nother week of ups and downs draws to a close in inconclusive style, with the FTSE
wobbling around to sit pretty much break even by mid-morning. A beat from AIG after the bell gave a lift to US futures, but concerns over the level of bad loans in China gave way to a sell off overnight before European GDP numbers pulled us back to break even.
German French and Dutch GDP figures all beat estimates to paint a rosier outlook on the continent, and the numbers have the FTSE trailing its mainland peers this morning, notably the Italian MIB which has surged over 1% as yields hold steady at 8 year lows despite the expected resignation of PM Enrico Letta.
Anglo American profits were down 7% last year, with the firm also writing down $1.9bln in mining assets for the same period. However, at $2.86bln, underlying earnings in fact came in markedly better than expectations of around $2.38bln. It’s not the greatest set of figures for new CEO Mark Cutifani, who replaced Cynthia Carroll last April, but the bulk of these numbers will have been inherited from a previous structure, and investors will surely grant him a reprieve until his plans to double capital return by 2016 has reasonable time to take effect. All in all the stock traded just over 1% higher on the release.
Anglo Pacific is the curveball of the morning, with the stock up over 9% with no supporting news available for now. The firm is due to release preliminary number on the 20th of Feb, but today’s move on decent volumes is a mystery for now…..
So now to Blinkx, and the rollercoaster of the last few weeks continues today with even more controversy that at times borders on the ridiculous. The blog written by Harvard Professor Ben Edelman and released at the end of January, which wiped off nearly half of Blinkx’s value overnight, has been amended yet again after its creator was forced to concede that one of his main points was actually incorrect. Edelman accused Local weather (a Minneapolis-based company) of being part of Blinkx, but was forced to retract the comment after its owner stated that they simply used Blinkx software, and chose to do so “because they have the best monetisation “of ads, a welcome endorsement given the circumstances. The update saw the stock ramp up on the open, but is still desperately short of pre-“blog gate” levels, having likely scared off the majority of retail investors on the initial move. One thing is for sure, you certainly can’t call Blinkx a boring stock…
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