| Amgen CFO resigns, Nanula promoted
Biotechnology company Amgen Inc. said Tuesday it named Robert Bradway executive vice president and chief financial officer to replace the resigning Richard Nanula. Nanula is leaving the company to pursue other opportunities, the company said. Bradway, 44, joined Amgen in 2006 as vice president of operations strategy. Prior to Amgen, he worked at Morgan Stanley for 18 years, where he was most recently managing director in investment banking. Nanula will remain with Amgen for the next 90 days to assist in the transition, the company said. Amgen shares added 7 cents to $57.19 in after-hours trading after shedding 7 cents to close at $57.12 on the Nasdaq Stock Market. .
Dow Chemical says no talks going on for $50b leveraged takeover
New York: Chemical, responding to a British newspaper report that a consortium was preparing a $50 billion bid for the company, said on it has had no discussion about a leveraged buyout. The statement sent Dow shares down 1.1 per cent to $46.10 in after-hours trading, after they had risen 4.9 per cent to $46.63 during trading on the New York Stock Exchange. Analysts, meanwhile, expressed scepticism about a possible buyout, saying a strategic joint venture was more feasible. "The company has had no discussion about a leveraged buyout," Dow said in a brief statement after the NYSE closed for the day. It said its statement was reiterating comments made earlier on Monday by Andrew Liveris, its chairman and CEO. Earlier that day, Dow had said it would not comment on market rumours and speculation.
MORNING WATCH, April 10
Early indications point to a flat open, with no major news to guide the market in early trade. Two hours before the opening bell on Wall Street, stock index futures indicated that both the Dow Jones Industrial Average ($INDU) and the NASDAQ ($COMPQ) would open the trading session little changed.
Among the stocks to watch Tuesday, Citigroup (C) fell in overseas trading after the company announced plans to cut 17,000 jobs, or approximately 5% of its workforce. Alcoa (AA) is expected to see action. The Dow component kicks off the first quarter earnings-reporting season with a report due out after the closing bell today.
Bank of New York (BK) and Morgan Stanley (MS) host annual shareholder meetings. Applied Materials (AMAT) is trading up after Bank of America raised its rating to buy.
Ivanhoe, Mongolian government reach agreement on Oyu Tolgoi ...
TORONTO (CP) - Ivanhoe Mines shares (TSX:IVN) hit a 10-year high Tuesday after the company said it signed a draft agreement with the Mongolian government for development of the huge Oyu Tolgoi copper-gold project in the South Gobi region. Ivanhoe stock climbed to as high as $16.09 in morning trading on the Toronto stock market, the highest in more than a decade, before falling back to $14.61 in the last half hour of trading. The company's website says the stock has traded as high as $16.75 in 1996. Vancouver-based Ivanhoe and its partner in the project, Britain's Rio Tinto PLC, have been in negotiations with the Mongolian government to come up with a long-term investment agreement governing tax and royalty rates and other conditions for Oyu Tolgoi. Tuesday's announcement included no details on what's in the agreement.
Joy Global Inc. Is Taking Out The Highs Of The Day
(RTTNews) - Joy Global Inc. (JOYG | charts | news | PowerRating) has been trading in a range for a majority of the day after moving sharply higher in the first hour of trading. The stock is suddenly accelerating to the upside on increased volume and is taking out the highs of the trading session. Joy Global has exceed it's 50 day moving average and is currently trading higher by $1.63 at $46.38. Copyright(c) 2007 RealTimeTraders.com, Inc. All Rights Reserved P.S. JOYG has received a PowerRating of 4. TradingMarkets PowerRatings are a proprietary stock rating method which ranks stocks on a scale of 1-10. The higher the rating, the greater the one week historical gain has been for stocks with that rating. PowerRatings is an easy-to-use system that assigns a rating based on the relative strength or weakness of particular stocks.
Market is narrowly mixed
The Dow Jones industrial average is down four points at 12-thousand-564. Gainers on the New York Stock Exchange hold a nearly two-to-one lead over losers. The Nasdaq Composite Index has gained four and a-half at 24-hundred-73. And the Standard-and Poor's 500 Stock Index is up one and a-half at 14-hundred-46. Trading on the New York Stock Exchange during the first two hours totaled 928 (m) million shares. Volume on the Nasdaq Market came to 698 (m) million shares. Stocks have been narrowly mixed as investors refrain from major moves ahead of first-quarter earnings reports that begin with Alcoa's results after the closing bell. For the quarter, Wall Street expects profit growth for the S-and-P 500 to remain in the single digits. Oil prices are rising slightly after selling off yesterday.
Stocks Edge Up Ahead of Earnings Season
Major stock indexes remained slightly higher in the final hour of trading Monday as market players returned from the three-day Easter holiday. Transportation stocks were lifted by news that Warren Buffett bought a stake in a railroad company. A press report of a possible $50 billion LBO bid for Dow Chemical (DOW) was also stirring the market, says S&P. The Dow Jones industrial average rose 10.07 points, or 0.08%, to 12,570.27. The broader Standard & Poor's 500 index edged up 1.51 points, or 0.11%, to 1,445.27. The tech-heavy Nasdaq composite gained 1.69 points, or 0.07%, to 2,473.03. Caution over first-quarter earnings and new trade complaints against China were apparently offsetting optimism over stronger-than-expected March jobs data from Friday and the continued strength in M&A activity, notes S&P.
Day Trading
Day trading-- it seems to be one of the biggest topics of contraversy on this site. Many people strongly believe that day trading is stupid and there is no point to it. How ever others are on this site suying and selling the same stock five or six times in the same day. I want to look at the positives and negitives of both sides and see which mades more sence. The Market: I'm sure that most people would agree that if this were the real stock market then the majority of the day trading that goes on would not be a wise move however, this isn't the real stock market. In the real stock market stocks go up and down slowly and the prices are based on events that take place over periods of time such as months or years. This Protrade market is influenced by events that can take place in a matter of minutes.
David Moenning's Daily State of the Markets: 04/10
Good morning. Despite a selloff in oil and positive news on the economic and M&A fronts, Monday's session wound up mixed as the Dow tacked on nine points while the NASDAQ dropped two. It was the seventh straight daily advance for the Dow while the NASDAQ and S&P 500 have now risen in six of the last seven sessions. The bulls got some support from none other than Warren Buffet, who disclosed that Berkshire Hathaway had picked up a big slug of stock in Burlington Northern and might be interested in two other railroads. In addition, a few more M&A deals and a $2.77 drop in crude should have provided the bulls something to work with. But, the upbeat news was countered by a fairly large preannouncement by AMD and some trepidation in front of earnings season. So, all in all, despite the potential positives, it was a fairly quiet day.
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