World Economy: Wall Street is focused on the rise on Monday, while a barrel of crude consolidates

May 12, 2008

Wall Street is focused on the rise on Monday, while a barrel of crude consolidates

all Street is progressing despite the publications "mortgage"

Wall Street is focused on the rise on Monday, while a barrel of crude consolidates in New York to $ 125. The operators are aware this day of quarterly results without relief of many players mortgage, but the market seems to try once again that the worst is over for the sector. Similarly, warning FedEx (NYSE: FDX - news) on the outcome is accepted without panic. The Nasdaq Composite (NASDAQ: news) currently earns 0.83% to 2,466 pts, while the DJIA takes 0.56% to 12,817 pts.

A follow this week, the U.S. economic programme ...

On Monday: - U.S. Budget. 20:00. Month of April. Department of the Treasury. Tuesday: - Stocks of companies. 16.00. Month of March. Department of Commerce. -- Prices for import and export. 14:30. Month of April. Department of Labor. -- Sales of detail. 14:30. Month of April. Department of Commerce. Wednesday: - Reports of weekly U.S. oil stocks. 16.30. According to the Department of Energy and the API. -- Index of Consumer Prices. 14:30. Month of April. Department of Labor. Thursday: - Index "Empire State". 14:30. Month of May. New York Fed. -- Registration weekly unemployment. 14:30. Department of Labor. -- Index of the property market. 19.00. National Association of Home Builders - Wells Fargo. -- Production & Industrial capacity utilization. 15.15. April. According to the Fed. -- Index of the Philadelphia Fed. 18.00. Month of May. Friday: - Starts of housing & building permits. 14:30. Month of April. Department of Commerce. -- Index of consumer sentiment. 16.00. Month of May (preliminary). According to the University of Michigan.

VALUES OF THE DAY

PMI Group (+2%). The California Walnut Creek active in the mortgage insurance and financial security has published its accounts for the 1st quarter of 2008. The Group has received a net loss of $ 274 million and $ 3.37 per title, against a profit of $ 102 million and $ 1.16 per title (diluted EPS) on the same period last year. The Group has suffered from charges related to credit enhancer FGIC and the increase in reserves for losses. The quarterly sales were $ 316 million, against $ 294 million a year earlier.

MBIA (+10%), credit enhancer American Armonk, New York, published on Monday, for its 1st quarter 2008, a net loss of $ 2.41 billion and $ 13.03 per share, against 198.6 Millions of dollars of profits and EPS of $ 1.46 over the same period last year. Group revenue was negative by almost $ 3 billion on non-realized losses on derivatives of some $ 3.6 billion. Revenues for the 1st quarter of 2007 were housed at $ 730 million.

FedEx (-1%). The leader of deliveries and transport based in Memphis, Tennessee, announced Friday evening a new revision of its financial outlook. Over the period close at the end of May, the 4th quarter of fiscal 2008, FedEx, a victim of oil prices still high and growth without U.S. relief, now anticipates a diluted EPS of $ 1.45 to 1.50, against 1, 60 to $ 1.80 previously and $ 1.96 last year. Since the previous forecast provided in March, FedEx notes that the estimated costs of fuel have increased even more than 7%, or $ 100 million, while economic weakness continued to affect domestic demand. These revised estimates do not include further increases in fuel prices or a further weakening of the economy.

Sprint Nextel (NYSE: S - news) (+3%). The U.S. wireless telecom operator issued on Monday new losses for its 1st quarter 2008. The deficit has now reached $ 505 million and 18 cents per share, against $ 211 million and 7 cents per title a year before. The EPS excluding non-recurring items and before depreciation and amortization was 4 cents, against 18 cents the previous year, representing a decrease of 78%. Revenues totaled $ 9.33 billion, down 8%, against $ 10.09 billion last year. The capex is revealed to $ 1.36 billion (-15%) and free cash flow to $ 170 million (-66%). The wireless revenues fell by 9% to $ 8 billion, with the decline in the average price of services per customer. The adjusted operating loss was $ 181 million, against $ 315 million profit last year.

IndyMac (-9%). The provider of mortgage services in Pasadena, California, on Monday unveiled its accounts for the 1st quarter of 2008. IndyMac posted a net deficit of $ 184.2 million and $ 2.27 per title on credit losses of $ 249 million segment on the MBS (mortgage backed securities), against a profit of $ 52.4 million and 70 cents per title last year. IndyMac also eliminates its dividend, and confirms that it strengthened its reserves to credit approximately $ 2.7 billion, against $ 2.4 billion the previous quarter. The Californian expects new quarterly deficits in 2008 and did not return to profitability before the resumption of price of U.S. property. The Group has raised $ 97 million this year after $ 676 million last year, and feels well capitalized.

World Economy

Wall Street is focused on the rise on Monday, while a barrel of crude consolidates

0 Comments: