(MarketWatch) -- Google Inc. shares fell late Thursday, losing grip of gains that had arrived following the search giant's better-than-expected quarterly results.
The stock was last down 0.7% at $388.50 after trading more than 5% higher in the wake of the company's report of net income of $1.4 billion, or $4.49 a share. Last year, Google made $1.3 billion or $4.12 a share. Net revenue was $4.07 billion for the most recent period.
On a conference call, the company said its business model demonstrated resilience during the period, but that it's "absolutely" feeling the impact of the economic downturn.
Earnings at Google excluding special items were $5.16 a share. Analysts had expected Google to post earnings excluding special items of $4.93 a share on $4.08 billion in net revenue, according a Thomson Reuters survey of analysts
Read more here
Thursday, 16 April 2009
Asian Stocks Climb as Toshiba, JPMorgan Fuel Growth Optimism
(Bloomberg) -- Asian stocks advanced, with the regional benchmark index heading for its sixth-consecutive weekly gain, as earnings reports from Toshiba Corp. and JPMorgan Chase & Co. lifted confidence the global recession is easing.
Toshiba, Japan’s largest semiconductor maker, jumped 4.4 percent after posting a smaller operating loss than previously forecast. HSBC Holdings Plc, which owns a U.S. mortgage business, climbed 2.6 percent in Hong Kong on optimism banking profits are recovering. Woolworths Ltd., Australia’s largest retailer, gained 3.1 percent in Sydney on better-than-estimated sales.
“Investors are optimistic that we will see better news from the second quarter onwards, said Tat Auyeung, a fund manager at Apex Capital Management in Hong Kong, which oversees $500 million. ‘‘Confidence in the market is returning.’’
The MSCI Asia Pacific Index added 1.5 percent to 90.26 at 12:04 p.m. in Tokyo, erasing its losses for the year. The gauge has risen 2.6 percent this week. A sixth weekly gain would be the longest winning streak since December 2006.
Japan’s Nikkei 225 Stock Average climbed 2.2 percent to 8,949.55. South Korea’s Kospi index gained 0.8 percent and Australia’s S&P/ASX 200 Index added 1.6 percent. All markets open for trading advanced except China.
Nippon Steel Corp., the world’s No. 2 maker of the alloy, surged 9 percent in Tokyo trading on speculation that price cuts offered to automakers were less than anticipated. Megaworld Corp., the third-largest Philippine builder by market value, advanced 7.8 percent in Manila on higher profit.
Jobless Claims
Futures on the U.S. Standard & Poor’s 500 Index lost 0.4 percent. The gauge gained 1.6 percent yesterday as JPMorgan, the country’s second-largest bank by assets, reported a 10 percent decline in first-quarter earnings to $2.14 billion, or 40 cents a share. That beat the estimate of 32 cents expected by analysts surveyed by Bloomberg.
The MSCI Asia Pacific Index has rallied 27 percent from a more than five-year low reached on March 9 amid signs government measures worldwide to ease the global recession are working. The U.S. Labor Department reported yesterday new jobless claims in the week ended April 11 fell by the fewest since January.
Analysts’ earnings estimates for companies included in the MSCI benchmark started to rise this month after a year of falling predictions, data compiled by Bloomberg show.
Toshiba added 4.4 percent to 332 yen in Tokyo. The operating loss, or sales minus the cost of goods sold and administrative expenses, was 250 billion yen ($2.5 billion), or 11 percent smaller than the company’s previous 280 billion yen loss projection, the company said.
Nokia, Google
Computer-memory chipmakers climbed after prices of the benchmark dynamic random access memory, or DRAM, chips climbed 7.6 percent yesterday to the highest since Oct. 14. Hynix Semiconductor Inc. gained 7.6 percent to 14,250 won, while largest memory chipmaker Samsung Electronics Co. rose 3.1 percent to 599,000 won in Seoul.
