Monday, July 25, 2011

DailyMarkets.com - Eaton Posts Robust 2Q

DailyMarkets.com - Eaton Posts Robust 2Q

Eaton Posts Robust 2Q

Posted: 25 Jul 2011 07:35 AM PDT

Industrial manufacturer Eaton Corporation (NYSE:ETN) has released its second quarter 2011 earnings results, which grew 43% year over year, on a per share basis, mainly on a 12% end-market growth.
Eaton's operating earnings per share reached 97 cents in the quarter, beating the Zacks Consensus Estimate of 95 cents and exceeding the high end of the company's second quarter guidance range of 90 – 96 cents. In the year-ago period, the Cleveland, Ohio-based company had earned 68 cents per … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Tellabs, Inc.

Posted: 25 Jul 2011 07:35 AM PDT

Tellabs, Inc.(NASDAQ:TLAB), is slated to release its second quarter 2011 results on Tuesday, July 26, before the opening bell. The current Zacks Consensus Estimate for the second quarter is pegged at a loss of 3 cents, representing an annualized decline of 115.22%.
With respect to earnings surprises over the trailing four quarters, Tellabs missed the Zacks Consensus Estimate in two quarters while beating the same in the other two quarters. The average earnings surprise was negative 21.43%.
First … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Equity Residential

Posted: 25 Jul 2011 07:35 AM PDT

Equity Residential (EQR), a multi-family real estate investment trust, is scheduled to report its second quarter 2011 results on July 27, 2011, after the closing bell. The current Zacks Consensus Estimate for the second quarter is pegged at 60 cents per share, representing a year-over-year growth of approximately 4.2%.
First Quarter Recap
Equity Residential reported first quarter 2011 funds from operations (FFO) of $176.9 million or 56 cents per share, compared with $149.0 million or 49 cents … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Benihana Sales Grow

Posted: 25 Jul 2011 07:35 AM PDT

Miami-based Benihana Inc (NASDAQ:BNHN) posted restaurant sales of $25.4 million for the four-week period ending July 17 2011, up 6.3% from $23.9 million delivered in the year-ago period. 
The upside in sales was primarily driven by improved comparable restaurant sales across all three restaurant concepts. For the four-week periods ending April 24, May 22 and June 19 restaurant sales jumped 5.8%, 4.5% and 6.0%, respectively. 
The company's comparable restaurant sales grew 6.7% in the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Japanese Yen: Under Pressure

Posted: 25 Jul 2011 07:18 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

British Pound: Under Pressure

Posted: 25 Jul 2011 07:18 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Euro: The Downside Prevails

Posted: 25 Jul 2011 07:18 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Why Your Steaks May Cost More Next Year!

Posted: 25 Jul 2011 07:18 AM PDT

Monday, July 25, 2011
Some traders anticipating higher Live Cattle prices in early 2012 may possibly wish to consider buying a bull call spread in Live Cattle futures options. For example, with February Live Cattle trading at 122.425 as of this writing, the February 124 calls could be bought and the February 134 calls sold for about 3.20, or $1,280 per spread, not including commissions. The premium paid would be the maximum potential risk on the trade which has a potential profit of $4,000 … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Erases Gains As U.S. Debt Gridlock Weighs

Posted: 25 Jul 2011 07:09 AM PDT

Forexpros – The euro erased modest gains against the U.S. dollar on Monday, pulling back from the daily high, as an impasse in negotiations to raise the U.S. debt ceiling bolstered demand for safe haven assets.<br /><br />EUR/USD pulled back from 1.4418, the daily high, to hit 1.4342 during early U.S. trade, slipping 0.08%.<br /><br />The pair was likely to find support at 1.4168, last Thursday&rsquo;s low and short-term resistance at 1.4465, the high of July … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Vicious Cycles: Why Washington Is About To Make The Jobs Crisis Worse

Posted: 25 Jul 2011 07:07 AM PDT

We now live in parallel universes.
One universe is the one in which most Americans live. In it, almost 15 million people are unemployed, wages are declining (adjusted for inflation), and home values are still falling. The unsurprising result is consumers aren't buying — which is causing employers to slow down their hiring and in many cases lay off more of their workers. In this universe, we're locked in a vicious economic cycle that's getting worse. 
The other universe is the one … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

