Latest News In Stock Market Investment Research – Oct 02, 2009

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2 Oct 2009 at 5:37am

NEW YORK (MarketWatch) — Gold futures fell Friday, trading below $1,000 an ounce as the U.S. dollar rose after a disappointing jobs report, reducing gold’s investment appeal. Gold for December delivery was last down $5, or 0.5%, at $995.70 an ounce on the Comex division of the New York Mercantile Exchange. The Labor Department reported that 263,000 payroll jobs were lost in September and the unemployment rate rose to a 26-year high of 9.8%. Economists expected a decline of 167,000 jobs.

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.


Treasurys jump after job losses more than seen

2 Oct 2009 at 5:38am

NEW YORK (MarketWatch) — Treasury prices jumped on Friday, pushing 10-year yields to the lowest since mid-May, after the Labor Department said the economy lost 263,000 jobs in September, much more than economists expected. The unemployment rate also rose to 9.8%. Ten-year note yields fell 7 basis points to 3.11%. “The fundamentals of a weak economy and recently conquered levels should keep Treasurys better bid over the mid-term,” said strategists at RBS Securities.

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.


Dollar jumps as job losses worsen in September

2 Oct 2009 at 5:37am

NEW YORK (MarketWatch) — The dollar firmed against major counterparts on Friday, after the government said the economy shed 263,000 jobs in September, worse than economists expected. The dollar index, which measures the U.S. unit against a basket of major currencies, stood at 77.457 compared with 77.221 ahead of the report. The unemployment rate rose to a 26-year high of 9.8% in September. Economists surveyed by MarketWatch expected a smaller payroll loss of 167,000, and an unemployment rate of 9.8%.

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.


Oil futures extend losses after jobs data

2 Oct 2009 at 5:35am

FRANKFURT (MarketWatch) — Oil futures added to their losses Friday after the government reported that U.S. nonfarm payrolls declined more than expected in September. Crude oil for November delivery fell $1.78 to $69.04 a barrel in electronic trading on Globex. Before the data, the contract was trading down 98 cents at $69.84 a barrel. The Labor Department reported that 263,000 payroll jobs were lost in September and the unemployment rate rose to a 26-year high of 9.8%. Economists expected a decline of 167,000 jobs.

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.


U.S. stock futures plunge after jobs report

2 Oct 2009 at 5:32am

NEW YORK (MarketWatch) — U.S. stock futures dropped sharply on Friday after the government reported the September unemployment rate hit 9.8%. Down about 30 points before the report, futures for the Dow Jones Industrial Average were off 94 points at 9,377.00 in its wake. Futures for the S&P 500 Index dropped 10 points to 1,017.9, while Nasdaq 100 futures shed 14 points to 1,656.5.

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.


U.S. Sept. payroll losses accelerate to 263,000

2 Oct 2009 at 5:30am

WASHINGTON (MarketWatch) – The U.S. labor market weakened in September as 263,000 payroll jobs were lost and the unemployment rate rose a tenth to a 26-year high of 9.8%, the Labor Department reported. It was the 21st consecutive month of job losses. Since the recession began in December 2007, 7.2 million jobs have been lost. Details of the report were almost universally dismal, with the number of unemployed rising by 214,000 to 15.1 million. An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17%. Total hours worked in the economy fell by 0.5%. The average workweek fell to an all-time low of 33 hours. Average hourly earnings rose just 1 cent, or 0.1%, to $18.67.

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.


Walgreens’ September same-store sales rise 5.3%

2 Oct 2009 at 5:14am

NEW YORK (MarketWatch) — Drugstore chain Walgreens said Friday that its September same-store sales rose 5.3%. Front-end same-store sales in the month increased 2.0%, while pharmacy same-store sales rose 7.0%. Total September sales increased 10.3% to $5.35 billion.

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.


Apple lifted to buy at UBS on iPhone, services

2 Oct 2009 at 5:06am

LONDON (MarketWatch) — Apple was upped to buy from neutral by UBS, which said iPhone prospects look bright. It also said Apple may be working on building out a foundation for a service to provide seamless access and mobility of digital content across its products. UBS upped its Apple target to $265 from $170.

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.


