Report From Europe: European Stocks Pare Gains After Four Up Days

Wed, 08/18/2010 - 10:47 EDT - Seeking Alpha

The Mole submits: US stocks rose Tuesday, sending the Standard & Poor’s 500 Index to its biggest gain in two weeks, following higher-than-estimated earnings and BHP Billiton’s (BHP) massive $39 billion bid for Potash of Saskatchewan (POT) bellwether stocks. Wal-Mart Stores (WMT) climbed 1.2% and Home Depot (HD) jumped 3.4% as both retailers raised their full-year earnings forecasts. Potash led a rally in fertilizer shares, surging 28%, after rejecting the unsolicited takeover offer from BHP saying (according to the WSJ) BHP has to offer a “Big Boy” price, but the news led all of the fertiliser related names in Europe up with Yara +5.9%, K&S +5.7%. Johnson & Johnson (JNJ) gained 2.1% on news Warren Buffett’s Berkshire Hathaway (BRK.A) increased its stake in the company. Economic Superpowers Datawise yesterday industrial production numbers were strong (manufacturing leads the recovery) though wholesale inflation aka PPI was worse with core inflation a concern and Housing Starts posted a small 1.7% rebound in July post the 21% plunge in May and June.Complete Story »

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Report From Europe: European Stocks Pare Gains After Four Up Days

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