AmericasStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.., 25 Oct 2014 21:57:08 +0000SRA Framework 2.0en-gbWall St opens flat as Microsoft offsets Amazon YORK: US stocks opened flat on Friday, as disappointing earnings from Amazon were offset by gains in Microsoft after its quarterly results.

The Dow Jones industrial average rose 10.41 points, or 0.06 percent, to 16,688.31, the S&P 500 gained 0.61 points, or 0.03 percent, to 1,951.43 and the Nasdaq Composite added 4.63 points, or 0.1 percent, to 4,457.42.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasFri, 24 Oct 2014 15:14:52 +0000
TSX slips as Ebola news, oil prices weigh Canada's main stock index fell on Friday as news of an Ebola case in New York and a drop in oil prices weighed on sentiment.

The Toronto Stock Exchange's S&P/TSX composite index was down 29 points, or 0.20 percent, at 14,457.83 shortly after the open.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasFri, 24 Oct 2014 15:11:22 +0000
Wall St little changed as Microsoft offsets Amazon YORK: US stocks were little changed on Friday, as disappointing earnings from Amazon were offset by gains in Microsoft after its quarterly results.

Amazon plunged 7.3 percent to $290.45 as the biggest drag on both the S&P 500 and Nasdaq 100 after the online retailer's sales projections for the crucial holiday quarter disappointed Wall Street and third-quarter results missed forecasts.

But Microsoft, up 1.3 percent at $45.63, helped offset the drop in Amazon after it reported higher-than-expected quarterly revenue while keeping its profit margins largely intact.

Procter & Gamble gained 2.9 percent to $85.67 to also help boost the Dow and S&P 500 after the world's largest household products maker posted quarterly results and said it would split its Duracell battery business into a separate company.

The S&P 500 is up 3.5 percent for the week, putting the index on pace for its first weekly gain in five and best week since the start of 2013, powered largely by solid corporate earnings reports.

The benchmark index is down 2.8 percent after slumping more than 7 percent from its record high on Sept. 18 while volatility has spiked.

"The global growth scare that set everything into a tailspin seems to have calmed down a little bit, the world is not coming to an end," said John De Clue, chief investment officer of the Private Client Reserve at US Bank Wealth Management in Minneapolis, Minnesota. "We were lulled into a sense of complacency and now the market is on high alert, people perceive both threats and opportunities and they are poised to take action pretty quickly." Concerns over the spread of Ebola continued to vex the market.

A doctor who worked in West Africa with Ebola patients was in an isolation unit in New York City on Friday after testing positive for the virus while the World Health Organization set out plans for speeding up development and deployment of experimental Ebola vaccines.

At 10:04 a.m. (1404 GMT)) the Dow Jones industrial average rose 6.07 points, or 0.04 percent, to 16,683.97, the S&P 500 lost 0.64 points, or 0.03 percent, to 1,950.18 and the Nasdaq Composite added 1.97 points, or 0.04 percent, to 4,454.76.

Sales of new US single-family homes rose to a six-year high in September, up 0.2 percent to a seasonally adjusted annual rate of 467,000 units.

The largest percentage gainer on the S&P 500 was Edwards Life, which rose 10.2 percent, while the largest decliner was Amazon. On the Nasdaq 100 the largest gainer was KLA Tencor , which rose 8.3 percent, while the largest decliner was Amazon.

Among the most active stocks on the NYSE were Petrobras , up 7.18 percent to $12.98; Ford Motor, down 2.85 percent to $13.99 and Bank Of America, up 0.06 percent to $16.61.

On the Nasdaq, DryShips, down 26.3 percent to $1.48; Microsoft and Apple, down 0.1 percent to $104.77 were among the most actively traded.

Declining issues outnumbered advancing ones on the NYSE by 1,472 to 1,289, for a 1.14-to-1 ratio on the downside; on the Nasdaq, 1,153 issues rose and 1,131 fell for a 1.02-to-1 ratio favoring advancers.

The benchmark S&P 500 index was posting 20 new 52-week highs and two new lows; the Nasdaq Composite was recording 29 new highs and 17 new lows.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasFri, 24 Oct 2014 14:36:52 +0000
Wall St opens higher on earnings boost YORK: US stocks climbed at the open on Thursday as a number of strong results, including from a pair of Dow components, reassured investors that corporations continued to fare well despite concerns about global economic growth.

The Dow Jones industrial average rose 154.03 points, or 0.94 percent, to 16,615.35, the S&P 500 gained 16.34 points, or 0.85 percent, to 1,943.45 and the Nasdaq Composite added 46.75 points, or 1.07 percent, to 4,429.60.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasThu, 23 Oct 2014 15:10:34 +0000
TSX opens firmly higher as energy stocks rebound Canada's main stock market opened strongly higher on Thursday, bolstered by strong gains in the energy sector, recouping some of Wednesday's sharp losses in the wake of deadly shootings in Ottawa.

The Toronto Stock Exchange's S&P/TSX composite index opened 95.76 points, or 0.67 percent higher, to 14,407.83.

