Stocks are sharply lower on bank earnings and tighter Chinese lending standards
Stocks fell Wednesday on concerns that modest drops in the number of bad loans at banks and tighter lending standards in China will prolong a recovery in the economy.
Bank of America Corp. said that economic conditions “remain fragile.” However, not all the assessments were as cautious. Wells Fargo & Co. said a better economic outlook and improving credit statistics signal that conditions are strengthening.
Investors have been looking for reassurances during the early parts of earnings season that consumers are rebounding and the economy is strengthening.
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China’s economic vitality has gained increasing importance globally partly because its growth remained robust even as the world’s developed economies suffered the steepest drop in trade and economic output in decades. Statistics released last week showed that China’s yearlong downturn in export growth reversed in December surging nearly 18% from 2008 – well beyond the median forecast by Dow Jones Newswire’s poll of nine economists. World Bank estimates suggest that China — the world’s fifth-largest economy four years ago — may soon surpass Japan to claim the No. 2 spot.
Stocks are higher as Kraft Foods acquisition of Cadbury boosts optimism about the economy
The market rose Monday as investors looked past a disappointing profit from Citigroup Inc. and bought health care stocks on hopes that a special election in Massachusetts will take away power from Senate Democrats and make it harder for President Barack Obama to make changes to health care.
The gains come after stocks fell Friday when JPMorgan Chase & Co.’s earnings fell short of expectations. The Dow Jones industrial average lost 100 points, its steepest slide of 2010. U.S. markets were closed Monday for Martin Luther King Jr. Day.
2009 preliminary revenue of $58 to $60 million and net income of $15 to $16 million
2010 Guidance: Revenues of $92 to $102 million and net income of $19 to $21 million
XI’AN, China, Jan. 19 /PRNewswire-Asia-FirstCall/ – SkyPeople Fruit Juice, Inc. (NYSE Amex: SPU) (“SkyPeople” or “the Company”), a processor and manufacturer of concentrated kiwifruit, apple, pear and other fruit juices and fruit products in China, today announced preliminary 2009 results and provided guidance for 2010.
Sales to distributor expected to contribute $7.0 million in sales in 2010
XI’AN, China /PRNewswire-Asia-FirstCall/ — SkyPeople Fruit Juice, Inc. (NYSE Amex: SPU) (“SkyPeople” or “the Company”), a processor and manufacturer of concentrated kiwifruit, apple, pear and other fruit juices and fruit products in China, today announced the engagement of a general distributor in Beijing to focus on the sales and marketing of the Company’s Hedetang(R)-branded fruit juice beverages to food and beverage whole-sellers and retailers in the Beijing area.
Stocks are fluctuating above the line as investors await the start of earnings season
Stocks zigzagged early Monday as investors awaited earnings from Alcoa Inc. for more signs that the global economy is healing.
Alcoa’s report will give investors one of the first looks at how companies fared in the final quarter of 2009.
Investors also looked to a report that Chinese exports jumped by nearly 18 percent in December. The bigger-than-expected increase follows 13 straight months of declines. The increase in exports has added confidence to investors who believe a global economic rebound is well under way.
Investors are buying into the market ahead of the start of earnings season. Alcoa kicks off the flood of reports that will provide insight into how fast the economy is recovering. Economists polled by Thomson Reuters predict Alcoa earned 6 cents per share in the fourth quarter.