U.K. stocks erased earlier gains. Mitchells & Butlers Plc, the owner of the O'Neill's pub chain, and Barclays Plc dropped. Alliance & Leicester Plc paced advancing shares.
The benchmark FTSE 100 Index lost 22.5, or 0.4 percent, to 6,280.70 at 9:59 a.m. in London, having earlier risen as much as 0.9 percent. The FTSE All-Share Index dropped 11.89, or 0.4 percent, to 3,207.64.
Mitchells & Butlers dropped 4 percent to 596 pence. Barclays, the U.K.'s third-biggest bank, retreated 2.2 percent to 542 pence.
Alliance & Leicester, the country's second-worst performing bank stock this year, gained 7.5 percent to 683 pence.
irs-finance-advise.com
четверг, 29 ноября 2007 г.
European Stocks Advance, Led by Fortis, Credit Suisse, BP
European stocks rose, led by Fortis, Credit Suisse Group and BP Plc.
The Dow Jones Stoxx 600 Index added 0.2 percent to 364.88 as of 10:28 a.m. in London. The Stoxx 50 increased 0.3 percent, while the Euro Stoxx 50, a measure for the euro region, advanced 0.5 percent.
Fortis climbed 2.9 percent to 18.69 euros after China's Ping An Insurance (Group) Co. bought a stake in Belgium's biggest financial company.
Credit Suisse, Switzerland's second-largest bank, advanced 1.8 percent to 67.6 francs.
BP Plc, Europe's second-largest oil company, gained 1.4 percent to 585.5 pence.
Oil surged more than $4 a barrel, the most in a month, after an explosion at an Enbridge Inc. pipeline from Canada to the U.S. cut supply to the world's largest energy user.
irs-finance-advise.com
The Dow Jones Stoxx 600 Index added 0.2 percent to 364.88 as of 10:28 a.m. in London. The Stoxx 50 increased 0.3 percent, while the Euro Stoxx 50, a measure for the euro region, advanced 0.5 percent.
Fortis climbed 2.9 percent to 18.69 euros after China's Ping An Insurance (Group) Co. bought a stake in Belgium's biggest financial company.
Credit Suisse, Switzerland's second-largest bank, advanced 1.8 percent to 67.6 francs.
BP Plc, Europe's second-largest oil company, gained 1.4 percent to 585.5 pence.
Oil surged more than $4 a barrel, the most in a month, after an explosion at an Enbridge Inc. pipeline from Canada to the U.S. cut supply to the world's largest energy user.
irs-finance-advise.com
пятница, 23 ноября 2007 г.
Global Stocks, U.S. Futures Rise; CNP, Volvo, GM Pace Gains
Global stocks advanced as investors speculated the sell-off may be overdone given the outlook for earnings growth and gains in metal prices lifted mining shares. U.S. index futures increased.
CNP Assurances SA led insurers higher in Europe after Les Echos reported that Axa SA may bid for the French company. Volvo AB, the world's second-biggest truckmaker, climbed after saying 10-month sales increased. General Motors Corp. and Ford Motor Co. gained in Germany. China Mobile Ltd. and Cnooc Ltd. helped Hong Kong's index to its first advance in three days after billionaire Lee Shau-kee said he bought shares.
The MSCI World Index added 0.3 percent to 1,547.25 as of 9:05 a.m. in London. Futures on the Standard & Poor's 500 Index gained 0.8 percent to 1,428.5.
``Corporate activity is returning,'' said Andy Brough, executive director at Schroder Investment Management Ltd. in London, who helps oversee $6.5 billion. ``It's the corporates that come up with the checks and say, `You know what, these shares are cheap.'''
The MSCI World is still heading for its worst monthly slump since the start of the global bull market in 2002, posting a 7.6 percent retreat so far in November. Japan this week became the first of the world's 10 biggest stock markets to enter a bear market since the summer's U.S. subprime-mortgage collapse.
The slump has made global stocks the cheapest relative to earnings in at least 12 years. The MSCI World Index is valued at 15.4 times profit, the lowest since at least February 1995, weekly data compiled by Bloomberg show.
microcap-market.com
CNP Assurances SA led insurers higher in Europe after Les Echos reported that Axa SA may bid for the French company. Volvo AB, the world's second-biggest truckmaker, climbed after saying 10-month sales increased. General Motors Corp. and Ford Motor Co. gained in Germany. China Mobile Ltd. and Cnooc Ltd. helped Hong Kong's index to its first advance in three days after billionaire Lee Shau-kee said he bought shares.
The MSCI World Index added 0.3 percent to 1,547.25 as of 9:05 a.m. in London. Futures on the Standard & Poor's 500 Index gained 0.8 percent to 1,428.5.
``Corporate activity is returning,'' said Andy Brough, executive director at Schroder Investment Management Ltd. in London, who helps oversee $6.5 billion. ``It's the corporates that come up with the checks and say, `You know what, these shares are cheap.'''
The MSCI World is still heading for its worst monthly slump since the start of the global bull market in 2002, posting a 7.6 percent retreat so far in November. Japan this week became the first of the world's 10 biggest stock markets to enter a bear market since the summer's U.S. subprime-mortgage collapse.
The slump has made global stocks the cheapest relative to earnings in at least 12 years. The MSCI World Index is valued at 15.4 times profit, the lowest since at least February 1995, weekly data compiled by Bloomberg show.
microcap-market.com
HSBC Sees Brazil's Bovespa Rising 32%, Extending Gain
Brazil's benchmark Bovespa stock index may extend its rally to a sixth year, gaining 32 percent over the next 12 months as profits rise, HSBC Holdings Plc's asset management unit forecast.
An expected slowdown in the U.S. economy won't keep earnings at Brazilian companies from advancing 11 percent next year after an 18.5 percent increase this year, according to Pedro Bastos, the chief executive officer of HSBC Investments in Brazil, and Mario Sergio Felisberto, the chief investment strategist.
``The effect that the slowdown in the U.S. economy is generating in profits globally is marginal,'' said Felisberto, who helps manage about 53 billion reais ($30 billion), at a conference in Sao Paulo. ``Unless we have a strong deterioration in the market, and there's no sign of that right now, we will still see growing profits.''
The Bovespa has risen 37 percent since December and is poised for a fifth year of gains after record low interest rates and high commodity prices boosted shares of its biggest companies.
An expanding global economy should lift Petroleo Brasileiro SA, Brazil's state-controlled oil company, Bastos and Felisberto said. HSBC also favors miners such as Cia. Vale do Rio Doce, the world's biggest iron-ore producer. Vale is up 81 percent this year, making it the fourth best performer among the Bovespa's 63 members.
Mobile Phones, Utilities
Shares of mobile phone companies are less attractive because of growing competition in the industry, they said. Utility shares may be hurt by regulatory uncertainty.
The Bovespa has gained more than six-fold, in dollar terms, since President Luiz Inacio Lula da Silva took his post in January 2003. It's the seventh best performance among 90 primary stock indexes tracked by Bloomberg in the period.
Further gains hard to come by, said Brazilian central bank president Henrique Meirelles.
``Prolonged economic expansion in any country brings the risk of exaggeration, and we run the risk that the pricing of certain assets may be exaggerated,'' Meirelles told reporters today in Sao Paulo. ``The stock market is one of those assets and we need to always look at this with attention.''
The Bovespa index rose 71.47, or 0.1 percent, to 60,653.01 today. It's trading at about 14 times its estimated earnings for this year, compared with 18 times for the Hong Kong's Hang Seng Index. China's Shanghai B-Share Index trades at 68 times its estimated earnings.
microcap-market.com
An expected slowdown in the U.S. economy won't keep earnings at Brazilian companies from advancing 11 percent next year after an 18.5 percent increase this year, according to Pedro Bastos, the chief executive officer of HSBC Investments in Brazil, and Mario Sergio Felisberto, the chief investment strategist.
``The effect that the slowdown in the U.S. economy is generating in profits globally is marginal,'' said Felisberto, who helps manage about 53 billion reais ($30 billion), at a conference in Sao Paulo. ``Unless we have a strong deterioration in the market, and there's no sign of that right now, we will still see growing profits.''
The Bovespa has risen 37 percent since December and is poised for a fifth year of gains after record low interest rates and high commodity prices boosted shares of its biggest companies.
An expanding global economy should lift Petroleo Brasileiro SA, Brazil's state-controlled oil company, Bastos and Felisberto said. HSBC also favors miners such as Cia. Vale do Rio Doce, the world's biggest iron-ore producer. Vale is up 81 percent this year, making it the fourth best performer among the Bovespa's 63 members.
Mobile Phones, Utilities
Shares of mobile phone companies are less attractive because of growing competition in the industry, they said. Utility shares may be hurt by regulatory uncertainty.
The Bovespa has gained more than six-fold, in dollar terms, since President Luiz Inacio Lula da Silva took his post in January 2003. It's the seventh best performance among 90 primary stock indexes tracked by Bloomberg in the period.
Further gains hard to come by, said Brazilian central bank president Henrique Meirelles.
``Prolonged economic expansion in any country brings the risk of exaggeration, and we run the risk that the pricing of certain assets may be exaggerated,'' Meirelles told reporters today in Sao Paulo. ``The stock market is one of those assets and we need to always look at this with attention.''
The Bovespa index rose 71.47, or 0.1 percent, to 60,653.01 today. It's trading at about 14 times its estimated earnings for this year, compared with 18 times for the Hong Kong's Hang Seng Index. China's Shanghai B-Share Index trades at 68 times its estimated earnings.
microcap-market.com
среда, 21 ноября 2007 г.
Barclays, PayPoint, United Drug: U.K., Irish Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.K. markets today. Stock symbols are in parentheses and prices are from the last market close.
The benchmark FTSE 100 Index increased 105.7, or 1.7 percent, to close at 6,226.5. The FTSE All-Share Index added 48.5, or 1.6 percent, to 3,184.41.
Ireland's ISEQ Index declined 116.5, or 1.7 percent, to close at 6,652.01.
U.K. Companies:
Barclays Plc (BARC LN): The U.K. bank that plans to double its branches in Italy next year will sell insurance products provided by Societa Cattolica di Assicurazioni Scrl through its Italian outlets. Barclays stock rose 25.3 pence, or 5.1 percent, to 516.5.
Daily Mail and General Trust (DMGT LN): The publisher of the U.K.'s Daily Mail is announcing earnings. Daily Mail stock climbed 9 pence, or 1.6 percent, to 577.
Northern Rock (NRK LN): Two bidders for Northern Rock Plc have promised to invest about 1 billion pounds ($2.07 billion) of new cash if they are successful in buying the bank, the Financial Times reported. Northern Rock stock lost 7.2 pence, or 6.9 percent, to 97.
PayPoint Plc (PAY LN): The U.K. payment collection network is announcing earnings. PayPoint stock dropped 0.5 pence, or 0.1 percent, to 568.5.
Tribal Group Plc (TRB LN): The U.K. provider of inspectors to schools is announcing earnings. Tribal Group stock fell 8 pence, or 5.8 percent, to 130.
Irish Companies:
United Drug Plc (UDG ID): Ireland's biggest drug wholesaler is announcing earnings. United Drug stock retreated 5 cents, or 1.5 percent, to 3.35 euros.
pennystock-club.com
The benchmark FTSE 100 Index increased 105.7, or 1.7 percent, to close at 6,226.5. The FTSE All-Share Index added 48.5, or 1.6 percent, to 3,184.41.
Ireland's ISEQ Index declined 116.5, or 1.7 percent, to close at 6,652.01.
U.K. Companies:
Barclays Plc (BARC LN): The U.K. bank that plans to double its branches in Italy next year will sell insurance products provided by Societa Cattolica di Assicurazioni Scrl through its Italian outlets. Barclays stock rose 25.3 pence, or 5.1 percent, to 516.5.
Daily Mail and General Trust (DMGT LN): The publisher of the U.K.'s Daily Mail is announcing earnings. Daily Mail stock climbed 9 pence, or 1.6 percent, to 577.
Northern Rock (NRK LN): Two bidders for Northern Rock Plc have promised to invest about 1 billion pounds ($2.07 billion) of new cash if they are successful in buying the bank, the Financial Times reported. Northern Rock stock lost 7.2 pence, or 6.9 percent, to 97.
PayPoint Plc (PAY LN): The U.K. payment collection network is announcing earnings. PayPoint stock dropped 0.5 pence, or 0.1 percent, to 568.5.
Tribal Group Plc (TRB LN): The U.K. provider of inspectors to schools is announcing earnings. Tribal Group stock fell 8 pence, or 5.8 percent, to 130.
Irish Companies:
United Drug Plc (UDG ID): Ireland's biggest drug wholesaler is announcing earnings. United Drug stock retreated 5 cents, or 1.5 percent, to 3.35 euros.
pennystock-club.com
Credit Suisse, Heineken, Royal Ahold: European Equity Preview
The following is a list of companies whose shares may have unusual price changes in Europe. Stock symbols are in parentheses after company names. Share prices are from the last close.
The Dow Jones Stoxx 600 added 1.1 percent to 358.65. The Dow Jones Stoxx 50 Index increased 1 percent to 3,627.96. The Euro Stoxx 50 Index, a benchmark for the nations using the euro, climbed 1.2 percent to 4,277.24.
Arcandor AG (ARO GY): The company's Thomas Cook AG unit plans to hold a presentation for analysts and investors to discuss its strategy. Arcandor shares added 24 cents, or 1.2 percent, to 20.29 euros.
Credit Suisse Group (CSGN VX): Switzerland's second-largest bank was added to Goldman Sachs Group Inc.'s ``conviction sell'' list because of its reliance on trading and capital markets to generate earnings. ``We continue to prefer banks with exposure to structural growth in emerging markets over banks with exposure to a potential cyclical recovery,'' London-based Goldman analysts wrote in a note to clients. The stock fell 1.1 francs, or 1.7 percent, to 64.4 francs.
