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Asian markets decline as commodity shares skid

Fri, 18 Dec 2009 00:30:23 GMT

HONG KONG (MarketWatch) -- Asian markets declined early Friday after concerns about Greece's credit downgrade and interest rate worries sent Wall Street stocks tumbling. Energy producers and miners led the decline after commodity prices skidded on a stronger U.S. dollar. The Nikkei 225 Average fell 0.3% to 10,129.03 and the broader Topix also gave up 0.3% in Tokyo, while resource stocks-laden S&P/ASX 200 shed 1.2% in Sydney. South Korea's Kospi dropped 0.4% and New Zealand's NZX 50 rose 0.2%. Among the big losers, BHP Billiton fell 1.6% and Newcrest Mining shed 3.8%, with Inpex Corp. shedding 1.3% and Korea Zinc Co. dropping 1.2%.

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U.K. consumer confidence down for second month

Fri, 18 Dec 2009 00:01:00 GMT

LONDON (MarketWatch) -- U.K. consumer confidence fell in December for the second straight month, dropping two points to -19, according to pollster GfK, although that's 14 points ahead of the same time last year. The biggest change was in the subcomponent on general economic situation over next 12 months.

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Fannie, Freddie halt holiday foreclosures

Thu, 17 Dec 2009 21:53:17 GMT

SAN FRANCISCO (MarketWatch) -- Fannie Mae and Freddie Mac said late Thursday that they will suspend foreclosure evictions from Dec. 19 to Jan. 3. Both agencies said the moratorium was put in place for the holidays.

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Darden second-quarter profit virtually flat

Thu, 17 Dec 2009 21:43:46 GMT

SAN FRANCISCO (MarketWatch) -- Darden Restaurants Inc. said late Thursday that its fiscal second-quarter profit was virtually flat at $60.3 million, or 43 cents a share, from $59.7 million, or 43 cents a share, in the year-ago period. Revenue fell to $1.64 billion from $1.67 billion last year. Analysts surveyed by FactSet Research estimated a quarterly profit of 42 cents a share on revenue of $1.66 billion.

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Nike profit falls 4%, orders rise

Thu, 17 Dec 2009 21:23:26 GMT

SAN FRANCISCO (MarketWatch) -- Nike Inc. on Thursday reported a second-quarter profit of $375 million, or 76 cents a share, down from $391 million, or 80 cents a share, a year earlier. Revenue declined about 4% to $4.4 billion. Analysts polled by FactSet Research were looking for earnings, on average, of 71 cents a share with total sales of $4.4 billion. The athletic shoe giant also said worldwide futures orders from December 2009 through April 2010 rose 4% to $7 billion, with emerging markets leading the way. Japan and North America both showed declines in futures orders.

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Accenture quarterly net income $518.8 million

Thu, 17 Dec 2009 21:18:11 GMT

SAN FRANCISCO (MarketWatch) -- Accenture Ltd. said late Thursday that fiscal first-quarter net income came in at $518.8 million, or 67 cents a share, down 12% from a year earlier when the consulting and out-sourcing firm made $588 million, or 74 cents a share. Net revenue was $5.38 billion, down 11% in U.S. dollars and 12% in local currency from the same period last year, Accenture added. Operating income was $746 million, while the company's operating margin was 13.9%. For the full fiscal year 2010, Accenture increased its earnings per share forecast by 3 cents. Accenture shares fell 2.8% to $40.50 in after-hours trading.

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Palm posts lower quarterly loss

Thu, 17 Dec 2009 21:12:26 GMT

SAN FRANCISCO (MarketWatch) -- Palm Inc. said Thursday afternoon that net losses fell during the second fiscal quarter, as sales of the company's smartphones grew substantially. Palm said net losses for the period ended Nov. 30 came in at $81.9 million, or 54 cents per share, compared to a net loss of $506.2 million, or $4.64 a share, for the same period the previous year. On a non-GAAP basis, the company said it would have lost $59.6 million, or 37 cents a share, for the recent period. Non-GAAP revenue grew to $302 billion for the quarter. Analysts were expecting the company to report a net loss of 32 cents per share on revenue of $266.2 million, according to consensus estimates from Thomson Reuters.

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RIM earnings jump in third quarter

Thu, 17 Dec 2009 21:09:47 GMT

SAN FRANCISCO (MarketWatch) -- Research In Motion Ltd. said Thursday afternoon that earnings jumped 59% for the third fiscal quarter on strong sales of the company's BlackBerry line of smartphones. RIM said net income for the period ended Nov. 30 came in at $628.4 million, or $1.10 per share, compared to net income of $396.3 million, or 69 cents a share, for the same period the previous year. Revenue grew 41% to $3.92 billion for the quarter. Analysts were expecting the company to report earnings of $1.04 per share on revenue of $3.78 billion, according to consensus estimates from FactSet Research.

