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Equity Market News 05th July 2008

Equity Org Headlines:

Crude prices gain but precious metals decline

Barratt announces 1,000 job losses

Investment banking jobs get the chop at Goldman and Citigroup

ECB raises Eurozone interest rates

7,000 jobs to go at American Airlines

General Motors shares slump to 54-year low

Crude oil, copper in new highs

M&S warns of tough times ahead

Taylor Wimpey fails to secure funding, shares fall 46%

USD, pound weaken

08/09/05

Permalink 04:06:13 pm, Categories: New York NYSE, Technology, Retail, Services, Real Estate, Property, 229 words  

Investors consider construction boom after hurricane

The New York Equities markets were down slightly on Thursday after big gains on Tuesday and more subdued gains on Wednesday, as the market seems to have been proceeding on the assumption that the economy will benefit from the aftermath of Hurricane Katrina rather than decline due to disruptions and dislocations.

Most analysts are betting that in the wake of the storm rebuilding will benefit the economy, interest rates will stop rising, and oil prices will go down. Others are not so sure that this will be the case.

The Dow Jones Industrial Average dropped 0.4 percent to close the day at 10,595.93, the Nasdaq composite lost 0.3 percent to 2,166.03, and the S&P 500 declined by 0.4 percent to 1,231.68.

Homebuilders were generally down on the day, with Hovnanian leading the decline after reporting earnings that fell below predictions. Hovnanian fell by 6.7 percent to $57.49. Elsewhere in the sector, KB Homes declined by 1.6 percent to $74.69, Lennar fell 2.4 percent to $60.95, and Toll Brothers lost 3.3 percent to $47.25.

Coca-Cola Enterprises dropped 9.6 percent on the news that it had reported less-than-positive earnings guidance. Discount retailer Sears Holdings fell by 5.2 percent to $127.81 on earnings that were below expectations. EBay lost 3.8 percent to $38.93, bringing its decline for the year to 34 percent and making it one of the S&P’s worst performers.

On the other hand, Apple gained 2.3 percent to $59.78 as it presented its new iPod for mobile phones.

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