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Stock slump continues on Wall Street

Thu, 23 May 2013 09:50:48 -0400

NEW YORK (AP) — A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program.

HOW TO PLAY IT-Despite hot stock market, you should avoid Japan

Thu, 23 May 2013 09:11:16 -0400

By David Randall NEW YORK, May 23 (Reuters) - Japan's white-hot stock markethas investors crowding in, but there are a few reasons why youshouldn't follow the pack. It's a temptation, of course. The benchmark Nikkei 225 indexis up 50 percent for the year, more than any other developedmarket, and nearly triple the approximate 17 percent gain forthe Standard & Poor's 500 stock index through May 21. This streak prompted investors to put a net $9.1 billioninto Japan equity funds and exchange-traded funds in April. Infact, that's the bulk of the $9. ...

US equities sell-off goes on; futures slump

Thu, 23 May 2013 09:06:51 -0400

NEW YORK (AP) — The momentum of a late sell-off on Wall Street carried over into a second day, sending U.S. futures and global stock markets into retreat.

Angola to open bourse in 2016, secondary bond market end-2013

Thu, 23 May 2013 07:18:50 -0400

By Shrikesh Laxmidas LISBON (Reuters) - Angola plans to open its much-delayed stock market in 2016 and could even bring it forward to 2015 if the bourse was used to privatise state-owned companies, the country's Capital Markets Commission (CMC) said on Thursday. A Luanda bourse, a potential entry point for foreigners, has been in the pipeline for more than a decade, but delays - most due to lack of transparency - have frustrated investors looking to tap into one of Africa's fastest-growing, but most impenetrable economies. ...

Abu Dhabi's holding firm Senaat plans share sale - sources

Thu, 23 May 2013 05:50:34 -0400

By Stanley Carvalho and David French ABU DHABI, May 23 (Reuters) - An Abu Dhabi government-ownedholding company may sell its own shares or off-load a stake inone of its main businesses as part of plans to spur listings onthe local stock market, three sources familiar with the mattertold Reuters. General Holding Corp (Senaat), which has nearly $7 billionin assets, has approached banks with a proposal for a potentialshare listing. Oil-rich Abu Dhabi, the capital of United Arab Emirates, andits neighbouring city state Dubai are leading a revival ofeconomic growth in the United Arab Emirates. ...

HP raises 2013 outlook as Whitman's plan takes hold

Thu, 23 May 2013 05:38:41 -0400

By Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents, and fiscal third-quarter profit that topped analyst estimates. ...

Fee income boosts S.Africa's Investec FY earnings by 18 pct

Thu, 23 May 2013 03:12:43 -0400

JOHANNESBURG (Reuters) - South African investment bank and asset manager Investec reported an 18 percent rise in full-year profit on Thursday, boosted by strong income from fees and commissions. Investec, which is also listed in London, said diluted headline earnings per share totalled 30 pence in the year to end-March, compared with 25.4 pence a year earlier. Headline EPS, the main measure of profit in South Africa, excludes certain one-time items. Fee and commissions rose 10 percent to 972. ...

Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

Thu, 23 May 2013 02:54:42 -0400

BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. ...

Kenyan lender I&M looks to list shares by June

Thu, 23 May 2013 02:37:44 -0400

NAIROBI (Reuters) - Kenyan lender I&M plans to list shares on the stock market by next month after it completed a merger with small investment company City Trust, I&M said on Wednesday. I&M and City Trust combined through a share swap and the new company, named I&M Holdings Limited, holds the assets of both banks. "The transaction ... provides us with the platform to raise additional capital in the future to facilitate the achievement of our long-term growth and expansion strategy," Arun Mathur, I&M Bank's chief executive, said in a statement. ...

Lenovo shares jump more than 4 percent after earnings beat forecast

Thu, 23 May 2013 01:15:55 -0400

HONG KONG (Reuters) - Shares in Chinese personal computer maker Lenovo Group Ltd jumped more than 4 percent after it reported a forecast-beating 90 percent rise in quarterly profit, its fastest in seven quarters. The stock rose as much as 4.3 percent in afternoon trade to HK$7.49 after it posted net profit of $126.9 million in the quarter ended in March, up from $66.8 million a year earlier, based on Reuters calculations using full-year and nine-month financial data. (Reporting By Christina Lo and Anne Marie Roantree; Editing by Daniel Magnowski)

Wall Street falters in volatile session on Fed worries

Wed, 22 May 2013 19:09:48 -0400

By Angela Moon NEW YORK (Reuters) - U.S. stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. Trading was volatile - the Dow and the S&P indexes both rose more than 1 percent during the morning, but fell more than 1 percent in the afternoon. ...

How the Dow Jones industrial average fared

Wed, 22 May 2013 17:49:37 -0400

Stock indexes fell on Wall Street on fear the Federal Reserve could pull back from its stimulus programs soon. After surging early in the day, stocks fell as investors digested minutes of a Fed meeting ...

HP's slumps deepens in 2Q as earnings fall 32 pct

Wed, 22 May 2013 17:20:14 -0400

SAN FRANCISCO (AP) — Hewlett-Packard's slump is deepening as the world's largest personal computer maker scrambles to meet the growing demand for more versatile and less expensive mobile devices.

U.S. stocks, oil fall after Bernanke; dollar gains

Wed, 22 May 2013 16:57:47 -0400

By Ryan Vlastelica NEW YORK (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday, as remarks by Federal Reserve Chairman Ben Bernanke failed to provide the clear picture investors had hoped for of the likely continuation of the U.S. central bank's bond-buying program, with sentiment ultimately driven by expectations of tapering. Remarks by Bernanke, in testimony to Congress, that the bond purchases would remain in place for now initially drove sharp gains on Wall Street and sent the dollar lower. ...

