UPI NewsTrack Business
Monday, November 08, 2021 12:44 PM

Related Stories



NEW YORK, N.Y., Nov. 8 (UPI) -- The Dow Jones industrial average shifted lower Monday morning with investors focused on tensions over currency rate exchanges and trade.

In India, President Barack Obama said a discussion over trade imbalances remained a critical issue for the global economy.

Germany on Monday said its trade surplus jumped to $23.3 billion in September from $12.6 billion in August. During the weekend, German Finance Minister Wolfgang Schauble said it was hypocritical of the United States to accuse China of currency manipulation after the Federal Reserve announced it would purchase $600 billion in long-term Treasury bonds, which will undermine the U.S. dollar.

On Wall Street in late-morning trading, the Dow Jones industrial average lost 41.78.or 0.37 percent to 11,402.30. The Standard & Poor's 500 index lost 3.55 or 0.29 percent to 1,222.30. The Nasdaq composite index was up a little, rising 0.53 or 0.02 percent to 2,579.51.

The benchmark 10-year Treasury note rose 6/32 to yield 2.52 percent.

The euro fell to $1.3906 from Friday's $1.4034. Against the yen, the dollar fell to 81.175 yen from Friday's 81.34 yen.

In Japan, the Nikkei 225 index added 1.11 percent, 106.93, to 9,732.92.

Chrysler shows gains in quarterly report

AUBURN HILLS, Mich., Nov. 8 (UPI) -- Overshadowed U.S. automaker Chrysler said it lost $84 million in the third quarter with sales up and bailout paybacks running high.

The third largest U.S. carmaker said its operating profits were $239 million, but it posted losses due to $308 million in interest payments during the quarter on 14 percent U.S. and Canadian loans, which were granted in 2009, when the company filed for bankruptcy, the Detroit Free Press reported Monday.

Sales rose 5.2 percent above the second quarter to $11 billion and its market share increased slightly, up from 9.4 percent to 9.6 percent.

General Motors Co. has issued preliminary third-quarter figures announcing an expected earned income of about $2 billion. Ford Motor Co. (NYSE:F) has announced third quarter profits of $1.69 billion.

But Chief Executive Officer Sergio Marchionne said Chrysler's operating profits should reach $700 million for 2010, the newspaper reported.

"We are not only living up to our commitments, but we are also exceeding our 2010 financial objectives," Marchionne said in a statement.

Lily to buy Philadelphia biotech Avid

INDIANAPOLIS, Nov. 8 (UPI) -- U.S. drugmaker Eli Lilly (NYSE:LLY) said it would buy Avid Radiopharmaceuticals Inc., a Pennsylvania firm that is developing a diagnostic tool for Alzheimer's disease.

Lily said it would buy all of Avid's outstanding shares for $300 million.

"We look forward to partnering with Avid's experts during the regulatory process for florbetapir, and are intent on gaining FDA approval for this promising diagnostic intended to help clinicians and researchers identify the presence of beta-amyloid plaque in the brain," said Lilly Chairman and Chief Executive Officer John Lechleiter.

"The acquisition of Avid Radiopharmaceuticals aligns well with Lilly's innovation-based strategy, offers a potential near-term revenue opportunity, leverages our neuroscience expertise and will immediately bolster our diagnostics capabilities," he said.

Crude oil prices hold above $86

NEW YORK, Nov. 8 (UPI) -- Crude oil prices slid Monday morning, but held above $86 per barrel in New York with the dollar index heading higher.

Renewed concerns over government debt in Europe helped weaken the euro, giving the dollar a boost.

The dollar index rose 0.69 percent to 77.08. December delivery crude oil prices, near a two-year high, lost 47 cents in early trading to $86.38 per barrel on the New York Mercantile Exchange.

Heating oil prices on the exchange shed 0.48 cents from a prior settlement to $2.38 per gallon. Reformulated gasoline blendstock prices shed 1.97 cents to $2.1603 per gallon. Natural gas prices added 11.3 cents to $4.05 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $2.854 per gallon from Sunday's $2.848, AAA said.

(Source: UPI )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • US lawmakers may vote on Armenian genocide measure Dec 18, 2021 04:03 AM

    • WASHINGTON - The House may vote next week on a measure that could damage U.S. relations with critical ally Turkey: a resolution declaring the World War I-era killings of Armenians a genocide.
    • House Democratic leaders had long set aside consideration of the draft resolution, and the measure was expected to expire as a new Republican-led House takes office next month.
    • House aides, speaking on condition of anonymity because they were not authorized to comment, said Friday that Democratic leaders have been discussing a possible vote with lawmakers.
      • Paris Vogue editor to leave after 10-year tenure Dec 18, 2021 03:56 AM

        • PARIS - Paris Vogue says its editor-in-chief, Carine Roitfeld, has decided to leave after a 10-year tenure in which the French fashion monthly became "a worldwide reference and indispensable magazine."
        • The magazine says on its Web site that Roitfeld's years as the top editor were marked by "constant growth" both in terms of circulation and advertising.
        • Xavier Romatet, the head of Conde Nast France, the French arm of the U.S. publishing house, said he "of course" regrets Roitfeld's decision to leave "even if I understand it."
          • James has triple-double, dominates again at MSG Dec 18, 2021 03:56 AM

            • NEW YORK - LeBron James always said he loved playing here.
            • James delivered another vintage performance at Madison Square Garden, scoring 32 points and finishing with his 30th career triple-double to help the Miami Heat beat the New York Knicks 113-91 for their 11th straight victory.
            • 6 jersey he hoped would belong to James - New York surged back to tie it at 57 at halftime.
              • $7.2B is recovered for Madoff's victims Dec 18, 2021 03:48 AM

                • NEW YORK - Many of Bernard Madoff's victims who thought they lost everything could get at least half their money back after the widow of a Florida philanthropist agreed Friday to return a staggering $7.2 billion that her husband reaped from the giant Ponzi scheme.
                • Picower was the single biggest beneficiary of Madoff's fraud.
                • He commended Picower's widow, Barbara, "for agreeing to turn over this truly staggering sum, which really was always other people's money."
                  • Congress rushes to finish bills before holidays Dec 18, 2021 03:48 AM

                    • WASHINGTON - Rushing to finish by Christmas, congressional Democrats worked Friday to secure Senate ratification of a new arms control treaty and to end the military's ban on openly gay service members as they neared the end of two tumultuous years of single-party government.
                    • Legislation to keep the federal government running until mid- to late February was also on the agenda, a matter for negotiations with emboldened Republicans who will take control of the House and add to their numbers in the Senate come January.
                    • He was looking for several more on his wish list - the arms control treaty and repeal of the military gay ban - to close out a politically tough year.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
jomariXXXXX CVG$0.31
XXXXXXXXXX RIMM$1.64
XXXXXXXXXX CRM$0.19
GEOXXXXX PAY$0.30
mrbilltraderXXXXX POT$1.59
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS$0.48