension of share buybacks. A surge in crude oil prices also hit the market. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 129.66 points, or 0.92 percent, at 13,963.42. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 12.68 points, or 0.81 percent, at 1,549.12. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was down 22.94 points, or 0.82 percent, at 2,782.74. |
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Pinnacle
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16-Oct-2007 00:03
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Its Bloody Red out there. The market feeling the after-effect of the sub-prime and credit crisis.
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Pinnacle
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15-Oct-2007 23:39
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Stock selloff acceleratesDow leads decliners on Citigroup's weaker profit report; crude prices hit all-time high above $85 a barrel.NEW YORK (CNNMoney.com) -- Stocks fell Monday morning after Citigroup's weak profit report pummeled the financial sector and record-high oil prices raised worries about consumer spending. The Dow Jones industrial average (Charts) lost around 100 points, 0.8 percent, more than 90 minutes into the session. The S&P 500 (Charts) index lost 0.6 percent. Both indexes hit all-time highs late last week.
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The Nasdaq composite (Charts) lost 0.7 percent. The tech-heavy index hit a fresh 6-1/2 year high last week. U.S. light crude oil for November delivery rose as high as $85.30 a barrel, in record territory, before pulling back a bit. Crude prices ended Friday's session at an all-time high of $83.69 a barrel. The quarterly reporting period began on a ho-hum note last week, when Alcoa (Charts, Fortune 500) reported earnings that rose from a year ago, but missed forecasts. However, this week brings the first big batch of reports, including Yahoo (Charts, Fortune 500), Coca-Cola (Charts, Fortune 500), eBay (Charts, Fortune 500), Pfizer (Charts, Fortune 500) and a slew of banks. Citigroup (Charts, Fortune 500) got the ball rolling Monday. The biggest U.S. bank reported third-quarter profit dropped 57 percent from a year ago due to $3 billion in writedowns related to the mortgage market fallout. Citigroup also reported weaker earnings per share of 47 cents, that nonetheless topped analysts' estimates. The stock lost 2.3 percent and dragged on the Dow and other bank shares. Decliners were broad-based, with 22 out of 30 Dow issues falling, including American Express (Charts, Fortune 500), Caterpillar (Charts, Fortune 500) and General Motors (Charts, Fortune 500). Spiking oil prices boosted the stocks of oil services firms such as Exxon Mobil (Charts, Fortune 500) and Valero Energy (Charts, Fortune 500), but dragged on airline, railroad and trucker stocks, which are directly dependent on fuel. The Dow Jones Transportation (Charts) average lost 1 percent. Market breadth was negative. On the New York Stock Exchange, decliners beat advancers two to one as 340 million shares changed hands. On the Nasdaq, losers topped winners by a similar margin on volume of 640 million shares. Technology shares jumped Friday after Oracle (Charts, Fortune 500) made a $6.7 billion bid for software maker BEA Systems, but the broader market was more subdued after the major gauges hit record levels during the week. The NY Empire State index, a regional manufacturing report, rose to 28.8 in October from 14.7 in the previous month. Economists surveyed by Briefing.com thought it would fall to 14. Treasury prices slipped, raising the yield on the benchmark 10-year note to 4.70 percent from 4.68 percent late Friday. Bond prices and yields move in opposite directions. In currency trading, the dollar fell versus the euro and gained versus the yen. COMEX gold for December delivery rose $9 to $762.80 an ounce. |
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15-Oct-2007 23:17
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Market falls as financials weigh and oil jumpsNEW YORK (Reuters) - U.S. stocks fell on Monday after Citigroup (C.N: Quote, Profile, Research) said it was suspending share buybacks, hurting shares of financial services companies and as investors worried anew about the credit squeeze. Shares of big manufacturers fell as oil prices surged to a record. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 39.83 points, or 0.28 percent, at 14,053.25. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 3.17 points, or 0.20 percent, at 1,558.63. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was down 3.55 points, or 0.13 percent, at 2,802.13. |
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15-Oct-2007 21:06
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Futures flat as bank fund news awaitedNEW YORK (Reuters) - Stock futures were little changed on Monday, with oil prices at record highs while investors stayed cautious on reports U.S. banks were planning an $80 billion fund to support the struggling asset-backed commercial paper market. In addition, corporate earnings news hits full swing this week, with 80 Standard & Poor's 500 companies reporting. Citigroup Inc (C.N: Quote, Profile, Research), the largest U.S. bank, on Monday, posted a 57 percent drop in third-quarter profit. The bank, a Dow component, had warned previously that profit would be hurt for several reasons, including losses and write-downs related to subprime and leverage loans. Citigroup and other banks are planning to set up a fund of roughly $80 billion to buy ailing mortgage securities and other assets, sources