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*TOP NEWS* Global Economy
Reuters: [2008-05-09 23:11:00]
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UPDATE 3-Toronto stocks hit by profit-taking despite oil
Reuters: [2008-05-09 23:08:00]
(Adds details)
By Wojtek Dabrowski
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.
The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.
"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.
Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.
The S&P/TSX 60 index of Canadian large-cap stocks lost 5.99 points, or 0.69 percent, to end at 863.46.
Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.
Canadian Natural Resources Ltd <CNQ.TO> was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.
Oil and gas powerhouse EnCana Corp <ECA.TO> fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.
"The stocks are down for a change, they're not following their commodity," Kinsey said.
Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold <ABX.TO>, which fell C$1.49, or 3.6 percent, to finish at C$39.51.
Among companies reporting results, ACE Aviation Holdings <ACEa.TO>, parent of airline Air Canada <ACa.TO>, posted a first-quarter loss on Friday because of one-time charges and said it would buy back about 42 percent of its stock. Its shares spiked C$1.41, or 7 percent, to C$21.46.
In the United States, the Dow Jones industrial average shed 120.90 points, or 0.94 percent, to close at 12,745.88. There, a dismal set of results from insurance behemoth American International Group <AIG.N> raised doubts that the end of the credit crisis was near. The tech-heavy Nasdaq moved lower by 5.72 points, or 0.23 percent, to 2,445.52.
($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway) ((wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net)) Keywords: MARKETS CANADA STOCKS
Argentine stocks rise on safe-haven buying
Reuters: [2008-05-09 23:07:00]
BUENOS AIRES, May 9 (Reuters) - Argentine stocks bucked the downward regional trend on Friday because of safe-haven buying triggered by a prolonged farming conflict and a further weakening of the peso, traders said.
The MerVal index <.MERV> of leading stocks closed up 0.59 percent to 2,114.44 points, accumulating a gain of 0.32 percent over the course of the week despite jitters over renewed anti-government protests.
"The MerVal steered away from the global losses because a variety of rumors drove investors to look for refuge in stocks," said Ruben Pascuali, a trader at the Mayoral Bursatil brokerage.
Volume on the broad market swelled to a moderate $32 million and of active issues, 47 advanced, 24 declined and 11 were unchanged.
"Against the backdrop of uncertainty, investors found the best refuge in Petrobras Energia Participaciones <PCH.BA>," Pascuali said.
Stock in the energy firm, the Argentine arm of Brazilian state oil company Petrobras, closed up 3.83 percent to 4.33 pesos per share after it reported a higher first-quarter net profit.
Farmers lined highways for a second day on Thursday in fresh protests against a sliding-scale of grains export taxes that triggered a three-week farm strike in March.
Jitters over the dispute fueled dollar purchases, sending the Argentine peso lower for a fourth straight session. In informal trade between foreign exchange houses, as measured by Reuters, it depreciated by 0.46 percent to 3.265/3.27 per dollar <ARSB=.
However, in formal interbank trade -- where the central bank intervenes in the market to keep the currency stable -- the peso firmed by 0.08 percent to 3.175/3.1775 per dollar <ARS=RASL>.
Fresh farming protests continued to feed the cautious mood in the debt market, with locally traded bonds <AR/BONOS> falling by 0.2 percent on average due to profit-taking of gains racked up earlier in the session.
Peso-denominated Discount bonds fell 0.4 percent in over-the-counter trade while the same bond in dollars rose by the same margin.
Expectation over the release of the April inflation figure -- 0.8 percent -- also caused caution. More than 40 percent of Argentina's debt load is indexed to inflation. (Reporting by Walter Bianchi; Writing by Helen Popper; Editing by Diane Craft) ((helen.popper@thomsonreuters.com; +54-11-4318-0655; Reuters Messaging: helen.popper.reuters.com@reuters.net))
Keywords: MARKETS ARGENTINA/
DIARY-U.S. Treasuries, Monday, May 12
Reuters: [2008-05-09 22:55:00]
ALL TIMES EDT/GMT
TREASURY DEPARTMENT:
Treasury Department announces weekly sale of 4-week bills,
11 a.m. (1500 GMT)
Treasury Department holds weekly sale of 3-, 6-month bills,
1 p.m. (1700 GMT)
FEDERAL RESERVE:
Federal Reserve Bank of Chicago President Charles Evans
speaks on the economic outlook before the Harper College
Economic Forum, Palatine, Illinois, 9:15 a.m. (1315 GMT)
Federal Reserve issues weekly selected interest rates, no
set time.
ECONOMIC INDICATORS:
MasterCard Advisors releases its April SpendingPulse data
on ex-auto retail sales, 0001 a.m. (0401 GMT). In the March
release, seasonally adjusted ex-auto retail sales were up 0.6
percent.
