H-M quarterly result came in a billion Swedish kronor better than last year. However, the result was considerably worse than what was expected. The stock plummeted 6.5% and saw a massive amount of trading. The company had sacrificed margins for growth during the quarter.
Statoil saw a lofty amount if interest as well. It has entered an agreement to acquire a stake in UK offshore play from Nautical Petroleum. It also announced that oil was found in one of the plays on the coast of Angola. Statoil has a 5% stake in the license.
After a monstrous amount of news, and the great majority of them positive, AstraZeneca is going into a quieter period. Banks have been taking profits now that the stock is in a multi-year high plateau and atop recent trading range. Today RBS sank the recommendation to hold, which made others take notice too and drive the price down couple percent.
HP gave fiscal revenue forecast for 2010 and the lower boundary is around where the analysts’ consensus estimate was at, thus a boost for the markets. The US Dollar is under more pressure and China is raising concerns. The Euro gained against the dollar despite renewed sovereign debt concerns, namely as the (Portuguese) President of the European Commission Jose Manuel Durao Barroso warned that Portugal’s economy is in a serious fiscal situation and that the country needs to take immediate actions to be able to correct the matter.
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