familiar with the matter said. Citigroup's stock rose 1.3 percent $48.51 in trading before the opening bell. One aim of the plan was to prevent the credit crunch from further hurting the global economy, the sources said. S&P 500 futures dropped 1.5 points but were about even with fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures inched up 1 point, and Nasdaq 100 (NDc1: Quote, Profile, Research) futures shed 5 points. U.S. crude oil futures rose more than $1 to hit a record $85.19 a barrel in electronic trade as tension rose between Turkey and Iraq. The surge in oil price should boost shares of oil companies, but it could also create headwinds for investors as it raises concerns about the toll of higher energy costs on consumers and the broader economy. "Oil is going to boost energy stocks, which will help the indexes, but it's eventually going to have to hurt the market," said Matt McCall, president of Penn Financial Group in Denver, Colorado. McCall added, "Citi came in basically right in line with expectations. The fact that they didn't come out with very negative news and more subprime issues, I think that's very bullish for the market." Representatives from the U.S. Treasury have organized conversations among top global banks, sources said, as financial institutions grow increasingly concerned that a certain type of investment fund linked to banks may have to dump billions of dollars of repackaged loans onto financial markets. Citigroup, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) and Bank of America Corp (BAC.N: Quote, Profile, Research) are involved in the discussions, according to people familiar with the situation. The three banks declined to comment. U.S. stocks rose on Friday, driven by a takeover bid in the software sector, data showing strength in consumer spending and a brighter outlook from McDonald's Corp. (MCD.N: Quote, Profile, Research) |
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Pinnacle
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14-Oct-2007 21:35
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Stocks face earnings and "Black Monday"NEW YORK (Reuters) - Just as earnings season hits full swing next week and investors get their first full taste of how the housing meltdown affected corporate profits, Wall Street will take a moment to recall how the Dow plunged nearly 23 percent on a "Black Monday" 20 years ago. The earnings season gets going full blast with results expected from more than 80 companies in the Standard & Poor's 500 Index (.SPX: Quote, Profile, Research), as well as hundreds of mid-sized and smaller companies. Expectations are low with Reuters Estimates saying S&P 500 profits are expected to grow just 3.2 percent. Late summer credit market seizures as the housing sector spiraled out of control will come into focus when Citigroup Inc (C.N: Quote, Profile, Research) and Bank of America Corp (BAC.N: Quote, Profile, Research) report results, providing more clues on how the mayhem hit the financial sector. The mix includes several pharmaceutical companies such as Eli Lilly and Co (LLY.N: Quote, Profile, Research), Pfizer Inc (PFE.N: Quote, Profile, Research), Wyeth (WYE.N: Quote, Profile, Research) and Johnson & Johnson (JNJ.N: Quote, Profile, Research). Bob Millen, co-manager of The Jensen Portfolio, a Portland, Oregon-based mutual fund, said that, rather than actual earnings for the recently completed third quarter, companies' forecasts of future profits will be more crucial. "I think what is probably going to move the market more is how many companies lower their earnings expectations going forward," he said. "If there are a significant number of them, I don't think the market will treat that very kindly." Millen said that in latest crop of earnings reports, companies deriving earnings from overseas sources will have an edge. "Any company that is largely depending on their revenues coming exclusively from the U.S. is subject to potential earnings warnings going forward," he said. The Dow Jones industrial average (.DJI: Quote, Profile, Research) finished the week up 0.2 percent, the S&P 500 rose 0.3 percent and the Nasdaq Composite Index (.IXIC: Quote, Profile, Research) gained 0.9 percent. For the year so far, the blue-chip Dow average is up 13.1 percent, while the S&P 500 is up 10.1 percent and the Nasdaq is up 16.2 percent. MEMORIES OF 1987 MARKET CRASH In addition to the blitz of numbers next week from earnings reports and economic indicators, Wall Street will face on Friday the 20th anniversary of the 1987 stock market crash. Friday's date commemorates "Black Monday," as October 19, 1987, came to be known, when the blue-chip Dow Jones industrial average fell 508 points, or 22.6 percent, in what is still the Dow's biggest percentage drop. Millen said he was working in the banking business at the time. He remembers the person who ran the trust department calling and asking what he should do. "I said 'take a break, don't get too excited, keep watching it, and eventually it will go back up.'" Millen thinks a recurrence is unlikely. The economic backdrop was very different in 1987, with higher interest rates and a recession looming then, he said. "Markets are more sophisticated today, and risk is more dispersed," he said. HOUSING PICTURE STILL GRIM Among the coming week's economic data, September housing starts, due on Wednesday, will be closely watched as that industry remains mired in what many describe as a recession. In a Reuters poll of economists, the median forecast is for housing starts to slip to an annual pace of about 1.29 million units, down from 1.33 million in August. Ed Vallar, director