Technology shares also rose after Nokia Oyj, the world’s biggest maker of mobile phones, said yesterday that demand was stabilizing. Google Inc., the world’s most popular search engine, said first-quarter profit rose 8.9 percent, exceeding analysts’ estimates.
Finance stocks on the MSCI Asia Pacific Index accounted for 22 percent of the gauge’s advance today. The shares are the third-best performers of the MSCI measure’s 10 industry groups in the past month.
Read more here
Toshiba, Japan’s largest semiconductor maker, jumped 4.4 percent after posting a smaller operating loss than previously forecast. HSBC Holdings Plc, which owns a U.S. mortgage business, climbed 2.6 percent in Hong Kong on optimism banking profits are recovering. Woolworths Ltd., Australia’s largest retailer, gained 3.1 percent in Sydney on better-than-estimated sales.
“Investors are optimistic that we will see better news from the second quarter onwards, said Tat Auyeung, a fund manager at Apex Capital Management in Hong Kong, which oversees $500 million. ‘‘Confidence in the market is returning.’’
The MSCI Asia Pacific Index added 1.5 percent to 90.26 at 12:04 p.m. in Tokyo, erasing its losses for the year. The gauge has risen 2.6 percent this week. A sixth weekly gain would be the longest winning streak since December 2006.
Japan’s Nikkei 225 Stock Average climbed 2.2 percent to 8,949.55. South Korea’s Kospi index gained 0.8 percent and Australia’s S&P/ASX 200 Index added 1.6 percent. All markets open for trading advanced except China.
Nippon Steel Corp., the world’s No. 2 maker of the alloy, surged 9 percent in Tokyo trading on speculation that price cuts offered to automakers were less than anticipated. Megaworld Corp., the third-largest Philippine builder by market value, advanced 7.8 percent in Manila on higher profit.
Jobless Claims
Futures on the U.S. Standard & Poor’s 500 Index lost 0.4 percent. The gauge gained 1.6 percent yesterday as JPMorgan, the country’s second-largest bank by assets, reported a 10 percent decline in first-quarter earnings to $2.14 billion, or 40 cents a share. That beat the estimate of 32 cents expected by analysts surveyed by Bloomberg.
The MSCI Asia Pacific Index has rallied 27 percent from a more than five-year low reached on March 9 amid signs government measures worldwide to ease the global recession are working. The U.S. Labor Department reported yesterday new jobless claims in the week ended April 11 fell by the fewest since January.
Analysts’ earnings estimates for companies included in the MSCI benchmark started to rise this month after a year of falling predictions, data compiled by Bloomberg show.
Toshiba added 4.4 percent to 332 yen in Tokyo. The operating loss, or sales minus the cost of goods sold and administrative expenses, was 250 billion yen ($2.5 billion), or 11 percent smaller than the company’s previous 280 billion yen loss projection, the company said.
Nokia, Google
Computer-memory chipmakers climbed after prices of the benchmark dynamic random access memory, or DRAM, chips climbed 7.6 percent yesterday to the highest since Oct. 14. Hynix Semiconductor Inc. gained 7.6 percent to 14,250 won, while largest memory chipmaker Samsung Electronics Co. rose 3.1 percent to 599,000 won in Seoul.
Technology shares also rose after Nokia Oyj, the world’s biggest maker of mobile phones, said yesterday that demand was stabilizing. Google Inc., the world’s most popular search engine, said first-quarter profit rose 8.9 percent, exceeding analysts’ estimates.
Finance stocks on the MSCI Asia Pacific Index accounted for 22 percent of the gauge’s advance today. The shares are the third-best performers of the MSCI measure’s 10 industry groups in the past month.
Read more here
Wednesday, 15 April 2009
Asian Stocks Climb on Growth Optimism; Sony, Tenaga Advance
(Bloomberg) -- Asian stocks climbed, lifting the regional benchmark index to the highest in more than three months, on growing optimism that stimulus efforts and record-low interest rates are easing the global recession.
