Financial markets across the globe were set to end the year up 15 percent but declined on Monday as U.S. politicians ready for last-minute negotiations to avoid a fiscal crunch of spending cuts and tax increases that could force the world economy to move down.
In currency markets, the U.S. dollar was at 85.78 yen, declining from Friday’s high of 86.64 yen, which was the greenback’s best level as compared to the Japanese currency since August 2010. As the year is near to end, the dollar is up about 11.9 percent versus the yen, heading for its best percentage rally against the Japanese currency since 2005.
Midnight today marks the time limit set for a U.S. budget deal, though the government can pass legislation in the next year that retroactively avoids going over the cliff, an option that is seen as politically easier.
Laszlo Birinyi, the president of Birinyi Associates Inc., said that the Standard & Poor’s 500 Index is expected to exceed its record high in 2013 as bears give up and the lure of a four-year bull market pulls everyone in the pool.
On Friday, the S&P 500 index faced its worst decline since Nov. 14 with the energy sector losing the most among the 10 main industry groups.
Ford Motor Company (NYSE:F)’s price increased in the last trading session with a previous 52-week high of $13.05. The stock was trading on above-average volume. The stock traded at a volume of 95.67 million shares at a price gain of 0.86%. The share price is now up29.22% for the past three months. Latest closing price was 15.94% above its 50-day moving average and 22.31% above its 200-day moving average.
Analysts predicted the second-largest producer of cars and trucks in the United States to report revenue growth in 2012 mainly from operations in the United States, China, and most European countries. But earnings for this year will probably fall to $1.36, down from $4.94, said InvestorPlace Chief Technical Analyst Sam Collins. He noticed weakness in the starting 6 months of the year resulting from the return of competition from Japanese cars and worsening European and South American markets.
While trading at volume lower than average, Sirius XM Radio Inc(NASDAQ:SIRI) dropped -0.52% Friday. Its previous 52-week high was $3.01 and moved up 61.45% over the same period, trading at a volume of 33.52 million. Shares have risen 57.07% over the trailing 6 months. The stock is currently trading 4.27% above its SMA 50 and 23.51% above its SMA 200.
Over the last 12 months for Research In Motion Limited (USA) (NASDAQ:RIMM), a return on equity of -8.67 percent was realized due to the financial situation and earnings per share reached a value of -$1.62. Earnings are projected to move up 5.00 percent for the coming five years. The stock closed at $11.79, up 0.03 points or 0.26% from previous close and at a distance of -5.05% from 20-day simple moving average.
The company (RIMM) is facing a difficult time in protecting its upcoming BlackBerry 10 smartphones from the camera. Just a week ago, unclear pictures of QWERTY BlackBerry 10 smartphones had leaked online and now N4BB has provided clearer pictures of this smartphone.
Sprint Nextel Corporation (NYSE:S) moved up 139.32% in this year and its price history showed most recently beta was at 0.93. Overall the last 12 months, the percentage change in the price was 139.32%, hitting the highest of $6.04 on Oct 11, 2012 while lowest level in that period was $2.10Jan 31, 2012.