NET Servicos Improves In 2Q11

Posted: 25 Jul 2011 07:05 AM PDT

NET Servicos de Comunicacao S.A. (NASDAQ:NETC) declared better-than-expected financial results for the second quarter of 2011. Quarterly net income was $78.2 million or 21 cents per share compared with net income of $35.4 million or 9 cents per share in the year-ago quarter. Net revenue (excluding connection cancellations and sales taxes), in the reported quarter, was approximately $1,020 million, up 24.4% year over year. The increase was mainly attributable to higher subscription revenue as the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil Futures Extend Losses On U.S. Debt Stalemate

Posted: 25 Jul 2011 06:55 AM PDT

Forexpros – Crude oil futures extended losses on Monday, falling below USD99 a barrel as fears over a possible U.S. sovereign debt default sparked concerns over the short-term energy demand outlook from the world&rsquo;s largest oil consumer.&nbsp; <br /><br />On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD98.88 a barrel during U.S. morning trade, dropping … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Swiss Franc Soars On Greece Downgrade, Uncertainty Over U.S. Debt Deal

Posted: 25 Jul 2011 06:44 AM PDT

The Swiss Franc found robust strength in the Asian and European sessions as investors sought safe haven amid the Moody's downgrade of Greece as well as developing concerns that U.S. government might default on its debt. The Franc moved back towards its record high against the Euro, with the pair falling as low as 1.1530 in pre-North American trade. The all-time low was set last Monday, at 1.1369.
Moody's Investors Service noted in a report released at approximately 5:00 GMT that the support … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Kimberly-Clark Beats Estimates

Posted: 25 Jul 2011 06:35 AM PDT

Kimberly-Clark Corporation (NYSE:KMB) has reported adjusted earnings of $1.18 per share in the second quarter 2011, exceeding the Zacks Consensus Estimate by 3 cents.
The adjusted earnings in the second quarter of 2011 exclude the adjustment for charges related to the pulp and tissue restructuring of 15 cents per share. The results were benefited from sales growth, cost savings and a lower share count.
However, the adjusted earnings were slightly down from the prior-year earnings on the back of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Watson Piles On ANDA Filing

Posted: 25 Jul 2011 06:35 AM PDT

Watson Pharmaceuticals Inc. (NYSE:WPI) recently confirmed that it has filed an Abbreviated New Drug Application (ANDA) with the US Food and Drug Administration (FDA) seeking approval to market the generic version of GlaxoSmithKilne's (NYSE:GSK) benign prostatic hyperplasia (BPH) treatment, Jalyn.
In response, Glaxo has filed a lawsuit against Watson Pharma in the United States District Court for the District of Delaware. Since Glaxo filed a suit within 30 days of the ANDA filing, the FDA cannot … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Stock Market News Briefs: Autodesk, Advanced Micro Devices, Chubb, General Electric Company, Goldman Sachs Group, Honeywell International, Jefferies Group, Microsoft, Schlumberger N.V., Verizon Communications

Posted: 25 Jul 2011 06:35 AM PDT

    Advanced Micro Devices, Inc. (NYSE:AMD) reported first quarter earnings per share of $0.09, surpassing the Zacks Consensus Estimate by a penny

    Microsoft Corporation's (NASDAQ:MSFT) fourth quarter 2011 earnings per share beat the Zacks Consensus Estimate by $0.11, or 19.0%. GAAP EPS and pro forma EPS were same at $0.69 compared with $0.61 in the prior quarter and $0.51 in the year-ago quarter

    Schlumberger Limited (NYSE:SLB) reported … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

News Corp. Takes Down Billboards

Posted: 25 Jul 2011 06:35 AM PDT

Neck deep in accusations, News Corporation (NWSA), recently announced the divestment of its 79% stake in News Outdoor Russia and News Outdoor Romania, both of which mastered in selling advertising on billboards and other surfaces. This strategic divestment marks an end to the media baron's outdoor advertising business, except for the News Outdoor Czech Republic.
The company sold its stake to a consortium of investors including VTB Capital, NOOH Investments and Marathon Outdoor. However, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Moody’s Corp.

Posted: 25 Jul 2011 06:35 AM PDT

Moody's Corp. (NYSE:MCO) is scheduled to release its second quarter 2011 results ahead of the opening bell on Wednesday, July 27, 2011.
Prior Quarter Recap
Moody's first quarter results surpassed the Zacks Consensus Estimates on both the top and bottom lines. Earnings were up 42.3% year on year and revenues gained 21.1% from the prior-year quarter.
Strong top-line growth across all segments primarily accounted for the positive surprise. Moody’s Business Analytics (MA) and Moody’s Investor … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

