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Analytics, News, and Forecasts for CFD Markets: stock news — 23-10-2012.
European stocks declined for a third day, with the Stoxx Europe 600 Index (SXXP) sliding to its lowest level in almost seven weeks as results from companies including Alfa Laval AB and D.E Master Blenders (DE) 1753 NV disappointed investors.
Alfa Laval and D.E Master Blenders fell at least 5 percent each. Mulberry Group Plc (MUL) plunged 24 percent after unexpectedly saying profit will fall. Chemical makers including Arkema SA (AKE) tumbled after DuPont Co.’s earnings lagged forecasts.
The Stoxx Europe 600 Index lost 1.7 percent to 268.40 at the close of trading, its lowest level since Sept. 5.
European stocks fell yesterday as investors speculated that Spain will face less pressure to seek a bailout after a victory in regional elections for Prime Minister Mariano Rajoy.
Moody’s Investors Service lowered its credit rating on Catalonia and four other Spanish regions. The decision was “driven by the deterioration in their liquidity positions, as evidenced by their very limited cash reserves as of September 2012 and their significant reliance on short-term credit lines to fund operating needs,” the ratings company said.
National benchmark indexes fell in all of the 18 western European markets except Iceland.
FTSE 100 5,799.95 -82.96 -1.41% CAC 40 3,405.84 -77.41 -2.22% DAX 7,173.85 -154.20 -2.10%
Alfa Laval (ALFA) slipped 5.7 percent to 116.80 kronor. The company reported third-quarter order intake of 7.29 billion kronor ($1.1 billion), missing the estimates of Deutsche Bank AG and UBS AG. Alpha Laval said it sees fourth-quarter demand in line with or lower than that of the third quarter.
D.E Master Blenders, the coffee and tea company spun off by Sara Lee Corp. in June, lost 5.3 percent to 9.28 euros after it posted first-quarter revenue that missed analyst estimates as price increases in Germany led consumers to reduce purchases. Revenue fell 1.5 percent to 645 million euros in the three months through September, the company said. Analysts had expected sales of 664 million euros.
Mulberry tumbled 24 percent to 1,006 pence. The British luxury-handbag maker said in an unscheduled announcement that profit will fall because of declining shipments to wholesale customers. Pretax profit will rise to 41.8 million pounds ($66.9 million) in the fiscal year through March.
Burberry Plc (BRBY), the largest U.K. luxury-goods maker, slid 3.2 percent to 1,134 pence.
Norsk Hydro ASA (NHY), Europe’s third-largest aluminum maker, retreated 5.2 percent to 25.48 kroner. The company posted a third-quarter net loss of 277 million kroner ($49 million), compared with a profit of 997 million kroner a year earlier. That surpassed a loss estimate of 142 million kroner.
Nokia Oyj (NOK1V) fell 5.1 percent to 2.05 euros. The mobile-phone maker trying to cope with falling sales and dwindling cash will sell 750 million euros of convertible bonds to address approaching debt maturities.
Michelin & Cie (ML) added 3.4 percent to 63.97 euros. The world’s second-largest tiremaker said third-quarter revenue rose 5.7 percent to 5.44 billion euros, beating the 5.31 billion-euro average of analyst.
U.S. stock futures fell amid disappointing results at companies from 3M Co. to DuPont (DD) Co. and as commodities erased their gain for the year.
Global Stocks:
Nikkei 9,014.25 +3.54 +0.04%
Hang Seng 21,697.55 +145.79 +0.68%
Shanghai Composite 2,114.45 -18.31 -0.86%
FTSE 5,806.49 -76.42 -1.30%
CAC 3,423.05 -60.20 -1.73%
DAX 7,202.88 -125.17 -1.71%
Crude oil $86.89 -1,99%
Gold $1710.60 -0.91%
European stocks slipped for a third day as earnings reports from companies disappointed investors.
Moody’s Investors Service lowered its credit rating on Catalonia and four other Spanish regions. The decision was “driven by the deterioration in their liquidity positions, as evidenced by their very limited cash reserves as of September 2012 and their significant reliance on short-term credit lines to fund operating needs,” the ratings company said.