Heineken NV (HEIA NA): The Dutch brewer, together with Carlsberg A/S, said in a statement that results at Scottish & Newcastle Plc.'s western European businesses were ``disappointing.'' The statement was released after trading hours.
Heineken has teamed up with Carlsberg of Denmark to buy the U.K.'s biggest brewer for 7.3 billion pounds ($15.1 billion), an offer Scottish & Newcastle has rejected as too low.
Heineken stock rose 23 cents, or 0.5 percent, to 44.50 euros.
Iberdrola SA (IBE SM): The world's largest owner of wind- power plants may raise as much as 5.9 billion euros in an initial public offering of its renewable energy unit, Iberdrola Renovables. Iberdrola aims to sell 20 percent of the unit for between 5.3 euros and 7 euros a share and the entire unit could be worth as much as 29.6 billion euros, the company said in a regulatory filing after market close.
pennystock-club.com
The Dow Jones Stoxx 600 added 1.1 percent to 358.65. The Dow Jones Stoxx 50 Index increased 1 percent to 3,627.96. The Euro Stoxx 50 Index, a benchmark for the nations using the euro, climbed 1.2 percent to 4,277.24.
Arcandor AG (ARO GY): The company's Thomas Cook AG unit plans to hold a presentation for analysts and investors to discuss its strategy. Arcandor shares added 24 cents, or 1.2 percent, to 20.29 euros.
Credit Suisse Group (CSGN VX): Switzerland's second-largest bank was added to Goldman Sachs Group Inc.'s ``conviction sell'' list because of its reliance on trading and capital markets to generate earnings. ``We continue to prefer banks with exposure to structural growth in emerging markets over banks with exposure to a potential cyclical recovery,'' London-based Goldman analysts wrote in a note to clients. The stock fell 1.1 francs, or 1.7 percent, to 64.4 francs.
Heineken NV (HEIA NA): The Dutch brewer, together with Carlsberg A/S, said in a statement that results at Scottish & Newcastle Plc.'s western European businesses were ``disappointing.'' The statement was released after trading hours.
Heineken has teamed up with Carlsberg of Denmark to buy the U.K.'s biggest brewer for 7.3 billion pounds ($15.1 billion), an offer Scottish & Newcastle has rejected as too low.
Heineken stock rose 23 cents, or 0.5 percent, to 44.50 euros.
Iberdrola SA (IBE SM): The world's largest owner of wind- power plants may raise as much as 5.9 billion euros in an initial public offering of its renewable energy unit, Iberdrola Renovables. Iberdrola aims to sell 20 percent of the unit for between 5.3 euros and 7 euros a share and the entire unit could be worth as much as 29.6 billion euros, the company said in a regulatory filing after market close.
pennystock-club.com
понедельник, 19 ноября 2007 г.
Global Stocks, U.S. Futures Drop; UBS, Swiss Re, BHP Retreat
Stocks fell in Europe and Asia, led by banks, exporters and mining companies, on concern slowing economic growth in the U.S. and China will curb profit. U.S. index futures retreated.
UBS AG and Swiss Reinsurance Co. paced declines by banks and insurers in Europe. Industrial and Commercial Bank of China Ltd. decreased after Chinese regulators told banks to cool lending, while Mitsubishi Corp. led a retreat by trading companies. BHP Billiton Ltd., the world's largest mining company, and Newmont Mining Corp. of the U.S. followed metal prices lower in European trading.
The Morgan Stanley Capital International World Index lost 0.2 percent to 1,578.75 as of 10:57 a.m. in London. Futures on the Standard & Poor's 500 Index slipped 0.4 percent to 1454.9.
``More clarification on the macroeconomic scenario is needed to be positive again on equities,'' said Emanuele Vizzini, who oversees the equivalent of about $1.4 billion at Investitori Sgr in Milan. ``Data point more and more to a slowdown. We need to be cautious going forward.''
The yen climbed against all 16 of the world's most-active currencies as a deepening U.S. property slump prompted investors to cut purchases of higher-yielding assets. The gap in yields between two- and 10-year government bonds widened to the most in six weeks on speculation the European Central Bank won't raise interest rates.
Europe, Asia
Europe's Dow Jones Stoxx 600 Index lost 0.4 percent to 361.19. Germany's DAX fell 0.3 percent, and the U.K.'s FTSE 100 decreased 0.5 percent. France's CAC 40 was little changed.
The MSCI Asia Pacific Index dropped 0.5 percent to 157.60. Japan's Nikkei 225 Stock Average slid 0.7 percent, and Hong Kong's Hang Seng Index sank 0.6 percent.
UBS, Europe's largest bank by assets, dropped 3 percent to 51.35 Swiss francs. Dresdner Kleinwort Securities Ltd. downgraded the stock to ``hold'' from ``buy,'' citing potential subprime writedowns of 11 billion Swiss francs ($9.84 billion).
worldtradeinvest.com
UBS AG and Swiss Reinsurance Co. paced declines by banks and insurers in Europe. Industrial and Commercial Bank of China Ltd. decreased after Chinese regulators told banks to cool lending, while Mitsubishi Corp. led a retreat by trading companies. BHP Billiton Ltd., the world's largest mining company, and Newmont Mining Corp. of the U.S. followed metal prices lower in European trading.
The Morgan Stanley Capital International World Index lost 0.2 percent to 1,578.75 as of 10:57 a.m. in London. Futures on the Standard & Poor's 500 Index slipped 0.4 percent to 1454.9.
``More clarification on the macroeconomic scenario is needed to be positive again on equities,'' said Emanuele Vizzini, who oversees the equivalent of about $1.4 billion at Investitori Sgr in Milan. ``Data point more and more to a slowdown. We need to be cautious going forward.''
The yen climbed against all 16 of the world's most-active currencies as a deepening U.S. property slump prompted investors to cut purchases of higher-yielding assets. The gap in yields between two- and 10-year government bonds widened to the most in six weeks on speculation the European Central Bank won't raise interest rates.
Europe, Asia
Europe's Dow Jones Stoxx 600 Index lost 0.4 percent to 361.19. Germany's DAX fell 0.3 percent, and the U.K.'s FTSE 100 decreased 0.5 percent. France's CAC 40 was little changed.
The MSCI Asia Pacific Index dropped 0.5 percent to 157.60. Japan's Nikkei 225 Stock Average slid 0.7 percent, and Hong Kong's Hang Seng Index sank 0.6 percent.
UBS, Europe's largest bank by assets, dropped 3 percent to 51.35 Swiss francs. Dresdner Kleinwort Securities Ltd. downgraded the stock to ``hold'' from ``buy,'' citing potential subprime writedowns of 11 billion Swiss francs ($9.84 billion).
worldtradeinvest.com
Cohen, Bianco See Biggest Gain Since 1971; Dow Theory Disagrees
What do Abby Joseph Cohen, Jason Trennert and David Bianco know that the Dow Theory doesn't?
The strategists at Goldman Sachs Group Inc., Strategas Research Partners LLC and UBS AG say the Standard & Poor's 500 Index will climb 9.7 percent to 1,600 in the final six weeks of 2007, the steepest gain since 1971.
This month's drop in transportation stocks suggests equities may decline instead. With FedEx Corp. and Ryder Systems Inc. leading the Dow Jones Transportation Average to its lowest level this year, the rest of the U.S. market may slump too, according to the 123-year-old theory that says truckers, railroads and airlines lose business before the economy slows.
``The transports have broken down,'' said Jack Ablin, who oversees about $52 billion as chief investment officer at Harris Private Bank in Chicago. ``We're going to need a boost on the economic front to really help push the market higher. I wouldn't bet on it.''
The transportation average of 20 stocks, created by Wall Street Journal co-founder Charles Dow in 1884 to foretell economic trends, fell last week to the lowest since December. A drop in the 30-member Dow Jones Industrial Average, which Charles Dow compiled 12 years later, below its level on Aug. 16 would signal a bear market is about to begin, the theory holds.
``We've moved one step closer to a bear market,'' said Chuck Carlson, an editor at the Dow Theory Forecasts newsletter who manages $130 million at Horizon Investment Services in Hammond, Indiana.
Buffett's Support
The transport average fell 0.9 percent to 4,563.84 last week, while the Dow industrials climbed 1 percent to 13,176.79 and was 2.6 percent above its Aug. 16 close. The S&P 500, the benchmark for U.S. stocks, advanced 0.4 percent to 1,458.74, lifting its gain this year to 2.9 percent.
Transportation shares rallied early in the year, gaining 19 percent by mid-July. The advance was assisted by Warren Buffett, the billionaire chairman of Omaha, Nebraska-based Berkshire Hathaway Inc.
Berkshire disclosed in May that it owned shares of Union Pacific Corp., the biggest U.S. railroad, and Norfolk Southern Corp. of Norfolk, Virginia, the fourth-largest. The notice came three weeks after the industrial and transportation averages reached simultaneous highs -- bullish under Dow Theory. The S&P 500 advanced to a record in October.
worldtradeinvest.com
The strategists at Goldman Sachs Group Inc., Strategas Research Partners LLC and UBS AG say the Standard & Poor's 500 Index will climb 9.7 percent to 1,600 in the final six weeks of 2007, the steepest gain since 1971.
This month's drop in transportation stocks suggests equities may decline instead. With FedEx Corp. and Ryder Systems Inc. leading the Dow Jones Transportation Average to its lowest level this year, the rest of the U.S. market may slump too, according to the 123-year-old theory that says truckers, railroads and airlines lose business before the economy slows.
``The transports have broken down,'' said Jack Ablin, who oversees about $52 billion as chief investment officer at Harris Private Bank in Chicago. ``We're going to need a boost on the economic front to really help push the market higher. I wouldn't bet on it.''
The transportation average of 20 stocks, created by Wall Street Journal co-founder Charles Dow in 1884 to foretell economic trends, fell last week to the lowest since December. A drop in the 30-member Dow Jones Industrial Average, which Charles Dow compiled 12 years later, below its level on Aug. 16 would signal a bear market is about to begin, the theory holds.
``We've moved one step closer to a bear market,'' said Chuck Carlson, an editor at the Dow Theory Forecasts newsletter who manages $130 million at Horizon Investment Services in Hammond, Indiana.
Buffett's Support
The transport average fell 0.9 percent to 4,563.84 last week, while the Dow industrials climbed 1 percent to 13,176.79 and was 2.6 percent above its Aug. 16 close. The S&P 500, the benchmark for U.S. stocks, advanced 0.4 percent to 1,458.74, lifting its gain this year to 2.9 percent.
Transportation shares rallied early in the year, gaining 19 percent by mid-July. The advance was assisted by Warren Buffett, the billionaire chairman of Omaha, Nebraska-based Berkshire Hathaway Inc.
Berkshire disclosed in May that it owned shares of Union Pacific Corp., the biggest U.S. railroad, and Norfolk Southern Corp. of Norfolk, Virginia, the fourth-largest. The notice came three weeks after the industrial and transportation averages reached simultaneous highs -- bullish under Dow Theory. The S&P 500 advanced to a record in October.
worldtradeinvest.com
пятница, 16 ноября 2007 г.
European Stocks Fall; Rio Tinto, Barclays, Dexia Pace Retreat
European stocks declined, following slumps in U.S. and Asian markets. Rio Tinto Group led mining shares lower as copper slid and the Wall Street Journal said the company may make a counter-bid for BHP Billiton Ltd.
Barclays Plc dropped after Fitch Ratings said the U.K. lender may have its debt rating cut. Dexia SA, a Belgian bank, fell after reporting profit decreased more than analysts estimated.
The Dow Jones Stoxx 600 Index lost 0.8 percent to 363.01 as of 8:20 a.m. in London, extending its decline this week to 1.2 percent. The Stoxx 50 also fell 0.8 percent, as did the Euro Stoxx 50, a measure for the euro region.
European stocks are heading for the third straight weekly drop, the longest losing streak since August, on concern that losses related to subprime mortgages in the U.S. will spread. The Stoxx 600, which has advanced in 14 of the last 15 fourth quarters, is down 3.9 percent since the start of October.
``We are going to see further defaults'' from banks, said Jane Coffey, head of equities at Royal London Asset Management, where she helps oversee about $14 billion. ``It's going to be a long hard slog. People are not convinced that we have seen the worst of it yet.''
U.S. stocks fell yesterday after Wells Fargo & Co. said home- equity losses will remain ``elevated'' through 2008 and on speculation Fannie Mae hid credit-market losses in its latest earnings report. Asian shares sank today after the Bank of Japan said growth could be threatened if the U.S. housing slump spreads.
Rio Tinto, Barclays
Rio Tinto, the world's third-largest mining company, dropped 3 percent to 5,260 pence as copper futures on the Shanghai Futures Exchange slumped by their daily limit. Anglo American Plc, the world's second-biggest mining company, lost 1.6 percent to 3,166 pence.
Separately, the Wall Street Journal said Rio Tinto may make a counter-bid for its larger rival BHP as a defense against a hostile takeover, citing people it didn't identify.
Rio Tinto is planning how to repel BHP's proposed all-stock acquisition and will outline the strategy at an investor meeting Nov. 26, the Journal said. Ian Head, a spokesman for London-based Rio Tinto, declined to comment today when contacted in Melbourne. Samantha Evans, a spokeswoman for Melbourne-based BHP, also declined to comment.
Barclays fell 1.7 percent to 521.5 pence as Fitch said the bank may have its debt rating cut after the U.K.'s third-biggest bank wrote down about 1.3 billion pounds ($2.7 billion) of credit-related securities.
The agency left Barclays's rating unchanged at AA+, the second-highest of 10 possible investment grades, while revising the bank's outlook to negative because of ``concerns that the continuing expansion of Barclays Capital might expose the group to greater risks and earnings volatility.''
pennystock-profits.com
Barclays Plc dropped after Fitch Ratings said the U.K. lender may have its debt rating cut. Dexia SA, a Belgian bank, fell after reporting profit decreased more than analysts estimated.
