Vodafone Group is dragging the FTSE 100 down even further after the Financial Times reported it may ...
Vodafone Group is dragging the FTSE 100 down even further after the Financial Times reported it may pay as much as £9bn for control of Vivendi Universal SA's mobile-phone unit SFR.
The FTSE 100 Index shed 2% to 4457 points in early trading, with Vodafone accounting for about a fifth of the slide, as the mobile phone operator shed 6.25p, or 6.3% to 79.75p and its lowest since December 1997.
Computacenter climbed 7.5p or 2.7% to 290p as the U.K.'s biggest PC distributor said first- half revenue rose compared with the second half of 2001 but reiterated it expects profit to be little changed this year from 2001.
Debenhams rose 12.75p or 4% to 331.75p as UK department store plans to repurchase as much as £100m of its own shares and accelerate its store opening plans. The company plans to buy back about 8.5% of its shares to boost earnings per share.
Learning Technology jumped 6p, or 21% to 34.5p after the UK provider of computers to schools said chairman Alan Sugar made an offer to take the company private. Sugar offered to pay no more than 40p a share.
And Somerfield dropped 2p or 1.8% to 112p after the best-performing U.K. grocery-chain stock this year returned to a full-year profit after the company renovated stores and added more fresh food. Net income at the owner of more than 1,300 stores was £28.2m in the year ended April 27, compared with a loss of £6.6m the year before.
Active trading didn't end too well in the US yesterday either, as the Standard & Poor's 500 Index fell to a 4 ½-year low, and analysts' outlook for computer-chip makers worsened on the back of accounting issues nerves.
More than nine of 10 shares in the S&P 500 fell as drug wholesaler Cardinal Health said former auditor Arthur Andersen LLP wouldn't approve past financial statements and supermarket operator Supervalurestated three years of earnings.
The S&P 500 fell 20.56 points or 2.1% to 948.09, the lowest since Jan 12, 1998 while the Dow Jones Industrial Average declined 102.04 points or 1.1% to 9007.75 and the Nasdaq Composite Index, which hit a five-year low yesterday, lost 45.98 points or 3.3% to 1357.82.
Media shares such as AOL Time Warner tumbled for a second day as France's Vivendi Universal SA plunged to its lowest level in 15 years, after its chief executive officer was ousted and its credit rating was cut to junk.
Intel, the largest maker of semiconductors, slid to its lowest since June 1998, declining 97 cents to $16.57 while the National Semiconductor Corp. had the biggest drop in the S&P 500, sliding $4.58, or 17%, to $22.78.
Asian markets fared decidedly better in today's trading as Japanese stocks rose to a two- week high, on the back of newspapers reports the government may give lenders money to help them cover losses from bad loans.
The Nikkei 225 stock average climbed 1.8% to 10,812.30, its highest level since June 18, as bank stocks made up more than a fifth of the index's advance.
Mizuho, the world's largest bank by assets, jumped 5.2% to Y285,000 while UFJ Holdings, Japan's No. 4 lender by assets, added 4.5% to 302,000 yen. Mitsubishi Tokyo Financial Group, the world's No. 5 lender, climbed 4.1% to 863,000 yen and Sumitomo Mitsui Banking, the world's fourth largest, advanced 4.8% to Y629.
The Philippine Stock Exchange Composite Index had reverse fortunes as it had its biggest decline in 9 1/2 months, because the government said the deficit was bigger than expected.
Property stocks led gains in Singapore's Straits Times Index and Hong Kong's Hang Seng Index. And South Korea's Kospi index rose 1%, led by Kia Motors Corp. after it sold more cars in the US last month at a time when the market shrank.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation