Who can better manage your portfolio?

Just For Thinking ....

 

 

 

 

 

On serious note, it should be you and yourself!

 

 

Sell in May and Go away???

Next week is May 2014.

Will History repeat itself one more time?

 

 

Uncle8888 has more cash rotting in the bank!!!

 

Not sure it is still a good problem to have?

 

CapitaLand's Q1 net profit dips by 1.7%

SINGAPORE: Property group CapitaLand has posted a first quarter net profit of S$182.8 million, down 1.7 per cent compared to a year ago.

The lower profit was due to a S$58.7 million one-off gain recorded in the same quarter last year.

Excluding the one-off gain, CapitaLand's operating net profit rose nearly 30 per cent to S$155.7 million from the first quarter of 2013.

In a statement on Friday, CapitaLand attributed this to higher development profits and improved performance from its shopping malls.

Still, CapitaLand's group revenue declined 3.4 per cent to S$612.6 million from its restated figures in the first quarter of last year.

In Singapore, CapitaLand said it sold 34 residential units, which amounted to a total sales value of S$87.0 million in the first quarter.
However, sales picked up in April with 106 units sold at its development Sky Habitat with a total sales value of about S$157.6 million following a marketing campaign.
In China, CapitaLand reported higher revenue, up 56.2 per cent to S$82 million in the same quarter.
The company says this is in line with the increased number of units handed over from projects such as The Loft, La Cite in Foshan, and Lake Botanica in Shenyang.
Looking ahead, CapitaLand said it remains confident in the potential of the Chinese market.
The company added that it will continue to strengthen and deepen its presence in China through the five city clusters.

- CNA/ec

Six different retirement income generators

Six different retirement income generators:  


1. Systematic withdrawals with a constant inflation-adjusted spending amount

Uncle8888's preferred retirement income generator is the above method:

Still some works in progress ....

2. Systematic withdrawals with spending equal to a constant percentage of remaining assets

3. Systematic withdrawals based on remaining life expectancies

4. An immediate inflation-adjusted income annuity

5. An immediate fixed income annuity

6. A variable annuity with a guaranteed minimum withdrawal benefit

 

Semb Corp : Breakout coming? Chun bo???

$0.17 XD on 28 Apr 2014

Baku Shipyard secures first major contract from Shah Deniz

Baku Shipyard LLC (Baku Shipyard) has secured a contract worth US$378 million from BP Exploration (Shah Deniz) Ltd, the operator of the Shah Deniz gas field development, to design and build a Subsea Construction Vessel (SCV).

When completed, the SCV will be deployed for the Stage 2 development of the Shah Deniz field, which lies some 70 kilometres offshore in the Azerbaijan sector of the Caspian Sea.

The Shah Deniz Stage 2 project requires a subsea installation vessel to install the subsea structures over 11 years between 2017 and 2027. The vessel will include dynamic positioning to allow for work in 2.5 metres significant wave height (Hs), a 750 metric tonne-main crane for 600 metres-deep subsea operation, an 18-men two-bell diving system, two work-class remotely operated vehicles, a strengthened moon pool, two engine rooms with 6x4.4MW + 2x3.2MW engines and a deadweight of 5,000 metric tonnes at 6.5 metres draft. The SCV will be designed by Marine Technology Development, the ship design and development arm of Keppel Offshore & Marine (Keppel O&M).

The vessel is expected to be completed in April 2017.

Mr Rovnag Abdullayev, President of State Oil Company of Azerbaijan Republic (SOCAR), said, "We are very privileged that BP Exploration (Shah Deniz) has chosen Baku Shipyard to design and build the SCV which will support the Shah Deniz gas field Stage 2 development. We believe that Baku Shipyard, under the management of leading global offshore and marine group Keppel O&M, is well placed to support Azerbaijan's growth in the oil and gas sector, and we look forward to building up our track record with more significant contract wins in the years ahead."

Mr Gordon Birrell, BP's Regional President for Azerbaijan, Georgia and Turkey, commented, "We are pleased to begin cooperation with yet another major local service company to advance the executional phase of the giant Shah Deniz Stage 2 development project. This new flagship vessel for the Caspian, to be built by Baku Shipyard, will provide essential support for the construction of the Stage 2 subsea structures which will form the biggest subsea production system in the Caspian. Clearly, the contract underpins our plans to deploy for the first time new advanced subsea production technology in the Caspian as part of the Shah Deniz Stage 2 development.

