U.S. markets recover from day’s low on back of positive retail sales data & M&A news. Dow Jones end down 44 pts at 12832.2; recovers nearly 50 pts from day’s low. Nasdaq ends up 6.6 pts at 2495; recovers nearly 23 pts from day’s low. Financial index down nearly 1.5% on Oppenheimer downgrades and Moody’s concern over MBIA & Ambac. Asian markets open mixed; Shanghai up 1.5%, Taiwan up 0.5%, Straits Times up 0.2%, Nikkei, Kospi marginally in the red, Hang Seng down 0.75%. EMs; Brazil up 0.12%, Russia up 0.80%. CBOE VIX up 1% at 17.98.
Commodities/ Currencies
Crude oil hits new all-time high at $126.98/bbl in yesterday’s trade during the day. Gold loses nearly 2% or $20 at $867/ounce in yesterday’s trade. Dollar rebounds against major currencies; Yen depreciates by 1% at 104.6.
Global Stocks
HP stock down 5.5%; traders fears that HP is overpaying for EDS. EDS stock up 1% at 24.4 (was up 28% day before yesterday); HP offer price at $25. Wal-Mart stock down 2.4%; earnings top expectations, but outlook is somewhat cautious. Yahoo! Stock up 5%; reports that investor Carl Icahn mulling a Yahoo proxy fight. Oppenheimer cut its earnings estimates on Goldman Sachs, Merrill Lynch, Lehman Brothers & Morgan Stanley. Moody's concerned over the capitalization ratios of MBIA & Ambac; portfolio losses are higher than expected.
Global News
US April retail sales ex-autos rose 0.5%, which is better than expectations of 0.2%. Japan’s current account lessens 12.3% on account of slow export growth & higher oil costs. China’s retail sales rose 22% in April; fastest pace since 1999.
Commodities/ Currencies
Crude oil hits new all-time high at $126.98/bbl in yesterday’s trade during the day. Gold loses nearly 2% or $20 at $867/ounce in yesterday’s trade. Dollar rebounds against major currencies; Yen depreciates by 1% at 104.6.
Global Stocks
HP stock down 5.5%; traders fears that HP is overpaying for EDS. EDS stock up 1% at 24.4 (was up 28% day before yesterday); HP offer price at $25. Wal-Mart stock down 2.4%; earnings top expectations, but outlook is somewhat cautious. Yahoo! Stock up 5%; reports that investor Carl Icahn mulling a Yahoo proxy fight. Oppenheimer cut its earnings estimates on Goldman Sachs, Merrill Lynch, Lehman Brothers & Morgan Stanley. Moody's concerned over the capitalization ratios of MBIA & Ambac; portfolio losses are higher than expected.
Global News
US April retail sales ex-autos rose 0.5%, which is better than expectations of 0.2%. Japan’s current account lessens 12.3% on account of slow export growth & higher oil costs. China’s retail sales rose 22% in April; fastest pace since 1999.
No comments:
Post a Comment