Stocks across the globe were off on Thursday due to signs of slowdown in Chinese manufacturing and caused a subsequent sharp drop of the Nikkei in Tokyo. The 7.3% decline for the Japaneses currency was the largest the economy has seen since the 2011 tsunami. On the other hand in the US data looked positive with a larger-than-expected decline in jobless claims. The pace of new-home sales also reportedly increased during the month of April. Hewlett-Packard (HPQ) continued to rally another 17% following its earnings report. Pandora (P), Alcoa (AA) and Microsoft (MSFT) were other top gainers on Thursday. Oil saw early losses but was able to reverse them as the US markets recovered slightly by the end of the day.
Word on the Street
- Jobless claims fall more than expected, consumer confidence up to five-year high.
- Icahn begins talks with banks for as much as $7 billion in loans for the Dell (DELL) bid.
- Energy stocks Apache (APA), Marathon Oil (MRO) and others edge lower on Thursday.
- Should Yahoo (YHOO) look to Conde Nast for guidance on its Tumblr purchase?
- ViaSat (VSAT) Blasts Off on Stellar Fourth Quarter Earnings.