"I am also pleased to say that the contract we have signed today is among the 12 major contract awards for the Shah Deniz Stage 2 and South Caucasus Pipeline expansion projects which we have awarded since we announced the final investment decision lin December 2013. These contract awards are part of the overall tremendous progress being made across multiple areas of this major development project which underpin our efforts to deliver first gas in late 2018. The Shah Deniz partnership remains committed to maximising the use of local resources in delivering this important gas development project. It is a world-class project that can only be delivered through close cooperation among BP and Shah Deniz partners including SOCAR and Azerbaijan's local supply chain."

The SCV is the first major contract secured by Baku Shipyard since its inauguration by President of Azerbaijan, H.E. Ilham Aliyev, in September 2013. The shipbuilding yard was jointly developed by SOCAR, Azerbaijan Investment Company (AIC) and Keppel O&M. SOCAR, AIC and Keppel O&M own 65%, 25% and 10% share in the yard respectively.

The 62-ha yard is capable of undertaking the construction of a wide range of specialised vessels and merchant ships including subsea vessels, anchor handling tug/supply vessels and multi-purpose offshore support vessels such as platform supply vessels, as well as tankers and cargo vessels. The yard also has ship repair and conversion capabilities.


CW8888's estimated Order Book

Singapore’s March CPI up 1.2% on higher food, healthcare costs

SINGAPORE: Singapore's consumer price index (CPI) rose 1.2 per cent in March from a year ago as higher food and healthcare costs offset a drop in transport cost, the Department of Statistics said on Wednesday.

The rise in last month's CPI was slightly higher than the median estimate of 1.1 per cent by economists who took part in a Reuters poll.

The increase also exceeded February's 0.4 per cent gain, which was the lowest in four years.
Healthcare costs jumped 3.4 per cent in March from a year ago, while food prices increased by 2.9 per cent.

Transport costs fell 2.1 per cent from a year ago although they were 0.8 per cent higher compared with February.

The Monetary Authority of Singapore's core inflation measure, which excludes accommodation and private road transport, rose 2.0 per cent in March from a year ago.

Looking ahead, the Ministry of Trade and Industry (MTI) and MAS said domestic cost pressures -- particularly those stemming from the tight labour market -- are likely to
remain the primary source of inflation.
Car prices are expected to add negligibly to inflation for the whole of 2014, while imputed rentals on owner-occupied accommodation will likely stabilise given the large supply of newly-completed housing units.
CPI-All Items, or headline inflation is projected to come in at 1.5 to 2.5 per cent in 2014, while core inflation is expected to stay elevated at 2 to 3 per cent. 

- CNA/nd

How to control your emotions in investing???

 

Words of Wisdom by Barton Biggs

The investment process is only half the battle. The other weighty component is struggling with yourself, and immunizing yourself from the psychological effects of the swings of markets, career risk, the pressure of benchmarks, competition, and the loneliness of the long distance runner.”

“I’ve come to believe a personal investment diary is a step in the right direction in coping with these pressures, in getting to know yourself and improving your investment behavior.”

Study the history of your emotions and your actions.

“As I reflect on this crisis period so stuffed with opportunity but also so full of pain and terror, I am struck with how hard it is to be an investor and a fiduciary.”


Work very hard to better understand how you as an investor react to both prosperity and adversity, and particularly to the market’s manic swings, both euphoric and traumatic. Keep an investment diary and re-read it from time to time but particularly at moments when there is tremendous exuberance and also panic. We are in a very emotional business, and any wisdom we can extract from our own experience is very valuable.”


CW8888:

This is I, Me, and Myself in investing. The Three Stooges!

Semb Corp : Tomorrow Boleh???

$0.17 XD on 28 Apr 2014

Your Investment Portfolio is your Accelerator on the Road to Financial Independence!

Here is Uncle8888's milestones on his Road to the Edge of Financial Independence and beyond (hopefully not fall back too much due to market volatility)


How his investing journey begin?

1. A Mind Flip after reading this book and determination to get out of Rat Race via Investment path.

 

2. The Road to Financial Independence began ...

 

 

3. Set Investing Goals and target date to reach Financial Independence by 55 at Sep 2011.

4. We can plan but doesn't mean it will succeed.

FAILED!

Uncle8888 didn't reach the Edge of Financial Independence at 55

5. Finally, Uncle8888 has arrived at the Edge of Financial Independence on Jan 2013 at 56+, more than one year late.

 

 

 

 

 

 

 

6.  Moving farther away from the Edge of Financial Independence and hopefully not fall back too much due to market volatility.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Contrarian, Stubborn or Stupid???

No Exit Plan and no Stop-loss!

So is Uncle8888 being Contrarian, Stubborn or Stupid?

