Wall St drops but S&P, Nasdaq register quarterly gains
Tue 3:34pm U.S. stocks fell on Tuesday as energy and healthcare shares retreated, but the S&P 500 and Nasdaq registered their ninth straight quarterly advance. The S&P's 500 quarterly winning streak was its longest since 1998, while the Nasdaq's was its longest ever. During the session, all 10 S&P 500 sectors declined, with healthcare leading the way down.
Euro posts record quarterly drop; Wall St ends day lower
Tue 2:12pm Investors are betting that the U.S. Federal Reserve will raise interest rates this year, while the European Central Bank's one-trillion-euro economic stimulus program is weakening the euro. On Wall Street, energy shares were among the biggest drags, falling in tandem with a decline in crude oil prices, offsetting a lift from two days of corporate takeover announcements, including several biotech deals on Monday and Charter Communications' plan to buy Bright House Networks for roughly $10 billion.
Late slide in stocks erases much of the previous day's gain
The stock market closed out the first three months of the year Tuesday on a down note, erasinTue 1:58pm The stock market closed out the first three months of the year Tuesday on a down note, erasing much of the gains from the prior day's big rally.
Wall St. earnings estimates may not foretell currency impact
An early example to watch is Monsanto Co , which reports results on Wednesday, April 1 for its fiscal quarteTue 1:44pm An early example to watch is Monsanto Co , which reports results on Wednesday, April 1 for its fiscal quarter ended Feb. 28. On Jan 7, before the dollar's biggest moves of the quarter, the company said currency issues would reduce its 2015 earnings by between 15 cents and 20 cents, similar to 2014, when the dollar rose 12.8 percent against a basket of major currencies. At Monsanto, for example, other factors such as an improving outlook for corn planting may help offset currency losses, said Paul Massoud, analyst at Stifel. “The rapid devaluation of nearly every foreign currency versus the U.S. dollar is not news, yet surprisingly only about 30 percent of the sell-side analysts who follow Red Hat have updated their models at current rates,” said Charles Peters, the CFO.
Wall St retreats but S&P, Nasdaq post quarterly gains
Tue 1:36pm U.S. stocks ended down on Tuesday in a retreat from the previous session's sharp rally as energy shares declined and the dollar edged up, but the S&P 500 and Nasdaq registered their ninth straight quarterly rise. The S&P's 500 quarterly winning streak was its longest since 1998, while the Nasdaq's was its longest ever. S&P 500 earnings are expected to have declined by 2.8 percent in the first quarter from a year ago, Thomson Reuters data showed. The Dow Jones industrial average fell 200.19 points, or 1.11 percent, to 17,776.12, the S&P 500 lost 18.35 points, or 0.88 percent, to 2,067.89 and the Nasdaq Composite dropped 46.56 points, or 0.94 percent, to 4,900.88.
Here’s why more Wall Streeters are heading to Silicon Valley ...
Singapore Airlines says not in talks to buy stake in HK Airlines ...
Tue 8:07am Singapore Airlines Ltd (SIA) denied on Tuesday a media report that it is in talks to buy a stake in Hong Kong Airlines International Holdings Ltd. "We are not in talks to buy any stake in Hong Kong Airlines," said a spokesman at Singapore's flag carrier. The Wall Street Journal newspaper cited sources as saying that SIA is in talks to buy a minority stake in the Hong Kong-based short-haul carrier as part of an effort to tap into China's booming travel market. There was no immediate response to an email sent to Hong Kong Airlines outside office hours. The WSJ report said negotiations between SIA and Hong Kong Airlines are still at a preliminary stage and the size of the investment has not been finalised.
Market uncertainty tempers forecasts for equities' gains this ...
Uncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analysts' foTue 7:25am Uncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analysts' forecasts for stock market gains this year, Reuters polls showed on Tuesday. Chinese and most European stocks have led the way with a stellar run, buoyed by stimulus from the People's Bank of China and the European Central Bank. Fund managers and strategists also warned that the prospect of an interest rate rise by the U.S. Federal Reserve this year will create turbulence in global stock markets.
Europe stock indexes on track for best first quarter in years ...
Tue 7:23am European shares fell on Tuesday, taking a breather from their sharp rally of the past three months triggered by the drop in the euro, with Germany's DAX index set to record its biggest first quarter gain since its creation in 1988. As the quarter draws to an end, the DAX is up 22 percent, while the FTSEurofirst 300 index of top European shares is up 16 percent, strongly outpacing Wall Street where the S&P 500 is up 0.8 percent since the start of the year. A survey of around 50 fund managers and strategists conducted in the past week predicted the pan-European STOXX Europe 600 index would rise more than 6 percent from current levels to 425 points by the end of 2015. "The question is whether being a late starter has left the ECB and Europe too far behind and too close to deflation.
Market uncertainty tempers forecasts for equities' gains this ...
Uncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analTue 6:49am Uncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analysts' forecasts for stock market gains this year, Reuters polls showed on Tuesday. Chinese and most European stocks have led the way with a stellar run, buoyed by stimulus from the People's Bank of China and the European Central Bank. Fund managers and strategists also warned that the prospect of an interest rate rise by the U.S. Federal Reserve this year will create turbulence in global stock markets.
Amaya posts huge jump in adjusted profit; seeks Nasdaq listing ...
Tue 6:14am By Euan Rocha TORONTO (Reuters) - Amaya Inc , which recently acquired online gambling sites PokerStars and Full Tilt, reported a near eight-fold rise in quarterly adjusted earnings on Tuesday, and outlined plans to seek a secondary listing on the Nasdaq. The Montreal-based company said it plans to win new clients and supplement growth from its core poker business through expansion into other areas such as sportsbetting, social gaming and fantasy sports. "We anticipate the launch of sports betting in certain markets in the coming days with an expansion across the network to take place through the first half of 2015," said Amaya Chief Executive David Baazov, in a statement. Amaya said it currently plans to execute on this strategy via both organic development and strategic acquisitions.
Chuck Schumer: 15 Things You Didn’t Know
When Senate Minority Leader Harry Reid surprised Washington last week with Tue 5:15am When Senate Minority Leader Harry Reid surprised Washington last week with the announcement he would retire from the Senate in early 2017 and not seek reelection, one of the first people he told was New York Sen. Chuck Schumer. Reid almost immediately endorsed Schumer, 64, to replace him as key Senate Democratic leader. Sen. Dick Durbin of Illinois, the number-two Senate Democrat, said he wouldn’t stand in the way, and now Sen. Patty Murray, also mentioned as a potential Reid replacement, said she’ll support Schumer for the role. “Sen. Chuck Schumer has spent his entire career carrying water for Wall Street interests,” Becky Bond, political director for the liberal group CREDO Action, told The Los Angeles Times.