MIchigan: 53% More Administrators Than Faculty

Posted: 25 Jul 2011 06:35 AM PDT

The Chronicle of Higher Education released a report today “Great Colleges to Work for 2011″ based on responses from nearly 44,000 people at 310 institutions. The University of Michigan-Ann Arbor made the list, and its profile included the institutional details displayed in the chart above: 9,652 full-time administrators and professionals vs. 6,305 full-time faculty and 1,260 part-time faculty.  In other words, there are 53% more full-time administrators than full-time faculty.  Is … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – USD/CAD Hits Daily Low As U.S. Debt Impasse Weighs

Posted: 25 Jul 2011 06:28 AM PDT

Forexpros – The broadly weaker U.S. dollar fell to a daily low against its Canadian counterpart on Monday, as a lack of progress in talks aimed at raising the U.S. debt ceiling added to fears over a possible default, weighing heavily on the greenback.<br /><br />USD/CAD hit 0.9454 during early U.S. trade, the daily low; the pair subsequently consolidated at 0.9466, slipping 0.13%.<br /><br />The pair was likely to find support at 0.9423, Friday&rsquo;s low and a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

EUR/USD Sitting Tight As Week Starts Light On Economic Releases

Posted: 25 Jul 2011 06:10 AM PDT

Prev: Are EUR/USD Bulls Setting up for Disappointment as it Nears Gartley Completion? (7/21)
EUR/USD

Local Pivots:
- The beginning of the week is light on economic releases. The market is also exhausted after inconclusively putting on EUR-strength as well as putting on further USD-pressure.
- Here are the local pivots for the short-term range-bound market:
Resistance 1: 1.4403-1.4406
Resistance 2: 1.4437-1.4450
Support 1: 1.4323-1.4328
Support 2: 1.4275 – 1.4280
Support 3: 1.4230
- The … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Belgium NBB Business Climate Worsens More-than-expected

Posted: 25 Jul 2011 06:07 AM PDT

Forexpros – Belgian business confidence declined more-than-expected in July, remaining in negative territory for the third consecutive month, official data showed on Monday.&nbsp; <br /><br />In a report, the National Bank of Belgium said its business climate index fell to a seasonally adjusted minus 2.5 in July from minus 1.1 in June.<br /><br />Analysts had expected the index to decline to minus 2.2 in July.&nbsp; <br /><br />On the index, a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/CHF Tumbles On Greece Downgrade, U.S. Debt Fears

Posted: 25 Jul 2011 06:06 AM PDT

Forexpros – The euro tumbled against the Swiss franc on Monday, to trade within striking distance of the pair&rsquo;s all-time low as concerns over a U.S. default weighed and after Moody’s slashed Greece&rsquo;s debt rating further into junk status.<br /><br />EUR/CHF hit 1.1531 during European afternoon trade, the pair&rsquo;s lowest since July 19; the pair subsequently consolidated at 1.1549, tumbling 1.79%.<br /><br />The pair was likely to find support … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Zimmer Holdings

Posted: 25 Jul 2011 06:05 AM PDT

Zimmer Holdings (NYSE:ZMH) is scheduled to release its second quarter of fiscal 2011 earnings on Wednesday, July 27, 2011 before the market opens.
The company is expected to earn $1.19 per share on revenues of $1,129 million for the quarter, according to the Zacks Consensus Estimate.
Previous Quarter Highlights
Zimmer Holdings reported an EPS of $1.08 during the first quarter of fiscal 2011 compared with $1.01 in the year-ago quarter. However, after considering certain adjustments, the EPS was … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Debt Ceiling Debate Heats Up

Posted: 25 Jul 2011 06:05 AM PDT

The Washington gridlock on the debt ceiling issue will remain the major issue for the market today, likely overshadowing the positive second-quarter earnings season.

The markets have thus far shrugged the entire story as nothing more than the usual partisan drama out of Washington DC. The rational conclusion of market participants has been that the nation’s pristine credit profile is way too precious an attribute to be sacrificed for ideological purity.

As a result, solid earnings reports … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Watson Piles On Its ANDA Filing

Posted: 25 Jul 2011 06:05 AM PDT

Watson Pharmaceuticals Inc. (NYSE:WPI) recently confirmed that it has filed an Abbreviated New Drug Application (ANDA) with the US Food and Drug Administration (FDA) seeking approval to market the generic version of GlaxoSmithKilne's (NYSE:GSK) benign prostatic hyperplasia (BPH) treatment, Jalyn.
In response, Glaxo has filed a lawsuit against Watson Pharma in the United States District Court for the District of Delaware. Since Glaxo filed a suit within 30 days of the ANDA filing, the FDA cannot … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Just Not Sure. Stays In Limbo