Losing is part of the Investment and Trading Game!

Lost your money in the stock market?


Don't be discouraged!

It is pretty normal.

It is quite natural.

It is part of the Game.

Over time, we will have to pay some tuition fees to the other market players for their lunches and one day we will learn to be skillful enough to eat other market players' lunches.


Read? Where Does The Money In The Stock Market Come From?


Read? Why do I keep losing in the stock market?

You can see that Uncle8888 also lost his money in the stock market too; but he is still getting stronger!

 

 

 

 

 

 

 

My Full-Time Job and My Part-Time Investment Portfolio Management

Just For Thinking ....


Uncle8888 has never thought of benchmarking his job performance to his company's CEO. He knows that he is unlikely to close that huge salary gap no matter how hard he works.

But, he dares to benchmark his investment performance to the World's well-known investors as he knew he could narrow down that performance gap with his 3Ms - Method, Mind and Money Management.

In the stock market, there are no bosses, no peers, no staff, and no customers to judge him. It is he and himself to judge his own investment performance. He will reap what he sows! This is the fairest outcome in life. Right?


Grow a few Money Tree and enjoy retirement income for life!

 

Fishing offences on the rise

SINGAPORE: Fishing enthusiasts said more people are hooked on the sport and many are heading overseas to reel in a good catch.

In Singapore, anglers are also heading to its reservoirs.

But here, the Public Utilities Board (PUB) said that on average, some 240 to 250 people a year have been booked for fishing offences in recent years.

These include fishing at non-designated areas and using live baits.

Every quarter, Singapore's top fishing community sees some 200 to 300 new anglers. According to aficionados, they are getting younger too.

Scott Tan, president of Gamefish & Aquatic Rehabilitation Society, said: "Especially among the younger generation, there is a very big uptake… Nobody really did (statistics) on how many fishermen there are, but if we go by informal (online) forums like Fishing Kaki alone, it has 350,000 registered members who are active."

Sport fishing can be costly.

At the lower range, getting started could cost you about $$100, and heading overseas can cost as much as $$20,000 a trip.

Mr Tan said: “Sport fishing can be done very cheap. We have sets at S$100, S$300. But if you're going for stuff like… tuna, marlin, your S$10,000 comes in here. (For) big game fish, you need to hire a sea boat to get out there to catch fish. Also, sometimes, (there are) areas where you require helicopters -- that's when S$10,000, S$20,000 comes in.”

It is no surprise that many turn to Singapore’s reservoirs for a cheaper fix.

There are 17 reservoirs in Singapore and of them, 10 are open to the public for fishing activities while only six are open to the public for water activities.

PUB said some of the reservoirs, including Jurong Lake Reservoir and Bedok Reservoir, not only allow for fishing but also canoeing and other water activities.

But fishing in illegal areas here is a growing problem, and Mr Tan thinks he knows why.
He said: "(For example at Lower Seletar Reservoir), we can't get any fish at all… Not only is it fished out, but fishes have a certain memory that once they sense there's a lot of fishing going on (in an area), they will totally avoid the area altogether. They move around and that's when you'll have a problem because as they move around, the sport fishermen will follow.”

But PUB said specific areas are carved out for safety reasons.

Roderick Ho, senior engineer at PUB’s catchment and waterways department, said: "We want to take care of the anglers' safety so we made sure we chose an area which is not steep. Secondly, the area must not pose a risk, not only to the anglers but also to the general public and water activity users."

PUB said those caught fishing outside designated areas or using live baits in reservoirs will be fined S$50 on their first offence and S$200 on their second offence.

On subsequent offences, offenders may be fined up to S$3,000.
 

- CNA/gn

Retail Investors' Behavior in the Market: Selling their best winning stock, Re-investing into other Not-So-Best stocks or Holding on to their worst losing stocks over market cycles???

Just For Thinking ...


Over the last few years of reading so many investing blog postings and chatting in cboxes and forums; Uncle8888 has realised many retail investors are more likely to sell their best winning stocks when market turns bearish and then later "re-invest" into other stocks as it is not easy to buy back their best winning stocks due to Anchoring Effect of their last purchase price.

Their other stocks are free from Anchoring Effect so it is easier to find them as replacement stocks. But, their best winning stocks sold may prove to be the best when market finally recovers at the next market cycles.

This is something we may have to seriously think over it. Right?

Kep Corp FY 14 Q1 Report

1. Net Profit decreased 5% to S$339 million, compared to 1Q 2013's S$357 million.
NB: Net profit for this quarter is largely in line with 1Q 2013's, excluding one-off gains from the reversal of provision from the sale of a power barge and write-back of tax provision made by Keppel Land in 1Q 2013.)

