mick
10 years ago
buyout for tax writeoff?/ Stock Market News for December 01, 2014 - Market News
10:10a ET December 1, 2014 (Zacks.com) Print
Markets ended Friday’s holiday-shortened session on a mixed note following decline in oil prices that dragged down energy shares. However, slide in oil prices boosted airlines and retail shares on Black Friday. Moreover, major benchmarks registered weekly gains for the sixth consecutive week and also managed to finish in positive territory in November.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article
The Dow Jones Industrial Average (DJI) rose only 0.49 point to close at 17,828.24. However, the Standard & Poor 500 (S&P 500) declined 0.3% to close at 2,067.56. The tech-laden Nasdaq Composite Index closed at 4,791.63; increasing 0.1%. The fear-gauge CBOE Volatility Index (VIX) increased almost 10.4% to settle at 13.33. A total of about 4.2 billion shares were traded on Friday. Decliners outpaced advancing stocks on the NYSE. For 59% stocks that declined, 37% advanced. Markets were closed on Thursday due to Thanksgiving Day and stocks were traded till 1 PM EST on Black Friday.
On Friday, oil prices declined to a multi-year low level after Organization of Petroleum Exporting Countries’ (OPEC) decision to continue with the present volume of oil production. In a meeting at the Austrian capital of Vienna on Thanksgiving Day, OPEC members concluded that they will keep their output level at 30 million barrels per day as decided on Dec 2011. However, given the weak oil pricing scenario, most investors were expecting output cut from OPEC as the move could have arrested declining crude prices.
This decision had a negative impact on oil prices on Friday. The price of WTI crude oil plummeted 11.4% to $66.15 per barrel, its lowest level since Sep 25, 2009. Moreover, price of Brent crude oil plunged 10.8% to $70.15 per barrel, reaching its lowest level since May 25, 2010.
Energy shares were severely affected by the decline in oil prices on Friday. The Energy Select Sector SPDR (XLE) lost 6.4% and was the biggest loser among the S&P 500 sectors. Key energy stocks including Halliburton Company (HAL), Baker Hughes Incorporated (BHI), Chesapeake Energy Corporation (CHK) and Schlumberger Limited (SLB) declined 10.9%, 8.9%, 12.1% and 7.4%, respectively.
However, airline shares posted solid gains on Friday due to slide in oil prices. Key airline stocks including Southwest Airlines Co. (LUV), Delta Air Lines, Inc. (DAL), United Continental Holdings, Inc. (UAL) and American Airlines Group Inc. (AAL) gained 6.5%, 5.5%, 8.2% and 7.9%, respectively.
Additionally, retail stocks also registered gains on Friday as markets speculated Black Friday sales would increase due to a fall in oil prices. Key retail stocks including Macy's, Inc. (M), Best Buy Co., Inc. (BBY), Target Corp. (TGT) and The Home Depot, Inc. (HD) rose 2.2%, 1.7%, 2.6% and 1.7%, respectively.
Also, shares of Wal-Mart Stores Inc. (WMT) gained 3% after announcing that the retailer witnessed its second best one-day online sales on Thanksgiving Day, only behind the record sales on last year’s Cyber Monday.
Over the week, the Dow, S&P 500 and Nasdaq gained 0.1%, 0.2% and 1.7%, respectively.
Markets ended in the green last week as upbeat earnings results and some positive economic data offset the slide in oil prices over the week. Moreover, encouraging efforts by China and Europe to improve their economic health also boosted investor confidence.
Upbeat earnings results last week include the likes of Hewlett-Packard Company’s (HPQ) and Analog Devices, Inc. (ADI). However, earnings reports from Hormel Foods Corporation (HRL) and Tiffany & Co. (TIF) came out weaker-than-expected.
Moreover, People’s Bank of China’s decision to lower its key interest rates and European Central Bank’s (ECB) declaration that it had started purchasing asset-backed securities positively impacted markets. Also, encouraging economic data including second estimate of third quarter GDP, durable orders and new home sales number boosted benchmarks.
However, certain dismal economic reports such as consumer confidence, pending home sales index and initial claims dented investor sentiment.
In November, the Dow and S&P 500 both rose 2.5% and the Nasdaq gained 3.5%.