Alfa Laval slipped 6.5 percent to 115.80 kronor. The company reported third-quarter order intake of 7.29 billion kronor ($1.1 billion), missing the estimates of Deutsche Bank AG and UBS AG. Alpha Laval said it sees fourth-quarter demand in line with or lower than that of the third quarter.
Norsk Hydro ASA declined 3.2 percent to 26.03 kroner. Europe’s third-largest aluminum maker reported a loss in the third quarter as prices for its goods declined. The net loss was 277 million kroner ($49 million), compared with a profit of 997 million kroner a year earlier, the company said.
Michelin added 4.5 percent to 64.67 euros. The company said third-quarter revenue rose 5.7 percent on higher demand for specialty tires. Sales increased to 5.44 billion euros from 5.14 billion euros a year earlier, beating the 5.31 billion-euro average of analyst estimates.
Lafarge SA, the world’s biggest cement maker, gained 0.8 percent to 45.18 euros. Credit Suisse Group AG raised its rating on the stock to outperform, the equivalent of buy, from neutral.
FTSE 100 5,839.88 -43.03 -0.73%
CAC 40 3,466.25 -17.00 -0.49%
DAX 7,267.31 -60.74 -0.83%
Asia stocks move off early highs to trade mostly lower, as dividend worries dent Japanese utility firms, while steel makers weigh in Seoul.
Nikkei 225 9,014.25 +3.54 +0.04%
S&P/ASX 200 4,543.1 +2.10 +0.05%
Shanghai Composite 2,116.42 -16.34 -0.77%
Acer slid 3.3 percent in Taipei as Asia’s second-largest computer maker posted third-quarter profit and sales that missed estimates.
Canon Inc., the world’s biggest camera maker that gets about 31 percent of sales from Europe, dropped 1.5 percent in Tokyo.
Kansai Electric Power Co. sank 7.9 percent after the Nikkei newspaper reported the Japanese utility won’t pay a dividend.
Asian stocks fell, with the regional benchmark index retreating after its biggest weekly advance in a month, as Japan’s exports dropped at the fastest pace since last year’s post-earthquake slump amid a global economic slowdown and a territorial dispute with China.
Nikkei 225 9,010.71 +8.03 +0.09%
S&P/ASX 200 4,541 -30.07 -0.66%
Shanghai Composite 2,134.24 +5.94 +0.28%
Komatsu Ltd., the Japanese maker of construction machinery that gets 14 percent of sales from China, slid 2.4 percent in Tokyo.
Treasury Wine Estates Ltd. slumped 7.3 percent in Sydney after Australia’s biggest wine maker forecasting a decline in first-half earnings.
GrainCorp Ltd. jumped 39 percent after Archer-Daniels-Midland Co. offered to buy the Australian grain handler.
European stocks fell for a second day as Japanese exports tumbled and investors speculated that victory in regional elections for Spain’s Prime Minister Mariano Rajoy reduces pressure for him to seek a bailout.
The Stoxx Europe 600 Index (SXXP) slipped 0.4 percent to 272.93 in London, having earlier risen as much as 0.3 percent. The measure lost 0.8 percent on Oct. 19 as European Union leaders failed to discuss additional assistance for Spain at a summit in Brussels. The gauge has still rallied 17 percent from the June 4 low as the European Central Bank unveiled a bond-purchase program to support the economy.
Japan’s exports slid 10.3 percent in September from a year earlier, leaving a trade deficit of 558.6 billion yen ($7 billion), the Finance Ministry said in Tokyo today. The median forecast in a Bloomberg survey of analysts was for a 9.9 percent export decline. The drop was the most since May 2011, two months after a magnitude-9 quake struck Japan’s northeast, triggering a tsunami and a nuclear disaster that led to the shuttering of most of the nation’s reactors.
National benchmark indexes fell in nine of the 18 western European markets.
FTSE 100 5,882.91 -13.24 -0.22% CAC 40 3,483.25 -21.31 -0.61% DAX 7,328.05 -52.59 -0.71%
In Spain, Rajoy’s party extended its majority in the stronghold region of Galicia, winning 41 of the 75 seats in the regional assembly. Spanish bonds fell, sending the yield on 10- year debt up 9 basis points to 5.46 percent.