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U.S. stocks sharply lower as dollar climbs

Thu, 17 Dec 2009 21:05:16 GMT

NEW YORK (MarketWatch) -- U.S. stocks finished steeply lower on Thursday after the dollar climbed to three-month highs against the euro, prompting investors to sell equities and dollar-denominated commodities. Material shares fell the most amid the broad-market retreat. The Dow Jones Industrial Average dropped 132.86 points, or 1.3%, to 10,308.26. The S&P 500 Index declined 13.06 points, or 1.2%, to 1,096.12. The Nasdaq Composite Index was off 26.86 points, or 1.2%, to 2,180.05.

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Oracle tops estimates with second-quarter results

Thu, 17 Dec 2009 21:05:24 GMT

SAN FRANCISCO (MarketWatch) - Oracle Corp. said Thursday its fiscal second-quarter net income rose to $1.5 billion, or 29 cents a share, from $1.3 billion, or 25 cents a share in the same period last year. The corporate software giant said revenue for the period ended in November rose 4% to $5.9 billion. Excluding special items, Oracle said earnings for the quarter were 39 cents a share. Analysts polled by Thomson Reuters had estimated Oracle would post earnings excluding special items of 36 cents a share, and $5.7 billion in revenue.

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Take-Two Interactive sees net losses grow

Thu, 17 Dec 2009 21:01:42 GMT

SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. said Thursday afternoon that net losses grew for the fourth fiscal quarter. The video game publisher said net losses for the quarter ended Oct. 31 totaled nearly $22 million, or 28 cents a share, compared to a net loss of $14.9 million, or 20 cents a share, for the same period last year. Excluding charges related to goodwill impairment and stock-based compensation, the company said it would have earned $7 million, or 9 cents a share, for the quarter. Revenue grew 6% to $343.4 million for the quarter. The results were in line with a pre-announcement by the company earlier this month.

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Regulator clears execs of EADS insider trading

Thu, 17 Dec 2009 20:27:46 GMT

SAN FRANCISCO (MarketWatch) -- France's AMF market regulator on Thursday said it cleared 17 former and current executives at Airbus and its parent the European Aeronautic Defence and Space Company [S: EADSY], of insider trading. The executives were accused of benefiting from inside information about delays in the manufacture of the A380 superjumbo jet. The regulator said its investigation showed the information would not have had a material impact on the share price if it had been made public.

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Natural gas ends up 5.6%; oil ends down 1 cent

Thu, 17 Dec 2009 20:16:57 GMT

NEW YORK (MarketWatch) -- Natural gas futures ended Thursday's session up 5.6% after news U.S. gas stockpiles fell much more than expected as cold weather descended across much of the nation and boosted demand for heating fuels. Natural gas for January delivery gained 30.8 cents, or 5.6%, to end at $5.77 per million British thermal units. Separately, crude oil for January delivery fell 1 cent to end at $72.65 a barrel. It earlier fell as low as $71.13 a barrel, according to FactSet Research, as credit concerns in Greece dimmed the outlook for global energy demand and a stronger dollar broadly pressured dollar-denominated commodities.

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Lira mixed as Turkey keeps key rates steady

Thu, 17 Dec 2009 20:08:32 GMT

NEW YORK (MarketWatch) -- The Turkish lira fell versus the U.S. dollar but gained against the euro after Turkey's central bank kept its key borrowing rates unchanged at 6.50% after rapidly cutting rates since November 2008, the bank's monetary policy committee said late Thursday. The decision was expected by many analysts. Data indicates a moderate pace of recovery in Turkey's economy but it will be necessary to keep rates at a low level for a long time, officials said in a release. The lira fell 0.5% versus the dollar but rose 0.7% against the shared euro. The dollar posted strong gains on the day versus a broad swatch of currencies as concerns over Greece's debt spurred interest in what are perceived as safer assets.

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Gold ends at lowest level since mid-November

Thu, 17 Dec 2009 18:53:38 GMT

SAN FRANCISCO (MarketWatch) -- Gold futures closed sharply lower Thursday, deepening their loss as the session progressed, to end at mid-November levels based on the most-active contract. Gold for February delivery fell $28.8, or 2.5%, to $1,107.4 an ounce. A jump in the U.S. dollar, bolstered by concerns over Greece's ability to pay its debt and the Federal Reserve's statement in the prior session, pressured gold early. Then more investors started to unwind a trade that involved borrowing cheap dollars and buying commodities. "As the day progressed, people started to throw in the profit towel," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "It's one of the days, where it's not just a correction but a possible trend change."

