Stocks Continue to Decline on China Tightening
The U.S. equity market is continuing to decline on worries over China’s actions to curb inflation. Any kind of tightening from the world’s fastest growing economy to curb inflation is likely to slow down growth in the global economy. The Dow Jones is currently down 0.08% to 11,172.15, the S&P 500 is currently own 0.14% to 1,195.07 and the Nasdaq is currently down 0.12% to 2,511.34.
After making a strong start in Thursday’s trading, General Motors Co. (NYSE: GM) shares are trading lower in today’s trading. Shares of the Detroit, Michigan-based automaker are currently trading 0.88% to $33.89. The stock touched an intra-day low of $33.11.
Del Monte Foods Company (NYSE: DLM) shares are rallying in trading today on reports of a buyout. According to some reports, private equity firm Kohlberg Kravis Roberts & Co. (NYSE: KKR) is in discussions with Del Monte for a possible buyout. Shares of Del Monte Foods Company are currently up 9.80% to $17.25, after touching a 52-week high of $17.72.
Salesforce.com Inc. (NYSE: CRM) shares are also rallying after the company reported its third-quarter financial results. The company reported third-quarter revenue of $429 million, up 30% over the third quarter of 2009. The company’s subscription and support revenue for the third quarter of 2010 was $403 million, up 31% over the third quarter of 2009. The company reported GAAP earnings per share of $0.15 for the third quarter. Shares of Salesforce.com are currently up 15.76% to $134.02, after touching a 52-week high of $134.94.