2. Earnings per Share was 18.7 cents, down 6% from 1Q 2013's 19.8 cents.

3. Annualised Return on Equity was 13.4%.

4. Economic Value Added decreased from S$217 million to S$151 million.

5. Cash outflow of S$395 million.

6. Net gearing was 0.14x.

 

 

 

 

Blog Break from 15 to 18 Apr 2014 (2)

Read? Blog Break from 15 to 18 Apr 2014

Gone fishing!

This is where luck matters the most.

The biggest fish caught for this fishing trip.

 

3rd and 4th New Record set by Uncle8888's Investment Portfolio in 2014

Read? 2nd New Record set by Uncle8888's Investment Portfolio in 2014


Noted 3rd and 4th new record were set on Tuesday and Wednesday while Uncle8888 gone fishing.

Lian Beng

Probably the worst is over by looking at price-volume action.

Blog Break from 15 to 18 Apr 2014

Gone fishing!

This is where luck matters the most.

 

K-Green Trust's Q1 profit rises 9.4%

K-GREEN Trust on Monday posted a 9.4 per cent increase in profit for its first quarter ended March 31, 2014 to S$3.5 million,

This translated to earnings per unit of 0.56 Singapore cents for the quarter, up from 0.51 Singapore cents a year ago.

This was despite the business trust's revenue dipping 1.3 per cent to S$16.8 million in the quarter.
The trust, which has an investment focus on green infrastructure assets, said it expected the underlying performance of its three assets to remain stable, thanks to their long-term concession agreements with Singapore statutory bodies, National Environment Agency and PUB.

Keppel Reit posts record quarterly distributable income

KEPPEL Reit on Monday announced a record quarterly distributable income of S$55.1 million, up 5.5 per cent year-on-year, for its first quarter ended March 31, 2014.

This translated to a distribution per unit (DPU) of 1.97 Singapore cents for the quarter, unchanged from a year ago.

The Reit said this was due to improved performance from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne which was acquired in August 2013.

Net property income rose 14.7 per cent to S$39.5 million, thanks to the better performance of its properties

2nd New Record set by Uncle8888's Investment Portfolio in 2014

Read? Another New Record set by Uncle8888's Investment Portfolio


Today, another Moment of Happiness again!!!


Cheering the 2nd new record set in 2014

CapitaLand plans to take CapitaMalls Asia private through S$2.22 a share offer

SINGAPORE: Southeast Asia's largest developer CapitaLand has launched a voluntary conditional cash offer to take shopping mall arm CapitaMalls Asia (CMA) private by buying CMA shares that it does not already own for S$2.22 each.
The offer -- made via Sound Investments Holdings -- is conditional on receiving acceptances such that CapitaLand holds more than 90 per cent of CMA.
CapitaLand, which owns around 65.3 per cent of CMA, will have to pay around S$3 billion to buy over the remaining 34.7 per cent.
According to CapitaLand Group CEO Lim Ming Yan, taking over and delisting CMA will "significantly simplify" CapitaLand Group's structure.
"CapitaLand will be in a better position to capitalise on the growing trend towards integrated developments in our core markets of Singapore and China," he said.
CapitaLand said its offer price of S$2.22 in cash for each CMA share represents a premium of 27.0 per cent over CMA's one-month volume-weighted average price. The offer price is also 20.7 per cent higher than CMA's net asset value per share as of December 31, 2013.
CMA shares, which were suspended earlier on Monday, were last traded at S$1.805 apiece.
CapitaLand spun off CMA in late 2009 in what was then one of Singapore's largest ever initial public offerings. 

- CNA/ac

Really retail intelligent investors 20 years ago???

Just For Thinking ...

Anyone know your parents, grand-parents or grand-relatives who are still holding UOB, Kep Corp, OCBC, Sembcorp Marine after 20 years?

It is really good to find out how come they can overcome the basic human emotions over their own money over many market cycles of Greed and Fear!

Institutions can easily do it as it is not their own money and can play by the money rules set for them.

This Weekend Blog Short Break!

Checking out Kukup for fishing spot!

US stocks sink again; Nasdaq down 1.3%

NEW YORK: The tech-rich Nasdaq Composite Index led Wall Street sharply lower again on Friday, closing out a dreary week at its lowest level in more than two months.

The Nasdaq sank 54.37 points (1.34 per cent) to 3,999.73, its lowest close since February 3, when the index settled for one session below the psychologically important 4,000 level.

