By Mike Caggeso Associate Editor Despite gold's meteoric rise, South Africa-based Harmony Gold Mining Co. (HMY) posted its third-straight quarterly loss as the company suffered a 44-day mine stoppage and an 8.3% decline in gold production. After factoring in taxes, exploration costs and operating costs, the company lost $7 million (55 million rand). The company's […]
Archives for February 2008
February 2008 - Page 8 of 15 - Money Morning - Only the News You Can Profit From
Midday Market Update: More Recession Signals Send Stocks Lower
By Jennifer Yousfi Managing Editor A host of weak economic indicators raised more red flags for a pending recession and sent U.S. markets into the red in early trading. At noon ET, the three major U.S. stock indices all had slight declines. The blue-chip Dow Jones Industrial Average Index dropped 66.73 points (-0.54%), to trade at […]
Japan's GDP Jumps 3.7% in Face of Low Expectations and Troubled U.S. Market
By Jason Simpkins Associate Editor The Japanese economy defied expectations – and a weak U.S. market – to grow at an annualized rate of 3.7% in the fourth quarter, the Cabinet Office said yesterday (Thursday). "The GDP number was a big, positive surprise to the market," Takehiro Sato, chief economist for Japan at Morgan Stanley […]
Japan's Stock Market Should Climb, But Will It?
By Martin Hutchinson Contributing Editor When Japan reported its fourth-quarter growth numbers yesterday (Thursday), it surprised everyone by announcing that gross domestic product (GDP) advanced at a 3.7% annual clip – really damn good when you consider the country has no population growth at all. Meanwhile, the United States posted quarterly growth of only 0.6%. […]
Tough Talk About Sovereign Funds Spawns Fear of Economic Retaliation Against the United States
By William Patalon III Executive Editor Money Morning/The Money Map Report The United States risks major retaliation against U.S. companies trying to do business overseas if Congress proposes new laws that will force so-called sovereign wealth funds to disclose more about their intent when it comes to U.S. investments, a senior U.S. Treasury Department official […]
Could News Corp. Be Yahoo’s White Knight?
By Jennifer Yousfi Managing Editor Yahoo! Inc. (YHOO) co-founder and Chief Executive Officer Jerry Yang sent a love note to shareholders yesterday (Thursday) explaining why the board of directors and management formally rejected Microsoft Corp.'s (MSFT) $44.6 billion hostile takeover offer. In the letter, Yang outlined the reasons why he feels Microsoft's offer undervalues Yahoo's […]
Different Sources of Demand Mean Different Commodities Will Continue to Rise
By Mike Caggeso Associate Editor When Dean Foods Co. (DF), the biggest U.S. dairy producer, reported this week that its fourth-quarter profits were slashed by 55%, the culprit was a 47% jump in the price of milk, a key dairy commodity. Conversely, soaring demand for natural-resource commodities including coal has generated tremendous business opportunities for […]
Global Investing Roundups
Comcast Pledges Cash Dividend; Liz Claiborne Shares Plunge; New York Times Cuts 100 Newsroom Jobs; Goodyear Tire Posts Good Quarter; Jobless Claims Fall Second Straight Week; Bernanke: Tough Year Ahead, Fed Will Act; UBS Lost $4 Billion in 2007 Philadelphia-based Comcast Corp. (CMCSA) announced yesterday (Thursday) that it would buyback $6.9 billion in stock […]
China Internet Leader Baidu Sees its Profits Soar Nearly 80%
By William Patalon III Executive Editor Money Morning/The Money Map Report Internet-search giant Baidu.com Inc. (BIDU) – the Google Inc. of China – reported that fourth-quarter profits soared a better-than-expected 79%, although it cautioned that results for the current quarter would be weaker because of heavy winter weather. Baidu is riding a powerful wave: It’s […]
Midday Market Update: Bernanke's Testimony Sends Markets Lower
By Jennifer Yousfi Managing Editor Despite the reassurance that the central bank stands ready to cut interest rates further, U.S. stocks declined today (Thursday) after U.S. Federal Reserve Chairman Ben S. Bernanke acknowledged during congressional testimony that the Fed is now projecting slower growth for the U.S. economy this year than it was in past […]