The Dow Jones Stoxx 600 Index lost 0.8 percent to 363.01 as of 8:20 a.m. in London, extending its decline this week to 1.2 percent. The Stoxx 50 also fell 0.8 percent, as did the Euro Stoxx 50, a measure for the euro region.
European stocks are heading for the third straight weekly drop, the longest losing streak since August, on concern that losses related to subprime mortgages in the U.S. will spread. The Stoxx 600, which has advanced in 14 of the last 15 fourth quarters, is down 3.9 percent since the start of October.
``We are going to see further defaults'' from banks, said Jane Coffey, head of equities at Royal London Asset Management, where she helps oversee about $14 billion. ``It's going to be a long hard slog. People are not convinced that we have seen the worst of it yet.''
U.S. stocks fell yesterday after Wells Fargo & Co. said home- equity losses will remain ``elevated'' through 2008 and on speculation Fannie Mae hid credit-market losses in its latest earnings report. Asian shares sank today after the Bank of Japan said growth could be threatened if the U.S. housing slump spreads.
Rio Tinto, Barclays
Rio Tinto, the world's third-largest mining company, dropped 3 percent to 5,260 pence as copper futures on the Shanghai Futures Exchange slumped by their daily limit. Anglo American Plc, the world's second-biggest mining company, lost 1.6 percent to 3,166 pence.
Separately, the Wall Street Journal said Rio Tinto may make a counter-bid for its larger rival BHP as a defense against a hostile takeover, citing people it didn't identify.
Rio Tinto is planning how to repel BHP's proposed all-stock acquisition and will outline the strategy at an investor meeting Nov. 26, the Journal said. Ian Head, a spokesman for London-based Rio Tinto, declined to comment today when contacted in Melbourne. Samantha Evans, a spokeswoman for Melbourne-based BHP, also declined to comment.
Barclays fell 1.7 percent to 521.5 pence as Fitch said the bank may have its debt rating cut after the U.K.'s third-biggest bank wrote down about 1.3 billion pounds ($2.7 billion) of credit-related securities.
The agency left Barclays's rating unchanged at AA+, the second-highest of 10 possible investment grades, while revising the bank's outlook to negative because of ``concerns that the continuing expansion of Barclays Capital might expose the group to greater risks and earnings volatility.''
pennystock-profits.com
Starbucks Drops on Sales, Earnings Forecasts: U.S. After-Hours
Starbucks Corp. fell 8.8 percent in extended trading after the world's largest chain of coffee shops lowered its sales and earnings forecasts after U.S. customer visits declined.
Starbucks shares lost $2.11 to $21.99 as of 5:29 p.m. in New York. Before the close, the stock had dropped 32 percent this year, compared with a 12 percent loss for the Standard & Poor's 500 Consumer Discretionary Index.
Earnings will increase 21 percent at most next year, Starbucks said. That's less than its prior forecast of a 22 percent gain.
Kohl's Corp. declined after the fourth-largest U.S. department-store company said profit fell for the first time in 3 1/2 years and lowered its 2007 earnings forecast as sales growth slowed. Third-quarter net income dropped 14 percent to $194 million, or 61 cents a share, beating its own lowered forecast.
Kohl's fell $1.07, or 2.2 percent, to $47.85. The stock is down 29 percent this year.
Autodesk Inc., the largest maker of design software used in construction and engineering, fell $2.17, or 4.6 percent, to $45.29. The company forecast earnings for the current period and the fiscal first quarter that may prompt analysts to reduce their estimates.
December futures on the Standard & Poor's 500 Index fell 0.4 to 1,457.5. Nasdaq-100 Index futures climbed 1.75 to 2,035.25.
In regular trading, U.S. stocks fell for a second day after Wells Fargo & Co. said the housing market is the worst since the Great Depression and investors speculated Fannie Mae masked credit-market losses in its latest earnings report.
The Dow Jones Industrial Average decreased 120.96, or 0.9 percent, to 13,110.05, weighed down by a 4.1 percent slide in Citigroup after the biggest U.S. bank sold $4 billion of 10-year notes at the highest yield relative to benchmarks in its history. The S&P 500 lost 19.43, or 1.3 percent, to 1,451.15. The Nasdaq Composite Index slipped 25.81, or 1 percent, to 2,618.51. More than three stocks dropped for every one that rose on the New York Stock Exchange.
pennystock-profits.com
Starbucks shares lost $2.11 to $21.99 as of 5:29 p.m. in New York. Before the close, the stock had dropped 32 percent this year, compared with a 12 percent loss for the Standard & Poor's 500 Consumer Discretionary Index.
Earnings will increase 21 percent at most next year, Starbucks said. That's less than its prior forecast of a 22 percent gain.
Kohl's Corp. declined after the fourth-largest U.S. department-store company said profit fell for the first time in 3 1/2 years and lowered its 2007 earnings forecast as sales growth slowed. Third-quarter net income dropped 14 percent to $194 million, or 61 cents a share, beating its own lowered forecast.
Kohl's fell $1.07, or 2.2 percent, to $47.85. The stock is down 29 percent this year.
Autodesk Inc., the largest maker of design software used in construction and engineering, fell $2.17, or 4.6 percent, to $45.29. The company forecast earnings for the current period and the fiscal first quarter that may prompt analysts to reduce their estimates.
December futures on the Standard & Poor's 500 Index fell 0.4 to 1,457.5. Nasdaq-100 Index futures climbed 1.75 to 2,035.25.
In regular trading, U.S. stocks fell for a second day after Wells Fargo & Co. said the housing market is the worst since the Great Depression and investors speculated Fannie Mae masked credit-market losses in its latest earnings report.
The Dow Jones Industrial Average decreased 120.96, or 0.9 percent, to 13,110.05, weighed down by a 4.1 percent slide in Citigroup after the biggest U.S. bank sold $4 billion of 10-year notes at the highest yield relative to benchmarks in its history. The S&P 500 lost 19.43, or 1.3 percent, to 1,451.15. The Nasdaq Composite Index slipped 25.81, or 1 percent, to 2,618.51. More than three stocks dropped for every one that rose on the New York Stock Exchange.
pennystock-profits.com
четверг, 15 ноября 2007 г.
U.K. Stocks Fall; SABMiller, Experian, Ladbrokes Lead Retreat
U.K. stocks declined for the first time in four days. SABMiller Plc, the world's third-largest brewer, led losses after its earnings missed analyst' estimates.
The FTSE 100 Index dropped 36.8, or 0.6 percent, to 6,395.3 at 9:58 a.m. in London. The FTSE All-Share Index lost 0.6 percent to 3,282.13. Ireland's ISEQ Index slipped 0.1 percent to 7,034.23.
SABMiller fell 3.6 percent to 1,326 pence. First-half net income climbed 21 percent to $958 million, less than analysts' estimates of $1.01 billion.
Experian Group Ltd., the world's largest credit reference- checking company, lost 11.5 percent to 420.25 pence, a record low. Chief Executive Officer Donald Robert said he expects sales growth will slow.
Experian, whose customers include American Express Co. and HSBC Holdings Plc, said the contraction in credit markets in the U.S. and U.K. is hurting demand.
Ladbrokes Plc, the U.K. owner of about 2,600 betting shops, declined 5.7 percent to 357.75 pence. The company's British betting shops missed managers' forecast because floods forced horse races to be canceled.
The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses.
Antofagasta Plc (ANTO LN) climbed 32 pence, or 4.3 percent, to 777. UBS AG raised its recommendation for the copper producer to ``neutral'' from ``sell.''
money-pull.com
The FTSE 100 Index dropped 36.8, or 0.6 percent, to 6,395.3 at 9:58 a.m. in London. The FTSE All-Share Index lost 0.6 percent to 3,282.13. Ireland's ISEQ Index slipped 0.1 percent to 7,034.23.
SABMiller fell 3.6 percent to 1,326 pence. First-half net income climbed 21 percent to $958 million, less than analysts' estimates of $1.01 billion.
Experian Group Ltd., the world's largest credit reference- checking company, lost 11.5 percent to 420.25 pence, a record low. Chief Executive Officer Donald Robert said he expects sales growth will slow.
Experian, whose customers include American Express Co. and HSBC Holdings Plc, said the contraction in credit markets in the U.S. and U.K. is hurting demand.
Ladbrokes Plc, the U.K. owner of about 2,600 betting shops, declined 5.7 percent to 357.75 pence. The company's British betting shops missed managers' forecast because floods forced horse races to be canceled.
The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses.
Antofagasta Plc (ANTO LN) climbed 32 pence, or 4.3 percent, to 777. UBS AG raised its recommendation for the copper producer to ``neutral'' from ``sell.''
money-pull.com
Global Stocks Drop; SABMiller, Applied Materials, Honda Fall
Global stocks declined after earnings from SABMiller Plc, Sodexho Alliance SA and Applied Materials Inc. deepened concern that profit growth is slowing.
Credit Agricole SA retreated after France's second-biggest bank by assets posted net income that trailed analysts' estimates. Honda Motor Co., Japan's second-largest automaker, and Sharp Corp. led Asian exporters lower on concern overseas demand for their products will wane after U.S. consumer spending weakened.
The Morgan Stanley Capital International World Index lost 0.7 percent to 1,597.01 as of 12:10 p.m. in London. Standard & Poor's 500 Index futures declined 0.5 percent to 1,471.30. Shares in China dropped the most in a week, while stocks in Europe snapped three days of gains.
``Sentiment is negative and there is currently a tendency for investors to focus on the risk of further downgrades,'' said Ed Wallace, who helps oversee $4 billion in global equities at Gartmore Investment Management in London. ``Companies that are reporting earnings below expectations are being sold off.''
Europe's Dow Jones Stoxx 600 Index lost 1.1 percent to 366.35 as all 18 industry groups fell. France's CAC 40 retreated 1.3 percent while Germany's DAX slipped 0.9 percent. The U.K.'s FTSE 100 also decreased 0.9 percent.
Analysts have cut their earnings growth forecasts for Stoxx 600 companies this year to 8.9 percent from 9.9 percent at the start of last month, data compiled by Bloomberg shows.
money-pull.com
Credit Agricole SA retreated after France's second-biggest bank by assets posted net income that trailed analysts' estimates. Honda Motor Co., Japan's second-largest automaker, and Sharp Corp. led Asian exporters lower on concern overseas demand for their products will wane after U.S. consumer spending weakened.
The Morgan Stanley Capital International World Index lost 0.7 percent to 1,597.01 as of 12:10 p.m. in London. Standard & Poor's 500 Index futures declined 0.5 percent to 1,471.30. Shares in China dropped the most in a week, while stocks in Europe snapped three days of gains.
``Sentiment is negative and there is currently a tendency for investors to focus on the risk of further downgrades,'' said Ed Wallace, who helps oversee $4 billion in global equities at Gartmore Investment Management in London. ``Companies that are reporting earnings below expectations are being sold off.''
Europe's Dow Jones Stoxx 600 Index lost 1.1 percent to 366.35 as all 18 industry groups fell. France's CAC 40 retreated 1.3 percent while Germany's DAX slipped 0.9 percent. The U.K.'s FTSE 100 also decreased 0.9 percent.
Analysts have cut their earnings growth forecasts for Stoxx 600 companies this year to 8.9 percent from 9.9 percent at the start of last month, data compiled by Bloomberg shows.
money-pull.com
вторник, 13 ноября 2007 г.
Alstom, Infineon, Tod's, Unicredit: European Equity Preview
The following is a list of companies whose shares may have unusual price changes in Europe. Stock symbols are in parentheses after company names and prices are from the last close.
The Dow Jones Stoxx 600 added 0.2 percent to 368.52. The Dow Jones Stoxx 50 Index increased 0.7 percent to 3,711.87. The Euro Stoxx 50 Index, a benchmark for the nations using the euro, climbed 0.2 percent to 4,311.98.
Alstom SA (ALO FP): The world's largest maker of coal-fired power plants said Unistar Nuclear Energy LLC ordered four turbines for U.S. nuclear plants. The stock price fell 2.24 euros, or 1.6 percent, to 142.68 euros.
ArcelorMittal (MT NA): The world's biggest steelmaker may say third-quarter profit was $2.4 billion, bolstered by increased cost savings and higher steel prices, according to analysts surveyed by Bloomberg News. ArcelorMittal shares rose 58 cents, or 1.2 percent, to 49.03 euros.
ASM International NV (ASM NA): Europe's second-largest semiconductor-equipment maker scrapped a plan to buy back convertible loans after its shares fell. The stock declined 25 cents, or 1.5 percent, to 17.05 euros.
AWD Holding AG (AWD GY): Germany's second-biggest financial- services broker may say third-quarter profit rose, helped by higher sales of pension products. The shares slipped 2.9 percent to 20.55 euros.
Credit Agricole SA (ACA FP): France's second-largest bank by assets may report a decline in third-quarter profit following trading losses and client withdrawals from its fund management operations. Credit Agricole shares rose 36 cents, or 1.5 percent, to 24.43 euros.
GfK AG (GFK GY): Germany's largest market researcher may say profit climbed 32 percent after sales rose, according to analysts surveyed by Bloomberg News. The shares added 20 cents, or 0.8 percent, to 26.90 euros.
business-pennystock.com
The Dow Jones Stoxx 600 added 0.2 percent to 368.52. The Dow Jones Stoxx 50 Index increased 0.7 percent to 3,711.87. The Euro Stoxx 50 Index, a benchmark for the nations using the euro, climbed 0.2 percent to 4,311.98.
Alstom SA (ALO FP): The world's largest maker of coal-fired power plants said Unistar Nuclear Energy LLC ordered four turbines for U.S. nuclear plants. The stock price fell 2.24 euros, or 1.6 percent, to 142.68 euros.
