Gold Losing Its Luster?
Since the beginning of May, gold futures prices have traded in an increasingly narrower band. The highs are trending lower, while the lows are trending higher. Given the continuing concern over the Eurozone’s financial…
All Work
Paul Ausick
Housing Prices Rise in May
The Federal Housing Finance Agency (FHFA) reported this morning that U.S. home prices rose 0.8% month-over-month in May, following a downward revision of the April housing price index to a gain of 0.7%. For…
Peabody Sinks on Results, Forecast
Peabody Energy Corp. (NYSE: BTU) this morning reported its quarterly results of $0.73 adjusted earnings per share (EPS) and $2 billion in revenue. EPS dropped from $1.11 in the same period a year ago,…
Altria Results Solid, but Not Impressive
Altria Group Inc. (NYSE: MO), makers of Marlboro cigarettes for the U.S. market, reported second-quarter results this morning, posting earnings per share (EPS) of $0.60 on revenue of $4.6 billion. Thomson Reuters had consensus…
Cisco Clinches Deal for NDS
The European Commission this morning gave its approval to the $5 billion acquisition of NDS Group Ltd. by Cisco Systems Inc. (NASDAQ: CSCO). The deal was announced in March. NDS, formerly owned by private…
Fertilizer Stocks May Be Fully Valued
Fertilizer maker Potash Corp. of Saskatchewan Inc. (NYSE: POT) is expected to report earnings on Thursday, and post earnings per share (EPS) of $1.02 on revenue of $2.37 billion. A year ago the company…
Iraq Shoots Down Chevron
The government of Iraq has barred Chevron Corp. (NYSE: CVX) from bidding on lease contracts in central and southern Iraq, following the company’s deal with India’s Reliance Industries last week in which the U.S.…
DuPont Softens Outlook, Share Price Falls
E. I. du Pont de Nemours and Co. (NYSE: DD) reported second-quarter earnings this morning, and like many other global companies, took a hit from the strong dollar and the sorrowful global economy. DuPont…
Pfizer’s Alzheimer’s Drug Fails Trial
A new treatment for Alzheimer’s disease from Pfizer Inc. (NYSE: PFE) and partner Elan Corp. plc (NYSE: ELN) has failed a late-stage trial in patients with mild-to-moderate cases of the disease and who are…
24/7 Wall St. Closing Bell — July 23, 2012: Markets Fade Eurozone Continues Faltering
The three major US stock indexes opened lower this morning as Spanish 10-year bond yields rose sharply above 7% (our coverage here) and German magazine Der Spiegel published a story that suggested Greece may…
S&P 500 Companies Beating on Earnings, Missing on Revenues
At the end of two weeks of non-stop second quarter earnings reports, S&P Capital IQ expects a decline of -0.71% year-over-year in the S&P 500 Index for the quarter, a figure it calls “historically…
Boeing Dreamliner Grounded in Japan
Japanese airlines All Nippon Airways (ANA) grounded 5 of its 11 787 Dreamliners from Boeing Co. (NYSE: BA) following tests that indicate a risk of corrosion in the plane’s Rolls-Royce engines. Three planes have…
IMF Ready to Dump Greece — Spiegel
Germany’s Spiegel reports today that Greece is seeking more time to meet the conditions for the €130 billion bailout package that the country agreed to in March. The report claims that such a request…
Rain Forecast Quenches Corn Price Hikes
The weather forecast for US corn growers is little cooler and wetter today, especially toward the end of the week. A forecast for up to one inch of rain in some parts of the…
Williams Confirms Dividend Plans as Profits are Forecast to Fall
Williams Companies Inc. (NYSE: WMB), a large operator of midstream natural gas facilities, this morning lowered its profit outlook for 2012 and 2013 and raised it for 2014. The company also affirmed its planned…
NRG Announces First-ever Dividend and Acquisition of GenOn
Electric power generators NRG Energy Inc. (NYSE: NRG) and GenOn Energy Inc. (NYSE: GEN) have agreed to merge in an all-stock transaction valued at $1.7 billion. Under the terms of the deal, GenOn shareholders…
German Firm Brews Up Deal for Peet’s Coffee
German holding company Joh. A. Benckiser (JAB) has agreed to acquire Peet’s Coffee & Tea Co. (NASDAQ: PEET) for $73.50 per share, or approximately $1 billion in cash. The price reflects a premium of…
Moody’s Cuts Nokia Ratings
Moody’s this morning cut its rating on long-term senior unsecured debt from Nokia Corp. (NYSE: NOK) from Ba1 to Ba3. Short-term unsecured ratings of Not-Prime (NP) were affirmed and the ratings outlook remained “negative.”…
McDonald’s Stumbles on Currency Exchange Rates
A stronger U.S. dollar bit into both the top and bottom lines at McDonald’s Corp. (NYSE: MCD) in this morning’s second-quarter earnings report. The company reported earnings per share (EPS) of $1.32 on revenue…
U.S. Railroad Merger All About Size
Railroad operator Genesee & Wyoming Inc. (NYSE: GWR) announced this morning that it would acquire RailAmerica Inc. (NYSE: RA) for $27.50 per share in an all-cash deal worth about $1.39 billion. Genesee & Wyoming…