Stock Market News

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• Wall Street gains on housing but rally ebbs
  

  NEW YORK (Reuters) - Financial and housing shares nudged Wall Street higher on Tuesday after U.S. existing home sales rose in April to their highest rate in nearly two years, but gains were capped by investors' concerns about the global economic outlook. Shares of Facebook Inc fell as much as 9 percent at the open and hurt sentiment about tech shares as doubts about the company's valuation increased after Reuters reported that Morgan Stanley , the lead underwriter, cut revenue forecasts for the social networking site shortly before the IPO. Sales of existing U.S. ...

  
  
  
  
• European shares extend gains after U.S. data
  LONDON (Reuters) - European shares extended gains in tandem with Wall Street indexes on Tuesday afternoon as better-than-expected U.S. macro data further supported sentiment. U.S. home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs about the pace of recovery in the world's largest economy. At 1414 GMT, the FTSEurofirst 300 index of top European shares was up 1.6 percent at 990.29 points. (Reporting By Francesco Canepa)
  
  
• Wall Street little changed at open
  

  NEW YORK (Reuters) - Wall Street opened little changed on Tuesday as concerns about global growth weighed on investor sentiment, while shares of Facebook continued their post-IPO slide. The Dow Jones industrial average was up 8.70 points, or 0.07 percent, at 12,513.18. The Standard & Poor's 500 Index was up 4.94 points, or 0.38 percent, at 1,320.93. The Nasdaq Composite Index was up 9.29 points, or 0.33 percent, at 2,856.50. (Reporting By Edward Krudy, editing by Dave Zimmerman)

  
  
  
  
• Asian markets rise ahead of European summit
  

  Asian markets rose Tuesday following a strong performance on Wall Street and on hopes EU leaders will come to an agreement on dealing with the eurozone debt crisis at an upcoming summit.

  
  
  
  
• Singapore Exchange launches Indonesia equity futures
  SINGAPORE, May 22 (Reuters) - Singapore Exchange Limited (SGX) said on Tuesday that it will launch the firstever offshore Indonesian equity futures contract in June. The contract will be based on the MSCI Indonesia index andis pitched at overseas investors looking for exposure to SouthEast Asia's biggest economy or to act as a hedge against theirexisting investments in the country. SGX has launched a string of equity derivative contracts inrecent years, including popular ones tracking Japan's Nikkei 225index and the Taiwanese stock market. ...
  
  
• Glencore hopes for FTSE fillip to aid Xstrata deal
  LONDON (Reuters) - Glencore's bruised stock could get a boost after a lock-up on a large slice of employees' shares expires, in a welcome lift for the commodities trader as its $30 billion bid for miner Xstrata nears the final stages. The release on Thursday of 2.7 billion shares - a year after Glencore's record stock market debut - could mean a technical "squeeze" on the stock, analysts said. The increase in shares available to be traded translates into a greater weighting in the FTSE 100 index , prompting index-tracking funds to buy more shares. ...
  
  
• Tata Power drops on earnings fears
  

  Reuters Market Eye - Tata Power shares drop 4.4 percent ahead of its quarterly results later in the day as traders brace for negative numbers. The stock had surged 5 percent on Monday because of tariff hike hopes. Standard & Poor's warns in a report capital expenditure will remain "significant" in the next few years, weakening the company's financials. S&P says Tata Power is acquiring land for captive and imported coal-based projects in its pipeline. ...

  
  
  
  
• Nasdaq seen struggling with aftermath of Facebook IPO
  NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...
  
  
• EXCLUSIVE: U.S. lets China bypass Wall St for Treasury orders
  

  NEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters. The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world. The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. ...

  
  
  
  
• Tiger Brands posts rise in first-half earnings
  

  JOHANNESBURG (Reuters) - South African consumer goods firm Tiger Brands posted a modest rise in first-half earnings on Tuesday, helped by growth in its exports and international businesses as the domestic market remains subdued. The maker of bread, breakfast cereal and energy drinks said diluted headline earnings per share for the six months to end of March rose four percent to 766 cents. Headline earnings are the main profit gauge in South Africa and exclude certain one-off items. The company said revenue rose 12 percent to 11.6 billion rand. ...