ArcelorMittal (MT NA): The world's biggest steelmaker may say third-quarter profit was $2.4 billion, bolstered by increased cost savings and higher steel prices, according to analysts surveyed by Bloomberg News. ArcelorMittal shares rose 58 cents, or 1.2 percent, to 49.03 euros.
ASM International NV (ASM NA): Europe's second-largest semiconductor-equipment maker scrapped a plan to buy back convertible loans after its shares fell. The stock declined 25 cents, or 1.5 percent, to 17.05 euros.
AWD Holding AG (AWD GY): Germany's second-biggest financial- services broker may say third-quarter profit rose, helped by higher sales of pension products. The shares slipped 2.9 percent to 20.55 euros.
Credit Agricole SA (ACA FP): France's second-largest bank by assets may report a decline in third-quarter profit following trading losses and client withdrawals from its fund management operations. Credit Agricole shares rose 36 cents, or 1.5 percent, to 24.43 euros.
GfK AG (GFK GY): Germany's largest market researcher may say profit climbed 32 percent after sales rose, according to analysts surveyed by Bloomberg News. The shares added 20 cents, or 0.8 percent, to 26.90 euros.
business-pennystock.com
Adobe Systems Shares Decline, Orbitz Advances: U.S. After-Hours
Adobe Systems Inc., the biggest maker of graphic-design software, fell in extended U.S. trading after Chief Executive Officer Bruce Chizen unexpectedly resigned.
Adobe shares fell $1.34, or 3.2 percent, to $40.85 as of 5:47 p.m. in New York. The company promoted Shantanu Narayen to replace Chizen, who will remain in his role until Dec. 1 and serve out the rest of his term on the board.
Orbitz Worldwide Inc. rose as much as 22 percent in extended trading after the Internet travel agency taken public in July posted third-quarter earnings excluding some items of 23 cents a share. Analysts expected 14 cents, the average estimate in a Bloomberg survey. Orbitz shares climbed 67 cents, or 8.8 percent, to $8.30.
December futures on the Standard & Poor's 500 Index declined 0.1 percent to 1,438.30. Nasdaq-100 Index futures fell 0.1 percent to 1,988.25.
In regular trading, energy and metals companies sent U.S. stocks lower for a fourth day, the longest stretch of declines in eight months, after commodity prices dropped on concern economic growth is slowing.
The S&P 500 fell 14.52, or 1 percent, to 1,439.18, led by a 59 percent decline in E*Trade Financial Corp. on concern the online brokerage will go bankrupt. The Dow Jones Industrial Average decreased 55.19, or 0.4 percent, to 12,987.55, its first close below 13,000 since Aug. 16. The Nasdaq Composite Index lost 43.81, or 1.7 percent, to 2,584.13.
business-pennystock.com
Adobe shares fell $1.34, or 3.2 percent, to $40.85 as of 5:47 p.m. in New York. The company promoted Shantanu Narayen to replace Chizen, who will remain in his role until Dec. 1 and serve out the rest of his term on the board.
Orbitz Worldwide Inc. rose as much as 22 percent in extended trading after the Internet travel agency taken public in July posted third-quarter earnings excluding some items of 23 cents a share. Analysts expected 14 cents, the average estimate in a Bloomberg survey. Orbitz shares climbed 67 cents, or 8.8 percent, to $8.30.
December futures on the Standard & Poor's 500 Index declined 0.1 percent to 1,438.30. Nasdaq-100 Index futures fell 0.1 percent to 1,988.25.
In regular trading, energy and metals companies sent U.S. stocks lower for a fourth day, the longest stretch of declines in eight months, after commodity prices dropped on concern economic growth is slowing.
The S&P 500 fell 14.52, or 1 percent, to 1,439.18, led by a 59 percent decline in E*Trade Financial Corp. on concern the online brokerage will go bankrupt. The Dow Jones Industrial Average decreased 55.19, or 0.4 percent, to 12,987.55, its first close below 13,000 since Aug. 16. The Nasdaq Composite Index lost 43.81, or 1.7 percent, to 2,584.13.
business-pennystock.com
European Stocks Drop; Total, Anglo American, Royal Bank Fall
European stocks retreated, paced by commodity producers as crude oil fell for a second day and copper declined in Asia.
Total SA, Europe's third-biggest oil producer, and mining company Anglo American Plc declined. Royal Bank of Scotland Group Plc, the U.K.'s second-largest bank, and BNP Paribas SA of France dropped after Morgan Stanley downgraded banks and an index showed U.K. house prices slid to the lowest in more than two years.
The Dow Jones Stoxx 600 Index lost 0.9 percent to 364.57 as of 9:07 a.m. in London, erasing the benchmark's gain for 2007. The Stoxx 50 decreased 0.8 percent, and the Euro Stoxx 50, a measure for the euro region, sank 0.8 percent.
``Share prices of the oil and mining stocks have had a great run but concerns about an economic slowdown remain and prudent investors may take profits here,'' said Emmanuel Soupre, who helps manage around $25 billion at Neuflize Gestion Paris. ``The financial crisis hasn't just hit the banks. It's across the board and we still need to quantify the full effect.''
The dollar fell against the euro on speculation data this week will show weakness in U.S. housing and consumer spending. European government bonds were little changed before an industry report that may indicate confidence among investors in Germany sank this month to its lowest in a year.
U.S. stocks yesterday declined for a fourth day, the longest losing streak in eight months, as commodity companies and technology shares retreated. Asian stocks dropped today.
National benchmarks declined in all of the 17 western European markets that were open. France's CAC 40 sank 0.8 percent, while Germany's DAX decreased 0.5 percent. The U.K.'s FTSE 100 lost 0.7 percent.
penny-a.com
Total SA, Europe's third-biggest oil producer, and mining company Anglo American Plc declined. Royal Bank of Scotland Group Plc, the U.K.'s second-largest bank, and BNP Paribas SA of France dropped after Morgan Stanley downgraded banks and an index showed U.K. house prices slid to the lowest in more than two years.
The Dow Jones Stoxx 600 Index lost 0.9 percent to 364.57 as of 9:07 a.m. in London, erasing the benchmark's gain for 2007. The Stoxx 50 decreased 0.8 percent, and the Euro Stoxx 50, a measure for the euro region, sank 0.8 percent.
``Share prices of the oil and mining stocks have had a great run but concerns about an economic slowdown remain and prudent investors may take profits here,'' said Emmanuel Soupre, who helps manage around $25 billion at Neuflize Gestion Paris. ``The financial crisis hasn't just hit the banks. It's across the board and we still need to quantify the full effect.''
The dollar fell against the euro on speculation data this week will show weakness in U.S. housing and consumer spending. European government bonds were little changed before an industry report that may indicate confidence among investors in Germany sank this month to its lowest in a year.
U.S. stocks yesterday declined for a fourth day, the longest losing streak in eight months, as commodity companies and technology shares retreated. Asian stocks dropped today.
National benchmarks declined in all of the 17 western European markets that were open. France's CAC 40 sank 0.8 percent, while Germany's DAX decreased 0.5 percent. The U.K.'s FTSE 100 lost 0.7 percent.
penny-a.com
Adobe Systems Shares Decline, Orbitz Advances: U.S. After-Hours
Adobe Systems Inc., the biggest maker of graphic-design software, fell in extended U.S. trading after Chief Executive Officer Bruce Chizen unexpectedly resigned.
Adobe shares fell $1.34, or 3.2 percent, to $40.85 as of 5:47 p.m. in New York. The company promoted Shantanu Narayen to replace Chizen, who will remain in his role until Dec. 1 and serve out the rest of his term on the board.
Orbitz Worldwide Inc. rose as much as 22 percent in extended trading after the Internet travel agency taken public in July posted third-quarter earnings excluding some items of 23 cents a share. Analysts expected 14 cents, the average estimate in a Bloomberg survey. Orbitz shares climbed 67 cents, or 8.8 percent, to $8.30.
December futures on the Standard & Poor's 500 Index declined 0.1 percent to 1,438.30. Nasdaq-100 Index futures fell 0.1 percent to 1,988.25.
In regular trading, energy and metals companies sent U.S. stocks lower for a fourth day, the longest stretch of declines in eight months, after commodity prices dropped on concern economic growth is slowing.
The S&P 500 fell 14.52, or 1 percent, to 1,439.18, led by a 59 percent decline in E*Trade Financial Corp. on concern the online brokerage will go bankrupt. The Dow Jones Industrial Average decreased 55.19, or 0.4 percent, to 12,987.55, its first close below 13,000 since Aug. 16. The Nasdaq Composite Index lost 43.81, or 1.7 percent, to 2,584.13.
penny-a.com
Adobe shares fell $1.34, or 3.2 percent, to $40.85 as of 5:47 p.m. in New York. The company promoted Shantanu Narayen to replace Chizen, who will remain in his role until Dec. 1 and serve out the rest of his term on the board.
Orbitz Worldwide Inc. rose as much as 22 percent in extended trading after the Internet travel agency taken public in July posted third-quarter earnings excluding some items of 23 cents a share. Analysts expected 14 cents, the average estimate in a Bloomberg survey. Orbitz shares climbed 67 cents, or 8.8 percent, to $8.30.
December futures on the Standard & Poor's 500 Index declined 0.1 percent to 1,438.30. Nasdaq-100 Index futures fell 0.1 percent to 1,988.25.
In regular trading, energy and metals companies sent U.S. stocks lower for a fourth day, the longest stretch of declines in eight months, after commodity prices dropped on concern economic growth is slowing.
The S&P 500 fell 14.52, or 1 percent, to 1,439.18, led by a 59 percent decline in E*Trade Financial Corp. on concern the online brokerage will go bankrupt. The Dow Jones Industrial Average decreased 55.19, or 0.4 percent, to 12,987.55, its first close below 13,000 since Aug. 16. The Nasdaq Composite Index lost 43.81, or 1.7 percent, to 2,584.13.
penny-a.com
понедельник, 12 ноября 2007 г.
European Stocks Drop, Led by SAP; BP, Total Decline With Oil
European stocks fell for a fourth day, the longest losing streak since July, after Credit Suisse Group recommended trimming holdings of technology companies and as declining oil prices pushed energy shares lower.
SAP AG, the world's biggest maker of business-management software, decreased. BP Plc, Europe's second-largest oil company, and Total SA of France retreated. Vedanta Resources Plc paced a drop in mining stocks as copper fell to a two-month low in London.
The Dow Jones Stoxx 600 Index lost 0.2 percent to 366.86 as of 1:54 p.m. in London. Technology companies have led the Stoxx 600's four-day slump, tumbling 6.2 percent, as Cisco Systems Inc. of the U.S. reported a ``dramatic'' decline in sales to financial and automobile companies.
Prices for technology companies ``have got overstretched,'' said Kevin Lilley, who helps manage about $2.5 billion at Royal London Asset Management in London. ``The oil price just doesn't look realistic, given demand and supply.'' Lilley went ``underweight'' technology shares last week.
U.S. index futures were little changed today after stocks last week fell to a two-month low. Asian stocks had their biggest decline in three months.
The dollar gained against the euro as technical charts signaled the U.S. currency had fallen too rapidly. The risk of European companies defaulting on their debt rose, according to traders of credit-default swaps.
National Markets
National benchmarks declined in 11 of the 18 western European markets. France's CAC 40 lost 0.3 percent and Germany's DAX decreased 0.4 percent. The U.K.'s FTSE 100 gained 0.2 percent. The Stoxx 50 was little changed, and the Euro Stoxx 50, a measure for the euro region, sank 0.3 percent.
The Stoxx 600 dropped as much as 0.6 percent, before recovering some of its losses, after a warehouse fire in east London sent up a thick plume of black smoke. A Metropolitan Police spokesman said there was no suggestion that the fire was an act of terrorism.
SAP lost 1.2 percent to 34.92 euros. Alcatel-Lucent SA, the world's biggest maker of telecommunications equipment, fell 1.1 percent to 5.56 euros. Logitech International SA, the world's largest maker of computer mice, declined 2.8 percent to 37.8 Swiss francs.
Investors should ``modestly'' lower holdings of technology stocks on concerns that global growth will slow, strategists at Credit Suisse Group said.
pennystock-insider.com
SAP AG, the world's biggest maker of business-management software, decreased. BP Plc, Europe's second-largest oil company, and Total SA of France retreated. Vedanta Resources Plc paced a drop in mining stocks as copper fell to a two-month low in London.
The Dow Jones Stoxx 600 Index lost 0.2 percent to 366.86 as of 1:54 p.m. in London. Technology companies have led the Stoxx 600's four-day slump, tumbling 6.2 percent, as Cisco Systems Inc. of the U.S. reported a ``dramatic'' decline in sales to financial and automobile companies.
Prices for technology companies ``have got overstretched,'' said Kevin Lilley, who helps manage about $2.5 billion at Royal London Asset Management in London. ``The oil price just doesn't look realistic, given demand and supply.'' Lilley went ``underweight'' technology shares last week.
U.S. index futures were little changed today after stocks last week fell to a two-month low. Asian stocks had their biggest decline in three months.
The dollar gained against the euro as technical charts signaled the U.S. currency had fallen too rapidly. The risk of European companies defaulting on their debt rose, according to traders of credit-default swaps.
National Markets
National benchmarks declined in 11 of the 18 western European markets. France's CAC 40 lost 0.3 percent and Germany's DAX decreased 0.4 percent. The U.K.'s FTSE 100 gained 0.2 percent. The Stoxx 50 was little changed, and the Euro Stoxx 50, a measure for the euro region, sank 0.3 percent.
The Stoxx 600 dropped as much as 0.6 percent, before recovering some of its losses, after a warehouse fire in east London sent up a thick plume of black smoke. A Metropolitan Police spokesman said there was no suggestion that the fire was an act of terrorism.
SAP lost 1.2 percent to 34.92 euros. Alcatel-Lucent SA, the world's biggest maker of telecommunications equipment, fell 1.1 percent to 5.56 euros. Logitech International SA, the world's largest maker of computer mice, declined 2.8 percent to 37.8 Swiss francs.