Bernanke spurs stock volatility, dollar gains

Wed, 22 May 2013 14:27:52 -0400

By Ryan Vlastelica NEW YORK (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank's massive bond-buying program would remain in place for now, even as the Fed considers cutting back stimulus in coming months. Wall Street stocks jumped as much as 1 percent before turning lower after Bernanke, in testimony to Congress, said that if economic improvement continued, "We could in the next few meetings take a step down in our pace of purchases. ...

Target cuts full-year forecast after weak first quarter

Wed, 22 May 2013 11:10:48 -0400

By Jessica Wohl (Reuters) - Target Corp cut its full-year profit forecast on Wednesday while turning in a weak first quarter with disappointing sales, as a chilly start to spring kept shoppers from buying seasonal items like clothing. Target warned in April its first-quarter results would be weaker than anticipated, and its performance was even worse than revised Wall Street expectations due to the cool weather and the impact of higher payroll taxes on spending. Shares of Target fell 3.6 percent to $68.70. First-quarter sales at stores open at least a year fell 0. ...

Manipulation probe draws attention to oil firms' trading desks

Wed, 22 May 2013 11:08:19 -0400

By Dmitry Zhdannikov and Claire Milhench LONDON (Reuters) - Europe's energy price manipulation probe has turned regulatory attention to secretive trading units at oil companies with huge turnover and millionaire staff with risk appetite higher than at Wall Street's biggest banks. Regulators have scrutinised banks, trading houses and commodities markets more closely following the Libor benchmark rigging scandal but trading desks at oil majors have largely escaped attention. ...

Toll Brothers profit beats on higher home prices

Wed, 22 May 2013 10:29:04 -0400

By Mridhula Raghavan (Reuters) - Luxury homebuilder Toll Brothers Inc reported stronger-than-expected results on higher average selling prices and booked its highest quarterly orders in seven years, sending its shares up 7 percent. Record-low interest rates and rising rents have encouraged more Americans to buy homes after the housing market bust, but concerns over rising costs for land, building materials and labor have dented builders' enthusiasm in the last few months. Toll missed Wall Street expectations last quarter as costs, including high lumber prices, hurt profits. ...

Future V.S Current Earnings

Wed, 22 May 2013 07:20:33 -0400

I think one of the reasons people just throw themselves into a dead-end job is because they do not consider their future earnings, or at least choose not think about it. Think long and hard how much do you want to be earning in the future. Knowing what limit you’ll be satisfied with highly determines...

SE Asia Stocks-Singapore up on earnings hopes; Thai shares fall

Wed, 22 May 2013 06:07:47 -0400

BANGKOK, May 22 (Reuters) - Most Southeast Asian stockmarkets rose to new highs on Wednesday on light to moderatevolume and ahead of U.S. Fed Chairman Ben Bernanke's testimonyin Congress, with expectations of improved earnings forecastssupporting Singapore shares. Singapore's Straits Times Index was up 0.3 percentat 3,454.37, reversing Tuesday's fall, led by a 1.8 percent gainin Singapore Telecommunications Ltd, the top companyby value. Jakarta's Composite Index gained 0.4 percent to5,207.99, near its 5,214.97 record close on Monday. ThePhilippine main index rose for a second day, up 0. ...

Asian stocks supported by Fed reassurance; BOJ stands pat

Wed, 22 May 2013 03:12:43 -0400

By Masayuki Kitano and Vidya Ranganathan SINGAPORE (Reuters) - Some Asian stock markets rose on Wednesday following a positive lead from Wall Street, with Japan's Nikkei reaching a 5-1/2 year high and staying firm as the Bank of Japan stood pat after unleashing massive stimulus last month. European stocks are expected to inch lower with markets taking a breather from a month-long rally before U.S. Federal Reserve Chairman Ben Bernanke's testimony to Congress. Financial spreadbetters expect Britain's FTSE 100 to open down 0.16 percent, Germany's DAX to open 0. ...

STOCKS NEWS SINGAPORE-Earnings seen improving in H2 - Citi

Wed, 22 May 2013 02:11:21 -0400

Singapore-listed firms are likely to see more earnings upgradesthan downgrades in the second half of this year, as companyresults are set to improve with the city-state's economic growthexpected to recover towards 2014, Citi said. First-quarter results still showed more misses than beats,but Citi expected the situation to improve in the second half,with large positive revisions expected in industrials, consumerstaples and consumer discretionary segments in 2014. ...

Stocks gain on reassurance from a top Fed official

Tue, 21 May 2013 19:09:48 -0400

NEW YORK (AP) — Reassuring comments from a Federal Reserve official and better earnings from two big retailers helped push the stock market higher Tuesday.

Housing recovery boosts Home Depot 1Q results

Tue, 21 May 2013 18:25:51 -0400

Home Depot Inc.'s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring. Its quarterly results topped Wall Street expectations, and the world's ...

Dow, S&P end at records on Fed officials' reassurance

Tue, 21 May 2013 16:40:37 -0400

By Angela Moon NEW YORK (Reuters) - Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program. Dow component Home Depot gave the market a lift after the world's largest home improvement chain raised its profit outlook, driving its stock to a record intraday high. JPMorgan also bolstered the Dow, rising more than 1 percent to a 52-week high after the bank's chief executive won a vote of confidence from shareholders. ...