of investments and research at GM Advisory Group in Port Washington, New York, said the housing slump is definitely not over. He is especially concerned about the resetting of adjustable rate mortgages, which will mean bigger monthly payments for borrowers. "We've got a huge amount of resets coming up in the first half of 2008," Vallar said. He sees declines in the value of homes making it difficult for borrowers to refinance. Some may even owe more than their house is worth. "It's not a question of liquidity, it's a question of credibility," he said. Vallar, nevertheless, expects the stock market to add to its gains between now and the end of the year despite a slowing economy. He favors defensive plays like food and beverage stocks and utilities. He also likes technology stocks, with the larger companies benefiting from stronger economic growth overseas. In addition to the housing starts, Wednesday will also feature the release of the September U.S. Consumer Price Index and the Federal Reserve's "Beige Book" on business activity in the 12 Federal Reserve Bank districts. Economists polled by Reuters expect both the overall CPI and the core CPI, which excludes volatile food and energy prices, to rise 0.2 percent. The Fed's Beige Book will be studied for clues on whether the Fed will cut interest rates again or hold steady when it meets at the end of October. Figures on industrial production and capacity utilization are due on Tuesday. The consensus view is for a rise of 0.1 percent in industrial production. Capacity utilization is seen holding steady at 82.2 percent. Thursday's data includes a report on leading indicators of the U.S. economy. A rise of 0.3 percent is expected in September, the Reuters poll showed. The Philadelphia Federal Reserve Bank's index of business conditions in the U.S. mid-Atlantic region in October is also due on Thursday. The Philly Fed index is expected to decline to 7.3 from 10.9 in September. Index readings above zero show growth in manufacturing in the region. |
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12-Oct-2007 23:39
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US STOCKS-Nasdaq rises 1 pct as Wall St advances Oct 12 (Reuters) - The Nasdaq composite index rose more than 1 percent on Friday as technology shares rallied following a surprise takeover proposal in the sector, positive broker comments and data pointing to strength in consumer spending. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was up 58.12 points, or 0.41 percent, at 14,073.24. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was up 7.32 points, or 0.47 percent, at 1,561.73. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 30.93 points, or 1.12 percent, at 2,803.13. |
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12-Oct-2007 23:04
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US STOCKS-Wall St rises on consumer strength, tech NEW YORK, Oct 12 (Reuters) - U.S. stocks rose on Friday as unexpectedly strong retail sales suggested consumer spending was holding up, while a surprise takeover proposal in the software industry lifted technology shares. A brighter outlook from McDonald's Corp. (MCD.N: Quote, Profile, Research) also lent support. Biggest advancers on the technology front included Apple Inc (AAPL.O: Quote, Profile, Research) after the Ipod maker's price target was raised at Morgan Stanley. Shares of business software maker BEA Systems Inc (BEAS.O: Quote, Profile, Research) gave the second biggest lift to the Nasdaq 100 index (.NDX: Quote, Profile, Research) after Oracle Corp (ORCL.O: Quote, Profile, Research) proposed a $6.66 billion takeover of the company. For details, see [ID:nN12227680] Shares of consumer-oriented issues, including soft-drinks maker Coca-Cola Co (KO.N: Quote, Profile, Research), also showed strength. UBS raised its price targets on several consumer products companies. "The retail numbers really surprised everybody that they were as good as they came in, so there's still a focus on that," said Angel Mata, managing director of listed equity trading, Stifel Nicolaus Capital Markets in Baltimore. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was up 35.77 points, or 0.26 percent, at 14,050.89. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was up 4.65 points, or 0.30 percent, at 1,559.06. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 24.19 points, or 0.87 percent, at 2,796.39. According to government reports, retail sales rose more than expected last month despite worries the housing slump would cause consumers to keep a tight grip on their wallets. In addition, data showed price rises last month were under control. Apple shares jumped 2.4 percent to $166.10 on the Nasdaq after theflyonthewall.com reported that Morgan Stanley had raised the stock's price target to $180 from $150 and kept an "overweight" rating. BEA shares rose more than 33 percent to $18.14 -- above Oracle's $17 per share offer price. A Reuters/University of Michigan survey showing a drop in consumer sentiment briefly caused major indexes to retreat, but they soon recovered to edge higher. On the downside, shares of diversified manufacturer General Electric Co (GE.N: Quote, Profile, Research) dropped 2.1 percent to $40.73 after the company posted quarterly results in line with expectations. |
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tanglinboy
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12-Oct-2007 22:23
Yells: "hello!" |
