U.S. stock-index futures tumbled after Citigroup Inc., the country's largest bank, said it may write down an additional $11 billion, rekindling concern that subprime- mortgages losses will grow.
``This adds a new doubt,'' said Salah Seddik, a fund manager at Richelieu Finance in Paris, which oversees $5 billion. ``Losses could be more than expected and the return to normal is taking longer than we thought. Uncertainty is weighing on financial shares.''
Bear Stearns Cos. declined after Lehman Brothers Holdings Inc. downgraded its recommendation the stock. JPMorgan Chase & Co., the third-largest U.S. bank, and American Express Co. fell in Europe. Citigroup advanced after saying Chief Executive Officer Charles Prince is stepping down.
Standard & Poor's 500 Index futures expiring in December sank 12.8 to 1,504.8 as of 8:51 a.m. in London. Dow Jones Industrial Average futures retreated 101 to 13,541 and Nasdaq 100 Index futures decreased 17 to 2,206.5.
Energy and computer companies rallied on Nov. 2 after a better-than-expected jobs report signaled the economy may avoid a recession. Merrill Lynch & Co. led financial shares to their steepest two-day loss since 2002.
Citigroup said yesterday that Prince is stepping down after subprime mortgages and related securities lost as much as $11 billion of their value in the past month, on top of more than $6 billion of charges reported for the third quarter, a decline that may wipe out half of the bank's profit so far this year.
microcappics.com
понедельник, 5 ноября 2007 г.
суббота, 3 ноября 2007 г.
Berkshire, DTE Energy, Seaboard, WellCare: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges on Nov. 5. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
American International Group Inc. (AIG US): The company's former chief executive, Maurice ``Hank'' Greenberg, began a campaign to shake up the insurer's management and may seek the sale of some units, he said today in a filing. The shares of New York-based AIG, the world's largest insurer, rose $2.13, or 3.6 percent, in extended trading to $61.25.
Berkshire Hathaway Inc. (BRK/A US): The investment company controlled by billionaire investor Warren Buffett said third- quarter profit surged 64 percent after gains from its investment in PetroChina Co. The stock rose $1,250 to $132,500 in regular trading.
DTE Energy Co. (DTE US): The owner of Michigan's largest utility said operating earnings excluding synthetic fuel are expected to be $425 million to $450 million this year, down from a previous forecast of as much as $485 million. The stock rose 27 cents to $48.99 in regular trading.
Force Protection Inc. (FRPT US): The largest supplier of blast-resistant trucks to the U.S. Marine Corps said it extended its agreement to pay royalty fees to the Republic of South Africa's Council for Scientific and Industrial Research for the transfer of intellectual property rights, according to a regulatory filing. The stock lost 1 cent to $17.75 in regular trading.
KB Home (KBH US): The homebuilder said Ray Irani resigned from the company's board. No reason was given for the move. The stock fell 77 cents to $25.11 in regular trading.
U.S. Stocks Rise on Jobs Growth; Schlumberger, Apple Advance
Energy and computer companies rallied, carrying the Standard & Poor's 500 Index to its third advance this week, after a better-than-expected jobs report outweighed concern banks face mounting credit losses.
Schlumberger Ltd. and Halliburton Co., the biggest oilfield services companies, gained as oil rose to a record $95.93 a barrel. Apple Inc., Google Inc. and Intel Corp. climbed on prospects employment growth will increase consumer spending, helping the economy avoid a recession.
Merrill Lynch & Co. led financial shares to their steepest two-day loss since 2002 as the market completed its second weekly decline in two months. The S&P 500 rose 1.21, or 0.1 percent, to 1,509.65 today, while the Dow Jones Industrial Average increased 27.23, or 0.2 percent, to 13,595.1 and the Nasdaq Composite Index added 15.55, or 0.6 percent, to 2,810.38. About 18 stocks gained for every 17 that fell on the New York Stock Exchange.
``Energy, technology -- they have ties back to strong global growth,'' said Mark Bronzo, who helps manage $500 million at Nationwide Separate Accounts in Irvington, New York. ``Today's jobs number give you some comfort that the domestic economy is not getting worse, so that's good news.''
The gain of 166,000 jobs in October was almost double the forecast of economists in a Bloomberg survey. The Labor Department report helped the S&P 500 recover some of yesterday's 2.6 percent drop, its worst since August, spurred by speculation Citigroup Inc. will have to cut its dividend to retain capital.
пятница, 2 ноября 2007 г.
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.
Open Text Corp. (OTC CN): The maker of networking software had fiscal first-quarter profit of 43 cents excluding some items. Analysts expected 37 cents, the average estimate in a Bloomberg survey. The shares gained 49 cents, or 1.7 percent, to C$30.
microcapknowlege.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.
Open Text Corp. (OTC CN): The maker of networking software had fiscal first-quarter profit of 43 cents excluding some items. Analysts expected 37 cents, the average estimate in a Bloomberg survey. The shares gained 49 cents, or 1.7 percent, to C$30.
microcapknowlege.com
Bancolombia, Distribucion y Servicio: 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 2.2 percent to 4,515.35 yesterday. Markets in Chile and Peru were closed for holidays yesterday. Markets in Brazil and Mexico are closed today.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Distribucion y Servicio D&S SA (DYS CC): The board of Chile's biggest supermarket chain agreed to pay an interim dividend of 2 pesos a share. The dividend will be paid on Nov. 26 to shareholders of record on Nov. 20, the Santiago-based retailer wrote in a regulatory filing after the close of trading Oct. 31. D&S fell 2.06 pesos, or 0.7 percent, to 300.27 pesos.
