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The PremiereTrade Market Wrap for 12/04/07
Manage episode 155430505 series 1155888
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According to a survey from the International Council of Shopping Centers and UBS Securities, chain-store sales for the week ended Dec. 1st rose 3.1% from the year-ago period. On a week-over-week basis, sales dropped 2%.
Oil prices rose a bit today as investors placed bets on whether OPEC oil ministers would increase production during a meeting later this week. High prices were supported by comments from Iranian President Mahmoud Ahmadinejad that he opposes a production increase by the Organization of Petroleum Exporting Countries, as well as Libya's oil chief who said he does not think the cartel will raise output.
Yahoo Japan Corp. and eBay Inc. (EBAY) agreed to team up in online auctions, planning services for next year that will make it easier for consumers to buy things over the Internet from the U.S. and Japan. The move marks a return to Japan of eBay, which pulled out of the market in 2002.
Dow Chemical Co. (DOW) will close several operations, cutting 1,000 jobs, as part of its effort to improve the cost effectiveness of its global operations.
Cerberus Capital Management LP and H&R Block Inc. (HRB) announced they terminated their agreement for Cerberus to purchase H&R Block's mortgage subsidiary, which has now stopped accepting new mortgage applications.
In Forex News
The yen rose against the dollar and euro after comments from U.S. Treasury Secretary Henry Paulson failed to revive credit-market confidence, prompting traders to sell higher-yielding assets bought with loans from Japan. The yen advanced against 15 of the 16 most-active traded currencies after equity markets in Europe and Asia fell and U.S. stock-index futures slipped.
The euro was up against the dollar and the pound after a report showed European producer-price inflation accelerated in October to the fastest pace this year, stoking speculation the European Central Bank won't be able to cut interest rates.
The Bank of Canada said it's cutting its target rate by a quarter-point to 4.25%, citing inflation figures that were below expectations and downside risks to the bank's inflation projection. Officials said that global financial market difficulties related to the valuation of structured products and anticipated losses on U.S. sub-prime mortgages have worsened since mid-October, and are expected to persist for a longer period of time.
Scheduled Economic Reports (Wednesday)
Productivity (Q3), ISM Non-Manufacturing (Nov), Factory Orders (Oct)
In Earnings News
Nokia (NOK), the world's biggest maker of mobile phones, raised its forecast for profit margins while predicting a further decline in selling prices next year.
Merck & Co. (MRK) forecast higher profit for next year as it plans to boost sales of its cervical cancer vaccine and diabetes pill to offset lost revenue to cheaper generic competition.
AutoZone Inc. (AZO) said fiscal first-quarter earnings rose 7 percent on an increase in sales, particularly of parts with high profit margins.
Sanderson Farms Inc. (SAFM) said its fourth-quarter profit more than doubled due to higher chicken prices.
Scheduled Earnings Reports (Wednesday)
Casella Waste Systems, Neiman Marcus, Casey?s General Stores, Novell
Stocks in the News
Philips-Van Heusen?s (PVH) third-quarter net income rose to $60.8 million, or $1.05 a share, from $50.8 million, or 89 cents a share, in the prior-year period
AFC Enterprises (AFCE) named a director, John Cranor, chairman to succeed Frank Belatti, who is retiring.
Tower Semiconductor (TSEM) said that in an effort to increase profitability, it would cut jobs, diversify its sources of materials and parts.
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Oil prices rose a bit today as investors placed bets on whether OPEC oil ministers would increase production during a meeting later this week. High prices were supported by comments from Iranian President Mahmoud Ahmadinejad that he opposes a production increase by the Organization of Petroleum Exporting Countries, as well as Libya's oil chief who said he does not think the cartel will raise output.
Yahoo Japan Corp. and eBay Inc. (EBAY) agreed to team up in online auctions, planning services for next year that will make it easier for consumers to buy things over the Internet from the U.S. and Japan. The move marks a return to Japan of eBay, which pulled out of the market in 2002.
Dow Chemical Co. (DOW) will close several operations, cutting 1,000 jobs, as part of its effort to improve the cost effectiveness of its global operations.
Cerberus Capital Management LP and H&R Block Inc. (HRB) announced they terminated their agreement for Cerberus to purchase H&R Block's mortgage subsidiary, which has now stopped accepting new mortgage applications.
In Forex News
The yen rose against the dollar and euro after comments from U.S. Treasury Secretary Henry Paulson failed to revive credit-market confidence, prompting traders to sell higher-yielding assets bought with loans from Japan. The yen advanced against 15 of the 16 most-active traded currencies after equity markets in Europe and Asia fell and U.S. stock-index futures slipped.
The euro was up against the dollar and the pound after a report showed European producer-price inflation accelerated in October to the fastest pace this year, stoking speculation the European Central Bank won't be able to cut interest rates.
The Bank of Canada said it's cutting its target rate by a quarter-point to 4.25%, citing inflation figures that were below expectations and downside risks to the bank's inflation projection. Officials said that global financial market difficulties related to the valuation of structured products and anticipated losses on U.S. sub-prime mortgages have worsened since mid-October, and are expected to persist for a longer period of time.
Scheduled Economic Reports (Wednesday)
Productivity (Q3), ISM Non-Manufacturing (Nov), Factory Orders (Oct)
In Earnings News
Nokia (NOK), the world's biggest maker of mobile phones, raised its forecast for profit margins while predicting a further decline in selling prices next year.
Merck & Co. (MRK) forecast higher profit for next year as it plans to boost sales of its cervical cancer vaccine and diabetes pill to offset lost revenue to cheaper generic competition.
AutoZone Inc. (AZO) said fiscal first-quarter earnings rose 7 percent on an increase in sales, particularly of parts with high profit margins.
Sanderson Farms Inc. (SAFM) said its fourth-quarter profit more than doubled due to higher chicken prices.
Scheduled Earnings Reports (Wednesday)
Casella Waste Systems, Neiman Marcus, Casey?s General Stores, Novell
Stocks in the News
Philips-Van Heusen?s (PVH) third-quarter net income rose to $60.8 million, or $1.05 a share, from $50.8 million, or 89 cents a share, in the prior-year period
AFC Enterprises (AFCE) named a director, John Cranor, chairman to succeed Frank Belatti, who is retiring.
Tower Semiconductor (TSEM) said that in an effort to increase profitability, it would cut jobs, diversify its sources of materials and parts.
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