ASIA
Asian stocks fluctuated as information technology companies climbed and energy shares led declines. Thailand’s stock index headed for its biggest loss in almost two weeks as the army imposed martial law.
The MSCI Asia Pacific Index fell 0.2%. Thailand’s SET Index fell 0.8%, poised for the biggest drop since May 8, as the army acted after months of political turmoil that brought down an elected leader and tipped the economy into a contraction.
Japan’s Topix index rose 0.3%, rebounding from a one-month low. The Bank of Japan began a two-day policy meeting on Tuesday. South Korea’s Kospi index lost 0.2%. Australia’s S&P/ASX 200 Index gained 0.2% and New Zealand’s NZX 50 Index slipped 0.6%.
Hong Kong’s Hang Seng Index climbed 0.5% and the Shanghai Composite Index was little changed, while Taiwan’s Taiex index slid 0.1%.
China plans to have about 100 initial public offerings from June through the end of this year as the government pushes for development in capital markets.
Energy shares dropped the most among the 10 industry groups on the MSCI Asia Pacific Index. Coal India lost 4.9% after surging 13% yesterday.
Yahoo Japan jumped 12% after canceling plans to acquire eAccess from SoftBank Corp.. The Internet company’s rating was raised to outperform from neutral at SMBC Nikko Securities Inc.
Treasury Wine soared 18% after rejecting a takeover offer from KKR & Co. The buyout firm, founded by Henry Kravis, made a preliminary cash offer on April 16 of A$4.70 a share. That’s 27% more than its closing price of A$3.69 the day before the offer was received.
EUROPE
European stocks were little changed, with the Stoxx Europe 600 Index trading near a six-year high, as investors weighed corporate earnings.
The Stoxx 600 slipped less than 0.1% to 338.35.
Profit for companies on the Stoxx 600 will probably climb an average 8.6% in 2014, analysts predict. That compares with a January estimate for an increase of 14 percent.
Vodafone Group Plc fell5.8% to a 14-month low after predicting profit will drop this year. Deutsche Annington Immobilien SE tumbled 5.8% as investors sold a 12.5% stake in the German landlord. Carnival Plc gained 3.6% the most in five months after announcing a fleet expansion in Australia and as Morgan Stanley raised its rating on the shares. United Internet AG rose the most since August 2010 after reporting quarterly sales that beat analysts’ estimates.
Piraeus Bank SA jumped 6.5% as Bank of America Corp.’s Merrill Lynch unit upgraded its rating on the stock to buy from underperform, or sell. The Greek lender lost 33% since March 4 through yesterday.
Alpha Bank AE advanced 5% as the brokerage raised its rating to buy from neutral. That followed a 20% drop since since March 20 through yesterday. Bank of America said the recent decline in share prices offers value as Greek banking recovers.
Credit Suisse Group AG rose 0.9% after agreeing to settle a three-year investigation in the U.S. The bank agreed to pay $2.6 billion in penalties and pleaded guilty to helping Americans cheat on their taxes.
USA
U.S. stocks ended Tuesday with losses as disappointing earnings from TJX Companies, Inc , Staples, Inc and Caterpillar Inc. weighed on investor sentiment.
Selling intensified in the afternoon after comments from Philadelphia Fed president Charles Plosser, who said that Fed may need to act sooner rather than later should the economy accelerate. He added 6.2% unemployment rate for year end may be too pessimistic, but sub-6% by year end certainly plausible.
Fed’s Dudley noted that ‘no one knows’ when Fed will raise main raite.
The benchmark S&P 500 closed 0.7%, lower at 1,872.84, Dow Jones Industrial Average shed 0.8%, to 16,374.31 and the Nasdaq Composite ended the day down 0.7%, at 4,096.89.
Home Depot Inc. shares climbed 2.6%. The home improvement store on Tuesday said its first-quarter profit rose to $1.38 billion, or $1 a share, from $1.23 billion, or 83 cents a share, a year earlier. Revenue rose 2.9% to $19.69 billion. Home Depot also raised its full year outlook to $4.42 a share from $4.38.
Devon Energy Corp. shares rose 2%. The stock was upgraded to overweight from equalweight and its stock price hiked to $79 versus $75 at Barclays.
Ophthotech Corp. shares surged 21% on news that the biopharmaceutical firm entered into an exclusive deal with Novartis AG to commercialize one of its drugs outside the U.S. Ophthotech will receive an up-front fee of $200 million with potential earnings of more than $1 billion to commercialize a macular degeneration treatment known as Fovista.
Credit Suisse Group AG shares were up 1%. The bank pled guilty to conspiring to aid in tax evasion. As part of a settlement with the U.S. Department of Justice, the firm will pay $2.6 billion. The deal will subtract $1.8 billion from the bank’s quarterly profits.
Shares of Salesforce.com Inc. are up 0.5% ahead of its quarterly earnings release after the bell.
Urban Outfitters Inc. shares slumped 8% as the firm said profit dropped 20% in the first quarter. The retailer earned 26 cents a share last quarter on sales of $686.3 million. Analysts had expected 27 cents a share in profit on $680.2 million.
TJX Cos. declined 6.8%. The retailer reported first-quarter earnings of $454.3 million, or 64 cents a share, slightly below its forecast of 65 cents a share to 66 cents a share. Revenue rose 4.9% to $6.49 billion.
Best Buy Co. shares dropped 5.3%. The retailer is scheduled to announce quarterly earnings on Thursday.
Dick’s Sporting Goods Inc. shares skidded 17% after the firm lowered expectations for the second quarter and full year due to weakness in the retailer’s golf and hunting divisions.
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