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Treasury: We don't expect to invest more into AIG

Thu, 17 Dec 2009 17:20:17 GMT

WASHINGTON (MarketWatch) - The U.S. government doesn't expect to make further investments into embattled American International Group Inc., a mega-insurance company that was propped up with $190 billion in taxpayer bailout dollars, according to Treasury Assistant Secretary Herbert Allison on Thursday. "We don't anticipate making any further investments into AIG," Allison told lawmakers in an oversight subcommittee. He estimates that, based on Treasury's current evaluation, the government could have a loss of $60 billion on its investments in AIG and auto companies General Motors and Chrysler.

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Hovnanian won't be profitable until after 2010:CEO

Thu, 17 Dec 2009 17:09:28 GMT

BOSTON (MarketWatch) -- Hovnanian Enterprises Inc. Chief Executive Ara Hovnanian on Thursday said the company doesn't expect to return to profitability until after next year. "2010 will be a year of transition for us. We have started down a path that we believe will eventually return us to profitability and we will work hard to ensure success," the CEO said during the home builder's fourth-quarter conference call. "Excluding the benefit that we expect from the tax refund, we would not expect to be profitable until sometime after 2010." Hovnanian shares were down about 7% in recent trading after the company late Wednesday reported its thirteenth straight quarterly loss.

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Halliburton, Weatherford rise on UBS initiation

Thu, 17 Dec 2009 17:01:39 GMT

NEW YORK (MarketWatch) -- Halliburton Co. rose 1.5% to $30.05 and Weatherford International Ltd. rose 1.9% to $16.60 after UBS assigned buy ratings to the companies as part of a coverage initiation of five oil service firms. UBS said oil service firms could benefit from a greater emphasis on unconventional oil and gas resources in the industry, plus drilling firms' expertise is needed by national oil companies seeking to maximize resources. Schlumberger also drew a buy rating. Baker Hughes and Smith International received neutral ratings.

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Bernanke nomination clears key Senate panel

Thu, 17 Dec 2009 16:36:10 GMT

WASHINGTON (MarketWatch) -- The Senate Banking Committee on Thursday approved the nomination of Federal Reserve Board chairman Ben Bernanke to a second four-year term. The debate prior to the vote was contentious. Several Senators complained that the Fed had not provided information they requested prior to the vote. In the end, 16 Senators supported Bernanke while seven members opposed the nomination. Analysts expect a close vote on the Senate floor after the holiday recess.

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Natural gas jumps on further drop in supplies

Thu, 17 Dec 2009 15:55:47 GMT

NEW YORK (MarketWatch) -- Natural gas futures jumped 7% on Thursday, after the Energy Information Administration reported another drop in U.S. natural gas supplies. Natural gas for January delivery was recently up 40 cents, or 7.3%, at $5.86 per million British thermal units. After nearly nine months of build-ups, natural gas in storage in the U.S. fell for the second week in a row, this time by 207 billion cubic feet, the EIA said. The drop was much bigger than expected. Analysts surveyed by Platts expected no more than a 4 billion cubic feet withdrawal.

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British Airways wins challenge preventing strike

Thu, 17 Dec 2009 15:49:14 GMT

LONDON (MarketWatch) -- British Airways has won a High Court injunction against a critical 12-day strike planned by its cabin crew during the Christmas period. The Unite union called the ruling "disgraceful" and said it would hold another ballot for a strike. However, it would take until at least February until a fresh strike can be held.

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Bernanke loses support of key Senate Republican

Thu, 17 Dec 2009 15:46:06 GMT

WASHINGTON (MarketWatch) -- Sen. Richard Shelby, R-Ala., the ranking minority member of the Senate Banking Committee announced Thursday that he will vote against Federal Reserve board chairman Ben Bernanke's nomination for a second four-year term. While Bernanke is still expected to win the support from the entire panel, Shelby's opposition means the Fed won't be able to count on Republican support to fend off sweeping changes to the Fed's regulatory powers put forward by Sen. Christopher Dodd, D.-Conn., the chairman of the panel. Dodd has said that the Fed's oversight of the biggest banks prior to the financial crisis was an "abysmal failure." Dodd has proposed stripping the oversight power from the Fed and giving it to a new single banking regulator to oversee the financial sector.

