Stocks Fell on Global Concerns; Oil Prices Surged $100
Wednesday, February 23, 2022 5:15 PM

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Most of the markets around the globe ended on a red note. Apparently, the losses were not as severe as they were at midday time. The Dow Jones Industrial Average lost 107.01 points or 0.88 percent at 12,105.78. The Standard & Poor’s 500 Index dropped 8.04 points or 0.61 percent to 1,307.40 and the Nasdaq Composite Index sank 33.43 points to 2,722.99 by 1.21 percent.

Stocks in News:

Hewlett-Packard (NYSE: HPQ) reported first-quarter net revenue of $32.3 billion, up 4 percent from the prior-year period. HPQ trimmed its full-year revenue outlook to $130B-131.5B, from a previous $132B-$133.5B. HPQ last traded 9.62 percent down at $43.59.

Enterprise Products Partners (NYSE: EPD) offered $42 per share to buy Duncan Energy (NYSE: DEP), a 29 percent premium to Duncan's closing price yesterday. EPD ended at $42.97 losing 1.67 percent.

Nicor Inc. (NYSE: GAS) reported fourth-quarter net income of $40.1 million and diluted earnings per share of $0.87, compared to net income and diluted earnings per common share of $55.2 million and $1.21, respectively, for the same period in 2009. GAS stock closed down at $52.02 by 1.12 percent.

Nasdaq OMX Group (NasdaqGS: NDAQ) is reportedly considering making a rival bid for NYSE Euronext (NYSE: NYX), as against Deutsche Boerse's (Other OTC: DBOEY.PK) $10.2B takeover offer for NYSE. Nasdaq may unite with IntercontinentalExchange (NYSE: ICE) or CME Group (NasdaqGS: CME) on a joint bid, with ICE said to be the more willing of the two. If Nasdaq finds itself unable to compete with, according to the sources, Nasdaq may also consider selling itself or buying another competitor.

Apple (NasdaqGS: AAPL) shareholders rejected the request to disclose a succession plan for its chief executive. That's according to preliminary voting results announced Wednesday at Apple's annual shareholders meeting in Cupertino, Calif. Apple did not provide the voting breakdown. The stock last traded at $342.62 gaining 1.18 percent.

Gannett Co., Inc. (NYSE: GCI), reported the retirement of Donna Shalala and Karen Williams from the company’s Board of Directors this year. John Cody, former Executive Vice President and Chief Operating Officer of Broadcast Music, Inc., has been elected to the Board, effective immediately. The shares last traded at $16.23, down 1.93 percent.

The Coca-Cola Company (NYSE: KO) and H.J. Heinz Company (NYSE: HNZ), entered into a strategic partnership that enables Heinz to produce its ketchup bottles using Coca-Cola's breakthrough PlantBottle packaging. KO last traded at 0.24 percent high at $63.91.

The Charles Schwab Corporation (NYSE: SCHW), a financial holding company, has announced a new flagship platform for active traders, designed to simplify complex trading activities and provide a more intuitive experience. SCHW last traded at $18.75 losing 0.53 percent.

Economy watch:

Charles Plosser, President of the Federal Reserve Bank of Philadelphia, stated Wednesday that he will push to end up the central bank's $600 billion bond-purchase program early if the inflation expresses to increase. He added he "would not rule out" to put pressure on Fed to end up the QE2 program if the economy shows more strong growth than anticipated and inflation picks up too much speed. "If the growth rates of employment and output begin to accelerate or if inflation expectations begin to rise, then it may be time to begin taking our foot off the accelerator," Plosser said.

According to the quarterly report of Federal Deposit Insurance Corp, FDIC, nearly 12 percent of the US banks found to be at the risk of failure even though the banking industry completed its first profitable year since 2007. FDIC reported an increase in the number of banks listed in its confidential problem list to 884 in Oct-Dec quarter, compared to 860 in the prior quarter. Reportedly, twenty two have filed so far and more banks are at risk.

The crude oil rally was, once again, supported by concerns about supply disruptions in the Middle East. Various reports indicate that anywhere between 25-50 percent of Libya's oil production has been shut due to the ongoing protests. Oil prices extended to climb two-year highs amid ongoing concerns related to social and political turmoil in the Middle East and North Africa.