Investors should ``modestly'' lower holdings of technology stocks on concerns that global growth will slow, strategists at Credit Suisse Group said.
pennystock-insider.com
Christmas Has Come and Gone, U.S. Tech Stocks Show
Technology companies and utilities, the pillars keeping the U.S. bull market from collapsing, are trading near their most expensive valuations in at least three years.
The last time the market was so dependent on computer- related companies and power producers was in the three months ended March 2000, just before the Standard & Poor's 500 Index began a 2 1/2-year, 49 percent plunge, according to data compiled by Bloomberg.
``It's a time to be careful,'' said John Carey, who helps oversee about $82 billion in U.S. assets at Pioneer Investment Management in Boston. Valuations for some technology companies and utilities ``from a historical standpoint seem high.''
Technology in the S&P 500 traded at an average 29.1 times earnings this month, the most since 2004, weekly data compiled by Bloomberg show. Dividend yields paid by utilities are the smallest compared with the index in at least 12 years.
While U.S. stocks have climbed in the fourth quarter every year since 2000 and 73 percent of the time since the Great Depression, the S&P 500 would have a gain of just 0.3 percent this year without advances in technology stocks led by Google Inc. and Apple Inc. and utilities including Allegheny Energy Inc., according to the data.
``Could we have a year-end rally? It certainly seems more difficult this time around,'' said Alessandra Querini at Aletti Gestielle SGR in Milan, which oversees about $19 billion.
Cisco's Warning
Technology is responsible for 13 percent of this year's S&P 500 advance. Since Nov. 7, when Cisco Systems Inc. reported a ``dramatic'' drop in sales to financial and automobile companies, the Nasdaq Composite Index retreated 4.4 percent, contributing to the biggest weekly decline since April 2002. The index gets 44 percent of its market value from computer-related shares.
Before San Jose, California-based Cisco's announcement, technology and utilities were the only two of 10 industry groups in the S&P 500 to post increases since September. The index has lost 4.8 percent in the fourth quarter, dragged down by a 12 percent drop in financial shares.
The S&P 500 slid 3.7 percent last week to 1,453.70, paring its 2007 advance to 2.5 percent. December futures on the S&P 500 today advanced 0.3 percent as of 10:29 a.m. in London.
pennystock-insider.com
The last time the market was so dependent on computer- related companies and power producers was in the three months ended March 2000, just before the Standard & Poor's 500 Index began a 2 1/2-year, 49 percent plunge, according to data compiled by Bloomberg.
``It's a time to be careful,'' said John Carey, who helps oversee about $82 billion in U.S. assets at Pioneer Investment Management in Boston. Valuations for some technology companies and utilities ``from a historical standpoint seem high.''
Technology in the S&P 500 traded at an average 29.1 times earnings this month, the most since 2004, weekly data compiled by Bloomberg show. Dividend yields paid by utilities are the smallest compared with the index in at least 12 years.
While U.S. stocks have climbed in the fourth quarter every year since 2000 and 73 percent of the time since the Great Depression, the S&P 500 would have a gain of just 0.3 percent this year without advances in technology stocks led by Google Inc. and Apple Inc. and utilities including Allegheny Energy Inc., according to the data.
``Could we have a year-end rally? It certainly seems more difficult this time around,'' said Alessandra Querini at Aletti Gestielle SGR in Milan, which oversees about $19 billion.
Cisco's Warning
Technology is responsible for 13 percent of this year's S&P 500 advance. Since Nov. 7, when Cisco Systems Inc. reported a ``dramatic'' drop in sales to financial and automobile companies, the Nasdaq Composite Index retreated 4.4 percent, contributing to the biggest weekly decline since April 2002. The index gets 44 percent of its market value from computer-related shares.
Before San Jose, California-based Cisco's announcement, technology and utilities were the only two of 10 industry groups in the S&P 500 to post increases since September. The index has lost 4.8 percent in the fourth quarter, dragged down by a 12 percent drop in financial shares.
The S&P 500 slid 3.7 percent last week to 1,453.70, paring its 2007 advance to 2.5 percent. December futures on the S&P 500 today advanced 0.3 percent as of 10:29 a.m. in London.
pennystock-insider.com
суббота, 10 ноября 2007 г.
Mexico Bolsa Has Biggest Weekly Drop Since March: Latin Stocks
Mexican shares has their steepest weekly slide in eight months on concern a slowing U.S. economy will crimp demand for Mexico's exports and drag down profits.
The Bolsa index fell 130.86, or 0.5 percent to 29,158.86. The weekly decline of 5.4 percent was the most since the week ending March 2 and was led by copper miner Grupo Mexico SAB. The Bovespa Index of the most-traded stocks on Brazil's Sao Paulo exchange rose 758.65, or 1.2 percent, to 64,320.56, a weekly gain of 0.4 percent.
``We've been lagging in a big way because of the connection to the U.S. economy,'' said Mauricio Brocado, head of equity research at Actinver SA in Mexico City. ``When they catch a cold, we get pneumonia.''
Mexico sells 80 percent of its exports to the U.S., where Fannie Mae, the biggest source of money for home loans, said today its third-quarter loss doubled as the housing slump deepened. U.S. consumer confidence fell in November to the lowest in two years on rising oil prices and falling home values, the Reuters/University of Michigan index showed.
The Mexican economy is also being slowed by rising domestic interest rates and concern that flooding last week in Tabasco state may add to inflation, Brocado said.
``Mexico's market is not one of the favorites among international investors right now,'' he said.
Grupo Mexico, Mexico's largest copper miner, had its biggest weekly decline since September, 2001, falling 16 percent as prices of the metal slumped. Wal-Mart de Mexico SAB, the country's largest retailer, fell 7.9 percent for the week on concern Mexican economic growth will slow and a report yesterday that October sales at stores open more than year declined 1.2 percent.
hotstock-market.com
The Bolsa index fell 130.86, or 0.5 percent to 29,158.86. The weekly decline of 5.4 percent was the most since the week ending March 2 and was led by copper miner Grupo Mexico SAB. The Bovespa Index of the most-traded stocks on Brazil's Sao Paulo exchange rose 758.65, or 1.2 percent, to 64,320.56, a weekly gain of 0.4 percent.
``We've been lagging in a big way because of the connection to the U.S. economy,'' said Mauricio Brocado, head of equity research at Actinver SA in Mexico City. ``When they catch a cold, we get pneumonia.''
Mexico sells 80 percent of its exports to the U.S., where Fannie Mae, the biggest source of money for home loans, said today its third-quarter loss doubled as the housing slump deepened. U.S. consumer confidence fell in November to the lowest in two years on rising oil prices and falling home values, the Reuters/University of Michigan index showed.
The Mexican economy is also being slowed by rising domestic interest rates and concern that flooding last week in Tabasco state may add to inflation, Brocado said.
``Mexico's market is not one of the favorites among international investors right now,'' he said.
Grupo Mexico, Mexico's largest copper miner, had its biggest weekly decline since September, 2001, falling 16 percent as prices of the metal slumped. Wal-Mart de Mexico SAB, the country's largest retailer, fell 7.9 percent for the week on concern Mexican economic growth will slow and a report yesterday that October sales at stores open more than year declined 1.2 percent.
hotstock-market.com
Citadel Broadcasting, E*Trade, Lions Gate: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges Nov. 12. Stock symbols are in parentheses after company names and share prices are as of 8:45 p.m. New York time today.
Citadel Broadcasting Corp. (CDL US): The radio company putting Don Imus back on the air, rose 24 cents, or 10 percent to $2.64 after the close of markets. The shares had dropped $1.46, or 38 percent, to $2.40 during regular hours after it reported a third-quarter loss to write down the value of its stations.
E*Trade Corp. (ETFC US): The online brokerage dropped $1.24, or 14 percent, to $7.35 in after hours trading. The company said earnings will fall short of the company's forecast because of a drop in the value of some asset-backed securities.
Halozyme Therapeutics Inc. (HALO US): The maker of human enzymes for use in infertility and oncology cases rose 45 cents, or 5.8 percent, to $8.23 in after-hours trading. The company is being added to the Nasdaq Biotechnology Index, effective Nov. 19.
Lions Gate Entertainment Corp. (LGF US): The largest independent U.S. film studio said second-quarter loss widened to 47 cents a share from 14 cents a year earlier on costs to market its movies. The stock rose 15 cents to $10.52 in regular trading.
National City Corp. (NCC US): Ohio's largest bank said it reduced its third-quarter earnings by 18 cents a share, pushing the bank to a loss for the period. The stock fell 66 cents, 3.2 percent, in after-hours trading, to $20.20.
hotstock-market.com
Citadel Broadcasting Corp. (CDL US): The radio company putting Don Imus back on the air, rose 24 cents, or 10 percent to $2.64 after the close of markets. The shares had dropped $1.46, or 38 percent, to $2.40 during regular hours after it reported a third-quarter loss to write down the value of its stations.
E*Trade Corp. (ETFC US): The online brokerage dropped $1.24, or 14 percent, to $7.35 in after hours trading. The company said earnings will fall short of the company's forecast because of a drop in the value of some asset-backed securities.
Halozyme Therapeutics Inc. (HALO US): The maker of human enzymes for use in infertility and oncology cases rose 45 cents, or 5.8 percent, to $8.23 in after-hours trading. The company is being added to the Nasdaq Biotechnology Index, effective Nov. 19.
Lions Gate Entertainment Corp. (LGF US): The largest independent U.S. film studio said second-quarter loss widened to 47 cents a share from 14 cents a year earlier on costs to market its movies. The stock rose 15 cents to $10.52 in regular trading.
National City Corp. (NCC US): Ohio's largest bank said it reduced its third-quarter earnings by 18 cents a share, pushing the bank to a loss for the period. The stock fell 66 cents, 3.2 percent, in after-hours trading, to $20.20.
hotstock-market.com
пятница, 9 ноября 2007 г.
European Stocks Rise; Allianz, KBC, InBev, Julius Baer Advance
European stocks gained after earnings from Allianz SE, the region's largest insurer, and financial- services company KBC Group NV beat analysts' estimates.
InBev NV, the world's largest brewer, advanced after JPMorgan Chase & Co. recommended buying the shares. Julius Baer Holding Ltd. rallied on speculation Switzerland's third-largest private bank will spin off its U.S. fund unit.
The Dow Jones Stoxx 600 Index added 0.4 percent to 374.94 as of 8:07 a.m. in London. The index has dropped 1.3 percent so far this week. The Stoxx 50 also increased 0.4 percent today, and the Euro Stoxx 50, a measure for the euro region, rose 0.3 percent.
``Good earnings are being rewarded,'' said Werner Wittenhagen, who helps oversee the equivalent of $21 billion at LBBW Asset Management in Stuttgart, Germany. ``European stocks are attractive.''
Most U.S. stocks rose yesterday after banks rallied from a two-year low in the final hour of trading, overcoming a slump in technology shares led by Cisco Systems Inc. Asian stocks declined today. The U.S. dollar fell to a record low versus the euro.
Allianz gained 4.5 percent to 147.70 euros. Third-quarter net income rose to 1.92 billion euros ($2.83 billion), beating the 1.45 billion-euro median estimate of 18 analysts surveyed by Bloomberg.
The insurer reported a 52 million-euro loss at its Dresdner Bank unit. Financial companies including American International Group Inc., the world's biggest insurer, had more than $30 billion of writedowns in the quarter after record foreclosures on U.S. home loans to borrowers with poor credit histories roiled debt markets.
irs-finance-advise.com
InBev NV, the world's largest brewer, advanced after JPMorgan Chase & Co. recommended buying the shares. Julius Baer Holding Ltd. rallied on speculation Switzerland's third-largest private bank will spin off its U.S. fund unit.
The Dow Jones Stoxx 600 Index added 0.4 percent to 374.94 as of 8:07 a.m. in London. The index has dropped 1.3 percent so far this week. The Stoxx 50 also increased 0.4 percent today, and the Euro Stoxx 50, a measure for the euro region, rose 0.3 percent.
``Good earnings are being rewarded,'' said Werner Wittenhagen, who helps oversee the equivalent of $21 billion at LBBW Asset Management in Stuttgart, Germany. ``European stocks are attractive.''
Most U.S. stocks rose yesterday after banks rallied from a two-year low in the final hour of trading, overcoming a slump in technology shares led by Cisco Systems Inc. Asian stocks declined today. The U.S. dollar fell to a record low versus the euro.
Allianz gained 4.5 percent to 147.70 euros. Third-quarter net income rose to 1.92 billion euros ($2.83 billion), beating the 1.45 billion-euro median estimate of 18 analysts surveyed by Bloomberg.
The insurer reported a 52 million-euro loss at its Dresdner Bank unit. Financial companies including American International Group Inc., the world's biggest insurer, had more than $30 billion of writedowns in the quarter after record foreclosures on U.S. home loans to borrowers with poor credit histories roiled debt markets.
irs-finance-advise.com
Buyout Firms, Hedge Funds Look to Senate, Bush to Beat Tax Rise
Private-equity firms and hedge funds may lose their first legislative skirmish when the U.S. House votes today on a proposal to raise their taxes. They will find friendlier territory ahead in the Senate and the White House.
The House is poised to adopt a $78.3 billion measure that would alleviate the impact of the alternative minimum tax this year. The measure offsets lost revenue by more than doubling the tax rate on so-called carried interest, the payment that executives at buyout and venture-capital firms, and real-estate and oil and gas partnerships, receive for managing investments.
The tax increase is less likely to pass the Senate, where Republicans have vowed to block it, and President George W. Bush has threatened a veto if it does get through.
``They lost round 1 in the House,'' said Sam Geduldig, a Republican lobbyist at Washington-based Clark Lytle & Geduldig, which represents financial-services companies such as Fidelity Investments. ``Round 2 with the Senate is evenly divided and it looks much more favorable with the president and the veto.''