Posted: 25 Jul 2011 05:56 AM PDT

The early trading in NY show the EURUSD apprehension to tip a hand one way or the other. The 5 minute chart shows this apprehension. THe 100 and 200 bar MA are a few pips from each other (1.4369 and 1.4374 currently). There is a floor it seems around the 1.4359 level. ON the topside 1.4390, 1.4403 and 1.4415 are levels to watch.
The midpoint of the two day range (Friday and Monday) comes in at the 1.43803 level.
When the markets are up and down like they are today, it is because the market … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

U.S. Futures Lower As Default Fears Weigh; Dow Sheds 0.75%

Posted: 25 Jul 2011 05:39 AM PDT

Forexpros – U.S. stock futures pointed to a lower open on Monday, as growing fears over a possible U.S. sovereign debt default weighed on market sentiment after talks to raise the country&rsquo;s debt ceiling broke down over the weekend.<br /><br />Dow Jones Industrial Average futures pointed to a loss of 0.75%, the S&amp;P 500 futures declined 0.8%, while the Nasdaq 100 futures slumped 0.7%.<br /><br />With time running out, talks between Democrats and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

BJ’s Reports Mixed Result

Posted: 25 Jul 2011 05:35 AM PDT

Orange County, California-based BJ's Restaurants, Inc. (NASDAQ:BJRI) reported second quarter 2011 adjusted earnings of 29 cents per share, surpassing the Zacks Consensus Estimate of 27 cents and 26.1% higher than 23 cents posted in the prior-year quarter. The upside in earnings was attributable to double-digit growth in the top line and strong comparable restaurant sales growth. 
Quarter Highlights
Revenues in the reported quarter climbed 17% year over year to $152.9 million, but missed the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Rambus Swings Back To Profit

Posted: 25 Jul 2011 05:35 AM PDT

Rambus Inc. (NASDAQ:RMBS) posted second quarter 2011 earnings per share of 7 cents, strongly beating the Zacks Consensus Estimate of a loss of 14 cents. The adjusted earnings per share exclude other patent royalties received, acquisition costs and retention bonus, restatement and related legal charges and amortization expenses as well as tax adjustments, but include stock compensation expenses. Shares surged 3.08% in the after market trade.
Revenue
Rambus reported total revenue of $66.2 million in … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Nice House, Bad ‘Hood

Posted: 25 Jul 2011 05:35 AM PDT

The Earnings Picture

Second quarter earnings season is well underway now, with 136 or 27.2% of the S&P 500 reports in. We are off to a great start, with a single major exception: Bank of America (NYSE:BAC), which had a $12 billion negative swing in net income from last year, due to its settlement of most of its mortgage problems it bought with Countrywide Financial.

That pulled down the overall growth rate for the S&P 500 to just 3.56%, way off the 15.3% pace those same 136 firms posted … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Supervalu Inc.

Posted: 25 Jul 2011 05:35 AM PDT

Supervalu Inc. (NYSE:SVU), one of the world's leaders in grocery retail and supply chain operations, is scheduled to report its first-quarter 2012 financial results on Tuesday, July 26, 2011. The current Zacks Consensus Estimate for the quarter is pegged at 33 cents a share.  The Zacks Consensus Estimate projects revenues for the quarter to be $13,924 million.
Fourth Quarter 2011 Recap
Supervalu, which faces stiff competition from Wal-Mart Stores Inc. (NYSE:WMT), The Kroger Co. (NYSE:KR) and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

USD/CHF Records New Lows In A Sharp Bearish Resumption

Posted: 25 Jul 2011 05:25 AM PDT

Prev: EUR/CHF, GBP/CHF, and USD/CHF Back from the Abyss (Video)
USD/CHF

Pullback Over, Bearish Continuation:
- The USD/CHF was in a correction last week, rallying to an important pivot at 0.8280.
- It was not able to push above, and ended the last week threatening to resume the bearish trend.
- We start this week with a strong signal for the resumption of the bear run as a strong 4H marabuzo type of making fresh record lows (currently at 0.8020).
- Note the RSI reading in the 4H chart … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Washington’s Dysfunction On Display

Posted: 25 Jul 2011 05:24 AM PDT

Why do Americans get so fixated on the personally destructive stories of Casey Anthony, Dominique Strauss-Kahn, Anthony Weiner, and the like?
Because watching and listening to the dysfunction on display in Washington is typically too painful and too much to bear.
Although some in Washington would pass off our current debate on raising the debt ceiling as the ugly underside of the best political system in the world, I would maintain that the ugliness has gone to an entirely new level. All … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Broadly Lower As U.S. Debt Fears Spur Flight To Safety

Posted: 25 Jul 2011 05:16 AM PDT

Forexpros – The U.S. dollar was broadly lower against its major counterparts on Monday, tumbling to an all-time low against the Swiss franc and a four-month trough against the yen as talks on raising the U.S. debt ceiling remained at a stalemate, bolstering safe haven demand.<br /><br />During European afternoon trade, the greenback was lower against the euro, with EUR/USD rising 0.20% to hit 1.4386.<br /><br />Earlier Monday, ratings agency Moody’s cut … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

CAD Turning Into A Safe Haven?

