Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.
Market Action
- US: Dow: 13183.20 (0.09%), S&P 500: 1397.72 (0.26%), NASDAQ: 3051.75 (0.36%)
- Europe: CAC: 3563.38 (-0.03%), DAX: 7110.61 (0.44%), FTSE: 5936.04 (-0.16%).
- Asia-Pacific:Australia: 4277.80 (-0.22%),China: 2373.77 (-0.74%),Hong Kong: 21353.53 (0.21%),India: 5380.50 (-1.53%),Japan: 10123.28 (0.72%).
- Metals: Gold: 1643.00 (0.01%), Silver: 32.16 (-0.07%), Copper: 3.86 (0.34%)
- Energy: Crude Oil: 105.41 (-0.02%), Natural Gas: 2.26 (-1.09%)
- Commodities: Corn: 6.63 (-0.04%), Soya Bean: 13.61 (0.15%), Wheat: 6.47 (-5.25%)
- Currency: EUR/USD: 1.3056 (0.1811%), GBP/USD: 1.5650 (-0.1614%), USD/JPY: 83.3855 (-0.4129%)
- 10 year US Treasury: 2.265% (-0.004)
Market News Update
U.S. markets little changed in early trading: Markets are mixed on Thursday after the Dow Jones Industrial Average rose to the highest level since 2007. The Standard & Poor’s 500 Index decreased 0.1 percent to 1,393.22 at9:49 a.m. The Dow fell 0.1 percent, to 13,177.22, halting a six-day gain.
Jobless claims at 4-year lows: New claims for unemployment benefits hit a four-year low after the Labor Department said initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 351,000.
European markets down: European stocks fell from the highest level since July as Fitch said Britain risked losing its top investment grade. The blue-chip Euro STOXX 50 index added 0.1 percent to 2,576.93 points.
Asian markets end lower: Asian markets ended the day mostly lower on concerns about Chinese growth. Japanese Nikkei bucked the trend and ended higher as the yen’s weakening trend continued to support exporters. The Shanghai Composite ended at the lowest level since Feb. 20, extending a 2.6 percent fall on Wednesday.
Company News Update
- Apple Inc. (AAPL) reached an all-time high above the $600 per share in morning trading.
- Financial companies led by Bank of America Corp. (BAC) and Goldman Sachs Group Inc. (GS) advanced in early trade today.
- Cisco Systems, Inc. (NASDAQ:CSCO) will buy London headquartered, developer of software for multi-channel television networks, NDS, for $5 billion. Private equity fund Permira has a 51 percent stake in NDS, and the remaining 49 percent is held by News Corp. Cisco was down 0.5 percent
- Advanced Micro Devices Inc. (NYSE:AMD) gained 3.8 percent to $8.06 after Jefferies & Co. upgraded it to “buy”.
- The world’s biggest brewer, Anheuser-Busch InBev NV (ABI), helped by a jump in sales of its flagship Budweiser brand, reported fourth-quarter earnings that beat analysts’ estimates.
- HeidelbergCement AG (HEI), the world’s third-largest maker of cement, jumped 3.4 percent after predicting a rise in operating profit and sales this year.
- Wines and spirits major, Pernod-Ricard SA (RI) fell 2.8 percent after shareholder Groupe Bruxelles Lambert SA sold 6.2 million shares of the company for 499 million-euro ($651 million).
- Europe’s largest potash producer, K+S AG (SDF), jumped 6.1 percent after the company reduced its full-year earnings outlook less than expected and forecast strong demand for fertilizer.
- UKdrugmaker Shire Plc (SHP.L) will buy U.S. based biotechnology firm FerroKin BioSciences for about $325 million.
- Telefonica Digital, the growth arm of the telecommunications giant and Spain’s largest phone company, Telefonica SA (TEF.MC), is investing in mobile payments start- Boku to help it expand.
- Nokia (NYSE:NOK) design chief Marko Ahtisaari confirmed widely held view that the company will launch an own tablet later this year. In an interview with Finnish magazine Kauppalehti Optio, Ahtisaari said that he is spending a third of his time on creating a tablet for the cellphone maker.
- Europe’s second-largest bank and Russia’s biggest lender Sberbank (SBER.MM) hopes to sell the $6 billion (7.6 percent) percent government stake and plans to start a roadshow for the sale on April 16.
- Japan’s biggest maker of liquid crystal displays, Sharp was down 5.3 percent after naming Takashi Okuda as the new president.
- Bank of Communications Co Ltd (3328.HK), China’s fifth-largest lender, will raise $8.9 billion by placing shares with existing shareholders such as HSBC (HSBA) and the country’s finance ministry, to meet tighter capital requirements
- Tencent (0700.HK), China’s biggest internet company by revenue, surged to an eight-month intraday high after announcing a 43 percent jump in fourth-quarter revenue.
- Hong Konglisted power company, CLP Holdings (0002.HK) and China Southern Power Grid are in talks to acquire ExxonMobile Energy Limited’s 60 percent stake in Castle Peak Power Company.
- Australia’s leading department store Myer dropped 3.4 percent after reporting a 20 percent drop in first-half profit.
- Shares of Leighton Holdings (LEI.AU) and Macmahon Holdings (MAH.AU) rose inSydney trading after they secured a 340 millionAustralia dollar (US$356 million) contract to develop the Ichthys natural-gas project inDarwin.
Economic Calendar for Thursday, March 15, 2012:
08:30 A.M. ET: Jobless Claims
08:30 A.M. ET: Producer Price Index (February)
08:30 A.M. ET: EmpireStateMfg Survey
09:00 A.M. ET: Net Long-Term TIC Flows (January)
10:00 A.M. ET: Philadelphia Fed Survey
10:30 A.M. ET: EIA Natural Gas Report
04:30 P.M. ET: Fed Balance Sheet
04:30 P.M. ET: Money Supply
