NST Online Business Times : latest
NST Online Business Times : latest |
| AmResearch ups Top Glove's fair value Posted: 11 Oct 2012 06:27 PM PDT AmResearch raised its target price on Top Glove Corp Bhd to RM6.50 per share from RM6.30, after the world's largest rubber glove maker by volume reported earnings for the financial year ended Aug. 31 that beat market estimates. "The improved operating environment enabled most of Top Glove's increase in revenue to filter down to its bottom line," the research house said in a note on Friday. AmResearch maintained a "buy" on the counter, saying the company's portfolio mix of 80:20 (natural:synthetic rubber) places it in an attractive position to reap the benefits of stable latex prices amid resilient demand. Shares of Top Glove rose 1.17 percent to RM5.21, while the broader index dropped 0.1 percent. -- Reuters  |
| Posted: 11 Oct 2012 04:37 PM PDT NEW YORK: US stocks closed little changed on Thursday after a solid rally sparked by surprisingly good data on weekly jobless claims fizzled out, in part due to questions over the figures. Trading action focused on Sprint Nextel, whose shares soared 14.3 percent to US$5.76 on news that the third largest US wireless carrier was in talks to be bought by Japan's Softbank. At the closing bell, the Dow Jones Industrial Average was down 18.58 points, or 0.14 percent, at 13,326.39. The S&P 500 gained 0.28 points (0.02 percent) to 1,432.84, while the tech-rich Nasdaq lost 2.37 points (0.08 percent) to 3,049.41. But later suggestions that the data might be somewhat incomplete helped take the air out of the rally. Turnover was heavy in Sprint shares, which got a boost from reports that Japanese cell carrier Softbank was in talks to take it over, a move that could boost its ability to compete against powerful US market leaders Verizon and AT&T. Sprint gave no details of the deal under discussion, only confirming that it involved "a potential substantial investment by Softbank in Sprint" that "could involve a change of control of Sprint." Shares in other US carriers fell: Verizon lost 1.3 percent, AT&T 1.8 percent, and smaller rival MetroPCS, being taken over by T-Mobile, lost 3.3 percent. Fedex gained 1.8 percent after it unveiled a sweeping global cost-cutting program to deal with slowing world growth, including "several thousand" voluntary job cuts. Boeing rose 1.4 percent after announcing a US$5 billion deal to sell 50 737 single-aisle jetliners to Alaska Airlines. Alaska Air shares were flat. On the Nasdaq, Apple lost 2.0 percent, and Dollar Tree fell 7.7 percent, traders giving the thumbs-down on its growth plans. -- AFP |
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