Stocks on the move Real-Time Equity news
U.S. stock market report
1713 ET 29Dec2008-U.S. economic indicators for Tuesday -----------------------------------------------------------------------------
Among economic indicators on tap for Tuesday are ICSC chain store sales at 1245 GMT, S&P/Case-Shiller home price indexes at 1400 GMT and the Chicago PMI at 1445 GMT.
For more details see
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1645 ET 29Dec2008-Wall St falls on Dow Chemical news, economic worry -----------------------------------------------------------------------------
Wall Street slid on Monday after Kuwait pulled out of a joint venture with Dow Chemical due to the deepening global recession, threatening Dow's planned takeover of Rohm & Haas.
Rising energy shares tempered losses after oil prices rose 6 percent following Israeli air strikes in the Gaza Strip. The third day of fighting came as Israel prepared to launch a possible invasion.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1553 ET 29Dec2008-Auto sector to be most troubled in 2009-survey -----------------------------------------------------------------------------
The auto sector is expected to be the most financially-troubled industry in the United States in 2009, snatching the top spot from homebuilders, according to a Turnaround Management Association survey on Monday.
Auto and auto parts makers have been hit by dropping sales, pushing industry stalwarts such as General Motors Corp and their suppliers to the brink of bankruptcy.
In addition, consumers are finding it difficult to get the credit to buy new cars, according the survey of restructuring and bankruptcy professionals taken during the first two weeks of December.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1544 ET-29Dec2008 Some option players sell Citi puts, see better prospects-analyst -----------------------------------------------------------------------------
Citigroup shares fell 2.23 percent to $6.58 in afternoon trade but put option activity is sending off contrarian signals, said Interactive Brokers Group analyst Andrew Wilkinson in a note to clients. Option volume of 60,000 contracts earlier in the session makes Citi stock options one of the most active individual issue. But a decent amount of volumes has appeared in the June expiration puts at both the $6 and $9 strikes, where time and sales reports indicates the work of sellers. 'That tells us that at least some investors expect better prospects by mid-2009 for the bank,' Wilkinson said.
On the flip side, a notable trade appeared to be the roll between the January and February puts at the $6 strike where an investor prolonged a bearish stance at a net 45-cent premium, he said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1515 ET 29Dec2008-Main U.S. stock indexes set to make record low years -----------------------------------------------------------------------------
The year that ends on Wednesday will most probably make it to the top-three list of worst years ever for the Dow Jones industrial average, the S&P 500 and the Nasdaq Composite.
The Dow, down about 36 percent so far this year, could finish its third worst year ever, trailing 1931 and 1907; the S&P 500, down near 41 percent, is poised to end its second-worst year ever, behind 1931. And for the Nasdaq 2008 is close to becoming the worst year ever with a near 43 percent fall, toppling the decline in 2000 which was just below 40 percent.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1438 ET 29Dec2008-Barclays: Dow/Rohm deal may not be hurt by Kuwait -----------------------------------------------------------------------------
Barclays Monday said that Kuwait's decision to scrap a $14.7 billion petrochemical joint venture with Dow Chemical may not impact the company's proposed acquisition of Rohm & Haas. The firm noted that the deal was financed by a one-year syndicated bridge loan and convertible preferred investments by Berkshire Hathaway and the Kuwait Investment Authority.
Despite that, Barclays downgraded Dow to equal weight from overweight and slashed its price target to $16 from $25. Elsewhere, S&P Equity dropped its target on Rohm & Haas to $28 from $50.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1420 ET 29Dec2008-World economy needs large, timely stimulus- IMF -----------------------------------------------------------------------------
The world economy needs a timely, aggressive fiscal stimulus package to repair the financial system and boost demand, the International Monetary Fund said in a research paper released on Monday.
