Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Walt Disney, Time Warner gain

While you were sleeping: Walt Disney, Time Warner gain

Feb 7 (BusinessDesk) – Investors applauded the earnings and outlooks of Walt Disney and Time Warner, yet Wall Street failed to find momentum amid renewed concern about Europe's ability to commit to the austerity required to kick-start the region's economy.

Shares of Walt Disney gained, last up 1.2 percent to US$54.93 after earlier rising as high as US$55.50, after the company's quarterly profit surpassed expectations and painted a positive picture of its outlook.

"We're very pleased with our first-quarter results, which set the stage for continued growth in 2013, following a year of record revenue, net income and earnings per share in 2012," Disney Chief Financial Officer Jay Rasulo told analysts during a call, according to Reuters.

Time Warner earnings also beat estimates, boosting its shares 4.2 percent. The company also lifted its dividend and announced a new share buyback program.

"The big surprise here is the incremental return of capital to shareholders with the new dividend and buyback," Janney Capital Markets analyst Tony Wible told Reuters.

And shares of Hewlett-Packard gained, last up 1 percent, amid reports the company is considering a breakup.

In afternoon trading in New York, the Dow Jones Industrial Average eked out a 0.04 percent gain, while the Standard & Poor's 500 Index edged 0.02 percent higher, and the Nasdaq Composite Index added 0.08 percent.

In Europe, the Stoxx 600 Index finished the session with a 0.4 percent drop from the previous close. Equities also fell in Frankfurt and Paris, closing 1.1 percent and 1.4 percent weaker respectively. London gained 0.2 percent.

Weighing on the mood in the euro zone is the increasing popularity of former Italian premier Silvio Berlusconi ahead of elections later this month. A poll by Tecne institute for SkyTG24 showed that Berlusconi is closing the gap on front-runner Pier Luigi Bersani to 0.3 percentage points.

Berlusconi's policies are at odds with the austerity sought by European Union leaders as they continue to battle the region's debt crisis and revive growth in its economy.

EU leaders are set to start a two-day meeting on Thursday aimed at finding agreement over the bloc's next budget.

Policy makers at the European Central Bank are also meeting tomorrow, as are their counterparts at the Bank of England.

The euro weakened against the greenback, last 0.4 percent lower at US$1.3526.

The yen continued its slide against the US dollar amid signs of aggressive monetary easing ahead. Yesterday Bank of Japan Governor Masaaki Shirakawa announced that he would step down next month, three weeks before the official end of his term.

"It’s the equivalent of waving a white flag for unconditional surrender,” Shuichi Obata, senior economist at Nomura Securities in Tokyo, told Bloomberg. “Shirakawa didn’t share the government’s view that the central bank is responsible for ending deflation.”

Liberty Global confirmed it is buying Virgin Media for about US$15.75 billion in stock and cash in a deal that it is worth more than US$23 billion including debt and is aimed at growing the US company's share of the European market.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news