The debate has exposed a rift among Democrats over whether to tap some of the party's wealthiest donors to help pay for tax relief for millions of middle-income families.
Private-equity firms and hedge funds have spent $6.1 million this year lobbying against the proposed tax increases. The Democratic Senatorial Campaign Committee, which is headed by New York Democrat Charles Schumer, received $695,500 from employees of those industries in September, the most since June, when the Senate Democrats' fund-raising arm pulled in $779,100. This compares with $110,500 in industry money for the Republican Senate fundraising committee in September, up from $60,000 in June, an analysis of Federal Election Commission records shows.
irs-finance-advise.com
The House is poised to adopt a $78.3 billion measure that would alleviate the impact of the alternative minimum tax this year. The measure offsets lost revenue by more than doubling the tax rate on so-called carried interest, the payment that executives at buyout and venture-capital firms, and real-estate and oil and gas partnerships, receive for managing investments.
The tax increase is less likely to pass the Senate, where Republicans have vowed to block it, and President George W. Bush has threatened a veto if it does get through.
``They lost round 1 in the House,'' said Sam Geduldig, a Republican lobbyist at Washington-based Clark Lytle & Geduldig, which represents financial-services companies such as Fidelity Investments. ``Round 2 with the Senate is evenly divided and it looks much more favorable with the president and the veto.''
The debate has exposed a rift among Democrats over whether to tap some of the party's wealthiest donors to help pay for tax relief for millions of middle-income families.
Private-equity firms and hedge funds have spent $6.1 million this year lobbying against the proposed tax increases. The Democratic Senatorial Campaign Committee, which is headed by New York Democrat Charles Schumer, received $695,500 from employees of those industries in September, the most since June, when the Senate Democrats' fund-raising arm pulled in $779,100. This compares with $110,500 in industry money for the Republican Senate fundraising committee in September, up from $60,000 in June, an analysis of Federal Election Commission records shows.
irs-finance-advise.com
четверг, 8 ноября 2007 г.
European Stocks Fall; Fortis, Deutsche Bank, ING Pace Decline
European stocks retreated, led by financial companies, after Morgan Stanley said the outlook for credit markets worsened and Fortis reported profit that trailed analysts' estimates.
Fortis sank the most in more than two years. Deutsche Bank AG and Credit Suisse Group also declined. ING Groep NV fell after brokerages downgraded the financial-services company, saying earnings will suffer from subprime-mortgage investments.
``We'll probably have some more bad news out of the banking sector,'' said Julian Chillingworth, who helps oversee $25 billion as chief investment officer at Rathbone Unit Trust Management in London. ``A lot of financial companies have bought assets they don't fully understand, so it won't be just the banks.''
Europe's Dow Jones Stoxx 600 Index slid 0.3 percent to 374.55 at 12:45 p.m. in London. The measure clawed back more than two-thirds of its earlier losses after BHP Billiton Ltd. said it offered to buy Rio Tinto Group, a proposal that was rejected.
The euro traded near an all-time high against the dollar today on speculation European Central Bank President Jean-Claude Trichet will signal plans to raise the benchmark interest rate in coming months.
The ECB left borrowing costs unchanged today. Trichet is scheduled to hold a press conference to explain the bank's decision at 2:30 p.m. in Frankfurt. Separately, the Bank of England kept its rate on hold today.
The risk of European companies defaulting on their debt rose to the highest in more than three months, according to traders of credit-default swaps.
microcap-market.com
Fortis sank the most in more than two years. Deutsche Bank AG and Credit Suisse Group also declined. ING Groep NV fell after brokerages downgraded the financial-services company, saying earnings will suffer from subprime-mortgage investments.
``We'll probably have some more bad news out of the banking sector,'' said Julian Chillingworth, who helps oversee $25 billion as chief investment officer at Rathbone Unit Trust Management in London. ``A lot of financial companies have bought assets they don't fully understand, so it won't be just the banks.''
Europe's Dow Jones Stoxx 600 Index slid 0.3 percent to 374.55 at 12:45 p.m. in London. The measure clawed back more than two-thirds of its earlier losses after BHP Billiton Ltd. said it offered to buy Rio Tinto Group, a proposal that was rejected.
The euro traded near an all-time high against the dollar today on speculation European Central Bank President Jean-Claude Trichet will signal plans to raise the benchmark interest rate in coming months.
The ECB left borrowing costs unchanged today. Trichet is scheduled to hold a press conference to explain the bank's decision at 2:30 p.m. in Frankfurt. Separately, the Bank of England kept its rate on hold today.
The risk of European companies defaulting on their debt rose to the highest in more than three months, according to traders of credit-default swaps.
microcap-market.com
Cisco, AIG, Zumiez Retreat; First Solar Rises: U.S. After-Hours
Cisco Systems Inc., the biggest maker of networking equipment, fell in extended U.S. trading after first-quarter profit failed to exceed analysts' estimates.
Cisco dropped $2.96, or 9 percent, to $29.79 at 6:21 p.m. New York time. Excluding costs such as stock-based compensation, profit was 40 cents, Cisco said. The profit figure included a tax benefit of $162 million, or 3 cents a share. Investors should take out the gain, making the earnings 37 cents, said Brant Thompson, an analyst at Goldman, Sachs & Co. in New York. That would match the average estimate in a Bloomberg survey of analysts.
American International Group Inc. slid $1.90, or 3.3 percent, to $56. The world's largest insurer said third-quarter profit fell 27 percent as the housing recession contributed to losses in its mortgage guarantee and credit protection businesses. Profit excluding realized investment losses and changes in the value of derivative instruments was $1.35 a share, missing by 27 cents the average estimate of 15 analysts compiled by Bloomberg.
Zumiez Inc. fell 27 percent to $28.75. The seller of clothing for skateboarding and snowboarding with 275 stores said it expects third-quarter profit of 27 to 28 cents a share, less than the 33-cent average estimate of analysts surveyed by Bloomberg.
First Solar Inc. jumped $37.88, or 23 percent, to $205. The maker of power-modules whose shares have surged more than eightfold in a year said third-quarter profit soared on demand for its thin-film technology. Net income climbed to 58 cents a share, tripling the 19-cent average estimate of analysts surveyed by Bloomberg.
microcap-market.com
Cisco dropped $2.96, or 9 percent, to $29.79 at 6:21 p.m. New York time. Excluding costs such as stock-based compensation, profit was 40 cents, Cisco said. The profit figure included a tax benefit of $162 million, or 3 cents a share. Investors should take out the gain, making the earnings 37 cents, said Brant Thompson, an analyst at Goldman, Sachs & Co. in New York. That would match the average estimate in a Bloomberg survey of analysts.
American International Group Inc. slid $1.90, or 3.3 percent, to $56. The world's largest insurer said third-quarter profit fell 27 percent as the housing recession contributed to losses in its mortgage guarantee and credit protection businesses. Profit excluding realized investment losses and changes in the value of derivative instruments was $1.35 a share, missing by 27 cents the average estimate of 15 analysts compiled by Bloomberg.
Zumiez Inc. fell 27 percent to $28.75. The seller of clothing for skateboarding and snowboarding with 275 stores said it expects third-quarter profit of 27 to 28 cents a share, less than the 33-cent average estimate of analysts surveyed by Bloomberg.
First Solar Inc. jumped $37.88, or 23 percent, to $205. The maker of power-modules whose shares have surged more than eightfold in a year said third-quarter profit soared on demand for its thin-film technology. Net income climbed to 58 cents a share, tripling the 19-cent average estimate of analysts surveyed by Bloomberg.
microcap-market.com
среда, 7 ноября 2007 г.
European Stocks Rise; Holcim, Shell, Eni, BHP Billiton Climb
European stocks gained for a second day after commodity prices rallied, earnings from companies including Holcim Ltd. and Carlsberg A/S beat analysts' estimates and Societe Generale SA eased writedown concerns.
Royal Dutch Shell Plc and Eni SpA led an advance in energy stocks as crude oil surpassed $98 a barrel for the first time in New York. BHP Billiton Ltd. and Anglo American Plc, the world's largest mining companies, rose as copper increased.
``Oil and metal producers should benefit from rising prices as oil is heading for $100 a barrel,'' said Klaus Stabel, head of research at ICF Kursmakler AG in Frankfurt. ``Third-quarter earnings support the market. Results have been surprisingly positive. Profits are still growing.''
The Dow Jones Stoxx 600 Index added 0.3 percent to 379.66 as of 8:54 a.m. in London. The Stoxx 50 also advanced 0.3 percent, and the Euro Stoxx 50, a measure for the euro region, rose 0.2 percent.
The dollar slid to record lows against the euro after a Chinese government adviser said plans to diversify foreign exchange reserves will involve buying better-performing currencies. European government bonds advanced in London.
National benchmarks increased in all of the 17 western European markets that were open except for Portugal and Spain. The U.K.'s FTSE 100 gained 0.4 percent. France's CAC 40 added 0.6 percent, and Germany's DAX rose 0.2 percent.
pennystock-club.com
Royal Dutch Shell Plc and Eni SpA led an advance in energy stocks as crude oil surpassed $98 a barrel for the first time in New York. BHP Billiton Ltd. and Anglo American Plc, the world's largest mining companies, rose as copper increased.
``Oil and metal producers should benefit from rising prices as oil is heading for $100 a barrel,'' said Klaus Stabel, head of research at ICF Kursmakler AG in Frankfurt. ``Third-quarter earnings support the market. Results have been surprisingly positive. Profits are still growing.''
The Dow Jones Stoxx 600 Index added 0.3 percent to 379.66 as of 8:54 a.m. in London. The Stoxx 50 also advanced 0.3 percent, and the Euro Stoxx 50, a measure for the euro region, rose 0.2 percent.
The dollar slid to record lows against the euro after a Chinese government adviser said plans to diversify foreign exchange reserves will involve buying better-performing currencies. European government bonds advanced in London.
National benchmarks increased in all of the 17 western European markets that were open except for Portugal and Spain. The U.K.'s FTSE 100 gained 0.4 percent. France's CAC 40 added 0.6 percent, and Germany's DAX rose 0.2 percent.
pennystock-club.com
Goldman Pay Tops Bear Stearns's Slumping Market Value
When Goldman Sachs Group Inc. employees cash their year-end checks, they'll have enough money to buy Bear Stearns Cos.
Goldman, the biggest and most profitable U.S. securities firm, set aside $16.9 billion to pay salaries, benefits and bonuses in the first nine months of 2007, according to the company's third-quarter earnings report. The stock market values Bear Stearns Cos., the fifth-biggest firm, at $14.7 billion. Bonuses, the majority of Wall Street compensation, are typically paid after the fiscal year ends this month.
The figures demonstrate how the industry's fortunes diverged this year during the collapse of the subprime mortgage market and a credit-market contraction that saddled the biggest lenders and brokerages with at least $40 billion of writedowns and losses. Bonuses for fixed-income traders may fall as much as 15 percent, while payments to equity traders and investment bankers may increase as much as 20 percent, according to Johnson Associates Inc., the New York-based firm that tracks pay and hiring trends.
``This has been a year of winners and losers on Wall Street and there will be incredible variance on bonuses from bank to bank,'' said Michael Karp, chief executive officer of New York- based recruiting firm Options Group. ``The fact that Goldman Sachs can pay its employees more than Bear's market cap speaks to this disparity.''
While analysts estimate Goldman's profit will exceed last year's record, they say Bear Stearns's earnings may drop 27 percent, according to surveys by Bloomberg. Goldman gained 12 percent in New York trading this year and Bear Stearns slumped 37 percent. Both firms are based in New York.
Drop in Bonuses
Bonuses may drop about 5 percent overall on Wall Street this year from 2006, Options Group has estimated. That masks the gap between firms like Goldman, where money set aside through August already tops last year's $16.5 billion record, and Bear Stearns, where compensation fell 5.9 percent in the first nine months of 2007 to $3.1 billion.
Goldman employed 29,905 people at the end of August, almost double the 15,516 working at Bear Stearns.
Bear Stearns Chief Executive Officer James Cayne, 73, has watched the market value of his company decline more than $10 billion from its February peak. Two of the firm's hedge funds, which invested in securities linked to subprime home loans, have filed for bankruptcy protection and Co-President Warren Spector has been ousted.
pennystock-club.com
Goldman, the biggest and most profitable U.S. securities firm, set aside $16.9 billion to pay salaries, benefits and bonuses in the first nine months of 2007, according to the company's third-quarter earnings report. The stock market values Bear Stearns Cos., the fifth-biggest firm, at $14.7 billion. Bonuses, the majority of Wall Street compensation, are typically paid after the fiscal year ends this month.
The figures demonstrate how the industry's fortunes diverged this year during the collapse of the subprime mortgage market and a credit-market contraction that saddled the biggest lenders and brokerages with at least $40 billion of writedowns and losses. Bonuses for fixed-income traders may fall as much as 15 percent, while payments to equity traders and investment bankers may increase as much as 20 percent, according to Johnson Associates Inc., the New York-based firm that tracks pay and hiring trends.
``This has been a year of winners and losers on Wall Street and there will be incredible variance on bonuses from bank to bank,'' said Michael Karp, chief executive officer of New York- based recruiting firm Options Group. ``The fact that Goldman Sachs can pay its employees more than Bear's market cap speaks to this disparity.''
While analysts estimate Goldman's profit will exceed last year's record, they say Bear Stearns's earnings may drop 27 percent, according to surveys by Bloomberg. Goldman gained 12 percent in New York trading this year and Bear Stearns slumped 37 percent. Both firms are based in New York.
Drop in Bonuses
Bonuses may drop about 5 percent overall on Wall Street this year from 2006, Options Group has estimated. That masks the gap between firms like Goldman, where money set aside through August already tops last year's $16.5 billion record, and Bear Stearns, where compensation fell 5.9 percent in the first nine months of 2007 to $3.1 billion.
