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

 


While you were sleeping: Wall Street sees value

While you were sleeping: Wall Street sees value

Feb 5 (BusinessDesk) – Wall Street gained as some investors found value in equities after the recent slide amid optimism about US corporate profits and economic growth.

In afternoon trading in New York, the Standard & Poor’s 500 Index rose 0.85 percent, following yesterday’s 2.3 percent slide, while the Dow Jones Industrial Average gained 0.62 percent and the Nasdaq Composite Index added 1.05 percent.

Advances in shares of DuPont, last up 3.8 percent, and those of American Express, last up 1.8 percent, led the Dow higher.

“I’m just not seeing anything that’s suggesting that the train is off the track,” Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, Michigan, told Bloomberg News. “I’m right now in the buying opportunity camp.”

Shares of Michael Kors jumped, last up 18 percent, after the company beat expectations for third-quarter profit.

“Michael Kors enjoyed an outstanding holiday season, as global brand awareness continued to drive strong demand for our luxury product,” John Idol, the company’s CEO, said in a statement. “Looking ahead, we remain confident that Michael Kors’ distinctive positioning in the global luxury market will enable us to achieve strong long term growth for our shareholders.”

Meanwhile, Microsoft said it named Satya Nadella as its next chief executive officer, effective immediately. Shares were last 0.3 percent stronger.

"It's a relief this process is over," Daniel Ives, an analyst at FBR Capital Markets, told Reuters. "Many investors view it as the 'safe pick' as Mr. Nadella is a born-and-bred Redmond insider. But the uphill battle continues for Microsoft on its path to growth."

Microsoft also said Bill Gates will step down as chairman. Instead, Gates “will devote more time to the company, supporting Nadella in shaping technology and product direction.” John Thompson will assume the role of chairman.

US factory orders fell 1.5 percent in December, according to Commerce Department data. It was the biggest decline since July, though smaller than economists had expected. November’s were revised to show a 1.5 percent gain, down from the 1.8 percent rise previously reported.

In Europe, the Stoxx 600 Index finished the session with a 0.2 percent decline from the previous close. The UK’s FTSE 100 fell 0.3 percent, while Germany’s DAX dropped 0.6 percent. France’s CAC 40 gained 0.2 percent.

Shares of UBS climbed, closing with a gain of 5.4 percent in Europe, after Switzerland’s biggest bank reported earnings that surpassed expectations.

UBS Chief Executive Officer Sergio Ermotti told Bloomberg that the sell-off in emerging market assets was “a little bit overdone.”

“What we are seeing right now is a lot of money exiting the emerging markets,” Ermotti said. “Short term, it looks a little bit overdone.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news