Posted: 25 Jul 2011 04:54 AM PDT

The Canadian Dollar is no longer just a commodity currency tied to the up and down price of oil.

Instead it seems to be gaining new found respect as a "safe" currency into which central banks are more keen to diversify into, while moving away from the USD and EUR which are facing debt concerns.
From Bloomberg: "The share of global currency reserves in a category that includes Canada and Australia dollars now exceeds that held in pounds and yen, according to the International Monetary … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

A Hammer Suggests AUD/USD’s Throwback Could Be Over

Posted: 25 Jul 2011 04:52 AM PDT

USD Outlook for August: Political Impasse is a Drag (7/23)
AUD/USD

Throwback Over?- The 4H chart for the AUD/USD shows the market in consolidation after breaking above the 1.08 area, which provided resistance on 3 occasions in July. The break opens up the outlook to retest the record high near 1.1010.
- The consolidation had a slight bearish bias and reflects a throwback to retest the broken pivot. As we head into the US session, we see that the European session rejected the decline, forming … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Pound Off 5-week High Vs. Dollar Ahead Of U.K. Data

Posted: 25 Jul 2011 04:48 AM PDT

Forexpros – The pound was down against the U.S. dollar on Monday, pulling back from a five-week high, amid fears that upcoming data on U.K. second quarter economic growth could be weaker-than-expected.<br /><br />GBP/USD pulled away from 1.6342, the pair&rsquo;s highest since June 15, to hit 1.6283 during European afternoon trade, slipping 0.09%.<br /><br />Cable was likely to find support at 1.6120, the low of July 21 and resistance at 1.6382, the high of June … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Oil Sold As US Debt Fears Sink Sentiment, Gold Up On Safety Demand

Posted: 25 Jul 2011 04:08 AM PDT

Talking Points

Crude Oil Back Under Pressure Amid Market-Wide Risk Aversion
Gold and Silver Settle into Safe-Haven Role Amid US Debt Impasse

WTI Crude Oil (NY Close): $99.87 // +0.74 // +0.75%
Crude is poised lower amid broad-based risk aversion as S&P 500 stock index trade deeply in the red ahead of the opening bell on Wall Street, hinting the acute risk aversion noted in Asian and European hours is set to carry forward into North American trade. The blood-letting follows continued … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Clings To Gains Amid U.S. Default Fears

Posted: 25 Jul 2011 04:05 AM PDT

Forexpros – The euro held on to modest gains against the U.S. dollar on Monday, as mounting fears over a U.S. default weighed on the greenback, after talks aimed at raising the country&rsquo;s USD14.3 trillion debt ceiling broke down over the weekend.<br /><br />EUR/USD hit 1.4418 during European early afternoon trade, the daily high; the pair subsequently consolidated at 1.4368, easing up 0.08%.<br /><br />The pair was likely to find support at 1.4168, last … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/GBP Close To Two-week High Ahead Of U.K. GDP Data

Posted: 25 Jul 2011 03:42 AM PDT

Forexpros – The euro was trading close to a two-week high against the pound on Monday, as concerns that upcoming data on U.K. second quarter economic growth could be weaker-than-expected weighed on sterling.<br /><br />EUR/GBP hit 0.8844 during European morning trade, the daily high; the pair subsequently consolidated at 0.8829, gaining 0.24%.<br /><br />The pair was likely to find support at 0.8761, the low of July 21 and short-term resistance at 0.8853, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Wheat Slumps On U.S. Debt Fears, Russian Export Outlook

Posted: 25 Jul 2011 03:25 AM PDT

Forexpros – Wheat futures were down for a second day on Monday, as fears over a possible U.S. sovereign debt default prompted investors to shun riskier assets, while expectations for higher Russian wheat exports also weighed. <br /><br />Chicago Mercantile Exchange, wheat futures for September delivery traded at USD6.8475 a bushel during European morning trade, tumbling 1.24%. <br /><br />It earlier fell as much as 2% to trade at a daily low of USD6.8100 a bushel. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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