Goldman employed 29,905 people at the end of August, almost double the 15,516 working at Bear Stearns.
Bear Stearns Chief Executive Officer James Cayne, 73, has watched the market value of his company decline more than $10 billion from its February peak. Two of the firm's hedge funds, which invested in securities linked to subprime home loans, have filed for bankruptcy protection and Co-President Warren Spector has been ousted.
pennystock-club.com
вторник, 6 ноября 2007 г.
Cinram, Magna, Manulife, Nortel, RIM: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets today. The preview includes news that broke after markets closed yesterday. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 90.51, or 0.6 percent, to 14,273.37, yesterday in Toronto.
Cinram International Income Fund (CRW-U CN): The maker of digital video discs cut its monthly distribution by 40 percent to 16 cents a share and suspended the dividend altogether after December. Cinram also had third-quarter profit of 61 cents a share excluding one-time items, beating the 20 cent average forecast of two analysts in a Bloomberg survey. The shares fell 5 cents, or 0.4 percent, to C$12.80. Trading was halted before the release and after markets closed in Toronto.
Magna International Inc. (MG/A CN): Canada's largest auto- parts maker said that third-quarter profit rose 65 percent to $155 million on an increase in car production using higher-value parts. Earnings per share rose to C$1.38 from 86 cents. The average estimate of 17 analysts in a Bloomberg survey was for earnings of C$1.36 a share. Magna gained 62 cents, or 0.7 percent, to C$87.38.
Manulife Financial Corp. (MFC CN): Canada's largest insurer may report third-quarter earnings of 71 cents per share before one- time items, according to the average estimate of 13 analysts surveyed by Bloomberg. That would exceed the 62 cent-a-share profit of the year-ago quarter. The shares fell 58 cents, or 1.4 percent, to C$42.40.
Nortel Networks Corp. (NT CN): North America's biggest telephone-equipment rebounded to a profit from a loss a year ago, when research and legal costs were higher. Third-quarter net income was $27 million, or 5 cents a share, compared with a loss of $63 million, or 14 cents, Toronto-based Nortel said today in a statement. Sales fell 7.6 percent to $2.71 billion, missing analysts' estimates. Nortel gained 20 cents, or 1.3 percent, to C$15.23 and has halved in value this year.
Research In Motion Ltd. (RIM CN): The maker of the BlackBerry e-mail phones was raised to ``outperform'' from ``neutral'' by Credit Suisse. The shares gained 91 cents, or 0.8 percent, to C$119.36.
worldtradeinvest.com
The Standard & Poor's/TSX Composite Index fell 90.51, or 0.6 percent, to 14,273.37, yesterday in Toronto.
Cinram International Income Fund (CRW-U CN): The maker of digital video discs cut its monthly distribution by 40 percent to 16 cents a share and suspended the dividend altogether after December. Cinram also had third-quarter profit of 61 cents a share excluding one-time items, beating the 20 cent average forecast of two analysts in a Bloomberg survey. The shares fell 5 cents, or 0.4 percent, to C$12.80. Trading was halted before the release and after markets closed in Toronto.
Magna International Inc. (MG/A CN): Canada's largest auto- parts maker said that third-quarter profit rose 65 percent to $155 million on an increase in car production using higher-value parts. Earnings per share rose to C$1.38 from 86 cents. The average estimate of 17 analysts in a Bloomberg survey was for earnings of C$1.36 a share. Magna gained 62 cents, or 0.7 percent, to C$87.38.
Manulife Financial Corp. (MFC CN): Canada's largest insurer may report third-quarter earnings of 71 cents per share before one- time items, according to the average estimate of 13 analysts surveyed by Bloomberg. That would exceed the 62 cent-a-share profit of the year-ago quarter. The shares fell 58 cents, or 1.4 percent, to C$42.40.
Nortel Networks Corp. (NT CN): North America's biggest telephone-equipment rebounded to a profit from a loss a year ago, when research and legal costs were higher. Third-quarter net income was $27 million, or 5 cents a share, compared with a loss of $63 million, or 14 cents, Toronto-based Nortel said today in a statement. Sales fell 7.6 percent to $2.71 billion, missing analysts' estimates. Nortel gained 20 cents, or 1.3 percent, to C$15.23 and has halved in value this year.
Research In Motion Ltd. (RIM CN): The maker of the BlackBerry e-mail phones was raised to ``outperform'' from ``neutral'' by Credit Suisse. The shares gained 91 cents, or 0.8 percent, to C$119.36.
worldtradeinvest.com
Equatorial, Itau, Petrobras, Vale, Vivo: Brazil Equity Movers
Brazil's main stock index gained for the first time in three days, led by state-controlled oil company Petroleo Brasileiro SA.
The Bovespa Index of the most-traded shares on the Sao Paulo exchange advanced 1,218.71, or 1.9 percent, to 64,178.26 as of 8:24 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Banco Bradesco SA (BBDC4 BS), Brazil's second-biggest non- government bank, rose 1.34 real, or 2.4 percent, to 57.15 reais. Shares fell 3 percent in a selloff of bank shares yesterday, after Citigroup Inc. said it may write down $11 billion for bad debt. Banco Itau Holding Financeira SA (ITAU4 BS) rose 82 centavos, or 1.8 percent, to 47.17 reais. Brazil's biggest non-state bank said today third-quarter profit rose to 2.43 billion reais ($1.4 billion) from 71 million reais a year earlier. Uniao de Bancos Brasileiros SA (UBBR11 BS) rose 54 centavos, or 2.1 percent, to 26.65 reais. The country's sixth-largest bank fell 2.1 percent yesterday.
Cia. Vale do Rio Doce (VALE5 BS), the world's second-biggest nickel producer, rose for the first time in three days, adding 1.46 real, or 2.8 percent, to 53.16 reais. Metals including nickel rose on the London Metals Exchange.
Equatorial Energia SA (EQTL11 BS) rose 36 centavos, or 1.9 percent, to 19.80 reais. PCP Latin America Power Fund Ltd. agreed to buy GP Investimentos's stake in Equatorial, a Sao Luis, Brazil- based electricity holding company, for 204 million reais ($118 million). Equatorial said in a regulatory filing last yesterday that the transaction is a step toward reorganizing its capital structure and listing its shares on the Novo Mercado, a section of the Sao Paulo exchange with stricter governance rules.
Petroleo Brasileiro SA (PETR4 BS) rose 2.05 reais, or 3 percent, to 70.15 reais. Crude oil for December delivery rose as much as 2 percent on speculation that U.S. inventories declined for a third week, as refineries boosted operating rates to prepare for winter demand.
Vivo Participacoes SA (VIVO4 BS) rose 45 centavos, or 4.6 percent, to 10.15 reais. Brazil's largest mobile-phone company reported a third-quarter profit of 4.4 million reais ($2.5 million) yesterday, compared with a loss of 196.9 million reais a year earlier, after winning more customers with new phones.
worldtradeinvest.com
The Bovespa Index of the most-traded shares on the Sao Paulo exchange advanced 1,218.71, or 1.9 percent, to 64,178.26 as of 8:24 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Banco Bradesco SA (BBDC4 BS), Brazil's second-biggest non- government bank, rose 1.34 real, or 2.4 percent, to 57.15 reais. Shares fell 3 percent in a selloff of bank shares yesterday, after Citigroup Inc. said it may write down $11 billion for bad debt. Banco Itau Holding Financeira SA (ITAU4 BS) rose 82 centavos, or 1.8 percent, to 47.17 reais. Brazil's biggest non-state bank said today third-quarter profit rose to 2.43 billion reais ($1.4 billion) from 71 million reais a year earlier. Uniao de Bancos Brasileiros SA (UBBR11 BS) rose 54 centavos, or 2.1 percent, to 26.65 reais. The country's sixth-largest bank fell 2.1 percent yesterday.
Cia. Vale do Rio Doce (VALE5 BS), the world's second-biggest nickel producer, rose for the first time in three days, adding 1.46 real, or 2.8 percent, to 53.16 reais. Metals including nickel rose on the London Metals Exchange.
Equatorial Energia SA (EQTL11 BS) rose 36 centavos, or 1.9 percent, to 19.80 reais. PCP Latin America Power Fund Ltd. agreed to buy GP Investimentos's stake in Equatorial, a Sao Luis, Brazil- based electricity holding company, for 204 million reais ($118 million). Equatorial said in a regulatory filing last yesterday that the transaction is a step toward reorganizing its capital structure and listing its shares on the Novo Mercado, a section of the Sao Paulo exchange with stricter governance rules.
Petroleo Brasileiro SA (PETR4 BS) rose 2.05 reais, or 3 percent, to 70.15 reais. Crude oil for December delivery rose as much as 2 percent on speculation that U.S. inventories declined for a third week, as refineries boosted operating rates to prepare for winter demand.
Vivo Participacoes SA (VIVO4 BS) rose 45 centavos, or 4.6 percent, to 10.15 reais. Brazil's largest mobile-phone company reported a third-quarter profit of 4.4 million reais ($2.5 million) yesterday, compared with a loss of 196.9 million reais a year earlier, after winning more customers with new phones.
worldtradeinvest.com
понедельник, 5 ноября 2007 г.
Enbridge, Holloway, Katanga, Talisman: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 8.66, or 0.1 percent, to 14,363.88.
Enbridge Inc. (ENB CN): The owner of Canada's biggest pipeline said it agreed with Fort Hills Energy LP to develop pipeline and terminal facilities for the Fort Hills oil-sands project, at an estimated cost of C$2 billion ($2.1 billion). The shares fell 55 cents, or 1.3 percent, to C$40.41.
Holloway Lodging Real Estate Investment Trust (HLR-U CN): Royal Host Real Estate Investment Trust (RYL-U CN), the owner and manager of Travelodge and Thriftlodge hotels, said it acquired an additional 3.27 million units of Holloway, another hotel property owner. The purchase took Royal Host's stake in Holloway to 5.12 million units, or 13.2 percent of outstanding shares, Royal Host said in a statement carried on Marketwire.
Holloway gained 10 cents, or 2.4 percent, to C$4.35, while Royal Host added 4 cents, or 0.6 percent, to C$6.98.
Katanga Mining Ltd. (KAT CN): The company restarting the Democratic Republic of the Congo's biggest underground copper mine said in a statement distributed by Market Wire that shareholders approved a tripling in its issued share capital to 300 million. The shares fell C$1.20, or 8.2 percent, to C$13.49.
Talisman Energy Inc. (TLM CN): Chief Executive Officer John Manzoni put on hold the possible sale of natural-gas transporting and processing assets because of the Alberta government's decision to raise energy royalty rates. The shares gained 35 cents, or 1.8 percent, to C$20.40.
pennystock-profits.com
The Standard & Poor's/TSX Composite Index fell 8.66, or 0.1 percent, to 14,363.88.
Enbridge Inc. (ENB CN): The owner of Canada's biggest pipeline said it agreed with Fort Hills Energy LP to develop pipeline and terminal facilities for the Fort Hills oil-sands project, at an estimated cost of C$2 billion ($2.1 billion). The shares fell 55 cents, or 1.3 percent, to C$40.41.
Holloway Lodging Real Estate Investment Trust (HLR-U CN): Royal Host Real Estate Investment Trust (RYL-U CN), the owner and manager of Travelodge and Thriftlodge hotels, said it acquired an additional 3.27 million units of Holloway, another hotel property owner. The purchase took Royal Host's stake in Holloway to 5.12 million units, or 13.2 percent of outstanding shares, Royal Host said in a statement carried on Marketwire.
Holloway gained 10 cents, or 2.4 percent, to C$4.35, while Royal Host added 4 cents, or 0.6 percent, to C$6.98.
Katanga Mining Ltd. (KAT CN): The company restarting the Democratic Republic of the Congo's biggest underground copper mine said in a statement distributed by Market Wire that shareholders approved a tripling in its issued share capital to 300 million. The shares fell C$1.20, or 8.2 percent, to C$13.49.
Talisman Energy Inc. (TLM CN): Chief Executive Officer John Manzoni put on hold the possible sale of natural-gas transporting and processing assets because of the Alberta government's decision to raise energy royalty rates. The shares gained 35 cents, or 1.8 percent, to C$20.40.
pennystock-profits.com
Cesp, Vale, Copec, Bancolombia, Bimbo: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares fell 0.4 percent to 4,497.50 on Nov. 2 when markets in Brazil and Mexico were closed for holidays.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Cia. Energetica de Sao Paulo (CESP6 BS): Sao Paulo state hired Citigroup Inc. to start planning the sale of its 33 percent stake in Cesp, Brazil's third-largest power generator, the company said in a late Nov. 1 statement. The hiring is ``a very important milestone towards a potential privatization,'' UBS Pactual analysts including Pedro Batista wrote in a Nov. 2 research note. They reiterated a ``buy'' rating. Uniao de Bancos Brasileiros analyst Fernando Abdalla raised his rating to ``buy'' from ``hold.'' Cesp fell 1.9 percent to 32.17 reais.
Votorantim Celulose e Papel SA (VCPA4 BS): Deutsche Bank analyst Marcelo Luna raised his rating on American depositary receipts (VCP US) of the pulp producer to ``buy'' from ``hold''. VCP's stock fell 1.44 reais to 53.51 reais on Nov. 1.
Cia. Vale do Rio Doce (VALE5 BZ): The world's second- largest nickel producer is reviewing plans by its Indonesian unit to build smelters at two projects pending an assessment of the amount of mineral reserves, Roberto Castello Branco, director of investor relations, told reporters in Jakarta late Nov. 1. Vale fell 99 centavos, or 1.8 percent, to 53.67 reais.