Market Watch:

The European markets ended up on Thursday on a lower note, with equities in Britain’s FTSE 100 losing 1.22 percent or 73.23 points to 5,923.53, France’s CAC 40 index closed by 0.92 percent or 37.15 points down to 4,013.12. Germany’s DAX lost 123.75 points or 0.92 percent to 7,194.60. Most of the Asian markets also closed on the same note, with Singapore’s Straits Times 83.91 points or 0.36 percent down to close at 3,001.85, Hong Kong’s Hang Seng stood at 22,906.90, down 17.27 points or 0.36 percent.

In the currency market, the euro rose 0.6664 percent to 1.3746 against the US Dollar, while the value of the dollar fell against the British pound by 0.4089 percent to 1.6208. The US dollar fell against the CAD, last traded at 0.0475 percent down to 0.9897.

After clashes in Libya, for the second straight day, the unrest sent oil nearly across $100 per barrel. Oil companies benefited from the higher crude prices. Chevron Corp. was the biggest gainer in the Dow average, rising 1.9 percent. Exxon Mobil Corp also gained 1.9 percent. Energy companies in the S&P’s 500 index rose 2 percent, the only gain among its 10 company groups.

The crude oil ended trading at around $98.10 per barrel. Natural gas gained 0.1 percent to finish at $3.89 per MMBtu. Precious metals gained 1.1 percent today, gold finished higher by 0.8 percent to $1414 per ounce, while silver rallied for 1.4 percent to end at $33.29 per ounce.


 

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Market news:

  • Protestors across US decry Wis. anti-union efforts Feb 26, 2022 08:06 PM

    • MADISON, Wis. - Protestors are gathering across the country to rally against proposed laws in Wisconsin and other states aimed at weakening unions and stripping public workers from collective bargaining rights.
    • But the hotbed remains in Madison, where about 70,000 people descended on the Wisconsin Capitol.
    • It's the largest crowd yet since protests began nearly two weeks ago against a Republican bill that would strip nearly all public workers of most collective bargaining rights.
      • Singer Shakira accepts Harvard honor Feb 26, 2022 07:45 PM

        • CAMBRIDGE, Mass. - Grammy Award-winning singer and philanthropist Shakira has been honored by Harvard University.
        • The Harvard Foundation, the university's center for intercultural arts and science initiatives, gave Shakira its 2011 Artist of the Year award on Saturday.
        • After accepting the award, Shakira challenged Harvard students to do more to improve education in developing countries.
          • Facts overshadowed in debate over union bill Feb 26, 2022 07:10 PM

            • MADISON, Wis. - The facts have been overshadowed by rhetoric at the Wisconsin Capitol, where protesters and politicians have been engaged in a tense standoff over the governor's proposal to strip most public employees of their collective-bargaining rights.
            • Gov. Scott Walker insists the state is broke and must make drastic spending cuts.
            • The budget as it stands now is balanced, and Walker is under no legal obligation to make changes.
              • Obama says Gadhafi must leave Libya 'now' Feb 26, 2022 07:10 PM

                • WASHINGTON - Ratcheting up the pressure, President Barack Obama on Saturday said Moammar Gadhafi has lost his legitimacy to rule and urged the Libyan leader to leave power immediately.
                • It was the first time Obama has called for Gadhafi to step down, coming after days of bloodshed in Libya.
                • Obama commented a day after the administration froze all Libyan assets in the U.S. that belong to Gadhafi, his government and four of his children.
                  • Ore. congressman says mental health not job issue Feb 26, 2022 06:37 PM

                    • PORTLAND, Ore. - An Oregon congressman whose erratic behavior has prompted calls for his resignation says his mental health condition doesn't prevent him from doing his job.
                    • U.S. Rep. David Wu refused to specify his health issues to KGW-TV in an interview aired Saturday, and says he doesn't have to publicize his condition because he's "not the president of the United States with my finger on the nuclear trigger."
                    • The Democrat blamed the stress of his re-election campaign last year and the responsibility of caring for his two children.

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