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Moody's upgrades builder sector to stable

Thu, 17 Dec 2009 15:45:28 GMT

BOSTON (MarketWatch) -- Moody's Investors Service on Thursday said it has changed its outlook on the U.S. home-builder sector to stable from negative, "suggesting that the bottom has been reached for the sector." Earlier this week, Fitch Ratings said with various macroeconomic housing and related statistics "bottoming about mid-year 2009 and subsequently moving forward in fits and starts, a four-year downturn has evidently come to an end for U.S. home builders." The builder sector traded slightly lower Thursday as Hovnanian Enterprises Inc. shed about 4% following a disappointing earnings report.

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Lincoln upgraded to overweight at Morgan Stanley

Thu, 17 Dec 2009 15:18:37 GMT

BOSTON (MarketWatch) -- Morgan Stanley on Thursday upgraded shares of Lincoln National Corp. to overweight from equal weight and set a price target of $31 on the stock. "Strengthening fundamentals owing to equity market strength, a very low valuation following recent underperformance ... and what we believe are overblown concerns regarding the company's exit strategy from TARP are all factors that have led to a compelling buying opportunity," Morgan Stanley analysts wrote in a research note. They raised their 2010 and 2011 profit estimates for Lincoln National on the combination of "continued solid sales and strong equity markets." Morgan Stanley also added Lincoln National, shares of which were up 3% to $23.80 on Thursday morning, to its so-called best ideas list.

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Golds sells off further after Philly Fed, LEI

Thu, 17 Dec 2009 15:13:33 GMT

SAN FRANCISCO (MarketWatch) -- Gold futures modestly deepened losses Thursday after the midmorning release of the Philadelphia Fed's December survey and leading indicators for November. Gold for February delivery sank $18.40, or 1%, to $1,117.8 an ounce, compared to more than $1,119 before the release.

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Crude oil off lows after Philly Fed survey

Thu, 17 Dec 2009 15:13:14 GMT

NEW YORK (MarketWatch) -- Crude oil futures came off earlier lows on Thursday, after the Philadelphia Federal Reserve's manufacturing index improved more than expected in December. Crude oil for January delivery was down 30 cents, or 0.4%, at $72.36 a barrel, well off an earlier low of $71.65 in electronic trade, according to FactSet Research. The Philadelphia Fed's index on manufacturing rose to 20.4 this month from 16.7. Economists surveyed by MarketWatch expected the index to rise to 17.

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Philly Fed index stronger in Dec

Thu, 17 Dec 2009 15:10:45 GMT

WASHINGTON (MarketWatch) - Improvement in the manufacturing sector in the Philadelphia region continued in December, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index rose to 20.4 in December from 16.7 in November. The gain was above expectations. Economists polled by MarketWatch were expecting the index to rise to 17.0. The index has been positive for five straight months. For the first time since 2007, more firms reported an increase in employment than reported declines.

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30-year fixed-rate mortgage average stays below 5%

Thu, 17 Dec 2009 15:11:00 GMT

SAN FRANCISCO (MarketWatch) -- Freddie Mac said Thursday that the 30-year, fixed-rate mortgage average remained below 5%, rising slightly to 4.94% with an average 0.7 point for the week ending Dec. 17, up from last week when it averaged 4.81%. A year ago, the average was 5.19%. "Mortgage rates followed bond yields higher once again this week amid signs of an improving economy," said Frank Nothaft, Freddie Mac chief economist, in a statement. "Interest rates on 30-year fixed-rate mortgages have remained below five percent over the past seven weeks and are contributing to a wave of refinance activity. Roughly three out of four mortgage applications were for refinancing during the first two weeks of December, according the Mortgage Bankers Association."

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U.S. stocks fall further as dollar rises

Thu, 17 Dec 2009 15:09:23 GMT

NEW YORK (MarketWatch) -- U.S. stock losses intensified early Thursday as investors tracked the moves of the dollar and bypassed another round of economic data that came in better than had been expected. The Dow Jones Industrial Average fell 91.6 points to 10,349.52. The S&P 500 Index declined 10.15 points to 1,099.03. The Nasdaq Composite shed 23.5 points to 2,183.41.

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Dollar stays up after Philly Fed data

Thu, 17 Dec 2009 15:06:13 GMT

NEW YORK (MarketWatch) -- The dollar rallied on Thursday, reaching a three-month high, after the Philadelphia Federal Reserve's index on manufacturing improved more than expected to 20.4 this month from 16.7. The euro tumbled to $1.4362, after reaching a a fresh three-month low and compared with $1.4527 in late North American trading Wednesday. The dollar index , which tracks the greenback against a trade-weighted basket of six major counterparts, rose to 77.684, up from 76.934 late Wednesday. The dollar was already higher before the data after concerns about Greece's debt and other issues in Europe fueled a renewed flight to quality.

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