Stocks on the move
Real-time equity news
U.S. stock market report
1730 ET 28April2010
Earnings diary for April 29
Companies on tap to report quarterly results on Thursday include Exxon Mobil, Procter & Gamble, Motorola, Kellogg, Colgate-Palmolive, Bristol-Myers Squibb and Aetna Inc.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1720 ET 28April2010
Economic diary for April 29
Economic data expected on Thursday include weekly claims for first-time jobless benefits.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1700 ET 28April2010
Palm shares surge after HP deal
Shares of Palm Inc surged more than 27 percent after Hewlett-Packard Co said it had struck a deal to buy the smartphone maker for $1.2 billion.
Palm was up 27.7 percent at $5.91 in extended trade, while HP slipped 0.9 percent to $52.79.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1545 ET 28April2010
Wall St buoyed by Fed statement
Stocks rose after the Federal Reserve pointed to signs of strength in the economy, comments that gave some relief to investors worried about possible debt defaults in Europe.
The Fed's comments on the economy and its statement that it would keep interest rates low for an extended period lifted bank shares.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1545 ET 28April2010-Short sellers targeting tech stocks
ShortSqueeze.com
'The short sellers seem to be specifically targeting tech stocks, as short selling surged in shares of Nasdaq stocks at a significant rate,' wrote Dylan Wetherill, president of ShortSqueeze.com.
'This is the largest increase in short selling we have seen in two months for the Nasdaq.'
Bearish bets on Nasdaq rose 1.7 percent from late March to mid-April, while short interest on the New York Stock Exchange was little changed over the same time period, the exchanges said earlier in the week.
Investors who sell securities 'short' seek to profit from bets that share prices will fall. Short-sellers borrow shares and sell them in hopes of buying them back at a lower price, pocketing the difference.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1328 ET 28April2010
Credit Suisse downgrades Ford to 'underperform'
Credit Suisse on Wednesday downgraded Ford Motor Co to 'underperform' from 'neutral,' citing concerns about earnings momentum a day after the automaker reported its quarterly results.
'Ford had a very strong first quarter, but we do not think this level of profitability is sustainable,' the firm wrote. 'Our forecast calls for earnings to decline from the first quarter to the second quarter, then again to the third quarter.'
Credit Suisse affirmed its $10 price target on the stock.
Shares of Ford dropped 3.5 percent to $13.11.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1315 ET 28April2010-Flows into long-term mutual funds rose last week
ICI
Estimated cash flows going into long-term mutual funds rose to $12.58 billion last week, suggesting more investors were putting money to work, the Investment Company Institute said on Wednesday.
For the week ended April 21, flows rose to $12.58 billion from $9.04 billion the week before. Flows into equity funds rose to $4.76 billion for the week from $2.14 billion, while domestic equity funds saw inflows of $2.86 billion, up from $466 million the previous week.
Flows into hybrid funds, which can invest in both stocks and fixed income securities, rose to $1.17 billion from $1.06 billion, and bond funds saw inflows rise to $6.66 billion from $5.83 billion.
Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals, ICI said.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.
Real-time equity news
U.S. stock market report
1730 ET 28April2010
Earnings diary for April 29
Companies on tap to report quarterly results on Thursday include Exxon Mobil, Procter & Gamble, Motorola, Kellogg, Colgate-Palmolive, Bristol-Myers Squibb and Aetna Inc.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1720 ET 28April2010
Economic diary for April 29
Economic data expected on Thursday include weekly claims for first-time jobless benefits.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1700 ET 28April2010
Palm shares surge after HP deal
Shares of Palm Inc surged more than 27 percent after Hewlett-Packard Co said it had struck a deal to buy the smartphone maker for $1.2 billion.
Palm was up 27.7 percent at $5.91 in extended trade, while HP slipped 0.9 percent to $52.79.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1545 ET 28April2010
Wall St buoyed by Fed statement
Stocks rose after the Federal Reserve pointed to signs of strength in the economy, comments that gave some relief to investors worried about possible debt defaults in Europe.
The Fed's comments on the economy and its statement that it would keep interest rates low for an extended period lifted bank shares.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1545 ET 28April2010-Short sellers targeting tech stocks
ShortSqueeze.com
'The short sellers seem to be specifically targeting tech stocks, as short selling surged in shares of Nasdaq stocks at a significant rate,' wrote Dylan Wetherill, president of ShortSqueeze.com.
'This is the largest increase in short selling we have seen in two months for the Nasdaq.'
Bearish bets on Nasdaq rose 1.7 percent from late March to mid-April, while short interest on the New York Stock Exchange was little changed over the same time period, the exchanges said earlier in the week.
Investors who sell securities 'short' seek to profit from bets that share prices will fall. Short-sellers borrow shares and sell them in hopes of buying them back at a lower price, pocketing the difference.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
1328 ET 28April2010
Credit Suisse downgrades Ford to 'underperform'
Credit Suisse on Wednesday downgraded Ford Motor Co to 'underperform' from 'neutral,' citing concerns about earnings momentum a day after the automaker reported its quarterly results.
'Ford had a very strong first quarter, but we do not think this level of profitability is sustainable,' the firm wrote. 'Our forecast calls for earnings to decline from the first quarter to the second quarter, then again to the third quarter.'
Credit Suisse affirmed its $10 price target on the stock.
Shares of Ford dropped 3.5 percent to $13.11.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1315 ET 28April2010-Flows into long-term mutual funds rose last week
ICI
Estimated cash flows going into long-term mutual funds rose to $12.58 billion last week, suggesting more investors were putting money to work, the Investment Company Institute said on Wednesday.
For the week ended April 21, flows rose to $12.58 billion from $9.04 billion the week before. Flows into equity funds rose to $4.76 billion for the week from $2.14 billion, while domestic equity funds saw inflows of $2.86 billion, up from $466 million the previous week.
Flows into hybrid funds, which can invest in both stocks and fixed income securities, rose to $1.17 billion from $1.06 billion, and bond funds saw inflows rise to $6.66 billion from $5.83 billion.
Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals, ICI said.
Reuters Messaging: leah.schnurr.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.