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Analytics, News, and Forecasts for CFD Markets: stock news — 24-10-2012.
European stocks advanced, after yesterday tumbling the most in four weeks, as technology companies rallied, outweighing worsening economic data from the euro area.
SAP AG (SAP) gained 4.2 percent after the world’s biggest maker of business-management software raised its full-year revenue target as license sales beat estimates. STMicroelectronics NV (STM) climbed 4.2 percent on plans to cut costs. Volvo AB and Nordea Bank AB (NDA) retreated more than 1.5 percent after the companies reported third-quarter earnings that missed projections.
The Stoxx Europe 600 Index (SXXP) rose 0.4 percent to 269.52 at the close in London, after earlier falling as much as 0.4 percent.
Stocks slid earlier as separate reports showed euro-area services and manufacturing output have contracted more than economists had forecast, while German business confidence unexpectedly declined.
In Munich, the Ifo institute said its business-climate index, based on a survey of 7,000 executives, dropped to 100 from 101.4 in September. That’s the sixth straight decline and the lowest reading since February 2010. Economists had predicted an increase to 101.6.
National benchmark indexes climbed in 15 of the 18 western- European markets.
FTSE 100 5,804.78 +6.87 +0.12% CAC 40 3,426.49 +19.99 +0.59% DAX 7,192.85 +19.16 +0.27%
Stocks also advanced today after a report in China showed a measure of manufacturing in the world’s second-largest economy rose for October. The preliminary reading of a purchasing managers’ index from HSBC Holdings Plc and Markit increased to 49.1. The final level in September was 47.9.
SAP rallied 4.2 percent to 55.07 euros after the company said sales of new licenses, an indicator of future revenue, increased 12 percent to 1.03 billion euros ($1.3 billion), excluding currency swings. That exceeded the average analyst estimate of 980 million euros. The company also forecast that growth in software and related services sales, based on non-IFRS accounting rules, will reach the upper end of a range of 10.5 percent to 12.5 percent this year, because of contributions from Ariba Inc. and
STMicroelectronics gained 4.2 percent to 4.85 euros after Europe’s largest chipmaker said it will cut costs by $150 million a year by the end of 2013 and will temporarily close plants. The company forecast that fourth-quarter revenue may fall as much as 5 percent amid weakening demand in Europe.
ASML Holding NV (ASML), Europe’s largest semiconductor-equipment supplier, advanced 2.7 percent to 41.58 euros. ARM Holdings Plc (ARM) climbed 5.6 percent to 675.5 pence, extending yesterday’s 7.7 percent rally.
Volkswagen AG climbed 3.1 percent to 151 euros after Europe’s largest carmaker reported earnings that met analysts’ estimates and sales that increased. Operating profit fell 19 percent in the third quarter to 2.34 billion euros, in line with the 2.39 billion-euro average analyst estimate. Sales rose 27 percent to 48.8 billion euros.
Reckitt Benckiser Group Plc (RB/) gained 3.7 percent to 3,768 pence, the highest price since at least 1988, after the maker of Nurofen reported revenue that beat estimates.
Telenor ASA (TEL) jumped 6.1 percent to 110.70 kroner after Norway’s largest phone operator reported a 41 percent surge in third-quarter net income to 3.65 billion kroner ($634 million) helped by increasing sales in markets such as Thailand and Malaysia. Analysts had predicted profit of 3.4 billion kroner, the average of estimates compiled by Bloomberg. Sales advanced 2.5 percent to 25.3 billion kroner.
PSA Peugeot Citroen dropped 4.6 percent to 5.56 euros after the French government guaranteed as much as 7 billion euros of new bonds for Europe’s second-largest carmaker in exchange for greater influence over its strategy.
U.S. stock futures advanced on signs a slump in China’s factory output is easing and speculation America’s housing market is improving.