Sony Corp., which gets 25 percent of its sales in the U.S., rose 3.1 percent in Tokyo as the Federal Reserve’s Beige Book survey showed the U.S. slowdown is moderating. Mitsubishi Electric Corp. jumped 4 percent on speculation a venture will merge with NEC Electronics Corp., Japan’s No. 3 chipmaker. Tenaga Nasional Bhd., Malaysia’s largest electricity provider, added 4.6 percent on higher-than-estimated profit.
“We’re probably seeing a bottoming out in the economy,” said Arjuna Mahendran, Asia chief investment strategist in Singapore HSBC Private Bank, which oversees $494 billion in assets. “The second quarter will be good for stocks as corporate earnings should bounce.”
The MSCI Asia Pacific Index advanced 1.5 percent to 90.33 at 12:14 p.m. in Tokyo, wiping out its losses for 2009. The gauge, which is set to close at the highest level since Jan. 7, has rallied 28 percent from a five-year low reached on March 9.
Japan’s Nikkei 225 Stock Average jumped 2.9 percent to 8,996.39, while South Korea’s Kospi index climbed 1.6 percent. Benchmark indexes in Hong Kong and China fell as a government report showed the Chinese economy grew at the slowest pace in almost 10 years.
Australand Property Group, a unit of Singapore’s CapitaLand Ltd., surged 12 percent in Sydney after it got approvals from banks to refinance debt. Mitsui OSK Lines Ltd. gained 2.9 percent in Tokyo, pacing gains among shipping companies, after transport rates rose.
Fed Survey
Futures on the Standard & Poor’s 500 Index lost 0.3 percent. The gauge rose 1.3 percent in New York yesterday after credit card provider American Express Co. said bad loans increased at a slower pace in March.
Global stocks rallied from the lowest levels in more than a decade on speculation government stimulus worldwide will end the global recession. Investors in 10 countries grew less concerned that stocks will keep falling, Bloomberg’s Professional Global Confidence Survey showed. It was the first unanimous improvement in the gauge since it began 17 months ago.
Sony, the world’s second-largest maker of consumer electronics, climbed 3.1 percent to 2,520 yen. Toyota Motor Corp., which gets 37 percent of its sales from North America, added 1.3 percent to 3,850 yen.
Read more at Bloomberg
Sony Corp., which gets 25 percent of its sales in the U.S., rose 3.1 percent in Tokyo as the Federal Reserve’s Beige Book survey showed the U.S. slowdown is moderating. Mitsubishi Electric Corp. jumped 4 percent on speculation a venture will merge with NEC Electronics Corp., Japan’s No. 3 chipmaker. Tenaga Nasional Bhd., Malaysia’s largest electricity provider, added 4.6 percent on higher-than-estimated profit.
“We’re probably seeing a bottoming out in the economy,” said Arjuna Mahendran, Asia chief investment strategist in Singapore HSBC Private Bank, which oversees $494 billion in assets. “The second quarter will be good for stocks as corporate earnings should bounce.”
The MSCI Asia Pacific Index advanced 1.5 percent to 90.33 at 12:14 p.m. in Tokyo, wiping out its losses for 2009. The gauge, which is set to close at the highest level since Jan. 7, has rallied 28 percent from a five-year low reached on March 9.
Japan’s Nikkei 225 Stock Average jumped 2.9 percent to 8,996.39, while South Korea’s Kospi index climbed 1.6 percent. Benchmark indexes in Hong Kong and China fell as a government report showed the Chinese economy grew at the slowest pace in almost 10 years.
Australand Property Group, a unit of Singapore’s CapitaLand Ltd., surged 12 percent in Sydney after it got approvals from banks to refinance debt. Mitsui OSK Lines Ltd. gained 2.9 percent in Tokyo, pacing gains among shipping companies, after transport rates rose.
