Rexnord moves closer towards New York listing March 19, 2012 REXNORD Corporation, which manufactures power transmission and water management products, announced terms for an IPO on the New York Stock Exchange yesterday. The Milwaukee-based company plans to raise $450m (£283m) by offering 23.7m shares at a price range of $18 to $20. At the midpoint of the proposed range, Rexnord would command a market value [...]
Wall St sees end of 5-day winning run March 14, 2012 THE S&P 500 broke a five-day streak of gains yesterday as investors found little reason to extend a rally that took the benchmark index to four-year highs. Momentum continued in Apple, as its shares climbed 3.8 per cent to $589.58 following positive analyst comment. Morgan Stanley and Canaccord Genuity both lifted their price targets to [...]
Banks boost rally across Wall Street March 14, 2012 THE US stock market posted its best day this year, with yesterday’s late spark coming from JPMorgan Chase & Co after the bank announced it will raise its dividend. Stocks gained throughout the session, helped by stronger-than-expected retail sales and benign comments from the US Federal Reserve, which said recent strains on financial markets were [...]
Dow drops more than 200 points March 6, 2012 THE Dow dropped more than 200 points yesterday, handing Wall Street its worst day in almost three months on renewed fears of a disorderly default in Greece and concerns that China’s slowdown would hit global growth. Analysts have expected a pullback for weeks, citing an overstretched market. Despite the day’s decline, the S&P 500 is [...]
Cassin moves from adviser to finance head at the data firm March 1, 2012 BRIAN Cassin (pictured inset) is to leave Greenhill after 14 years at the end of April. And though the jump from investment bank to UK-listed data specialist Experian will be a change of pace, it won’t be a total culture shock for the Irish-born banker. Cassin has spent years advising the company, working with predecessor GUS [...]
Dow closes above 13,000 milestone February 28, 2012 THE DOW closed above 13,000 for the first time since May 2008 yesterday and the Standard & Poor’s 500 also hit a milestone, as buoyant US consumer confidence data and a sharp drop in oil prices nudged the nearly five-month rally forward. The S&P 500 closed above 1,370, its May 2011 intraday high, a move [...]
Don’t blame the Depression on the gold standard – but don’t expect it back either February 27, 2012 TWO of America’s Republican candidates – Newt Gingrich and Ron Paul – have dared to toy with the idea of bringing back the gold standard. Their remarks have in turn triggered a fusillade of indignant replies, from pundits and professional economists alike, the general theme of which is that no one fit to be America’s [...]
US stocks slide on doubts over credit February 22, 2012 BANKS led US stocks lower yesterday as the S&P 500 stalled near a 10-month high after signs of weak European business activity rekindled concerns about a recession overseas. US banks were the S&P 500’s worst performing sector. Investors feared that weak Eurozone growth would hamper countries dealing with heavy debt loads and the banks exposed [...]
Google offers real-time LSE data for free February 21, 2012 GOOGLE is taking on the world’s leading financial data firms after striking a deal to provide real-time prices of stocks on the London Stock Exchange (LSE) for free. The agreement means that users of the Google Finance website can now view a live feed of the “last trade price” – a service that was previously [...]
CPP says FSA probe risks firm’s future February 20, 2012 CREDIT CARD insurance firm CPP says the Financial Services Authority (FSA) could force it out of business, after the regulator asked for a retrospective review of sales tactics. The company suspended its shares on the London Stock Exchange yesterday after declaring that the new demands “are disproportionate and threaten the viability of the business”. The [...]