Shipping Index at Three-Year Low
The Baltic Dry Index has fallen to a three-year low of 807, a long way from its five year high around 12,000 in May of 2008. It’s high point last year was around 2,150.…
All Work
Paul Ausick
24/7 Wall St. Closing Bell (NFLX, PAAS, HAL, HD, KORS, APD, BHI, CLWR, APD, BHI, CLWR, EMC, WDC, CSX, ZION, AAPL, BLRX, LEE, BONT, IDCC, ACHN)
All three major equity indexes opened lower this morning and while all have tracked back to last night’s close, only the Nasdaq Composite has managed to wobble to a small gain for the day.…
Rio Tinto Acquires Control of Canadian Miner (RIO, IVN)
Less than a week following an arbitrator’s decision in its favor, Rio Tinto plc (NYSE: RIO) has acquired an additional 2% of the shares of Canadian miner Ivanhoe Mines Ltd. (NYSE: IVN) to bring…
Bank of America to Cut Investment Bankers Pay by 25% (BAC)
Profitability problems at Bank of America Corp. (NYSE: BAC) will lead to a pay cut of 25% for the company’s investment banking group. Bloomberg News reports that bank executives had previously said that this…
Nokia Falls on Weak Supplier Outlook (NOK, STM, ERIC, MSFT)
Shares of Nokia Corp. (NYSE: NOK) are tumbling today following a glum forecast from one of the company’s main chip suppliers. ST-Ericsson, a joint venture between STMicroelectronics N.V. (NYSE: STM) and LM Ericsson Telephone…
Crude Oil Prices Fall on Lack of Solution to Greek Debt
Crude oil prices are down today as the negotiations between Greece and its bondholders remain stalled over the coupon rate on new bonds issued to replace exiting Greek debt. Lack of an agreement does…
European Refiner Petroplus to File for Bankruptcy (BP, RDS-A)
Europe’s largest independent oil refiner, Swiss-based Petroplus Holdings AG, is preparing to file for bankruptcy. At the end of December, a consortium of banks cut off the $1 billion line of credit Petroplus used…
Android Apps Undercutting Google? (GOOG, AMZN)
One of the main revenue drivers for Google Inc. (NASDAQ: GOOG) going forward is mobile search. The company has said little about growth in this area, but there could be some bumps ahead. The…
Electronics Group Says Consumer Confidence Highest in Three Years
The Consumer Electronics Association (CEA) reported that its Index of Consumer Expectations rose 4 points in January to 177.3. That’s the highest reading for the index since February 2008. The index reached an all-time…
Low Natural Gas Prices Hit Peabody Earnings (BTU)
Coal miner Peabody Energy Corp. (NYSE: BTU) missed earnings and revenue estimates this morning and the shares are trading down more than -5%. Second fiscal quarter adjusted EPS came in at $0.98 compared with…
New Petrobras CEO to Lead $225 Billion Spending Plan (PBR)
Petroleos Brasileiro SA (NYSE: PBR), better known as Petrobras, named a new CEO yesterday. She is Maria das Gracas Foster, a 34-year veteran of the Brazilian oil firm and the first woman to head…
Italian Tax Cops Investigating Fitch Ratings Office in Milan
Tax police in Italy have entered the offices of Fitch Ratings in Milan in an investigation related to the downgrade of Italian sovereign debt. Italian authorities had already visited the offices of Standard &…
Morning Movers (BLRX, LEE, PLCM, IDCC, ZION)
There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include BioLineRx Ltd. (NASDAQ: BLRX), Lee Enterprises Inc. (NYSE: LEE), Polycom Inc.…
Verizon Earnings Pummeled by Pension Charges (VZ, T, S, AAPL)
Shares of Verizon Communications Inc. (NYSE: VZ) are down more than -2% in pre-market trading this morning following the company’s fourth quarter and full year earnings report. Verizon posted adjusted EPS of $0.52 on…
Greek Debt Swap Deal Essential
The head of the Institute for International Finance (IIF) is the leading negotiator for Greek bondholders in the talks now going on in Europe to reduce the amount of Greek debt by about euro100…
Morning Wire — US Stock-Index Futures Down Sharply
US index futures are somewhat higher this morning as talks between Greece and other Eurozone countries adjourned without a resolution. Creditors are reportedly seeking a 4% coupon on new Greek bonds, exactly double what…
McDonald’s Cruises Past Estimates (MCD)
Fast food giant McDonald’s Corp. (NYSE: MCD) better than matched expectations this morning when it reported fourth quarter and full-year results. For the quarter, the company posted EPS of $1.33 on revenue of $6.8…
Harley Revs It Up (HOG)
Motorcycle icon Harley-Davidson Inc. (NYSE: HOG) posted better-than-expected sales and almost met EPS estimates for its fourth quarter ended in December. Sales were up 12% year-over-year to $1.03 billion and adjusted EPS came in…
Apple’s Earnings Could Blow Past Estimates (AAPL)
Apple Inc. (NASDAQ: AAPL) reports earnings after markets close today, and at least one observer thinks that consensus estimates will be left in the rear-view mirror. The consensus estimate calls for EPS of $10.08…
Air Products Misses on Revenues (APD, ARG, PX)
Air Products & Chemicals Inc. (NYSE: APD) makes specialty gases for industrial use, and competes with rivals Airgas Inc. (NYSE: ARG) and Praxair Inc. (NYSE: PX). Air Products reported earnings this morning for its…