Fed Survey
Futures on the Standard & Poor’s 500 Index lost 0.3 percent. The gauge rose 1.3 percent in New York yesterday after credit card provider American Express Co. said bad loans increased at a slower pace in March.
Global stocks rallied from the lowest levels in more than a decade on speculation government stimulus worldwide will end the global recession. Investors in 10 countries grew less concerned that stocks will keep falling, Bloomberg’s Professional Global Confidence Survey showed. It was the first unanimous improvement in the gauge since it began 17 months ago.
Sony, the world’s second-largest maker of consumer electronics, climbed 3.1 percent to 2,520 yen. Toyota Motor Corp., which gets 37 percent of its sales from North America, added 1.3 percent to 3,850 yen.
Read more at Bloomberg
Many in SA will lose their jobs
Weaker economic growth has slashed hiring in the formal sector in the past quarters.
There are already 37 000 fewer workers in the motor industry, says Willem Schroeder, general secretary of the Motor Industry Bargaining Council (Mibco).
Statistics from the Textile Federation of South Africa and the National Bargaining Council for the Clothing Manufacturing Industry indicate a loss of 8 000 posts in the clothing and textile industry over the past year.
Another 8 000 to 10 000 jobs are expected to be shed by the industry in the year ahead.
The Chinese quota system, little support from the government and higher input costs are advanced as the main reasons for the losses. Analysts reckon the economic downturn has been the catalyst causing the industry to unravel.
In the manufacturing sector as a whole it is uncertain how many jobs are under threat. This sector certainly provides more than 1.7m people with work, and the February manufacturing figures from Statistics South Africa (SSA) last week do not bring good tidings.
According to SSA's numbers the February production for the entire sector was some 15% weaker than a year ago.
The poorer demand for resources has hammered the mining industry, a huge employer of unskilled men.
Since the fourth quarter of last year Section 189 notices for planned retrenchments of about 32 000 mineworkers have been issued to unions, according to a Solidarity trade union database.
Even the financial sector has seen a number of retrenchments, reports Ben Venter, deputy general secretary of bank union SASBO.
Read more at Fin24
There are already 37 000 fewer workers in the motor industry, says Willem Schroeder, general secretary of the Motor Industry Bargaining Council (Mibco).
Statistics from the Textile Federation of South Africa and the National Bargaining Council for the Clothing Manufacturing Industry indicate a loss of 8 000 posts in the clothing and textile industry over the past year.
Another 8 000 to 10 000 jobs are expected to be shed by the industry in the year ahead.
The Chinese quota system, little support from the government and higher input costs are advanced as the main reasons for the losses. Analysts reckon the economic downturn has been the catalyst causing the industry to unravel.
In the manufacturing sector as a whole it is uncertain how many jobs are under threat. This sector certainly provides more than 1.7m people with work, and the February manufacturing figures from Statistics South Africa (SSA) last week do not bring good tidings.
According to SSA's numbers the February production for the entire sector was some 15% weaker than a year ago.
The poorer demand for resources has hammered the mining industry, a huge employer of unskilled men.
Since the fourth quarter of last year Section 189 notices for planned retrenchments of about 32 000 mineworkers have been issued to unions, according to a Solidarity trade union database.
Even the financial sector has seen a number of retrenchments, reports Ben Venter, deputy general secretary of bank union SASBO.
Read more at Fin24
Thursday, 27 March 2008
Durable Goods Orders Fell 1.7% In February
... European exporters and weakness in the European equities markets. In his testimony before the European Parliament, ... secondary effects of wage increases, particularly in Germany. He warned of downside risks but said ...
TransGlobe Energy Corporation Announces Filing of 2007 Year-End Disclosure Documents
... production operations in the Arab Republic of Egypt, the Republic of Yemen and in Alberta, ... TransGlobes common shares trade on the Toronto Stock Exchange under the symbol TGL and on the ...
Egypts Helwan Cement 2007 net rises 23 percent
... news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Reuters ...
Subscribe to:
Posts (Atom)
