Australia ETF lower after Labor Party victory
Tue, 07 Sep 2010 14:49:33 GMT
BOSTON (MarketWatch) -- The iShares MSCI Australia Index Fund was down about 1% in early U.S. trading Tuesday following news the Australian Labor Party has secured enough seats to form a minority government. Also Tuesday, the Reserve Bank of Australia kept its policy interest rate unchanged as expected.
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China Sky plunges on lowered financial forecast
Tue, 07 Sep 2010 14:49:51 GMT
BOSTON (MarketWatch) -- China Sky One Medical shares plunged 30% to $6.95 early Tuesday in the wake of a substantially lowered 2010 financial forecast. Late Friday, the Chinese pharmaceutical and medical products company announced that it was terminating "several major distributor relationships." As a result, the company now sees fiscal 2010 revenue coming in between $128 million to $136 million, down from its previous forecast of $160 million to $164 million. China Sky also announced that its chief financial officer, Stanley Hao, has resigned for health reasons. The company's principal accounting officer will fill in for Hao until a successor is found.
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Canada's TSX index slumps on European debt worries
Tue, 07 Sep 2010 14:50:20 GMT
SAN FRANCISCO (MarketWatch) -- Canadian stocks fell on Tuesday as re-emerging concerns about European debt prompted investors to sell metals and financial shares. The S&P/TSX Composite Index slid 0.4% to 12,097.40 points. Energy and technology sectors also declined while materials and consumer staples stocks helped to offset some of the market's losses. Teck Resources led the slide, falling 3.2% and Manulife Financial Corp. shed nearly 3%.
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Gold futures try for new record high
Tue, 07 Sep 2010 14:45:03 GMT
SAN FRANCISCO (MarketWatch) -- A rally in gold futures Tuesday put bullion on track for a new settlement high, as investors uneasy over the stability of European banks bought up assets seen as retaining value when the economic outlook darkens. Gold for December delivery, the most active contract, hit an intraday high of $1261.60 and recently traded up $8 to $1259.10 an ounce. A close at these levels would surpass the recent record high of $1258.30 an ounce, set on the Comex division of the New York Mercantile Exchange in June when worries about a possible sovereign debt default in Europe escalated. "Gold could advance to a record on concern among investors that some European banks may struggle to raise additional funds," wrote Pradeep Unni, an analyst at Richcomm Global Services in Dubai, in a morning note.
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Glaxo slides on Avandia woes in U.K.
Tue, 07 Sep 2010 14:40:18 GMT
BOSTON (MarketWatch) -- Shares of GlaxoSmithKline PLC fell 2% to $38.47. According to Reuters, U.K. regulators have recommended removing Glaxo's controversial diabetes drug Avandia from the U.K. market over concerns it can aggravate heart problems in certain users. European regulators are scheduled to review Avandia's safety profile on Sept. 8, with a final decision expected by Sept. 23. Adding to Glaxo's woes, the BBC's current affairs show Panorama aired a report on Monday evening on Avandia's safety.
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Chevron invests in three blocks in China Sea
Tue, 07 Sep 2010 14:19:30 GMT
NEW YORK (MarketWatch) -- Chevron Corp. said Tuesday it would pay an undisclosed sum to buy operating interests in three exploration blocks in the China Sea. Chevron bought a 100% interest in two blocks in the Pearl River Mouth Basin and a 59% interest in a third block from Devon Energy China, Ltd., a unit of Devon Energy . BP will acquire the remaining interest in the third block, named 42-05. The blocks cover an exploratory acreage of approximately 8,100 square miles. Chevron will be operator during the exploration phase under a production sharing contract with China National Offshore Oil Corp. .
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ResCare shares jump on buyout news
Tue, 07 Sep 2010 14:11:07 GMT
SAN FRANCISCO (MarketWatch) -- Shares of ResCare Inc. jumped more than 6% in early trading Tuesday after the company announced it had agreed to be acquired by Toronto-based Onex Corp. Under terms of the pact, Onex will pay $13.25 a share for Louisville, Ky.-based ResCare. ResCare shares were up 6.1% to $13.21 in recent action.
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Nautilus sells debt; shares gain 8%
Tue, 07 Sep 2010 14:08:04 GMT
SAN FRANCISCO (MarketWatch) -- Nautilus Inc. shares rose 8% to $8.41 early Tuesday after the struggling maker of Bowflex and StairMaster fitness equipment raised $5 million from a debt sale to its largest shareholder, Sherborne Investors GP, LLC. Nautilus said it will use the funds for working capital. Sherborne is controlled by Nautilus Chairman and Chief Executive Edward Bramson and board member Craig McKibben.
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Belgian default insurance costs rise as talks fail
Tue, 07 Sep 2010 14:06:10 GMT
LONDON (MarketWatch) -- The cost of insuring Belgian government debt against default continued to rise Tuesday after three months of talks to form a coalition government failed last week. The spread on five-year Belgian sovereign credit default swaps widened by around 7 basis points to 137 basis points Tuesday, according to data provider Markit. That means it would now cost $137,000 a year to insure $10 million of Belgian debt against default for five years, up from $130,000 on Monday. The government defeated in the country's June 13 elections remains in place as a caretaker. Belgian King Albert II on Saturday acknowledged that a proposed government put together by Socialist leader Elio Di Rupo didn't have enough support. The elections saw the Flemish nationalist N-VA party, which advocates splitting the Dutch- and French-speaking parts of the country, win the most seats in parliament.
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Retail stocks drop; Casey's jumps on new offer
Tue, 07 Sep 2010 14:00:26 GMT
NEW YORK (MarketWatch) -- Retail stocks fell for the first time in the past four trading sessions, tracking the broader markets lower, amid concerns about the health of European banks. The S&P Retail Index fell 0.4% to 424.06. Talbots Inc. shares fell 1.5%. Phillips-Van Heusen Corp. inched lower 0.6%. Men's Wearhouse dropped 1.5%. Lululemon Athletica Inc. was little changed. These apparel companies and retailers report their quarterly results this week. Casey's General Stores Inc. shares rose 7.9% to $41.96 after the company's board recommended against Alimentation Couche-Tard Inc.'s revised tender offer to acquire Casey's for $38.50 a share. It also said it's gotten a preliminary proposal from a "strategic third party" regarding a consensual transaction at $40 a share. While the company said that it's worth more than that, it said it's authorized discussions with the third party to see if an agreement can be reached.
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Financials lead market lower
Tue, 07 Sep 2010 13:48:10 GMT
BOSTON (MarketWatch) -- U.S. financial stocks early Tuesday were the worst-performing sector in the S&P 500 Index , which opened lower by 0.5%. The Financial Select Sector SPDR Fund was off more than 1% in recent trading. The ETF's steepest percentage decliners were Hartford Financial Services Group Inc. and Lincoln National Corp. . The Treasury Department on Tuesday said it plans to sell its warrants in Hartford and Lincoln that it received under the bank bailout.
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Oracle leads tech action after hiring Hurd
Tue, 07 Sep 2010 13:43:28 GMT
SAN FRANCISCO (MarketWatch) -- Oracle Corp. stood out among tech stocks Tuesday as the software giant's shares climbed $1.61, or more than 7%, to $24.55 after the company hired former Hewlett-Packard Co. Chief Executive Mark Hurd as co-president. Hurd will work alongside Oracle's other co-president, Safra Catz. Another Oracle co-president, Charles Phillips, resigned. Among other tech stocks, losses came from H-P, Apple Inc. and Cisco Systems Inc. . The Nasdaq Composite Index fell 5.6 points to 2,228.
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