Greek Prime Minister Antonis Samaras will meet with the heads of the parties supporting his coalition government tomorrow to discuss 13.5 billion euros ($17.6 billion) of budget measures for 2013 and 2014 to persuade creditors to release further funds for the debt-stricken nation.
Veolia, the world’s largest water company, fell 4.5 percent to 8.13 euros and Suez Environnement dropped 1.6 percent to 8.30 euros after denying merger talks.
Nexans tumbled 6.7 percent to 33.96 euros, dropping the most in almost six months. The world’s second-biggest maker of cables reduced its full-year revenue forecast, predicting “stable” sales compared with a previous prediction for “slight organic growth.”
Valeo SA (FR), France’s second-largest car-parts maker, slid 3.7 percent to 34.62 euros as the stock was reduced to hold from buy at Deutsche Bank.
Aggreko Plc (AGK), the world’s biggest provider of mobile power supplies, slipped 2.8 percent to 2,077 pence. The company was cut to underweight, the equivalent of sell, from neutral at HSBC Holdings Plc.
Philips advanced 5.6 percent to 20.08 euros, the biggest gain in almost three months. The company said third-quarter earnings before interest, taxes, amortization and one-time items rose 43 percent to 562 million euros. Analysts in a Bloomberg survey had predicted 520 million euros. Sales of 6.13 billion euros beat a 5.95 billion-euro prediction.
Scania rose 3.2 percent to 124.10 kronor. The Swedish truckmaker controlled by Volkswagen AG said orders for its trucks and buses fell 10 percent in the third quarter, compared with a 14 percent drop in the previous period. Net income of 1.5 billion kronor ($230 million) was in line with analysts’ estimates.
OC Oerlikon AG rallied 4.3 percent to 9.48 Swiss francs. The Swiss maker of textile machinery and car gears said Chinese regulators approved the sale of its solar division to Tokyo Electron Ltd.
Salzgitter AG (SZG), Germany’s second-biggest steelmaker, gained 3.7 percent to 34.76 euros as Credit Suisse Group AG raised the stock to outperform, the equivalent of buy, from neutral.
Major U.S. stock indices ended the session slightly above zero, showing a significant increase at the end of the auction.
At the same time, there remain high chances of continuation of Friday's decline, which had a broad-based and held at high volumes. The focus of the market participants are quarterly reports of companies.
Today, a quarterly report presented by Caterpillar (CAT), which is one of the world's largest construction equipment manufacturers (see the article published in the 12:30 GMT). Earnings per share was higher than forecast, but revenue was below expectations. At the same time, the company lowered its forecasts for the financial indicators for 2012 and 2013.
In CAT noted that "conditions in the global economy proved weaker than expected."
Also voiced expectations that the "global economic growth in 2013 will be slightly higher" than 2012. Expected "modest improvement in the U.S., China and most developing countries, but the difficulties in Europe will continue."
Most of the components of the index DOW are in the red. Grew more than others in the share price Hewlett-Packard Company (HPQ, +1,21%). Shares fell more than other Microsoft Corporation (MSFT, -2,34%).
All sectors, except one, are in the red zone. More than other sectors of manufactured goods fell (-0.6%). Growth captures only high-tech sector (+0.4%)
At the close:
Dow 13,345.89 +2.38 +0.02%
Nasdaq 3,016.96 +11.34 +0.38%
S & P 500 1,433.79 +0.60 +0.04%
Change % Change Last
Nikkei 225 9,010.71 +8.03 +0.09%
S&P/ASX 200 4,541 -30.07 -0.66%
Shanghai Composite 2,134.24 +5.94 +0.28%
FTSE 100 5,882.91 -13.24 -0.22%
CAC 40 3,483.25 -21.31 -0.61%
DAX 7,328.05 -52.59 -0.71%
Dow 13,345.89 +2.38 +0.02%
Nasdaq 3,016.96 +11.34 +0.38%
S&P 500 1,433.79 +0.60 +0.04%
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