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

 


While you were sleeping: Home Depot, Tesla soar

While you were sleeping: Home Depot, Tesla soar

Feb 26 (BusinessDesk) – Wall Street inched higher, lingering near record highs, helped by gains in shares of Home Depot and Tesla Motors.

In afternoon trading in New York, the Dow Jones Industrial Average advanced 0.16 percent, the Standard & Poor’s 500 Index inched 0.07 percent higher, while the Nasdaq Composite Index eked out a 0.03 percent gain.

US Treasuries advanced, pushing yields on the 10-year bond four basis points lower to 2.70 percent.

Shares of Home Depot climbed, last up 3.3 percent, for the biggest gain in the Dow. Home Depot reported quarterly earnings that surpassed expectations and predicted the home improvement chain will benefit from this year’s harsh US winter because home owners will need to do extra repairs.

"We know firsthand that many homeowners have some major repairs ahead of them which suggest we should have a great spring selling season," Chief Financial Officer Carol Tome said, adding that sales at stores open at least a year were up so far in February, according to Reuters.

The latest US housing data were solid. The S&P/Case-Shiller index of property values in 20 cities rose 13.4 percent from December 2012 after increasing 13.7 percent in the year ended in November.

“The [index] ended its best year since 2005,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. “However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over.”

“The seasonally adjusted data also exhibit some softness and loss of momentum,” Blitzer said.

A gauge of confidence among US consumers unexpectedly fell to 78.1 in February, down from 79.4 in January, according to Conference Board data.

The outlook for some US companies is very bright. Shares of Tesla Motors soared, last up 17.5 percent at US$255.63, after Morgan Stanley upgraded its outlook for the company, more than doubling its price target on the stock.

Morgan Stanley analyst Adam Jonas boosted his forecast for Tesla’s share price in 12 months to US$320 from US$153, according to Bloomberg News.

On the flipside, shares of Office Depot sank, last 10.5 percent lower, after the company posted a surprise loss.

In Europe, the Stoxx 600 Index edged higher to end the session at 338.39. The UK’s FTSE 100 declined 0.5 percent, while Germany’s DAX and France’s CAC 40 both fell 0.1 percent.

Turkey’s Borsa Istanbul 100 Index dropped, closing 3.2 percent lower, amid increased calls for Prime Minister Recep Tayyip Erdogan to resign because of an alleged corruption scandal.

And in Ukraine, the hryvnia sank to a record as Russia warned Ukraine may default.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news