Global Stocks:
Nikkei 8,954.3 -59.95 -0.67%
Hang Seng +66.23 +0.31%
Shanghai Composite 2,115.99 +1.54 +0.07%
FTSE 5,816.27 +18.36 +0.32%
CAC 3,422.97 +16.47 +0.48%
DAX 7,200.43 +26.74 +0.37%
Crude oil $86.52 -0,17%
Gold $1711.70 +0.13%
DuPont (DD) was downgraded to a Neutral at JPMorgan.
European stocks were little changed, following yesterday’s biggest tumble in four weeks, as a report showed euro-area services and manufacturing contracted more than economists had estimated.
So, today it was announced that in October, preliminary PMI in the service sector eurozone fell to 46.2, the index in the manufacturing sector was 45.3, while the composite PMI fell to 45.8, the three results were lower than expected. Weak performance further clouded the picture, before a broken index PMI in France and Germany. Results of the study IFO in Germany also fell short of analysts' expectations in all categories.
Volvo AB slid 4.9 percent after the truckmaker’s third- quarter profit missed analysts’ estimates.
SAP AG gained 4 percent after the company raised its full-year revenue target as software license sales exceeded analysts’ projections.
FTSE 100 5,800.62 +2.71 +0.05%
CAC 40 3,417.26 +10.76 +0.32%
DAX 7,179.9 +6.21 +0.09%
Asian stocks dropped, with the regional benchmark index heading for its fourth straight loss, as the global economic slowdown crimps corporate earnings and after commodities erased this year’s gains.
Nikkei 225 8,954.3 -59.95 -0.67%
S&P/ASX 200 4,505.8 -37.27 -0.82%
Shanghai Composite 2,113.26 -1.19 -0.06%
BHP Billiton Ltd., the world’s largest mining company, declined 1.4 percent in Sydney.
Kawasaki Heavy Industries Ltd. sank 5.7 percent Tokyo after the gas-turbine maker said first- half earnings missed its forecasts.
Esprit Holdings Ltd. slumped 11 percent as the clothier resumed trading in Hong Kong after saying first-quarter sales plummeted and it plans to raise HK$5.2 billion ($671 million) in a rights offer.
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.
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.
Major U.S. stock indexes rebounded slightly from session lows, but still a significant drop of completed trades.
Today's decline, as well as Friday's, there has been broad-based (in the red all the main sectors and almost all the components of the index DOW) and runs at higher volumes.
The pressure on the indices are weak quarterly reports.
Today, prior to the regular session of the financial statements for the third quarter released 3M (MMM), DuPont (DD) and United Technologies (UTX). Data reports the Giants were quite weak compared with the forecasts. Particularly adverse market participants perceived lowering forecasts for the full 2012 fiscal year, which made all the three above mentioned companies.
Today's reports reaffirmed the trend of the season quarterly report, according to which the financial performance of companies of the real sector of the economy in the last quarter of the reporting out much worse than those for the sector of finance. Against this background, the U.S. improved macroeconomic performance, which can be observed in recent years can not hold the index of the decline.
Almost all the components of the index DOW are in the red. More than the others fell in the share price E. I. du Pont de Nemours and Company (DD, -9.61%), 3M Co. (MMM, -4.14%), Alcoa, Inc. (AA, -3.41%), Chevron Corporation (CVX, -3.07%), Hewlett-Packard Company (HPQ, -2.99%).
Above zero are still only stock Intel (INTC, +0.71%) and Microsoft (MSFT, 0.20%).
All sectors are in the red zone. The largest drop demonstrates the basic materials sector (-2.4%), and conglomerates sector (-2.6%). At the same time, the smallest decline shows utilities and technology sector, which fell by 0.9% to 1.0% respectively.
At the close:
Dow -243.28 13,103.06 -1.82%
Nasdaq -26.50 2,990.46 -0.88%
S & P -20.69 1,413.13 -1.44%
Change % Change Last
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%
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%
Dow -243.28 13,103.06 -1.82%
Nasdaq -26.50 2,990.46 -0.88%
S&P -20.69 1,413.13 -1.44%
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