Spending increases and targeted tax cuts would provide the biggest bang for the buck, while general tax cuts or subsidies for consumers or companies would have a smaller effect, the IMF said.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
1713 ET 29Dec2008-U.S. economic indicators for Tuesday -----------------------------------------------------------------------------
Among economic indicators on tap for Tuesday are ICSC chain store sales at 1245 GMT, S&P/Case-Shiller home price indexes at 1400 GMT and the Chicago PMI at 1445 GMT.
For more details see
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1645 ET 29Dec2008-Wall St falls on Dow Chemical news, economic worry -----------------------------------------------------------------------------
Wall Street slid on Monday after Kuwait pulled out of a joint venture with Dow Chemical due to the deepening global recession, threatening Dow's planned takeover of Rohm & Haas.
Rising energy shares tempered losses after oil prices rose 6 percent following Israeli air strikes in the Gaza Strip. The third day of fighting came as Israel prepared to launch a possible invasion.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1553 ET 29Dec2008-Auto sector to be most troubled in 2009-survey -----------------------------------------------------------------------------
The auto sector is expected to be the most financially-troubled industry in the United States in 2009, snatching the top spot from homebuilders, according to a Turnaround Management Association survey on Monday.
Auto and auto parts makers have been hit by dropping sales, pushing industry stalwarts such as General Motors Corp and their suppliers to the brink of bankruptcy.
In addition, consumers are finding it difficult to get the credit to buy new cars, according the survey of restructuring and bankruptcy professionals taken during the first two weeks of December.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1544 ET-29Dec2008 Some option players sell Citi puts, see better prospects-analyst -----------------------------------------------------------------------------
Citigroup shares fell 2.23 percent to $6.58 in afternoon trade but put option activity is sending off contrarian signals, said Interactive Brokers Group analyst Andrew Wilkinson in a note to clients. Option volume of 60,000 contracts earlier in the session makes Citi stock options one of the most active individual issue. But a decent amount of volumes has appeared in the June expiration puts at both the $6 and $9 strikes, where time and sales reports indicates the work of sellers. 'That tells us that at least some investors expect better prospects by mid-2009 for the bank,' Wilkinson said.
On the flip side, a notable trade appeared to be the roll between the January and February puts at the $6 strike where an investor prolonged a bearish stance at a net 45-cent premium, he said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1515 ET 29Dec2008-Main U.S. stock indexes set to make record low years -----------------------------------------------------------------------------
The year that ends on Wednesday will most probably make it to the top-three list of worst years ever for the Dow Jones industrial average, the S&P 500 and the Nasdaq Composite.
The Dow, down about 36 percent so far this year, could finish its third worst year ever, trailing 1931 and 1907; the S&P 500, down near 41 percent, is poised to end its second-worst year ever, behind 1931. And for the Nasdaq 2008 is close to becoming the worst year ever with a near 43 percent fall, toppling the decline in 2000 which was just below 40 percent.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1438 ET 29Dec2008-Barclays: Dow/Rohm deal may not be hurt by Kuwait -----------------------------------------------------------------------------
Barclays Monday said that Kuwait's decision to scrap a $14.7 billion petrochemical joint venture with Dow Chemical may not impact the company's proposed acquisition of Rohm & Haas. The firm noted that the deal was financed by a one-year syndicated bridge loan and convertible preferred investments by Berkshire Hathaway and the Kuwait Investment Authority.
Despite that, Barclays downgraded Dow to equal weight from overweight and slashed its price target to $16 from $25. Elsewhere, S&P Equity dropped its target on Rohm & Haas to $28 from $50.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1420 ET 29Dec2008-World economy needs large, timely stimulus- IMF -----------------------------------------------------------------------------
The world economy needs a timely, aggressive fiscal stimulus package to repair the financial system and boost demand, the International Monetary Fund said in a research paper released on Monday.
Spending increases and targeted tax cuts would provide the biggest bang for the buck, while general tax cuts or subsidies for consumers or companies would have a smaller effect, the IMF said.
For details, see
Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.