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06.11.2012 08:00

Stocks: Monday review



Asian stocks fell as Hyundai Motor Co. and Kia Motors Corp. slid on findings they overstated claims about gas mileage. Trading volume in the region was below average before tomorrow’s U.S. presidential election.

Nikkei 225 9,007.44 -43.78 -0.48%

S&P/ASX 200 4,474.12 +14.07 +0.32%

Shanghai Composite 2,114.03 -3.02 -0.14%

Hyundai and Kia slumped more than 6 percent in Seoul after saying they will compensate U.S. customers for overstating the fuel efficiency of their latest cars.

Sharp Corp. slid 6.7 percent on speculation the Japanese TV maker will seek a bailout after forecasting a record loss.

Foxconn International Holdings Ltd. surged 38 percent in Hong Kong on speculation it will win orders to manufacturer parts for Apple Inc.’s iPhone 5.


European stocks dropped by the most in two weeks after HSBC Holdings Plc (HSBA) and CGGVeritas reported earnings that disappointed investors and amid concern that Greece will struggle to get further aid.

HSBC lost 1.3 percent as Europe’s largest bank by value also said it will likely face criminal charges from U.S. anti- money laundering probes. CGGVeritas retreated 3.1 percent after third-quarter profit missed analyst estimates. PostNL (PNL) sank 11 percent after saying full-year earnings will be at the bottom half of forecasts and on concern the proposed sale of TNT Express NV (TNTE) may be held up by regulators.

The Stoxx Europe 600 Index fell 0.6 percent to 273.21 at the close of trading, its lowest level since Oct. 23.

Investors also await the outcome of tomorrow’s U.S. election between President Barack Obama and Republican challenger Mitt Romney.

National benchmark indexes declined in 15 of the 18 western European (SXXP) markets.

FTSE 100 5,841.98 -26.57 -0.45% CAC 40 3,452.99 -39.47 -1.13% DAX 7,327.32 -36.53 -0.50%  

HSBC fell 1.3 percent to 618 pence in London, the biggest drop since Sept. 26, after reporting third-quarter underlying pretax profit of $5.04 billion, missing the $5.6 billion median estimate of analysts. The lender also said it’s likely to face criminal charges over allegations it broke U.S. anti-money laundering rules and that it set aside a further $800 million to cover the costs of the probe. The bank made a $700 million provision in July after a Senate committee found it had given terrorists and drug cartels access to the U.S. financial system.

CGGVeritas (GA), the world’s largest surveyor of oilfields, lost 3.1 percent to 24.51 euros after the company reported third- quarter net profit of $48 million, missing analyst estimates for $68 million. The shares fell even as the company confirmed its 2012 targets.

PostNL sank 11 percent to 2.77 euros, its lowest price in almost seven months, after the Dutch mail service company said full-year underlying cash operating income would be in the bottom half of a forecast of between 110 million euros ($140 million) and 160 million euros. The shares fell even as the company narrowed its third-quarter loss to 154 million euros.

Ryanair Holdings Plc (RYA) surged 5.8 percent to 4.81 euros in Dublin after Europe’s biggest discount airline reported a 23 percent jump in second-quarter net profit to 496.8 million euros.

The carrier also said annual earnings will be in the range of 490 million euros to 520 million euros.

Weir Group Plc (WEIR) advanced 4.5 percent to 1,831 pence. The world’s largest provider of pumps to mining companies predicted profit will grow at a double-digit pace this year and that net debt will fall by the end of December.

Prior to the elections the major U.S. stock indexes were able to recover all the same, ending with a session with a slight advantage.

During the greater part of the trading major U.S. stock indexes traded mixed. Note that on the eve of tomorrow's elections, most investors prefer to stay out of the market, in this background, the reduced volume of trading today.

The pressure on the index has concerns about the deterioration of the situation in Europe, which is increasingly likely exit of Greece from the euro area, as well as the deteriorating employment situation in Spain.

Apple shares rose by 1.49% to $ 585.40, after a decline of 4.5% last week. Recall that the company has started selling a new tablet in the U.S. and more than 30 other countries on Nov. 2. Demand for this product exceeds the initial supply and although many of the pre-orders have been shipped to customers, some of them are scheduled to ship later this month.

KBW shares jumped 7.18% to $ 17.47. It is learned that the shareholders will receive $ 17.50 per share, including $ 10 in cash and $ 7.50 ordinary shares.

FuelCell Energy Ink costs increased 14% to $ 1.04. U.S. manufacturer of fuel cell power plants announced the receipt of a large order today.

Transocean shares rose by 5.47% to $ 48.50. Largest offshore contractor in the world said that Skorrektirovanna third-quarter profit exceeded analysts' estimates.

Time Warner Cable shares fell 6.36% to $ 91.93 on the background of the fact that the company lost 140,000 subscribers, while expected to only 128,000.

The cost of McGraw-Hill Cos. fell by 4.17% to $ 52.16 after an Australian judge ruled that a company that has a high credit rating from S & P introduced misled investors by providing its securities whose value has declined during the global financial crisis.

Shares of Radian Group Ink dropped by 10.59% to $ 4.81 after it was reported that the mortgage insurer may ultimately bear the costs for claims.

DOW index components show a mixed trend. More than the others fell in the share price Bank of America Corporation (BAC, -1,33%). The leaders in the DOW index stocks Hewlett-Packard (HPQ, +1.89%).

Most sectors of the S & P are rising. Sector shows the highest growth of industrial goods (+0.8%). Maximum reduction demonstrates sector utilities (-0.9%).

At the close:

Dow 13,112.44 +19.28 +0.15%

Nasdaq 2,999.66 +17.53 +0.59%

S & P 500 1,417.26 +3.06 +0.22%

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