Continental reports September traffic growth

2 Oct 2009 at 4:30am

NEW YORK (MarketWatch) — Continental Airlines said late Thursday its total September traffic rose 7% to 6.9 billion revenue passenger miles from 6.5 billion revenue passenger miles a year ago. A revenue passenger mile is equal to one passenger flown one mile. Total September capacity rose 0.5% to 8.5 billion available seat miles from a year ago. Load factor, or the percentage of available seats filled with passengers, in September rose five points from last year to 81.5%.

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.


August chip sales fall 16% vs. year-earlier period

2 Oct 2009 at 4:11am

NEW YORK (MarketWatch) — Worldwide sales of semiconductors in August declined 16.1% from a year earlier to $19.1 billion, but rose 5% compared to July, according to data released Friday by the Semiconductor Industry Association. “Continuing recovery of consumer spending led the sixth-consecutive month of sequential growth in semiconductor sales,” said SIA President George Scalise. “Various incentive programs for energy-efficient
products, ranging from automobiles to home appliances, have bolstered
demand for semiconductors, which deliver critical enabling technology
for reducing energy consumption.”

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.


Gold futures fall below $1,000 an ounce

2 Oct 2009 at 4:11am

FRANKFURT (MarketWatch) — Gold futures traded below $1,000 an ounce early Friday, as traders awaited the Labor Department’s report on non-farm payrolls for September. Gold for November delivery dropped $3.30, or 0.3%, to $997.40 an ounce in electronic trading on Globex. Earlier, the contract hit an intraday high of $1,003.40 an ounce. Gold “could be in for a choppy session, as markets react to key economic data and position themselves ahead of the weekend G7 meeting,” said James Moore, analyst at TheBullionDesk.com, in a note to clients. Overall, “gold remains at risk to a deeper correction as falling risk appetite could spook some of the recently added fund longs.” Economists project that U.S. nonfarm payrolls probably fell by 167,000 in September to about 131 million. The report is due at 8:30 a.m. Eastern time on Friday.

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.


Rio Tinto cut to hold at Canaccord Adams

2 Oct 2009 at 3:56am

LONDON (MarketWatch) — Canaccord Adams downgraded mining giant Rio Tinto to hold from buy on Friday. “We continue to believe in the superior performance of Rio Tinto shares over a two period, but we are concerned about the potential low point in group earnings yet to be faced in the current half-year,” the broker said. “This will be the first full half-year where without the benefit of the high iron ore contract prices of last year,” the broker said. In the six months to June, iron ore accounted for 62% of group earnings, it added.

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.


Edge Petroleum files for Chapter 11 bankruptcy

2 Oct 2009 at 3:23am

LONDON (MarketWatch) — Edge Petroleum Corp. said Friday that it and each of its subsidiaries have filed for reorganization under Chapter 11 of the U.S. bankruptcy code and that there will likely be nothing left for common stockholders. The company said it’s reached an agreement with a group of its senior secured lenders to sell substantially all its assets to a third part for around $191 million before potential adjustments. The company said the expected proceeds from the sale are substantially smaller than the $226.5 million outstanding under its credit agreements. Common stockholders and holders of convertible preferred stock will likely receive nothing “even under the most optimistic of scenarios,” the company said. Shares in Edge Petroleum closed Thursday at 53 cents each.

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.


Amdocs cut to neutral by BofA Merrill Lynch

2 Oct 2009 at 3:09am

LONDON (MarketWatch) — Amdocs was cut to neutral from buy by Bank of America Merrill Lynch, which cut the company’s price target to $25 from $28. “When spending was heading down, we recommended investing in Amdocs,
pointing to the relative stability of its revenue stream. This argument holds true also on the way up though — while widget vendors might immediately benefit from a spending recovery, Amdocs’ service based business could see a slower ramp,” the broker said.

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.


AstraZeneca diabetes drug in endpoint reduction

2 Oct 2009 at 2:12am

LONDON (MarketWatch) — AstraZeneca said Friday a clinical study demonstrated that dapagliflozin added to metformin, showed significant mean reductions in the primary endpoint, glycosylated hemoglobin level, and the secondary endpoint, fasting plasma glucose, in patients with type 2 diabetes inadequately controlled with metformin alone, as compared to placebo plus metformin. Dapagliflozin is a novel, selective, sodium glucose co-transporter 2 inhibitor currently in phase 3 trials under joint development by Bristol-Myers Squibb Co. and AstraZeneca. The study also showed that individuals receiving dapagliflozin had statistically greater mean reductions in body weight compared to individuals taking placebo.

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.

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October 02 2009 05:14 am | Stock Market News

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