Volvo AB shares dropped 7 percent on Wednesday after the truck maker said second-quarter net profit fell 14 percent as the North American truck market continued to drag on the firm’s otherwise strong demand in Europe and Asia.
The benchmark Bombay Stock Exchange (BSE) 30-share sensitivity index, the Sensex, continued its dream run on Tuesday, rising 137 points from the previous close to a fresh all-time high of 15,869 before ending 63 points higher at a record 15,795.
The dollar rebounded from recent record lows versus the euro on Wednesday, benefiting from rising risk aversion as global stocks fell and investors assessed how far contagion from the U.S. housing market might spread.
World number-two truck maker Volvo AB produced an unexpected fall in second-quarter profit on weakness in its key U.S. market and forecast more slippage there, sending its shares down 7 percent.
European stocks hit a one-month low and the yen and government bonds rose on Wednesday after disappointing U.S. earnings results fanned concerns that the U.S. mortgage sector's malaise may hurt the broader economy.
Japan's Nikkei average fell 0.8 percent on Wednesday as exporters such as Toyota Motor Corp. lost ground on a tumble in U.S. stocks and a stronger yen, and lower oil prices hit energy stocks.
A surging U.S. market for initial public offerings has intensified competition between the two largest U.S. stock exchanges for new listings, with both markets campaigning for many of the companies that have recently gone public.
Stocks tumbled on Tuesday, with the three major indexes posting their worst single day performance since March 13, as disappointing results from DuPont Co. and Countrywide Financial Corp. heightened concerns about the housing market.
European auto stocks have powered ahead this year thanks to the performance of sector heavyweight DaimlerChrysler and talk of industry restructuring, but the brakes are set to come on.
The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro on Tuesday, hurt by fears of worsening credit woes and housing market weakness.
Shares of Apple Inc fell 4 percent on Tuesday after AT&T Inc issued initial subscriber numbers for customers of Apple's iPhone that were below analyst estimates.
Halliburton Co., the world's second-largest oil services company, said on Monday that second-quarter profit from continuing operations rose 19 percent, topping Wall Street views, helped by new international contracts.
U.S. stocks rose Monday on strong Merck & Co. profits and news of a nearly $18 billion oil services takeover, while Treasury bonds eased as reduced fears about the subprime credit market made riskier assets attractive again.
Seoul shares briefly hit a record on Monday but then headed lower as exporters fell after China raised interest rates and on worries that troubles in U.S. subprime mortgages would hurt the world's largest economy.
The dollar fell to another record low against the euro on Monday, hit by fresh fears of a global spill-over from the U.S. mortgage market crisis that buoyed safe-haven bonds and forced Asian stocks into a retreat.
The currency matching system of news and information provider Reuters Group Plc suffered a temporary outage on Monday, forcing some traders to switch to alternative venues or trade over the phone.
Home sales and a report on economic growth may help investors decide if they want to keep riding a bull market in stocks, while a torrent of quarterly earnings reports will no doubt cause some anxious moments. A sharp drop in shares of equipment-maker Caterpillar Inc. on Friday showed just how badly a stock can be hurt when there is an earnings shortfall.
U.S. stocks tumbled on Friday, battered by disappointing results from such bellwethers as Caterpillar and Google, and more signals that fallout from the risky subprime mortgage market may spread.
The dollar fell to a record low against the euro on Friday and was on track for its sixth straight weekly decline, weighed down by fears that losses in risky mortgage debt would hurt consumers and slow U.S. growth.
SanDisk Corp. (Nasdaq: SNDK) reported a lower quarterly profit late Thursday, but a higher gross margin projection sent the stock up nearly 4 percent in Friday trading.
Shares of Apple Inc. rose on Friday after Piper Jaffray analyst Gene Munster raised his price target on the company to $205 per share from $160.
Whirlpool Corp., the world's biggest appliance maker, posted a 77 percent jump in quarterly profit on Friday as improved international results and a lower tax rate helped offset U.S. weakness, but sales missed expectations and its shares fell more than 4 percent.
Shares in handset and appliance maker LG Electronics surged as much as 7.6 percent on Friday, after the South Korean firm reported strong profits while bigger rival Motorola posted another quarterly loss.
Caterpillar Inc., a manufacturer of heavy construction and mining equipment, on Friday said quarterly earnings fell more than expected due to lower sales of diesel truck engines, weakness in North American construction markets, and higher production costs.
Ericsson missed market forecasts for second-quarter earnings as its multimedia drive produced disappointing results and revenue in its key European market stagnated, sending its shares down 5 percent.
Fresh takeover speculation pushed shares in Friends Provident up over 4 percent on Friday, making Britain's smallest bluechip life insurer the top gainer in the FTSE 100.
European stocks reversed course after China raised interest rates and corporate earnings disappointed on Friday, while the cost of insuring risky European debt rose on fears for the health of the U.S. credit market.
Japan's Nikkei average was nearly flat on Friday with Nippon Steel Corp. and other steel shares advancing following strong output data, but gains were limited as KDDI Corp tumbled on price war fears.
Motorcycle maker Harley-Davidson Inc. said on Thursday quarterly earnings rose 19 percent boosted by foreign markets although shares fell due to a greater-than-expected decline in U.S. sales.
Logitech, the world's largest maker of computer mice, posted a 15 percent drop in first-quarter profit on Thursday as competition pressured Webcam sales, pushing shares lower.
