China shares up on tax cuts. Apple mixed.
Chinese shares up on tax cut
Asian stock markets posted mixed results Thursday, although Chinese markets soared after Beijing slashed a tax on share transactions. The tax cut reverses the increase Beijing imposed last year to slow surging stock prices. The Shanghai Composite index climbed as much as 9.6% Thursday before slipping back. Shenzhen’s All Share index jumped 8.5%
Fitch sees some defaulted bonds recouping 10 cents on dollar
The expected tide of corporate bankruptcies is expected to leave unsecured bondholders with much less than the historical average recovery of 42 cents on the dollar. Owners of a third of high-yield, high-risk bonds rated B+ or lower may get no more than 10 cents, New York-based Fitch Ratings said. About 22% are likely to get 11 cents to 30 cents.
Apple beats Wall Street, quarterly profits over $1 billion
Apple (stock ticker: AAPL) reported profits of $1.1 billion in its second quarter, or $1.16 per share, to outdistance Wall Street expectations. Macintosh computers continued to sell strongly, with shipments of 2.3 million units, up 51%. Nevertheless, investors expected much better from the iPhone, and the share price ramains as before the earning announcement.
Boeing 1Q profits up 38%, CEO predicts strong year
Boeing’s first-quarter profits rose 38% to $1.2 billion, with earnings per share up 43%, thanks to strong results in commercial plane, military aviation and space businesses. Boeing expects another strong year, Chairman and CEO Jim McNerney said, despite its well-publicized loss of a massive Air Force tanker contract and long delays in its premium 787 airplane project
Ambac posts 1Q loss on CDO
Ambac Financial Group Inc. (stock quote: ABK) swung into the red in the first quarter on another $1.73 billion in collateralized-debt-obligation (CDO) losses and $1.04 billion in loss provisions as the nation’s second-biggest bond insurer continued to be weighed down by the credit crunch. The company reported a net loss of $1.66 billion, or $11.69 a share, compared with year-earlier net income of $213.3 million, or $2.02 a share. In addition, the latest quarter also included $292.2 million in other investment and portfolio losses.
Ford stock analysis
Ford Motor Co. surprised Wall Street on Thursday with a $100 million profit in the first quarter as strong results from Europe and South America helped offset the impact of a slumping US economy that cut car and truck sales in its main market.
Amazon stock analysis
The report was good, just ahead of consensus, but the outlook wasn´t as good as expected, dragging the stocks down 5%. The US business decelerated sigificantly, but the international growth was 44%, compensating the last issue.
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