Share News: Materials Sector Weakens S&P 500
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A daily look at the leading shares in the UK, US and the rest of the world sponsored by paddypowertrader. For today’s view see Shares Markets.
Share Trading - 24 February 2010
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UK Share Trading News
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- GlaxoSmithKline – German federal patents court says defers verdict in German case on patent for co.’s lung drug Advair. (RTRS)
- Royal Dutch Shell – Co. shut its Draugen oil field in the Norwegian Sea on February 20 because of strong winds and cold weather and can’t say when production will resume, according to co.’s spokeswoman. (BBG)
- BHP Billiton – According to sources, co. may raise as much as AUD 2bn through a bond issue. (Australian Financial Review)
- RSA Insurance – Co. was rumoured yesterday to be preparing cash call to finance acquisitions. It was also suggested that co. may team up with Resolution to break up rival insurer Aviva. (FT/Sources)
- Companies going Ex-Dividend: Barclays (GBP 0.0150), Randgold Resources (USD 0.1700), Reckitt Benckiser (GBP 0.5700), Rio Tinto (GBP 0.2884)
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US Share Trading News
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Equities finished lower after investor sentiment was hurt in response to much weaker than expected US consumer confidence data which fell to a 10-month low.
The basic materials sector displayed the greatest weakness in the S&P 500. Financials closely followed after they were led lower in reaction to comments from the White House which stated there would not be a watering down of the ‘Volcker Rule’ proposal.
In terms of individual stocks, Home Depot (+1.42%) saw decent gains following their earnings before the bell and Ford Motor Co. (+3.48%) also performed well as Toyota Motor Corps. executives were grilled in Washington.
At the close; the S&P 500 closed down 1.21% at 1094.60, the DJIA closed down 0.97% at 10282.41 and the NASDAQ 100 closed down 1.31% at 1793.82.
US businesses continued to postpone financing new investments in their operations in January. However, delinquencies among existing borrowers stabilised and outright defaults fell according to a trade group for lenders that finance half the capital equipment investment in the US. (RTRS)
- Citigroup – Co. is in negotiations to sell a hedge-fund unit with approximately USD 4bn in holdings to SkyBridge Capital. (WSJ)
- Cisco – Co. is developing an ultra-high speed system for Internet access with a number of US service providers. (FT)
- Boeing/Northrop Grumman – The US Air Force will today release its final proposal for bids to build a new fleet of aerial refuelling tankers. Boeing and a team led by Northrop Grumman and Airbus are among potential bidders for the contract, which may be worth as much as USD 35bn. Northrop Grumman CEO says co. may not bid unless the draft request for bids that the Pentagon issued in September is amended. (BBG)
- United Technologies – Co.’s unit Sikorsky Global Helicopters sees strong sales in 2010, says sales activity beginning of 2010 up 50% vs. year ago. (BBG)
- Kimberly-Clark – Co. announces 10% dividend increase to USD 0.66 per share from USD 0.60 per share. (BBG)
- Yahoo – Co. executive says co. will get some benefit from Microsoft payments in Q1, which are not in the existing guidance. (RTRS)
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European Share Trading News
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- Siemens – Co.’s hearing aid sale enters second phase, only one bid over EUR 2bn. (Handelsblatt)
- Commerzbank – Co. may make a capital increase. Co. may raise as much as EUR 3bn in capital this year. (Handelsblatt)
- Deutsche Telekom – Co. may make acquisitions as part of new strategic plan. (Handelsblatt)
- Fresenius – Co. reports FY 2009 net income EUR 494m, FY sales EUR 14.16bn vs. Prev. EUR 12.34bn. Co. set to propose dividend increase of 7% to EUR 0.75/ ord. share. (BBG)
- Total – The CGT union called for an end to the strike, saying the final decision rests with workers. Co. is expected to sign an agreement with unions today to end a weeklong strike that’ hobbled operations at its refineries in France. Separately to this, co. may sell its Lindsey oil refinery in the UK in order to reduce capacity. (BBG/Times)
- Sanofi Aventis – Co. may be interested in acquiring Romanian pharmaceutical players. (Ziarul Financiar)
- GDF Suez – According to sources, co. is seeking to build nuclear reaction in the Rhone valley in France. (Les Echos) However, French environment minister said no decision has been made on whether to build nuclear reactor in the Rhone valley. (BBG)
- EADS – The US Air Force will today release its final proposal for bids to build a new fleet of aerial refuelling tankers. Boeing and a team led by Northrop Grumman and Airbus are among potential bidders for the contract, which may be worth as much as USD 35bn. In other news Airbus A400M partners have reached the basis of an agreement on the refunding package, according to a source familiar with the matter. (BBG/RTRS) Also, co.’s Airbus division wants to sell its Dasell aircraft toilet business. (FT Deutschland)
- Carrefour – Co. to sell or close 41 stores in Belgium, confirms talks with Groupe Mestdagh. (Het Financieele Dagblad)
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.
'Share News: Materials Sector Weakens S&P 500' edited by paddypowertrader, updated 24-Feb-10
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