Renar Macas SA (RNAR3 BS): The Fraiburgo, Brazil-based apple producer fully insured its orchards for damage from hail to protect against loss of its 2007-2008 crop. The company paid 12 million reais ($6.9 million) for the policy, Renar said in a Nov. 1 filing to Brazil's securities regulator. The shares fell 15 centavos, or 6 percent, to 2.35 reais.
pennystock-profits.com
The Morgan Stanley Capital International index of Latin American shares fell 0.4 percent to 4,497.50 on Nov. 2 when markets in Brazil and Mexico were closed for holidays.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Cia. Energetica de Sao Paulo (CESP6 BS): Sao Paulo state hired Citigroup Inc. to start planning the sale of its 33 percent stake in Cesp, Brazil's third-largest power generator, the company said in a late Nov. 1 statement. The hiring is ``a very important milestone towards a potential privatization,'' UBS Pactual analysts including Pedro Batista wrote in a Nov. 2 research note. They reiterated a ``buy'' rating. Uniao de Bancos Brasileiros analyst Fernando Abdalla raised his rating to ``buy'' from ``hold.'' Cesp fell 1.9 percent to 32.17 reais.
Votorantim Celulose e Papel SA (VCPA4 BS): Deutsche Bank analyst Marcelo Luna raised his rating on American depositary receipts (VCP US) of the pulp producer to ``buy'' from ``hold''. VCP's stock fell 1.44 reais to 53.51 reais on Nov. 1.
Cia. Vale do Rio Doce (VALE5 BZ): The world's second- largest nickel producer is reviewing plans by its Indonesian unit to build smelters at two projects pending an assessment of the amount of mineral reserves, Roberto Castello Branco, director of investor relations, told reporters in Jakarta late Nov. 1. Vale fell 99 centavos, or 1.8 percent, to 53.67 reais.
Renar Macas SA (RNAR3 BS): The Fraiburgo, Brazil-based apple producer fully insured its orchards for damage from hail to protect against loss of its 2007-2008 crop. The company paid 12 million reais ($6.9 million) for the policy, Renar said in a Nov. 1 filing to Brazil's securities regulator. The shares fell 15 centavos, or 6 percent, to 2.35 reais.
pennystock-profits.com
суббота, 3 ноября 2007 г.
Canada Stocks Fall on Credit, Dollar Concern; Brookfield Drops
Most Canadian stocks fell, led by Brookfield Asset Management Inc., on concern that tighter credit and Canada's strongest currency ever will reduce profits even as commodity prices soar.
Royal Bank of Canada and other finance companies declined on concern they may have to revalue their assets, after Deutsche Bank AG said writedowns for subprime losses at Merrill Lynch & Co., the biggest broker, may rise another $10 billion.
Barrick Gold Corp. and Canadian Oil Sands Trust paced gains among materials and energy shares, as bullion prices broke through $800 an ounce and oil advanced. The Standard & Poor's/TSX Composite Index slipped 8.66, or 0.1 percent, to 14,363.88 in Toronto, as two stocks fell for every one that rose in the benchmark. It gained 0.5 percent for the week.
`We know the banks' balance sheets are worth less than stated. We don't know how much less,'' said Donald Coxe, global portfolio strategist at BMO Financial Group in Chicago. ``With gold going through $800 and oil near $95, many stocks with big index weights are benefiting.''
Brookfield Asset dropped C$3.01, or 7.9 percent, to C$35.04 its steepest decline since Sept. 11, 2001, and the worst performance today in the S&P/TSX.
The Toronto-based manager of more than $75 billion of real estate, power plants and infrastructure assets said third-quarter earnings fell 62 percent and missed analyst estimates as interest costs rose. Brookfield Asset's interest costs jumped 56 percent in the quarter on debt taken on to finance acquisitions, while depreciation and amortization of acquired assets rose 84 percent.
Chilean Stocks Fall on Credit Crunch Concerns: Latin Equity
Chile's main stock index fell the most in two months on speculation more writedowns of U.S. subprime mortgage losses will crimp financing worldwide.
Chile's Ipsa index of 40 stocks retreated 62.73, or 1.8 percent, to 3,388.45. Peru's main index fell 1.6 percent, while markets in Brazil and Mexico were closed.
Easily traded stocks with American depositary receipts, such as energy company Enersis SA, led today's decline after the Morgan Stanley Capital International index of Latin American shares fell 2.2 percent yesterday when Chile's market was closed for All Saints Day. U.S. financial stocks dropped again today as Merrill Lynch & Co.'s biggest drop in six years reinforced global credit concerns.
``Yesterday was a pretty bad day all round and Chile has some catching up to do,'' Brian Chase, an analyst at UBS Pactual in Santiago, said by phone. ``Today is another dose of risk aversion and a bit of house cleaning.''
Deutche Bank AG sent U.S. financial shares lower, saying in a report that Merrill may write down another $10 billion, after taking an $8.4 billion hit last week.
Chile's Ipsa completed a 3.1 percent weekly decline, its steepest since the first week of September. Enersis, the index's heaviest weighted stock, dropped 2.1 percent to 190 pesos. Its generation unit Empresa Nacional de Electricidad SA fell 2.4 to 747.01 pesos. Cencosud SA, Chile's biggest retailer and the index's second heaviest-weighted stock, declined 2.6 percent to 2,070 pesos.
пятница, 2 ноября 2007 г.
Las Vegas Sands, Casinos Retreat; Pepco Gains: U.S. After-Hours
Las Vegas Sands Corp. tumbled in extended U.S. trading and dragged down other gaming stocks after the world's largest casino company by market value reported a surprise third-quarter net loss.
Las Vegas Sands shares dropped $19.30, or 15 percent, to $106 at 7 p.m. in New York. The net loss was 14 cents a share, the company said, after baccarat and blackjack players won more in Las Vegas and Macau. Costs to open the Venetian Macao also contributed to the loss. Analysts expected a 28-cent profit, according to the average of six estimates compiled by Bloomberg.
Wynn Resorts Ltd., the casino company run by billionaire Steve Wynn, dropped $12.55, or 8.1 percent, to $142.39 in after- hours trading. MGM Mirage, the second-biggest casino company, fell $1.60 to $87.90.
Pepco Holdings Inc. gained 94 cents, or 3.4 percent, to $28.88. The owner of the utility in and around Washington will replace Manor Care Inc. in the Standard & Poor's 500 Index, S&P said today in a statement posted on its Web site.
The addition of Pepco, which has a market value of $5.41 billion, may support its stock price as money managers tracking the S&P 500 purchase the company's shares.
December futures on the S&P 500 declined 0.80 to 1,515. Nasdaq-100 Index futures fell 2.50 to 2,213.
business-pennystock.com
Las Vegas Sands shares dropped $19.30, or 15 percent, to $106 at 7 p.m. in New York. The net loss was 14 cents a share, the company said, after baccarat and blackjack players won more in Las Vegas and Macau. Costs to open the Venetian Macao also contributed to the loss. Analysts expected a 28-cent profit, according to the average of six estimates compiled by Bloomberg.
Wynn Resorts Ltd., the casino company run by billionaire Steve Wynn, dropped $12.55, or 8.1 percent, to $142.39 in after- hours trading. MGM Mirage, the second-biggest casino company, fell $1.60 to $87.90.
Pepco Holdings Inc. gained 94 cents, or 3.4 percent, to $28.88. The owner of the utility in and around Washington will replace Manor Care Inc. in the Standard & Poor's 500 Index, S&P said today in a statement posted on its Web site.
The addition of Pepco, which has a market value of $5.41 billion, may support its stock price as money managers tracking the S&P 500 purchase the company's shares.
December futures on the S&P 500 declined 0.80 to 1,515. Nasdaq-100 Index futures fell 2.50 to 2,213.
business-pennystock.com
Fairfax, Manitoba Telecom, Open Text: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 252.46, or 1.7 percent, to 14,372.54 in Toronto.
Canfor Corp. (CFP CN): Canada's largest producer of softwood lumber reported its third straight quarterly loss as a slump in homebuilding squeezed demand and the rising Canadian dollar reduced the value of U.S. sales. Canfor fell 18 cents, or 2.1 percent, to C$8.57.
Catalyst Paper Corp. (CTL CN): The newsprint maker reported a third-quarter loss of 8 cents a share excluding some items, more than the 17-cent average loss estimate from analysts in a Bloomberg survey. The shares were unchanged at C$1.42 after falling 60 percent this year.
Fairfax Financial Holdings Ltd. (FFH CN): The insurer had third-quarter earnings of C$13.47 a share before one-time gains and losses. That beat the C$8.26 average estimate of two analysts in a Bloomberg survey. The shares gained C$4.68, or 1.8 percent, to C$265.98.
Manitoba Telecom Services Inc. (MBT CN): Canada's third- largest phone-service provider said net income rose 12 percent after trimming expenses and adding mobile-phone and Internet subscribers. The shares fell 9 cents, or 0.2 percent, to C$46.91.
business-pennystock.com
The Standard & Poor's/TSX Composite Index fell 252.46, or 1.7 percent, to 14,372.54 in Toronto.
Canfor Corp. (CFP CN): Canada's largest producer of softwood lumber reported its third straight quarterly loss as a slump in homebuilding squeezed demand and the rising Canadian dollar reduced the value of U.S. sales. Canfor fell 18 cents, or 2.1 percent, to C$8.57.
Catalyst Paper Corp. (CTL CN): The newsprint maker reported a third-quarter loss of 8 cents a share excluding some items, more than the 17-cent average loss estimate from analysts in a Bloomberg survey. The shares were unchanged at C$1.42 after falling 60 percent this year.
Fairfax Financial Holdings Ltd. (FFH CN): The insurer had third-quarter earnings of C$13.47 a share before one-time gains and losses. That beat the C$8.26 average estimate of two analysts in a Bloomberg survey. The shares gained C$4.68, or 1.8 percent, to C$265.98.
Manitoba Telecom Services Inc. (MBT CN): Canada's third- largest phone-service provider said net income rose 12 percent after trimming expenses and adding mobile-phone and Internet subscribers. The shares fell 9 cents, or 0.2 percent, to C$46.91.
business-pennystock.com
четверг, 1 ноября 2007 г.
Barrick, Brick, Noront, TSX, Rogers: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index rose 312.92, or 2.2 percent, to 14,625 in Toronto.
Barrick Gold Corp. (ABX CN): The world's largest gold producer had third-quarter profit before one-time items of 39 cents a share, less than the average 40-cent estimate of 17 analysts surveyed by Bloomberg. Sales rose 7.8 percent to $1.68 billion, Toronto-based Barrick said in a statement distributed by Marketwire. The shares gained C$1.63, or 4 percent, to C$42.
Brick Brewing Co. (BRB CN): The beer maker abandoned plans to sell itself and Chief Executive Officer Doug Berchtold resigned effective Nov. 2, the Waterloo, Ontario-based company said in a statement. Executive Chairman Jim Brickman will take over until a successor is found. The shares added 1 cent, or 0.7 percent, to C$1.36. They're down 42 percent in 2007.
Noront Resources Ltd. (NOT CN) shares were halted on Toronto's TSX Venture Exchange by Canada's market regulator after the mining-exploration company surged 65 cents, or 12 percent, to C$5.93. Trading was halted ``pending news,'' Market Regulation Services Inc. said in a statement released by Canada NewsWire. Noront Chief Executive Officer Richard Nemis wasn't immediately available to comment.
Rogers Communications Inc. (RCI/B CN): Canada's biggest mobile-phone company may say that third-quarter earnings were 40 cents a share before one-time items, on sales of C$2.68 billion, according to the average estimate in a Bloomberg survey of analyst. On that basis, Rogers earned 43 cents a share on sales of C$2.53 billion in the year-ago quarter.
Silver Wheaton Corp. (SLW CN): The silver miner said that third-quarter profit fell to $19.2 million, or 8 cents a share, from $22.5 million, or 9 cents a share. Earnings before one-time items were 8 cents a share, beating the 7 cents average estimate of six analysts in a Bloomberg survey. The shares gained 84 cents, or 5.5 percent, to C$15.99
Energias do Brasil, Petrobras, Quickfood: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares gained 1.2 percent to 4,616.41 yesterday. Markets in Chile and Peru are closed for a holiday today.
In Brazil, preferred shares are the most commonly traded class of stock.
Argentina
Empresa Distribuidora y Comercializadora Norte SA (EDN AF): The Buenos Aires-based electricity distributor, known as Edenor, said it will buy back notes due 2014 valued at $34.7 million. The company will also buy back $3.45 million in notes due 2016, it said in a regulatory filing after the close of trading yesterday. Shares rose 3 centavos, or 0.8 percent, to 3.94 pesos.
Quickfood SA (PATY AF): Controlling shareholders in Argentina's largest meatpacker agreed to sell 70.5 percent of the company's stock for $130 million to $140 million to an undisclosed buyer, Quickfood wrote in a regulatory filing yesterday. Brazil's second-biggest meatpacker Marfrig Frigorificos e Comercio de Alimentos SA said in a filing to Brazil's securities regulator it is considering buying a 70.5 percent stake in Quickfood. Shares rose 90 centavos, or 5.4 percent, to 17.6 pesos.
Brazil
EDP Energias do Brasil SA (ENBR3 BS): Third-quarter earnings at the Brazilian unit of Portugal's biggest power company signal that Energias do Brasil is ``beginning a turnaround'' in revenue after a slowdown in growth during the second quarter, Ativa Corretora analyst Monica Araujo wrote in a report e-mailed yesterday. The Sao Paulo-based company fell 52 centavos, or 1.8 percent, to 27.98 reais.
Industrias Romi SA (ROMI3 BS): The Santa Barbara d'Oeste, Brazil-based machine-toolmaker reported better margins on third- quarter earnings before interest, taxes, depreciation and amortization due to financial returns from money raised in an April share sale and a reduction in tax rates, Banco do Brasil Investimentos analyst Luis Claudio Tavares wrote in a note e- mailed yesterday. Romi gained 78 centavos, or 3.6 percent, to 22.35 reais.
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