Seven of the index's 10 main groups were positive. However, a decline in gold miner stocks dragged the overall materials group down more than 0.8 percent.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasThu, 23 Oct 2014 15:06:30 +0000
Brazil Bovespa erases 2014 gains, real slumps on election fear DE JANEIRO: Brazil's benchmark Bovespa index dropped on Thursday to erase all of its 2014 gains while the real weakened to a 2008 low as investors feared President Dilma Rousseff may defeat market-favorite candidate Aecio Neves in Sunday's presidential election.

The Bovespa index sold off about 2 percent in the session, recording losses of about 0.2 percent in the year to date, while other key Latin American stock indexes such as Mexico's IPC and Chile's IPSA had a positive performance.

Leading losses in Brazil were companies that investors expect to suffer further under a second Rousseff administration: shares of banks Itau Unibanco and Bradesco , as well as those of oil producer Petrobras , all dropped at least 2.3 percent.

Bets that Neves would become Brazil's next president had boosted Brazilian stocks and currency since he recovered from a distant third place just before the first round of elections on Oct. 5 and made it to the runoff against Rousseff.

Neves has promised business-friendly policies to boost Brazil's flagging economy, while Rousseff has said she will build on the policies that have lifted millions of Brazilians out of poverty during the past 12 years.

Recent polls showing the incumbent president pulled ahead of Neves have left investors jittery.

Both candidates remain statistically tied within the survey's margin of error but Rousseff seems to have a slight edge.

"The market doesn't know where to aim at in these final days before the elections," said Glauber Romano, a currency trader with Intercam brokerage in Brazil.

The Brazilian real slid 0.9 percent to 2.5006 per dollar. It earlier slid to as much as 2.5081, its weakest level since December, 2008.

Data showing Brazil's unemployment rate dropped slightly to 4.9 percent in September suggested Rousseff may benefit from a growing voter perception, captured by recent opinion polls, that the economy is improving.

Brazil's unemployment rate has been low even as the pace of job creation remained well below the average of the past decade as the economy slipped into a recession and many companies trimmed payrolls.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasThu, 23 Oct 2014 14:55:06 +0000
US stocks flat after good Yahoo, Boeing earnings YORK: Wall Street stocks Wednesday opened little changed following solid earnings from Boeing and Yahoo as US equity markets paused after three days of gains.

Five minutes into trade, the Dow Jones Industrial Average stood at 16,602,45, down 12.36 points (0.07 percent).

The broad-based S&P 500 added 1.24 (0.06 percent) at 1,942.52, while the tech-rich Nasdaq Composite Index rose 1.94 (0.04 percent) to 4,421.42.

Dow member Boeing advanced 0.1 percent after it raised its 2014 full-year profit forecast for the third quarter running following a 17.6 percent jump in third-quarter profit to $1.36 billion behind strong commercial aircraft deliveries.

Yahoo leaped 5.6 percent as third-quarter net profit surged to $6.8 billion behind its divestment of shares in Chinese Internet commerce company Alibaba, which netted $6.3 billion.

But cloud computing company VMware slumped 8.4 percent on concerns about its outlook after the company offered no forecast for 2015.

Copyright AFP (Agence France-Presse), 2014

]]> (Imaduddin)AmericasWed, 22 Oct 2014 13:55:46 +0000
Strong Apple earnings push US stocks higher YORK: Apple's strong earnings helped push US stocks higher in early trade Tuesday, offsetting the impact of third quarter profit drops from Coca-Cola and McDonald's.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 16,469.97, up 70.30 points (0.43 percent).

The broad-based S&P 500 jumped 18.54 (0.97 percent) to 1,922.55, while the tech-rich Nasdaq Composite Index gained 51.41 (1.19 percent) to 4,367.48.

Apple, the biggest US company by market capitalization, rose 1.9 percent as fourth-quarter profits jumped 13 percent to $8.5 billion on strong iPhone sales.

Apple's earnings came as the third quarter earnings season picked up pace. As of Monday afternoon, 57 companies in the S&P 500 had reported earnings that beat analyst expectations, 16 missed and eight matched estimates.

Coca-Cola shares plunged 6.2 percent Tuesday as net income for the third quarter dropped 13.6 percent to $2.12 billion. Results were weighted down by slower economic growth and volatile currencies.

McDonald's fell 0.6 percent on earnings that tumbled 30 percent to $1.07 billion in part due to a food-safety scandal in China and amid intense competition in the United States.

Consumer staples giant Kimberly-Clark advanced 1.3 percent as third-quarter earnings reached $1.61 per share, above the $1.54 forecast by analysts. The company announced it would trim 1,100-1,300 jobs through the end of 2016.

Defense contractor Lockheed Martin fell 4.4 percent as it forecast that 2015 net sales will decline at a low single digit rate from 2014.

Semiconductor manufacturer Texas Instruments rose 3.0 percent on third-quarter earnings that rose 31.3 percent to $826 million, besting expectations.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.22 percent from 2.18 percent Monday, while the 30-year advanced to 2.98 percent from 2.96 percent. Bond prices and yields move inversely.