Benchmarks finished in positive territory in November as upbeat earnings results from retailers and US midterm election results improved investor confidence. Moreover, encouraging deal news and easing global growth worries also boosted benchmarks. However, decline in oil prices throughout the month affected energy shares. Saudi Arabia’s decision to reduce export prices of crude for the US market while hiking them for Asia was one of the major reasons for the decline in oil prices.
Encouraging earnings results include Wal-Mart Stores Inc., Cisco Systems, Inc. (CSCO), Macy's, Best Buy, Dollar Tree, Inc. (DLTR) and Target. Moreover, merger and acquisition news between Hasbro Inc. (HAS) and DreamWorks Animation SKG Inc. (DWA), Actavis (ACT) and Allergan Inc. (AGN), and Berkshire Hathaway Inc. (BRK.A) and The Procter & Gamble Company (PG) also boosted markets.
The Republicans notched a strong win in the midterm elections over the Democrats, securing a majority in both chambers of Congress for the first time since 2006. Investors cheered the results as they expect that Republicans winning both chambers should help clear many bills.
Moreover, encouraging confidence data from Germany and positive news from Japan reduced worries about global growth to some extent. However, reignited tensions in Ukraine, soft data from Europe and China offset some of the gains.
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INDY
16 years ago
NEWS 10/:
The worker's day has arrived: Mahesh Bhatt
MUMBAI, Oct 07, 2008 (Hindustan Times - McClatchy-Tribune Information Services via COMTEX) -- Dream big: The Indian film industry is celebrating another shot in the arm, a whopping 1.5 billion dollar alliance between business tycoon Anil Ambani and Hollywood filmmaker Steven Spielberg and Dreamworks.
That doesn't impress one man sitting in a room overlooking a shantytown in the thick of moviedom in Mumbai. "That's one truth," said Bollywood director Mahesh Bhatt. "Devi Kapada, home to the original residents of Film City within the same complex, offers a different reality. Drinking water is scarce, starvation looms and they live in constant fear of being devoured by panthers. The workers' lot has remained unchanged since I entered the business in 1970."
Bhatt sits on the side of the producer, alongside his brother Mukesh. But he has frequently reached out across the divide. "We can no longer continue to confuse a club of 50 who are accorded media attention, as the major bulk of the industry."
At 18, in dire need of a job, Bhatt joined as production manager for Raj Khosla's Mera Gaon, Mera Desh. The job required him to bring food, arrange chairs, hail cabs for actors and carry make-up boxes for the stars.
"While I kept my eye on the aspirations, the half lies and full lies of the industry bigwigs, I could never delink myself from the reality of the junior artists," Bhatt recalled. "I had a friend in Shouqat, a union worker, whose main possession was a suit, which he had to protect from rats in his hut," he said. "In my darkest moments I took heart from that learning."
When talks were deadlocked betwteen workers and producers during the strike last week, workers' leader Dinesh Chaturvedi called Bhatt. He played a crucial role in resolving the crisis, Chaturvedi said.
To see more of the Hindustan Times or to subscribe to the newspaper, go to
http://www.hindustantimes.com. Copyright (c) 2008, Hindustan Times, New Delhi
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
Purva Mehra
Copyright (C) 2008, Hindustan Times, New Delhi
INDY
16 years ago
NEWS 10/3:
www.companiesandmarkets.com: DreamWorks Animation SKG, Inc. - SWOT Analysis
Oct 03, 2008 (M2 PRESSWIRE via COMTEX) -- -www.companiesandmarkets.com adds new report: DreamWorks Animation SKG, Inc. - SWOT Analysis
DreamWorks Animation SKG, Inc. - SWOT Analysis company profile is the essential source for top-level company data and information. The report examines the company s key business structure and operations, history and products, and provides summary analysis of its key revenue lines and strategy. .
DreamWorks Animation SKG (DreamWorks Animation) is engaged in developing and producing computer generated (CG), animated feature films. The company produces computer generated animation films like Madagascar, Shark Tale, Over the Hedge and Shrek series. The company operates in the US. It is headquartered in Glendale, California and employs about 1,500 people. The company recorded revenues of $767.2 million during the fiscal year ended December 2007, an increase of 94.3% over 2006. The operating profit of the company was $291.3 million during fiscal year 2007, as compared to an operating loss of $1.1 million in the fiscal year 2006. The net profit was $218.4 million in fiscal year 2007, as compared to the net profit of $15.1 million in 2006..
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