Latest News In Stock Market Investment Research – May 21, 2010

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European shares move off lows

21 May 2010 at 2:18am

LONDON (MarketWatch) — European shares moved off early lows on Friday morning, with metal stocks and telecoms helping the advance. Shares of Rio Tinto rose 3.3% in the mining sector while shares of Dutch telecom KPN climbed 3%. The French CAC-40 index rose 0.3% to 3,440.90, the U.K. FTSE 100 index traded flat at 5,074.17 while the German DAX index declined 0.4% to 5,845.65.

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KBC sells private banking division for $1.7 bln

21 May 2010 at 1:54am

LONDON (MarketWatch) — KBC Group said Friday that it has agreed to sell its European private banking subsidiary to the Hinduja Group for 1.35 billion euros ($1.7 billion). The division, known as KBL European Private Bankers, has affiliated local banks in ten European countries. KBC said the sale will release 1.3 billion euros of core capital and lift its core Tier 1 ratio by around 1 percentage point to 10.4%. KBC said it will continue to offer private banking services in Belgium and central and eastern Europe through its KBC-branded private banking business. The Hinduja Group is a diversified international group headquartered in Europe. It owns Hinduja Bank Switzerland, a private bank active across Europe, the Middle East and India.

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Abbott to acquire Piramal business for $3.7 bln

21 May 2010 at 1:41am

LONDON (MarketWatch) — Abbott Laboratories said Friday that it’s agreed to buy the healthcare solutions division of Piramal Healthcare for a total of around $3.7 billion. Abbott said it will make an upfront payment of $2.12 billion for the business, which is a leader in the branded generics market in India. It will then pay a further $400 million every year for the next four years. “This strategic action will advance Abbott into the leading market position in India, one of the world’s most attractive and rapidly growing markets,” said Abbott CEO Miles White. The combined business will have a market share of around 7% in India, Abbott said. The deal is expected to close in the second half of 2010.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Foxconn worker dies in fall from building Friday

21 May 2010 at 1:35am

HONG KONG (MarketWatch) — An employee of the Foxconn Technology Group , maker of cellular handsets for companies such as Apple Inc. and Sony Ericsson, died after falling from a building early Friday, marking the latest employee death following a spate of suicides at the company. The 21-year-old man from central Hubei Province jumped from the upper-level of a 4-storey factory building about half an hour after his shift ended at 4.00 a.m. local time, the state-run Xinhua News Agency reported, citing details provided by the Shenzhen Public Security Bureau. The building is part of Foxconn’s industrial complex in Longhua Township, located near the southern boomtown city of Shenzhen, which lies across the border from Hong Kong. Though police have yet to make a determination on whether the man jumped to his death voluntarily, the incident fits a pattern of suicides at the factory this year. Seven employees have taken their own lives since Jan.1, while two others employees, who attempted suicide by jumping, survived their falls.

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Euro-zone manufacturing PMI at three-month low

21 May 2010 at 1:09am

LONDON (MarketWatch) — The flash Markit euro-zone manufacturing purchasing managers index fell to a three-month low of 55.9 in May from 57.6 in April, while the flash euro-zone services PMI rose to a 33-month high of 56.0 in May from 55.6 in April. The manufacturing PMI came in below the 57.5 consensus while the services PMI was above the 55.5 consensus. “Although remaining consistent with GDP rising at a quarterly rate of 0.5%-0.6%, worrying signs of weakness have appeared,” said Chris Williamson, chief economist at Markit. “Of greatest concern, manufacturing saw the steepest slowdown in growth since the collapse of Lehmans, linked in part to uncertainty in domestic markets as the debt crisis grabbed headlines.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


German May Ifo business index slips to 101.5

21 May 2010 at 1:04am

LONDON (MarketWatch) — The Ifo Institute’s May German business climate index slipped to 101.5 from a reading of 101.6 in April. Economists had forecast a rise to 102.0.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Air-France KLM lifted to hold at Deutsche

21 May 2010 at 12:57am

MADRID (MarketWatch) — Air France-KLM was upgraded to hold from sell on Friday at Deutsche Bank, which noted shares have fallen 23% over the past month and there is now 7% upside to its price target. “An earnings recovery could take longer than previously anticipated and we believe investors therefore need to take a longer-term view on the company’s potential,” said the analysts. Deutsche Bank lowered its price target to 10.1 euros from 10.8 euros, and cut its return on capital employed to 6.7% for fiscal years 2013 and 2014 from 7.1%. Risks include faster-than-expected recovery in the global economy, said the investment bank.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