  
  
  
  
• Nasdaq seen struggling with aftermath of Facebook IPO
  NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...
  
  
• Silicon Valley takes Facebook fizzle in stride
  

  SAN FRANCISCO (Reuters) - Facebook's lackluster initial public offering performance is a black eye for many on Wall Street and could have ramifications for similar upcoming deals such as an offering by Twitter, but venture capitalists in Silicon Valley are keen to shrug off Facebook's stumble - at least for now. ...

  
  
  
  
• Nasdaq seen struggling with aftermath of Facebook IPO
  

  NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...

  
  
  
  
• Nasdaq seen struggling with aftermath of Facebook IPO
  

  NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...

  
  
  
  
• Nasdaq seen struggling with aftermath of Facebook IPO
  NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image.
  
  
• Insider trading trial starts for ex-Goldman director
  

  The trial of the biggest suspect in a US crackdown on Wall Street insider trading, former Goldman Sachs director Rajat Gupta, started with a prosecutor saying the brilliant Indian-born immigrant "threw away his duties."

  
  
  
  
• Facebook stock slide puts new pressures on company
  SAN FRANCISCO (Reuters) - Facebook Inc's underwhelming debut on Wall Street increases the pressure on the social networking giant to deliver stellar growth - a novel situation for Chief Executive Mark Zuckerberg, who has been clear he is more interested in building products than making money. Facebook shares fell 11 percent on Monday, the company's second day as a publicly traded company, due to what many analysts and investors blamed on overly aggressive pricing by Facebook's underwriters, as well as a decision to expand the size of the offering by 25 percent. ...
  
  
• Wall Street rebounds, but investors dump Facebook
  

  NEW YORK (Reuters) - Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut. Tech shares were among the day's biggest gainers, with an S&P sector index surging 2.8 percent on the strength of Apple Inc . Shares of Apple climbed 5.8 percent to $561.28, leading the Nasdaq to its biggest one-day percentage gain since December 2011. ...

  
  
  
  
• Trial of ex-P&G, Goldman board member starts in NY
  

  A federal prosecutor accused former Goldman Sachs board member Rajat Gupta on Monday of feeding inside investment tips to a corrupt hedge fund manager, while Gupta's lawyer told a jury the relationship between the Wall Street heavyweights was above board.

  
  
  
  
• Market breaks losing streak, with China's help
  

  Forget Facebook. This is still Apple's stock market.

  
  
  
  
• Early Facebook mutual fund buyers still in money
  (Reuters) - Fidelity Investments and other big mutual fund families that were early backers of Facebook Inc are likely still winners despite the social network's troubled stock market debut. Facebook shares were priced at $38 per share in its initial public offering on Thursday. Despite an initial bump in their market debut on Friday, the shares fell on Monday, closing down 11 percent at $34.03. The decline prompted much hand-wringing among technology investors who had expected a bigger boost for the widely used social networking service. ...
  
  
• Facebook Growing Up, Losing Hype
  COMMENTARY | According to the Associated Press and CNN, Facebook's stock has not performed as hoped following its release. The stock began to slide shortly after its IPO release Friday, peaking briefly before falling below its $38 IPO price. Investors and the public are wondering what the weak stock market start means for the world's most popular social networking site, which was begun eight years ago in a Harvard dorm room by Mark Zuckerberg.
  
  
• Treasurys slide as stocks break a losing streak
  Treasury prices eased Monday as investors become more comfortable shifting money back into the stock market.
  
  
• Apple's Cook top-paid US CEO in 2011: report
  

  Apple chief executive Tim Cook topped the list of the best-paid CEOs in the US in 2011 thanks to stock options that put him more than $300 million above his next rival, a Wall Street Journal survey showed Monday.

  
  
  
  
• Exclusive: U.S. lets China bypass Wall Street for Treasury orders
  

  NEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters. The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world. The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. ...