|Evening Market Wrap Tue May 4 17:06 2010|| |
May 4, 2010
May 4, 2010 Stocks Plunge Amid European Debt Concerns - U.S. Commentary Stocks saw sharp losses on Tuesday, as continued concerns regarding European financial stability spearheaded by the ongoing Greek debt crisis overshadowed upbeat U.S. economic data. The major averages all finished firmly in negative territory, extending last week's losses. Full Article
May 4, 2010 Pending Home Sales Show Continued Increase In MarchAffirming that a surge of home sales is unfolding for the spring home buying season, the National Association of Realtors released a report Tuesday morning showing that pending home sales increased again in the month of March. NAR said its pending home sales index rose by 5.3 percent in March following an upwardly revised 8.3 percent increase in February. Full Article
May 4, 2010 Factory Orders Show Unexpected Increase In MarchOrders for manufactured goods unexpectedly showed a notable increase in the month of March, according to a report released by the Commerce Department on Tuesday, with a jump in orders for non-durable goods more than offsetting a modest decrease in orders for durable goods. The report showed that new orders for manufactured goods increased by 1.3 percent in March. Full Article
May 4, 2010 Merck Q1 Profit Falls On Charges; Adj. EPS Beats ViewDrug giant Merck & Co. Inc. (MRK) reported Tuesday a sharp decline in profit for the first quarter, mainly reflecting hefty purchase accounting charge, while adjusted earnings increased from last year, and topped market projections. Quarterly sales more-than doubled on Schering-Plough acquisition as well as favorable foreign exchange. Full Article
May 4, 2010 FirstEnergy Q1 Profit Rises; Affirms FY10 EPS ViewDiversified energy company FirstEnergy Corp. (FE) Tuesday reported a rise in profit for the first quarter, helped by lower charges and cost control efforts, despite a fall in revenues. Adjusted earnings topped Wall Street view. Further, the company affirmed its 2010 non-GAAP basic earnings guidance. Full Article
May 4, 2010 Duke Energy Q1 Profit Tops Estimates; Backs FY10 Adj. EPS ViewElectric utility company Duke Energy Corp. (DUK) reported Tuesday an increase in first-quarter profit, helped by favorable weather, increased retail sales volumes and price adjustments. Earnings per share and revenues for the period exceeded analysts' expectations. Further, the company said it is on track to achieve full year 2010 adjusted earnings per share outlook provided earlier. Full Article
May 4, 2010 Archer Daniels Midland Q3 Profit SoarsAgricultural products processor Archer Daniels Midland Co. (ADM) on Tuesday reported a profit for the third quarter that soared from last year, reflecting higher margins and increased volumes at its oilseeds processing segment and stronger demand for biofuels that lifted profit at its corn processing segment. Full Article
May 4, 2010 Marsh & McLennan Q1 Profit RisesInsurance brokerage company Marsh & McLennan Companies Inc. (MMC) posted an increase in its first-quarter profit, thanks to strong performances at Mercer, Oliver Wyman and Kroll operations. First-quarter net income attributable to MMC was $248 million or $0.45 per share, compared to $176 million or $0.33 per share in the prior-year quarter. Full Article
May 4, 2010 Lihir Gold Agrees To Be Acquired By Rival Newcrest Mining For A$9.5 Bln In Cash, StockAustralian miner Lihir Gold Ltd. (LIHR, LGG.TO, LGL.AX) announced Monday that it has agreed to be acquired by rival gold producer Newcrest Mining Ltd. (NCMGY.PK, NCM.AX) in a cash and stock sweetened deal valued at about A$9.5 billion. The directors of Lihir unanimously recommend that shareholders vote in favor of the deal, which is expected to close in August 2010, in the absence of a superior proposal. Full Article
May 4, 2010 Pfizer Q1 Profit Declines 26%, Yet Tops View; Backs 2010 OutlookPharmaceutical giant Pfizer Inc. (PFE) reported Tuesday 26% year-over-year decline in profit for the first quarter, hurt by expenses associated with the legacy Wyeth operations as well as purchase accounting adjustments associated with the acquisition. This was partially offset by revenues from legacy Wyeth products. Revenues for the quarter surged 54% from last year. Full Article
May 4, 2010 Marathon Oil Q1 Profit Soars, Tops ViewMarathon Oil Corp. (MRO), Tuesday reported a surge in its first-quarter profit, driven by higher oil price realizations, though its Refining, Marketing and Transportation business posted a wider loss on margin pressures. On an adjusted basis, earnings climbed from last year and exceeded analysts' estimate. Full Article
May 4, 2010 Molson Coors, MillerCoors Q1 Profit RisesBeer brewer Molson Coors Brewing Co. (TAP, TAP-A.TO) reported Tuesday a 38% year-over-year increase in profit for the first quarter, reflecting a gain from a favorable settlement of Brazil indemnity liabilities. However, underlying earnings per share dropped 30%, hurt by lower volumes and higher expenses. Full Article
May 4, 2010 Sempra Energy Q1 Profit Falls, Misses Estimate; Cuts FY10 EPS ViewEnergy services provider Sempra Energy (SRE) on Tuesday reported a sharp decline in first quarter profit, reflecting an after-tax charge with regard to energy-crisis litigation settlement. The profit decline also reflects poor performance at the company's commodities joint venture. On a per share basis, adjusted earnings missed Street view by a penny. Full Article
May 4, 2010 Ritchie Bros. Q1 Profit Down 36% On Lower Auction ProceedsIndustrial equipment auction house Ritchie Bros. Auctioneers Inc. (RBA) on Tuesday reported a 36% decline in profit for the first quarter, reflecting a 9% decline in auction proceeds. Adjusted earnings per share for the quarter missed analysts' consensus estimate by a penny. Full Article