Treasury Department issues monthly budget for April, 2 p.m.
(1800 GMT). Economists in a Reuters survey forecast a $160.00
billion deficit compared with an April 2007 budget surplus of
$177.7 billion.
((U.S. Treasury Desk; +1-646-223-6300))
Keywords: DIARY USTREASURIES
STOCKS NEWS US-Finance, Energy, Tech insiders most active buyers
Reuters: [2008-05-09 22:39:00]
Stocks on the move [HOT-RTRS] Real-time Equity news [U E]
U.S. stock market report [.N]
1620 ET 09May2008-Finance, Energy, Tech insiders most active buyers this week
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Finance, Energy, and Tech company insiders were the most active sector
buyers this past week, accounting for 76 percent of $20 million in purchases,
according to Thomson Reuters data.
Insiders conducted the most buying activity, by market value, in oil & gas
refining, regional banks, insurance, semiconductors, and equity specialty
REITS, according to the data. Finance sector insiders purchased $8.4 million.
The top five buying insiders were Dan Duncan, chairman of Enterprise
Products Partners <EPD.N>, Carl Berg a director at Mosys Systems Inc <MOSY.O> ,
Wayne Nordberg a director at Annaly Capital Management <NLY.N>, Earl Steinert
Jr a director at Great Southern Bancorp Inc <GSBC.O>, and Antonio De Castro of
Reynolds, a director at American Inc <RAI.N>. Shares purchased by the top five
cost $4.3 million.
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1616 ET 09May08-FedEx shares fall after the bell
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Shares of FedEx Corp <FDX.N> fell 2.6 percent to $88.00 in extended trade on
Friday after the delivery company lowered its fourth-quarter earnings per share
guidance. For details see [ID:nWNAS3390]
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1612 ET 09May08-US STOCKS-AIG's loss and record oil sour Wall St mood
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U.S. stocks fell on Friday as the price of oil set another record and
concerns about the financial sector flared up again after American
International Group Inc <AIG.N> reported a massive loss.
For more, please click on [.N]
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1535 ET 09May2008-First-quarter results seen falling 17.4 pct
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As of Friday, first-quarter earnings were expected to decline 17.4
percent, according to the latest Thomson Reuters earnings report.
Financial sector results are seen down 78.9 percent while consumer
discretionary companies are seen down 23 percent.
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1529 ET 09May2008-HEADLINE STOCKS - U.S. stocks on the move on May 9
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Some U.S. stocks on the move on Friday:
AMERICAN INTERNATIONAL GROUP INC <AIG.N>
CITIGROUP INC <C.N>
MYLAN INC <MYL.N>
PRICELINE.COM INC <PCLN.O>
For more please double click [ID:nN09198237]
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1424 ET 09May2008-US STOCKS-Market drops on AIG's loss, higher oil
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U.S. stocks fell on Friday as concerns about the financial sector flared up
again after American International Group Inc <AIG.N> reported a record loss and
as the price of oil set another record.
For more please double click [ID:nN09504112]
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1442 ET 09May2008-"Crunch" gets too much credit--Barclays Capital
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"Many believe that a credit crunch will prevent the economy from growing in
the coming quarters. While we think that tighter credit is an important force
in the residential and commercial real estate markets, we do not believe it
will prevent a pickup in growth in second half of 2008," Barclays Capital
Research said in a note.
"Non-mortgage credit continues to flow at a robust pace to both consumers
and corporations. Further, we think that corporate sector fundamentals will
remain healthy, which makes it unlikely that the bond market, a far more
important source of funds to the corporate sector than banks, will shut down in
the coming months."
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1354 ET 09May2008-AIG on track for historic weekly slide
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Shares of American International Group Inc <AIG.N> were on track for their
biggest ever weekly slide, down more than 17 percent, according to Thomson
Reuters charts.
The S&P insurance index <.GSPINSC> headed for its biggest weekly drop since
mid-January, down more than 7 percent.
For more please double click [ID:nN09565485]
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1131 ET 09May2008-Players flock to Blue Coat calls
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Options flow has been notably bullish in Internet monitoring equipment
maker Blue Coat Systems Inc <BCSI.O> as its shares rose 1.75 percent to $25.54
in morning trade.
There has been no stock specific news to explain the action. Option volume
was running four times the normal level with 8,576 calls and only 786 puts
traded, according to Trade Alert. "Today the activity is gaining and
approaching extreme in the call options, particularly in the May call options
that will expire in 5 trading days," said optionmonster co-founder Pete
Najarian. The May $25 call strike traded more than 4,000 contracts vs. open
interest of 4,532 and fetched $1.35. The higher May $30 call strike was also
busy with 3,134 contracts vs. open interest of 778, suggesting positions were
initiated.
Reuters Messaging rm://doris.frankel.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
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