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26.09.2012 07:05

Stocks: Tuesday’s review



Asia’s benchmark stock index swung between gains and losses as increases among telecommunications companies offset drops in exporters after weaker German business confidence curbed the outlook for sales to Europe.

Nikkei 225 9,091.54 +22.25 +0.25%

S&P/ASX 200 4,372.9 -12.57 -0.29%

Shanghai Composite 2,029.29 -3.90 -0.19%

Telecom Corp. of New Zealand Ltd., the nation’s largest provider of Internet connections, advanced 1.9 percent, as investors sought shares with earnings less tied to economic growth.

Brother Industries Ltd., a Japanese office-equipment maker that gets almost 30 percent of sales from Europe, fell 1 percent.

Komatsu Ltd., the world’s second-biggest construction- equipment maker, lost 1 percent in Tokyo as competitor Caterpillar Inc. cut its 2015 profit forecast.


European stocks advanced as U.S. home prices and consumer confidence increased more than forecast, adding to signs the world’s largest economy is strengthening.

Lonza (LONN) Group AG rose 3 percent amid reports of takeover speculation. Weir Group (WEIR) Plc climbed 4.4 percent as analysts said General Electric Co. may be interested in buying the mining- equipment maker. Continental AG (CON) sank 4 percent as Schaeffler AG sold a 10.4 percent stake in the tire producer. Infineon Technologies AG (IFX) slid 6.3 percent after Europe’s second-biggest semiconductor maker forecast a decline in revenue.

The Stoxx Europe 600 Index (SXXP) added 0.4 percent to 275.82

National benchmark indexes rose in 11 of the 18 western European markets.

FTSE 100 5,863.14 +24.30 +0.42% CAC 40 3,513.64 +16.42 +0.47% DAX 7,423.66 +10.50 +0.14%  

Lonza, which produces chemicals and biotechnology products, jumped 3 percent to 51.10 Swiss francs. The Guardian and the Daily Mail reported that BASF SE and Saudi Basic Industries Corp. may be interested in buying the Swiss company, citing speculation among traders.

Weir Group climbed 4.4 percent to 1,817 pence, rising for the first time in four days. Analysts at Oriel Securities Ltd. and Investec Ltd. said GE will probably be drawn to Weir as the U.S. company looks to build its mining-equipment division through acquisitions.

Suedzucker AG (SZU) gained 3.2 percent to 28.49 euros after the world’s largest sugar producer boosted its earnings forecast for the year.

Daily Mail & General Trust Plc (DMGT) climbed 1.7 percent to 498.5 pence as the publisher of the U.K.’s Daily Mail and Mail on Sunday newspapers said full-year results will be in line with analysts’ forecasts.

A gauge of auto-industry shares dropped 1.5 percent for the biggest decline among the 19 industry groups in the Stoxx 600 as Goldman Sachs Group Inc. cut its profit estimates for Daimler AG (DAI), Volkswagen AG (VOW) and Bayerische Motoren Werke AG. (BMW)

Daimler fell 1.5 percent to 39.51 euros, VW lost 1.8 percent to 152.15 euros and BMW slid 1.4 percent to 58.79 euros.

Infineon tumbled 6.3 percent to 5.1 euros, the biggest retreat in nearly three months. The company predicted sales in the three months through December will decline as much as 10 percent from the previous quarter as clients cut spending amid the economic slowdown.

Telekom Austria AG (TKA), the phone company partly controlled by Carlos Slim’s America Movil SAB, plunged 7.2 percent to 5.70 euros, the lowest price since April 2001. The Vienna-based company cut its dividend forecast for this year to 0.05 euros a share from 0.38 euros.

Georg Fischer AG slumped 6.1 percent to 348.25 francs, its largest drop in four months. Vontobel Holding AG trimmed its recommendation on Europe’s biggest maker of iron castings for cars to reduce from buy.

Major U.S. stock indexes closed in the red amid falling forecasts for GDP growth and comments Plosser.

U.S. stocks fell sharply, erasing earlier reached the position after the Philadelphia Fed President Plosser said that the new program for the purchase of bonds by the central bank probably will not stimulate economic growth. Plosser said that the economic studies show that additional asset purchases is unlikely to lower long-term interest rates by a significant amount, and that the reduction of interest rates by a few basis points will not stimulate growth and hiring. He also said that the U.S. economy is growing "at a moderate pace" and probably will expand by about 3% in 2013 and 2014, he said.

Shares of Caterpillar Inc (CAT), the largest manufacturer of construction and mining equipment, fell 3.3% after cutting revenue forecasts for 2015.

Shares of Staples Inc (SPLS) - the largest U.S. seller of office supplies, fell by 4.3%, as it became known and the planned closure of shops. Shares of Red Hat Inc (RHT) retreated by 3.4% after the largest seller of the Linux operating system reported that earnings were below analysts' estimates.

Earlier in the session, the stock indices supported the published data on the index of house prices S & P / Case-Shiller index and consumer confidence. Both figures in the last reporting period were higher than expected. House Price Index S & P / Case-Shiller by the end of July rose by 1.6% y / y, the average market forecast assumes an increase of 1.5%. In turn, consumer confidence in September rose to a level of 70.3 vs. 62.9 and 60.6 value for August.

But even these strong data could not overshadow the negative messages that have become known before today's trading. It is about reducing the international rating agency S & P its forecasts for GDP growth in the euro area, China and India, as well as reduced earnings forecast by Caterpillar (CAT).

In the composition of the index DOW over two thirds of the components are in the red. The greatest decrease in show shares Caterpillar (CAT, -4.12%), Hewlett-Packard (HPQ, -2.85%), Alcoa (AA, -2.59%). Maximum growth stocks exhibit Pfizer Inc. (PFE, +0.54%) and The Home Depot Inc. (HD, +0,51%)

All major economic sectors are in the red. Shows maximum reduction sector conglomerates (-1.7%) and the financial sector (-1.4%).

At the close:

Dow -101.29 13,457.63 -0.75%

Nasdaq -43.05 3,117.73 -1.36%

S & P -15.26 1,441.63 -1.05%

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