Copyright AFP (Agence France-Presse), 2014

]]> (Imaduddin)AmericasTue, 21 Oct 2014 14:28:37 +0000
Brazil sugar output to fall as drought devastates crop PAULO: Drought will drive sugar production in Brazil's cane-rich center-south nearly 8 percent lower than last year, hammering the world's main supplier of sugar, commodities market analysts Datagro said.

Brazil's main center-south cane region will produce 31.6 million tonnes of sugar in 2014/15, down from 34.3 million last year and 32.3 million tonnes seen a month ago due to a severe drought, Plinio Nastari, president of Datagro said on Monday.

The world's top sugar producing region is unlikely to recover next season, he said, predicting sugar output of between 29.1 million and 31.3 million tonnes in 2015/16.

New York ICE sugar futures were relatively somber, as was the mood the mood at the two-day Datagro conference on sugar and ethanol in Sao Paulo.

Before dawn Monday, a fire razed a warehouse owned jointly by Cargill and Louis Dreyfus at the main sugar port in Santos, the third major sugar warehouse fire in a year.

A major national milling group GVO revealed over the weekend that it began debt talks with creditors, the latest of scores of mills in the past several years to undergo restructuring.

GVO is one of the founding groups of the country's largest sugar and ethanol trader Copersucar, whose 10-million-tonne port terminal in Santos lost most of its capacity a year and two days ago.

"Brazil's sugar and ethanol industry is living through its worst crisis in history," Nastari told a conference room full of sugar executives and traders in opening remarks at the conference.

He also spoke of a potential for a turnaround in sugar prices in the near future as the world shifts from a glut in sugar into a 3.24 million tonne production deficit in the 2014/2015 year beginning in October.

In Brazil, the center-south cane crush will drop to 550.2 million tonnes this year from 597 million tonnes in 2013/14. Output next year will not differ greatly from this year. Mills are expected to crush 520 million to 560 million tonnes.

Monday was marked by a drop in temperature as isolated showers spread over the center-south cane belt that has been decimated by drought. Although the rains turned out to be light, they are seen as a precursor for the first major storm of the spring rains since the dry season started some-six months ago.

Copyright Reuters, 2014

]]> (Saad Jabri)AmericasTue, 21 Oct 2014 04:02:11 +0000
Wall St to open higher on earnings boost YORK: US stocks were set for a higher open on Friday following a batch of solid earnings reports and on hopes the Federal Reserve might slow the wind-down of its stimulus in light of recent weakness in global demand.

The benchmark S&P index is on track for its fourth straight weekly decline, its longest streak in more than three years, and is down more than 7 percent from its record high as concerns about the health of the global economy and possible spread of the Ebola virus have prompted investor selling.

Investors were looking toward corporate earnings to offset concerns about a slowdown in the global economy. General Electric shares rose 2.9 percent to $24.95 and was the most actively traded stock on the New York Stock Exchange in premarket trading after the company reported third-quarter earnings that topped analyst expectations.

"It seemed like it was almost a perfect storm of factors that led to this recent selloff," said David Lebovitz, global market strategist at J.P. Morgan Funds in New York. "With earnings season beginning to ramp up, it is important to focus on the earnings picture because if the fundamentals continue to support equity prices - we continue to see earnings growth - that means equity prices should move higher." The S&P 500 and Nasdaq eked out slight gains on Thursday after another choppy session as economic data eased fears about the potential effect of a weakening global economy on the United States and remarks by St. Louis Federal Reserve Bank President James Bullard that the US central bank may want to keep up its bond buying stimulus for now.

The central bank had been widely expected to end its massive monthly bond-buying program this month. In a speech early Friday, Federal Reserve Chair Janet Yellen said the growth of income and wealth inequality caused her great concern. She did not comment on recent market volatility or on monetary policy.

US housing starts and permits rose in September, as groundbreaking rose 6.3 percent to an annual 1.02 million-unit pace.

The preliminary Thomson Reuters/University of Michigan reading on consumer sentiment is due at 9:55 a.m. (1355 GMT). Morgan Stanley rose advanced 3.6 percent to $33.71 before the opening bell after posting an 87 percent rise in third-quarter earnings.

Honeywell shares gained 3.3 percent to $89.21 before the opening bell after the maker of aircraft cockpit parts and other electronic equipment reported its quarterly results.

S&P 500 e-mini futures were up 22.5 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a higher open. Dow Jones industrial average e-mini futures rose 162 points and Nasdaq 100 e-mini futures added 54.25 points.

Urban Outfitters shares slumped 13.5 percent to $29.90 after the retailer said its negative third-quarter comparable sales pace has continued.

Volume of nearly 180,00 share represented over 7 percent of its 10-day average.

The earnings of S&P 500 companies are expected to grow 6.9 percent in the third quarter, according to Thomson Reuters data through Thursday, on revenue growth of 4.1 percent.

Copyright Reuters, 2014

]]> (Shoaib-ur-Rehman Siddiqui)AmericasFri, 17 Oct 2014 16:20:40 +0000