Reuters logo
STOCKS NEWS US-Int'l Flavors jumps after earnings
February 5, 2009 / 4:15 PM / 9 years ago

STOCKS NEWS US-Int'l Flavors jumps after earnings

Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]

U.S. stock market report [.N] 1058 ET 05Feb2009-Int‘l Flavors jumps after earnings ------------------------------------------------------------------------------

Shares of International Flavors & Fragrances (IFF.N) surged nearly 17 percent to $32.52 on Thursday after the company reported fourth-quarter results that topped Wall Street expectations, helped by higher prices and strong growth in Asia.

The company posted earnings of 50 cents a share, excluding items, above analysts’ estimates of 46 cents a share. For details see [ID:nN05499451] Reuters Messaging:rm:// 1033 ET 05Feb2009-Dec. factory orders down more than expected ------------------------------------------------------------------------------

New orders received by U.S. factories fell more than expected in December, falling 3.9 percent as manufacturers were hurt by the recession. The Reuters Estimate was for a decline of 3 percent.

With the December results, factory orders have fallen for five straight months. There has never been a streak of 5 downward months before. [ID:nN04533828]

Reuters Messaging: 1023 ET 05Feb2009-Dow Jones extends losses, hurt by BofA ------------------------------------------------------------------------------

Major U.S. indexes extended their losses on Thursday, pressured after new claims for unemployment benefits hit a 26-year high and Bank of America (BAC.N) tumbled to its lowest price since 1984. Technology stocks were also down, hurt by an outlook at Cisco (CSCO.O).

The Dow Jones industrial average .DJI fell 1.1 percent to 7,862.51 while the S&P 500 .SPX slid 0.9 percent to 824.55 and the Nasdaq .IXIC was down 0.2 percent to 1,511.53.

Reuters Messaging: 1011 ET 05Feb2009-American Home Mortgage buys rights from Citi ------------------------------------------------------------------------------

American Home Mortgage Servicing Inc on Thursday said it bought the servicing rights to a portfolio of mortgages from Citigroup Inc (C.N). CNBC said the company paid $1.5 billion for the rights.

AHMSI is owned by Wilbur Ross, who last year bought H&R Block’s (HRB.N) subprime mortgage servicing operations for $1.1 billion. [ID:nN05347378]

Reuters Messaging: 0954 ET 05Feb2009-DA Davidson: labor data may determine consumer spending ------------------------------------------------------------------------------

    DA Davidson on Thursday said that both jobless claims data and the unemployment rate could determine consumer sentiment and how much consumers spend in the near-term.

    “We all know that consumers have tightened their belts,” the firm wrote. “That is confirmed by same-store sales, but the question now pending is how much more worried are they likely to get? The drumbeat of corporate-announced layoffs, which largely haven’t taken place yet, are contributing to the general nervousness, but the jobless claims and unemployment rate represent an actual number, even if it is backward looking.”

    The firm expects the markets to play “a bit of a waiting game” ahead of Friday’s monthly employment report from the government.

    Reuters Messaging: 0945 ET 05Feb2009-GE CEO sees little M&A activity in 2009 ------------------------------------------------------------------------------

    Jeff Immelt, the chief executive officer of General Electric (GE.N), on Thursday said that mergers and acquisition activity wasn’t going to be robust in 2009, and that the level of M&A activity would be determined by the credit markets.

    Immelt also said that the markets had already priced in a downgrade of the company from its AAA credit rating. [ID:nWEN3942]

    Shares of GE, a Dow component, slid 2 percent to $11.04.

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below