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US midday: Losses trimmed
Wed, 07 Jan, 2009
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US midday: Losses trimmed
Thu, 21 Aug 2008, 17:13:00
Leading shares are mostly lower, albeit off the bottom, with fallers outnumbering risers among blue-chips by about two to one. Financial stocks lead the way down, as balance sheet concerns refuse to go away while retailers are also out of favour. <br /><br />The Dow Jones 30 is down 30 at 11,386, while the S&P 500 sheds 1 point at 1,266. The NASDAQ Composite is 16 points lower at 2,372.<br /><br />Citicorp has added to the banking sector's woes with a report suggesting that <b>Goldman Sachs</b>, <b>Lehman Brothers</b> and <b>Morgan Stanley</b> could write down an aggregate $6.4bn in their third quarter results.<br /><br />Ratings firm Standard & Poors also stuck the knife in to the US banking sector by warning that more downgrades could be on the cards. S&P said in a report released today that US banks are about halfway through the credit downturn.<br /><br /><b>Merrill Lynch</b> also declines, despite its largest shareholder hinting it might be interested in increasing its stake. State-owned Singaporean investment company Temasek has around a 5% stake in Merrill Lynch, for which it paid $5bn on Christmas Eve. Since then the value of the shares has halved.<br /><br />Swiss bank UBS has depressed the supermarket sector with suggestions that inflation will erode retailers' margins. Supermarket chain <b>Supervalu</b> is hit hard by the report, while <b>Safeway</b> also retreats.<br /><br />The rising oil price is hurting stocks of fuel dependent companies such as <b>General Motors</b> and <b>US Airways</b>. Conversely, oil stocks such as <b>Chevron</b> and <b>Exxon</b> are motoring forward.<br /><br />Phone equipment maker <b>JDS Uniphase</b> dialled all the wrong numbers when its fourth quarter results unexpectedly showed a loss.<br /><br />In other company news, <b>HJ Heinz</b> saw first-quarter profit rise 11% to $229m thanks to sales that rose 14% to $2.58m, while <b>Burger King</b> saw profits jump 42% in the fourth quarter, driven by strong sales.<br /><br /><b>S&P 500 - Risers</b><br />Limited Brands Inc (LTD) $19.65 +9.35%<br />Peabody Energy Corp (BTU) $68.40 +6.29%<br />Massey Energy Co (MEE) $68.85 +6.15%<br />Fannie Mae (FNM) $4.64 +5.45%<br />D R Horton Inc (DHI) $11.23 +4.66%<br /><br /><b>S&P 500 - Fallers</b><br />Jds Uniphase Corp (JDSU) $9.86 -17.14%<br />Sovereign Bancorp (SOV) $8.07 -8.09%<br />M B I A Inc (MBI) $9.97 -4.96%<br />Amer Intl Group Inc (AIG) $19.78 -4.90%<br />Tesoro Corp (TSO) $16.94 -4.88%<br /><br /><b>Dow Jones I.A - Risers</b><br />Chevron Corp (CVX) $88.43 +2.28%<br />Exxon Mobil Cp (XOM) $80.55 +2.21%<br /><br /><b>Dow Jones I.A - Fallers</b><br />Amer Intl Group Inc (AIG) $19.78 -4.90%<br />General Motors (GM) $9.82 -3.35%
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