Parque Arauco SA (PARAUCO CC): The Santiago, Chile-based mall developer and operator confirmed it has held talks with IRSA Inversiones y Representaciones SA, Argentina's biggest real-estate developer, to sell its stake in Alto Palermo SA. The parties haven't reached an agreement over terms of the deal, or a timeframe for the negotiations, Parque Arauco said in an Oct. 31 regulatory filing. El Mercurio newspaper reported Parque Arauco will sell the stake to IRSA for $200 million to $230 million by year's end. Parque Arauco rose the most in four months, adding 35 pesos, or 5.8 percent, to 635 pesos on Oct.31, when trading was halted.
Colombia
Bancolombia SA (BCOLO CB): Plans by Colombia's biggest lender to charge a 1,500 peso fee on ATM transactions for high- use customers may generate ``negative publicity,'' though the bank says it expects a ``minimum loss'' of customers, Interbolsa SA analysts including Rupert Stebbings wrote in a note e-mailed yesterday. The Medellin-based bank fell 260 pesos, or 1.5 percent, to 17,120 pesos.
microcapknowlege.com
The Morgan Stanley Capital International index of Latin American shares fell 2.2 percent to 4,515.35 yesterday. Markets in Chile and Peru were closed for holidays yesterday. Markets in Brazil and Mexico are closed today.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Distribucion y Servicio D&S SA (DYS CC): The board of Chile's biggest supermarket chain agreed to pay an interim dividend of 2 pesos a share. The dividend will be paid on Nov. 26 to shareholders of record on Nov. 20, the Santiago-based retailer wrote in a regulatory filing after the close of trading Oct. 31. D&S fell 2.06 pesos, or 0.7 percent, to 300.27 pesos.
Parque Arauco SA (PARAUCO CC): The Santiago, Chile-based mall developer and operator confirmed it has held talks with IRSA Inversiones y Representaciones SA, Argentina's biggest real-estate developer, to sell its stake in Alto Palermo SA. The parties haven't reached an agreement over terms of the deal, or a timeframe for the negotiations, Parque Arauco said in an Oct. 31 regulatory filing. El Mercurio newspaper reported Parque Arauco will sell the stake to IRSA for $200 million to $230 million by year's end. Parque Arauco rose the most in four months, adding 35 pesos, or 5.8 percent, to 635 pesos on Oct.31, when trading was halted.
Colombia
Bancolombia SA (BCOLO CB): Plans by Colombia's biggest lender to charge a 1,500 peso fee on ATM transactions for high- use customers may generate ``negative publicity,'' though the bank says it expects a ``minimum loss'' of customers, Interbolsa SA analysts including Rupert Stebbings wrote in a note e-mailed yesterday. The Medellin-based bank fell 260 pesos, or 1.5 percent, to 17,120 pesos.
microcapknowlege.com
четверг, 1 ноября 2007 г.
Jones Lang LaSalle, ManTech International: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed yesterday. Stock symbols are in parentheses after company names.
Crocs Inc. (CROX US) fell $17.45, or 23 percent, to $57.30 after the official close of U.S. exchanges yesterday. The maker of colorful casual footwear in a foam-like material reported third-quarter sales of $256.3 million. That trailed the average estimate of $258.3 million by eight analysts in a Bloomberg survey.
FMC Corp. (FMC US) fell $4.50, or 7.8 percent, to $53 in extended trading yesterday. The world's largest producer of natural soda ash reported third-quarter revenue of $626.6 million. Analysts estimated the company would post revenue of $640.6 million, the average in a Bloomberg survey.
Jones Lang LaSalle Inc. (JLL US) rose $11.67, or 12 percent, to $107 after the official close of U.S. exchanges yesterday. The world's second-largest commercial real estate broker said third-quarter profit jumped 88 percent on property and investment management fees.
ManTech International Corp. (MANT US) rose $1.64, or 4.1 percent, to $41.40 in extended trading yesterday. The provider of computer-related services to the U.S. government reported profit, excluding some items, of 51 cents a share, a 24 percent gain from a year ago. That beat analyst estimates of 48 cents, the average in a Bloomberg survey.
Plexus Corp. (PLXS US) rose $4.40, or 17 percent, to $30.20 in extended trading yesterday. The contract electronics manufacturer said that, excluding some items, it expects to earn 58 cents to 63 cents a share in the fiscal first quarter. The average estimate from analysts was 42 cents, according to a Bloomberg survey.
Fed Reduces Interest Rates
Energy Rally
Energy shares rose after crude oil advanced to a record $94.74 a barrel in New York following an Energy Department report that showed U.S. inventories fell to a two-year low. Oil advanced 16 percent this month.
Exxon climbed 85 cents to $91.99. Hess Corp. jumped $2.85 to $71.61. The fifth-largest U.S. oil company said third-quarter profit rose 33 percent as higher oil prices and production outweighed a narrowing of refining margins.
Microsoft rallied $1.24 to $36.81, its highest price since June 2001, after a Sanford C. Bernstein & Co. analyst said the shares were undervalued because of the company's growth potential. Technology shares increased 1.7 percent as a group.
Raw-materials producers gained the most among 10 industry groups in the S&P 500, climbing 2.5 percent. Newmont Mining, the world's second-largest gold producer, led gains, climbing $4.46 to $50.90. Third-quarter profit before one-time items rose to 57 cents a share, more than double the 25-cent average estimate of 13 analysts surveyed by Bloomberg.
Early Rally
Stocks rose before the Fed's decision after the government said higher exports, consumer spending and business investment boosted gross domestic product by the most since the first three months of 2006. Economists in a Bloomberg survey had forecast growth of 3.1 percent. The Fed's preferred gauge of inflation, which is tied to consumer spending and strips out food and energy costs, advanced at a 1.8 percent annual pace, above the 1.5 percent forecast by economists.
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