Equities finished mixed on Thursday as US economic data pointed to lower levels of inflation and also after Philadelphia manufacturing activity posted its seventh consecutive gain.
However, stocks came under selling pressure as rumours that a discount rate hike by the Fed was imminent.
The oil & gas, basic materials and financial sectors were the main underperformers in the S&P 500.
In terms of individual performers, Broadcom (1.13%) saw decent gains after an upgrade at Goldman Sachs (+0.46%) and Nike (+5.32%) also finished higher after consensus beating earnings.
At the close; the S&P 500 closed down 0.03% at 1165.83, the DJIA closed up 0.42% at 10779.17 and the Nasdaq 100 closed up 0.40% at 1943.94.
UK Share Trading News
Lloyds – Co. said trading has been strong in the first 10 weeks of 2010, and Lloyds Banking net interest margin is in line with guidance. (BBG/Sources)
Tullow Oil – Co. is close to agreeing the terms of a partnership with Cnooc and Total to develop oil assets in Uganda, according to unnamed people familiar with the deal. (WSJ)
Prudential – Co. hopes investors in Hong Kong and Asia to participate in its USD 20bln rights issue, according to a report. (Hong Kong Economic Journal)
Schroders – S&P revises co. outlook to stable from negative; A/A-1 ratings affirmed. (BBG)
Amec – Co. plans to expand in Africa to provide services to coal and iron-ore mining companies on the continent. (Business Day)
Cintas – Q3 USD EPS USD 0.32 vs. Exp. USD 0.30, Q3 revenue USD 861.8mln vs. Exp. USD 853.3mln. Co. reaffirms forecast and sees Q4 EPS USD 0.30-34 vs. Exp. USD 0.33 and Q4 revenue USD 870-890mln vs. Exp. 877.2mln. (BBG)
Apple – Co. has sold hundreds of thousands of iPads on pre-order, however co. still working to get content for iPad ahead of April 3 release, but talks with media cos. have proven difficult. (WSJ)
Time Warner – Co. said to weigh USD 1.2-1.5bln bid for MGM Studio. (BBG)
Symantec – Co. is rumoured to be considering splitting itself into security and data storage businesses. (Sources)
Germany’s Christian Social Union allies in Chancellor Merkel’s ruling coalition, said not all lenders should have to contribute to a new bank crisis-prevention fund. (Handelsblatt)
Siemens – Co. will prepare SIS to be stand-alone business by October 1. (FTD)
Allianz – Co.’s CEO says confident that co. will produce solid results in 2010. In other news, co. said in its annual report that it sold one billion shares of Industrial and Commercial bank of China in February, which resulted in a capital gain of about EUR 400mln.(Sources)
EADS – Co. is studying the transfer of some production to Mexico to reduce the impact of unfavourable currency movements. (La Lettre de L’Expansion)
Air France – Co. has proposed delaying some cost cuts in a bid to avert a planned strike by flight attendants from March 28 through March 31, according to a statement from management distributed inside the co. (Les Echos)
Carrefour – Co. will not pass an increase in Spanish value-added tax on to consumers except on products with the lowest margin, according to the co.’s director for Spain. (ABC/BBG)
Data provided by RANsquawk.
The above comments do not constitute investment advice.
Paddypowertrader, RANsquawk and Clean Financial do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
All reasonable efforts have been made to present accurate information.
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Article edited by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Shares Markets' edited by paddypowertrader, updated 19-Mar-10
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