Galleon founder attempts to get bail conditions reduced in US insider case October 29, 2009 THE head of hedge fund Galleon yesterday appealed for his bail in connection with insider trading charges to be slashed by $75m (£45m). Tycoon Raj Rajaratnam faces claims that he made $20m through illegal tips from companies including IBM and Intel. The 52-year-old billionaire asked a US judge to reduce his bail to $25m from [...]
Profit taking hits Wall St after rally October 27, 2009 THE S&P 500 and the Nasdaq fell yesterday as investors booked profits following the stock market’s recent run-up, while a weaker-than-expected reading on a measure of consumer confidence raised doubts about spending. Technology and consumer discretionary shares fared worse than the broader market as investors sold recent winners. Baidu’s disappointing outlook added to the negative [...]
IBM plans a $5bn buyback October 27, 2009 IBM said yesterday it plans to spend another $5bn (£3.1bn) on share repurchases, boosting its total outstanding stock buyback programme to $9.2bn in a reflection of its strong cash flow. IBM said it will repurchase shares on the open market or in private transactions, depending on market conditions. It also said it expects to request [...]
IBM plans a $5bn buyback October 27, 2009 IBM said yesterday it plans to spend another $5bn (£3.1bn) on share repurchases, boosting its total outstanding stock buyback programme to $9.2bn in a reflection of its strong cash flow. IBM said it will repurchase shares on the open market or in private transactions, depending on market conditions. It also said it expects to request [...]
The 10,000 mark means it’s time to short the Dow October 18, 2009 EQUITY bulls must have felt rather smug last week when the Dow Jones Industrial Average (DJIA) broke through 10,000 on the back of bumper profits from investment banks JPMorgan and Goldman Sachs. Good results from Google, Intel and IBM also added to the market optimism that has been fuelling the index’s meteoric rise. The third [...]
Google and IBM surpass expectations October 15, 2009 US technology companies were upbeat last night, with Google declaring that the worst of the recession is over and IBM raising its full-year outlook. Google, the world’s number one search engine, said that its net income rose by 27 per cent in the third quarter to $1.64bn (£1bn), or $5.13 a share, compared with $1.29bn, [...]
10,000 ON THE DOW IS NOT IMPOSSIBLE October 12, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFT DO not underestimate just how important this week is for the markets. The next few days are likely to prove decisive in determining the near-term direction of global stock markets. And it’s all down to earnings. In the first quarter, the overriding concern was whether we were facing meltdown, and [...]
How to play the US third quarter earnings season October 11, 2009 THIS week is widely expected to be crunch time for the markets across the world as the third quarter earnings season kicks off in earnest in the US. With companies from across the board reporting – including big hitters like Goldman Sachs, Citigroup, IBM and General Electric – we will finally see whether the rally [...]
US earnings rut could be at an end October 11, 2009 Though today is Columbus Day, a public holiday in the US, most of its markets are trading regular hours. This week is going to be defined by US corporate earnings. Tomorrow we have Intel and Johnson & Johnson, JP Morgan Chase is on Wednesday; on Thursday Citigroup, Goldman Sachs, Google and IBM are all due [...]
IBM in US probe over claims it unfairly abused dominance October 8, 2009 IBM, the computer hardware giant, is facing a US Department of Justice (DoJ) investigation over allegations it abused its dominance of the mainframe market to squeeze out its rivals. The anti-competition probe was announced yesterday by Ed Black, chairman of the Computer and Communications Industry Association (CCIA), which had urged the DoJ to step in. [...]