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Techs lead early rallyNasdaq jumps as Oracle bid for BEA fires up the technology sector; GE dips despite strong earnings report; retail sales impress.NEW YORK (CNNMoney.com) -- Technology shares rallied Friday morning on Oracle's $6.7 billion bid for BEA Systems, but the broader market was more subdued as investors wondered what strong economic reports might mean for interest-rate policy. The Dow Jones industrial average (Charts) and the S&P 500 (Charts) index both gained 0.2 percent in the early going, after hitting all-time intraday highs on Thursday. The Nasdaq composite (Charts) added 0.8 percent. The tech-heavy index hit a fresh 6-1/2 year high a few days ago. Tech led a broader market selloff Thursday, as investors retreated after pushing the Dow and S&P 500 to intraday records earlier in the session. Some of that caution remained in place Friday putting a limit on gains. In particular, a strong read on retail sales and a mild inflation report may have dampened some hopes that the Federal Reserve will cut interest rates at its next policy meeting that ends Oct. 31. A selloff in the bond market seemed to suggest that. But the technology sector saw an early run thanks to some M&A news. Oracle (Charts, Fortune 500) made a $6.7 billion bid for software maker BEA Systems. The all-cash offer would represent a 25 percent premium over BEA's closing price Thursday. Although no deal is in place, Oracle said that the offer is "friendly" and not a hostile takeover bid. BEA (Charts) shares jumped 32 percent in the morning. In other corporate news, General Electric (Charts, Fortune 500) reported higher quarterly earnings that met estimates. However, investors took a 'sell the news' approach and sent shares of the Dow component lower. Retail sales jumped 0.6 percent in September, double what they rose in the previous month and above forecasts. Sales excluding autos rose 0.4 percent, after falling 0.4 percent in the previous month. Economists thought sales would rise 0.3 percent, on average. The Producer Price Index (PPI) rose 1.1 percent in September after falling 1.4 percent in the previous month, topping estimates. The so-called "core" PPI, which strips out food and energy prices, rose 0.1 percent, short of forecasts. Core PPI rose 0.2 percent last month. Reports on business inventories and consumer sentiment, released in the mid-morning, were both weaker than expected. |
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12-Oct-2007 17:11
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Stocks poised for fall as investors braceLONDON (Reuters) - Stocks were poised for a lower open on Friday after taking a beating in the previous session, as investors braced for results from industry bellwether General Electric (GE.N: Quote, Profile, Research) and a bout of economic data. GE is expected to earn 50 cents a share, up 2 percent from a year earlier, according to Reuters Estimates. Just a month ago, however, the expectation was 55 cents a share, 10 percent above the current consensus view. Investors are also looking for more insight on the state of the world's largest economy from retail sales, producer prices and Reuters/University of Michigan consumer sentiment data this session. At 4:32 a.m. EDT, S&P futures were down 0.3 percent, Dow futures shed 0.2 percent and Nasdaq futures gave up 0.3 percent. On Tuesday, U.S. stocks sank as investors decided to cash in on record highs hit earlier in the day, which were triggered by a higher profit outlook from Wal-Mart (WMT.N: Quote, Profile, Research). Analysts said there could be further downside for the time being. "I think were are going down from here. We are going to have a handful of days of lower prices. I think what we saw yesterday was a climax," said Tom Hougaard, chief market strategist at City Index Markets. "I think when the Nasdaq goes from trading a couple of percent up on the day to being down a couple of percent on the day that is a very clear sign that someone very big in the street was selling. And I don't think that's going to reverse today." Trade has been volatile since a credit crunch originating from a crisis in the risky U.S. subprime mortgage market shook financial assets this summer. Equities were boosted by stronger-than-expected jobs figures last week which suggested the labor market was not doing as badly as the previous month's number had originally suggested. The Federal Reserve Chairman Ben Bernanke also speaks via videoconference on "John Taylor's Contributions to Economics." |
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12-Oct-2007 09:10
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U.S. stocks sank on Thursday, led by a drop of more than 1 percent in the Nasdaq, as a downbeat brokerage comment on Chinese Internet company Baidu.com Inc. unnerved investors after record highs earlier in the day. Earlier, a higher profit outlook from Wal-Mart Stores Inc had helped the Dow and S&P reach all-time highs. The Dow Jones industrial average was down 63.57 points, or 0.45 percent, to end at 14,015.12. The Standard & Poor's 500 Index was down 8.06 points, or 0.52 percent, to finish at 1,554.41. The Nasdaq Composite Index was down 39.41 points, or 1.40 percent, to close at 2,772.20. |
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12-Oct-2007 08:19
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Thanks Maniam. Back to DJIA, looks like the correction has started in US. I don't think it will be something as big as 17 Aug 07 though, more like a massive market consolidation after so many days of new record highs. MACD has reached very close to downward crossover, should be expecting crossover by tonight's Dow Jones movements. |
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Market Closed *as of previous close
