All Posts Tagged With: "market news"
Global Investing News
Berkshire’s Armor Cracks; JPMorgan Bags $5 Billion Selling Deriviates; Recordati Proposes Increased Divided; China May Double Stimulus This Week; Homes Sales Continue to Break Down;
- After recording its worst financial results ever last year, Warren Buffet’s Berkshire Hathaway Inc. (BRK.A, BRK.B) announced it would cut manufacturing jobs and close facilities to buffer itself against the recession. “Berkshire’s operating companies have taken and will continue to take cost reduction actions in response to the current economic situation, including curtailing production, reducing capital expenditures, closing facilities and reducing employment to partially compensate for the declines in demand,” the firm said in a regulatory…
Global Investing Roundups
Kenya Growth Stalls Quickly; Caterpillar Cuts Pay and Jobs; Wal-Mart Offers $2.66 Billion for Chile’s Biggest Grocer; Walgreen Falls Short, Cuts Opening Plans; Palm Gets $100 Million Injection; JPMorgan Buys UBS Assets; Oil Falls 6%
- Kenya’s economy grew 2.1% in the third quarter, down significantly from the 6.3% gross domestic product growth it posted a year earlier. On top of the global financial crisis, Kenya suffered from post-election violence and a severe drought, Bloomberg reported.
- Caterpillar Inc. (CAT) said it will offer buyouts to some employees and cut white-collar pay by up to 50%. Last week, the heavy equipment maker announced…
Global Investing Roundups
Jobless Claims Rise to 516,000; Wal-Mart Earnings Soar; Intel Lowers 4Q Forecast; Urban Outfitters Clocks $59 Million 3Q Earnings; Budget Deficit Hits Record High; Volatile Crude Climbs 3.7%; U.S. Steel Lays Off 677 NA Employees;
- Initial jobless claims jump to their highest level since 9/11, rising 32,000 to 516,000 in the week ended Nov. 8, the Labor Department said yesterday (Thursday). The total number of people collecting unemployment benefits is at the highest level since 1983, CNNMoney.com reported.
- Despite consumer spending dropping 3.1% in the third quarter, Wal-Mart Stores Inc. (WMT) beat estimates by reporting a 9.8% gain in third-quarter profit. The…
Global Investing Roundups
EADS Eyes Tunisia; McDonald’s Thrives on Slump; Reynolds American Makes Cuts; DOJ Hires Big Gun to Scrutinize Google-Yahoo Deal; Google Space; Pending Home Sales Collapse; Manpower Decline; Deficit to Soar to Record in 2009
-European Aeronautic, Defence & Space Co. NV (PINK: EADSY), parent company of Airbus SAS, announced yesterday (Tuesday) that it would shift production operations to non-European Union countries such as Tunisia in an effort to cut costs, Bloomberg News reported. “We’re planning to produce basic parts in Tunisia, while research and production of more sophisticated parts and composites would be in Europe,†EADS spokeswoman Gaelle Pellerin said yesterday,…
10Sep2008 | Money Morning | Comments Off | ContinuedContradictory Economic Reports Whipsaw Investor Expectations
No wonder this economy is so hard to figure out: The economic reports are as volatile as the economy itself.
Just when the dreaded “R” word seemed to be creeping back into the daily office chatter, a few economic reports last week seemed to reaffirm that the enhanced pessimism may be a tad bit early.
In the second quarter, gross domestic product (GDP) grew at a 3.3% pace, a significant upward revision from the 1.9% growth rate reported last month. While analysts were hoping that the summer tax rebates would provide more of a boost than initially posted, most were surprised by…
2Sep2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Target Misses the Mark; General Dynamics Broadens Horizons; Chavez Bounces Cemex; Manchester United Scores with Saudi Deal; Lacker Lobbies for Rate Hike; Carlyle Group Chair Steps Down; Hedge Fund Fraud Judgment; Quiznos Overseas Expansion
-Target Corp. (TGT) yesterday (Tuesday) reported a 7.6% drop in second-quarter profit to $634 million, or 82 cents per share. Sales were up 5.7% to $15 billion from $14.2 billion, but same-store sales, or sales at stores opened at least a year, slipped 0.4%.
-General Dynamics Corp. (GD) announced yesterday (Tuesday) that it would buy Jet Aviation for about $2.25 billion in cash. General Dynamics – best known…
20Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Deere Misses Estimates; Genentech Rejects Roche Bid; Crude Rises on Inventory Report; China Fire & Security an Earnings Inferno; Joining Forces to Battle Insider Trading; Best Buy’s Coup; Merrill Slashes Wall St. Ratings; Ford’s European Makeover
-Deere & Co. (DE), the world’s largest maker of farm equipment, dropped the most in 20 years after reporting earnings that missed analyst estimates yesterday (Wednesday). The company reported third-quarter profit rose 7% to $575.2 million, but $140 million increase in raw materials and freight costs pushed profit below estimates. Deere stock fell as low as $61 a share before closing at $67.10.
-Genentech Inc. (DNA) yesterday…
14Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Sony Goes Solo; P&G’s Socks Strong Second Quarter; Service Sector Shrinks; D.R. Horton Now a Fixer-Upper; Lehman in For a Trim; Adidas Brings its “A” Game; Farmland Values Skyrocket; Russian Fire Sale
-Bertelsmann AG will sell its half of Sony BMG Music Entertainment to Sony Corp. for $900 million giving the Japanese company full ownership of the joint venture, The Associated Press reported. A statement released by the privately held Bertelsmann said the new company will be called Sony Music Entertainment Inc.
-The Procter & Gamble Co. (PG) reported a 33% jump in fourth-quarter profit yesterday (Tuesday) as the consumer-products maker overcame soaring…
6Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Wells Fargo Jumps 32% on Dividend Hike; Crude Falls $10 in Two Days; Home Building Collapses; Gazprom Threatens to Take Belarus to Court; Gannett’s 2nd Quarter Tumble; SK Telecom Eyes up Sprint?; Time Warner Travels to Seattle; Delta’s $1 Billion Loss Turns to Gains
Wells Fargo Co. (WFC) stock jumped 32% after the nation’s fifth largest bank raised its dividend by 10%, from 31 cents a share to 34 cents. The company reported second-quarter profit fell 22% as more customers defaulted on loans, but the dividend hike was enough to answer any questions concerning the company’s stability.
Light, sweet crude for August…
17Jul2008 | Money Morning | Comments Off | Continued
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