By Keith Fitz-Gerald Contributing Editor Unlike the United States Federal Reserve, which seems to be content with a dollar policy of benign neglect, the Chinese central bank actually has real power and isn't afraid to use it to protect and nurture the country's economic health. Most recently, China's central bank – The People's Bank of […]
Category
Stocks
Rio Sends BHP Packing; Shares Still Skyrocket 23%
By Mike Caggeso Associate Editor BHP Billiton Ltd. (BHP), the world's largest mining company, said it would continue pursuing its takeover of Rio Tinto PLC (RTP) after an undisclosed bid was rejected. Rio Tinto released a statement saying its board considered the proposal and "concluded that it significantly undervalues Rio Tinto and its prospects." In […]
Why This "Bernanke Put" Could Make for the Scariest Halloween Ever
By Keith Fitz-GeraldContributing Editor The markets are clearly counting on the "Bernanke Put," which is how market insiders refer to the Federal Funds rate cut nearly everyone is hoping for today (Wednesday). I have to say that I'm dumbfounded. I simply can't understand why investors believe that another rate cut will somehow bail out the […]
Caterpillar Hauls a 21% 3Q Profit Growth, Cuts its 2007 Estimates
By Mike Caggeso Staff Writer Caterpillar Inc.’s (CAT) last week reported a 21% gain in third-quarter profit, but then cut its earnings outlook for the rest of the year, citing the slowing U.S. economy and the lousy U.S. housing market. The Peoria, Ill-based ]heavy-equipment manufacturer reported net income of $927 million, an increase of 21% […]
Sony to Sell Semi Unit and Cut PS3 Prices as Part of Electronics Unit Turnaround
By Jason Simpkins Staff Writer Sony Corp. (SNE) is selling its advanced computer chip operations to Toshiba Corp. (TOSBF), a proposed $858 million deal that's the latest element of Sony's ongoing turnaround efforts, The Associated Press reported yesterday (Thursday). In a separate-but-related development yesterday, Sony slashed the U.S. price of its PlayStation 3 gaming system […]
Soaring Oil Prices, Debt Concerns Send Stocks Skidding Yesterday; Oil Spikes in Asia Today
By Jason Simpkins Staff Writer Stocks tumbled yesterday (Monday) as oil prices soared and three major U.S. banks announced a plan to revive the asset-backed commercial paper market. The Dow Jones Industrial Average fell 108.20 points, or 0.77%, to close at 13,984.80. The broader Standard & Poor's 500 Index closed at 1,548.71, down 13.09 points, […]
India Stock Soars with Reliance and Tata Steel Out in Front
By Jason SimpkinsStaff Writer India's benchmark stock index yesterday eclipsed the 19,000 level, the first time that's happened, The Associated Press reported. The Bombay Stock Exchange's 30-share Sensex peaked at 19,059, a 639.6 point gain and a new all-time high. The Sensex has soared by 1,000 points in just five trading sessions, similar to the […]
Google’s Stock Eclipses 600, Analysts Already Calling for 700
By Mike Caggeso Staff Writer Shares of search-engine Google Inc. (GOOG) leaped over the $600 mark for the first time Monday, peaking at $623 yesterday (Tuesday), before closing at $615. Google hit this new high-water mark less than three weeks after Money Morning featured a story about analyst and media writer Paul R. La Monica, […]
Beware of This Fed-Led Stock Market Rally
By Keith Fitz-Gerald Contributing Editor Money Morning/The Money Map Report As a professional trader, I’m never far from my trading screens. But I find that I’ve been watching them even more intently than usual over the past few days. When I take a step back and attempt to assess just why I seem to be […]
Yum Brands Shares Soar For Second Day on China-Fueled Earnings Surprise
From Staff Reports Yum Brands Inc. (YUM), the former PepsiCo (PEP) spin-off and current operator of the Pizza Hut, KFC and Taco Bell chains, saw its shares soar $1.82 each, or 5.02%, to close at $38.11 yesterday (Tuesday), after reporting better-than-expected earnings on Monday. Yum Brands attributed much of the growth to higher-than-forecasted revenue and […]