May 4, 2010 Thomson Reuters Q1 Profit Declines; Sees Revenue Growth Return In H2Financial news and information company Thomson Reuters Corp. (TRI, TRI.TO) Tuesday reported a decline in profit for the first quarter, despite a slight increase in revenues, as most of its businesses were affected by the economic recession. The company continues to expect its revenues to be flat to slightly down in fiscal year 2010 due to the impact of negative net sales last year. Full Article
May 4, 2010 Cameco Q1 Profit RisesCanada-based nuclear energy company Cameco Corp. (CCJ, CCO.TO) on Tuesday reported a 73% increase in profit for the first quarter, buoyed by a one-time gain in addition to higher profits at the company's fuel services and electricity businesses. However, profit at the company's uranium business declined due to lower sales volumes and lower Canadian dollar realized prices. Full Article
May 4, 2010 Henry Schein Q1 Profit Up; Narrows FY10 EPS ViewHealthcare products and services provider Henry Schein Inc. (HSIC) on Tuesday reported higher profit for the first-quarter, helped by strong dental consumable merchandise sales, combined with a continuing commitment to control expenses. The company also raised its low end of 2010 earnings guidance range on upbeat quarterly results. Full Article
May 4, 2010 Dollar Continues Assault On Battered Euro The dollar soared versus the euro and sterling on Tuesday as the European debt crisis lingered on despite last weekend's massive rescue package designed to backstop Greece. Skyrocketing borrowing costs for Greece compelled its neighbors to hammer out a $144 billion aid plan for Athens, but fears that the Portugal and Spain remain in the cross-hairs of bond vigilantes continue to cripple the euro. Full Article
May 4, 2010 Pakistani-Born U.S. Citizen Arrested For Attempted Times Square BombingFaisal Shahzad, the prime suspect in the attempted Times Square car bombing, was arrested by U.S. authorities Monday evening while attempting to leave the U.S. for Dubai. Shahzad, a Pakistan-born naturalized U.S. citizen, was attempting to board a plane at New York City's Kennedy Airport bound for Dubai when he was identified by the Department of Homeland Security's U.S. Customs and Border Protection agency. Full Article
May 4, 2010 Senators Introduce Amendment To Financial Reform Bill To Increase Anti-Fraud ResourcesA bi-partisan amendment to the financial regulatory reform was introduced Tuesday that will increase law enforcement resources to root out and prosecute financial and securities fraud. The amendment will protect criminal investigations by ensuring that regulators, investigators and prosecutors work together to stop financial fraud. Full Article
May 4, 2010 Collins Files Amendment To Financial Reform Bill Prohibiting Taxpayer-Funded BailoutsSenator Susan Collins, R-Me., Tuesday filed an amendment to the financial regulatory reform legislation currently being considered by the Senate that would prohibit taxpayer funds from being used to bail out any company. "American taxpayers have had enough with their money being used to bail out companies that made risky financial decisions," Collins said. Full Article
May 4, 2010 McConnell Endorses Grayson In Kentucky's GOP Senate PrimaryIn a race that has split leading Republicans, the Kentucky Republican Senate primary saw another big name from the GOP lending his voice Tuesday, as Senate Minority Leader Mitch McConnell, R-Ken., announced that he is endorsing Kentucky Secretary of State Trey Grayson. Full Article
May 4, 2010 Hatch Calls For Update To RECA FindingsIn a letter to the National Academy of Sciences' Nuclear and Radiation Studies Board, Senator Orrin Hatch, R-Utah, urged the board to update its Radiation Exposure Compensation Act (RECA) findings. Hatch said he is "deeply disappointed" by the board's 2005 report that raised questions about the RECA program. Full ArticleMay 4, 2010 Boehner Reiterates Support For Bill To Expand Offshore DrillingIn the wake of the massive oil spill in the Gulf of Mexico, House Republican Leader John Boehner, R-Ohio, Monday reiterated his support for a GOP-sponsored bill that would expand offshore drilling. "Our American Energy Act would use the funds generated by expanded American energy production to speed up the development of the next generation of clean-energy alternatives," Boehner said. Full Article
Doing business in China demands a locally relevant strategy, free from head-office prejudices.Read More
Has China's $20 million investment in Sudan's oil industry paid off?Read More
A husband-and-wife team runs the mainland's largest literary agency.Read More
The uptick in China's outbound M&A has implications for finance, law and other business services.Read More
There are security consequences,Read More
and the United States' current stance
is anything but consistent.
|Click for updates: forbes.com/asia|
Afternoon Business Update
By DAN BILEFSKY
As the European Union prepares to bail out debt-ridden Greece, many critics, inside and outside the country, are wishing that it had never joined the euro club.
By MICHELINE MAYNARD
The Senate on Tuesday followed the House in offering a version of the Motor Vehicle Safety Act of 2010.
By SEWELL CHAN
The Treasury secretary faced skeptical questions about a proposed 10-year, $90 billion tax on the large banks.
By CYRUS SANATI
With the Goldman Sachs fraud case in the background, a Senate hearing considered whether tougher criminal and civil laws are needed to discourage wrongdoing on Wall Street.
By PETER CARBONARA
Sale-leasebacks of state property provide cash, but some question their value. And they can become political footballs.
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