German manufacturing PMI slows to 3-month low

21 May 2010 at 12:35am

LONDON (MarketWatch) — The flash German manufacturing purchasing managers index fell to 58.3 in May from 61.5 in April, a three-month low, and the services PMI also dropped to a three-month low of 53.7 vs. 55.2 in April, according to Markit. “While growth of manufacturing new orders eased substantially in May, the slowdown in exports was much less severe, helped by recovering global demand and the weakening euro/dollar exchange rate,” said Tim Moore, an economist at Markit. Earlier, the French manufacturing PMI fell to 56.2 from 56.6 while the French services PMI rose to 61.9 from 59.2. Any reading above 50 indicates expansion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Shanghai reverses to close 1.1% higher

21 May 2010 at 12:35am

LOS ANGELES (MarketWatch) — Shanghai-listed shares reversed course Friday, with the Shanghai Composite closing up 1.1% at 2,583.5, after trading down 1.6% in the early morning. A sharp turnaround in many blue-chip issues helped stem the tide. Air China Ltd. closed up 1.3%, recovering from a 3.3% loss earlier, while Industrial & Commercial Bank of China ended 1.1% higher, and Baoshan Iron & Steel Co. gained 3.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


European shares decline again

21 May 2010 at 12:07am

LONDON (MarketWatch) — European shares declined again on Friday, extending steep losses from the previous session as investors continued to pull back on risk. Oil and gas producers were among the worst performers, with Total shares down 1.3% and BP shares down 2%, as light sweet crude oil futures traded just over $70 a barrel in electronic trading. The U.K. FTSE 100 index declined 0.5% to 5,048.29, the German DAX index lost 0.5% to 5,841.31 and the French CAC-40 index lost 0.1% to 3,428.33.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Shell upped, Statoil cut by Barclays Capital

21 May 2010 at 12:05am

LONDON (MarketWatch) — Royal Dutch Shell was upped to overweight from equal-weight while Statoil was cut to underweight from equal-weight by Barclays Capital, which said last year saw the best organic reserve replacement rate for the integrated oils in more than a decade, and that Shell in particular delivered the highest level of organic growth in the past five years and has 37% potential upside. Statoil’s reserve replacement rate of 71% over the last five years despite a more than 250% increase in per-barrel exploration expenditure. Barclays kept a positive rating for the European integrated oils.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Portugal Telecom cut to underweight by J.P. Morgan

20 May 2010 at 11:58pm

LONDON (MarketWatch) — Portugal Telecom was downgraded to underweight from neutral by J.P. Morgan Cazenove which cited a challenging near-term domestic outlook as TV growth slows, material mobile termination rate cuts from the second quarter and austerity measures that will weigh on the macro outlook. With the prospects for successful value crystallization of PT’s Vivo stake fading, the broker sees few positive catalysts. The broker said Telefonica woudl struggle to justify a materially increased Vivo bid.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Peugeot, Michelin lifted to buy at Goldman

20 May 2010 at 11:56pm

MADRID (MarketWatch) — European automakers PSA Peugeot Citroen and Michelin were upgraded to buy from neutral, and Nokian was lifted to neutral from sell on Friday at Goldman Sachs. The investment bank cut Porsche to neutral from buy and MAN to sell from neutral. Goldman said after the recent sharp market correction, they are reiterating their attractive view on Europe autos. On average, they see 49% potential upside to new 12-month price targets. “The global automotive sector could experience a perfect storm in 2012, as developed markets gain momentum and emerging markets continue to grow strongly,” Goldman said. It added there is a downside risk of 41% for earnings if the market continues to sell off and retest 2009 trough valuation levels.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


RBS reportedly weighing private sale of Priory

20 May 2010 at 11:49pm

LONDON (MarketWatch) — Royal Bank of Scotland is looking at a private sale of the Priory Group after shelving plans to raise over 1 billion pounds ($1.44 billion) in an initial public offering due to the market turbulence, the Financial Times reported Friday. The bank has held discussions with a number of private equity firms about a potential sale, although no formal sales process has yet started, the newspaper said, citing a person close to the process. RBS is majority owner of the Priory Group, which operates more than 50 hospitals, schools and care homes in the U.K., but is most famous as a celebrity rehab clinic.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


United Utilities profit jumps on lower tax charge

20 May 2010 at 11:43pm

LONDON (MarketWatch) — U.K. water company United Utilities said Friday that its fiscal year net profit more than doubled to 403.5 million pounds ($581.8 million) from 179.1 million pounds a year earlier as revenue edged up to 2.44 billion pounds from 2.43 billion pounds. The bottom line was helped by a lower taxation charge in the latest period, with operating profit rising 12% to 817.9 million pounds. “We are well positioned for the 2010-15 regulatory period. With the detailed efficiency plans we are implementing and the low cost of the group’s debt portfolio, we believe we can deliver outperformance over the five years,” said CEO Philip Green. The company also lifted its dividend 5% to 23.13 pence a share.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


source: MarketWatch

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May 21 2010 01:36 am | Stock Market News

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