The Dow Jones Industrial Average tumbled 143.47 (0.89 per cent) to 16,026.75, while the broad-based S&P 500 shed 17.39 (0.95 per cent) to 1,815.69.

US equities were in the red most of the day, but losses deepened in the last 90 minutes of trade.
Highflying technology and biotechnology stocks are "driving an overall correction in the market," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

Lian Beng nine-month profit jumps 67% to $50.3m

Revenue also rises 67% to $585.6m; group to continue to focus on construction segment

 

 

By Lynette Khoo

                          

 

 

Mr Ong Pang Aik: Says the group's stronger revenue was not solely due to the recognition of M-Space as revenues from construction and ready-mixed segments also showed improvement. - FILE PHOTO

CONSTRUCTION company and developer Lian Beng recorded a 67 per cent jump in net profit to $50.3 million for the nine months ended Feb 28 as it recognised profit from its industrial project that was just completed.

Revenue also grew 67 per cent to $585.6 million, mainly bolstered by its industrial development property M-Space, which attained TOP (temporary occupation permit) in January this year.

Lian Beng's executive chairman, Ong Pang Aik, noted that the group's stronger revenue was not solely due to the recognition of M-Space as revenues from construction and ready-mixed segments also showed improvement.

The construction segment remained a key driver to the group revenue for the first nine months of fiscal 2014, contributing about 53 per cent, while its property development and ready-mixed concrete segments contributed 30 per cent and 15 per cent respectively.

Tech stocks lead market rout; Nasdaq falls 3.1%

NEW YORK: The tech-rich Nasdaq Composite Index on Thursday led US stocks sharply lower as anxiety about pricey technology equities returned with a vengeance and dragged down the broader market.

The Nasdaq tumbled 129.79 points (3.10 per cent) to 4,054.11.

The Dow Jones Industrial Average sank 266.96 points (1.62 per cent) to 16,170.22, while the broad-based S&P 500 fell 39.10 points (2.09 per cent) to 1,833.08.

The sell-off came on a day when Chinese trade data disappointed and suggested more weakness in the world's second-biggest economy.

But the losses deepened throughout the day, suggesting continued fear over the valuations of high-flying tech companies like Netflix, Facebook and Tesla Motors.These companies were among the biggest losers.

Most analysts do not consider conditions comparable to those of the early-2000s tech bubble, but the memory of Nasdaq's plunge in that period is not that distant.

"It's certainly a valuation correction," said Jack Ablin, chief investment officer at BMO Private Bank.

"We've got lots of liquidity, but we have a stretched market," Ablin said. "Probably the best solution would be to have earnings and revenues rise."

- AFP/rw

 

 

 

SGX unveils revised securities market fees

They will take effect starting 1 June.

Singapore Exchange will introduce its revised securities market fees, with changes to clearing, transfer and onward settlement fees, with effect from 1 June 2014. This initiative is part of SGX’s on-going efforts to strengthen and improve liquidity in Singapore’s securities market.

Following its initial announcement of the revised fees in February, SGX has continuously engaged market participants as they prepare for the implementation of these fee changes. The effective date of 1 June 2014 has been scheduled to provide all market participants with time to complete changes required to their systems and processes.

Reduced clearing fees

The clearing fee will be reduced from 0.04% to 0.0325% of contract value. The cap of S$600 on this fee for contracts of S$1.5 million, or more, will be removed. Investors, retail and institutions, will benefit from lower transaction costs when investing in SGX stocks.

Settlement fees pursuant to a transaction on SGX-ST

Transfer and onward settlements pursuant to on-exchange transactions on SGX-ST will be standardised to a charge of $30 per settlement instruction.

Settlement fees for transactions not pursuant to a transaction on SGX-ST

Settlement fees for all settlements not pursuant to transactions on SGX-ST (i.e. not pursuant to an on-exchange transaction) will be standardised to a charge of 1.5 basis points of the settlement value (min $75) per settlement instruction.

“Our initiatives are targeted at improving liquidity in our market and ensuring the safe and orderly conduct of trading activity. We thank market participants for their support in our efforts to boost the Singapore securities market and strengthen market quality and liquidity.

The best interests of investors and industry participants remain our top priority as we introduce initiatives to reduce cost, increase trading and liquidity along with appropriate controls and safeguards in our marketplace.” said Muthukrishnan Ramaswami, President of SGX.

On 1 June, the new “SGX Market Maker and Liquidity Provider Programme” will also be available to all market participants, who trade as a principal using proprietary capital and can satisfy certain eligibility criteria.

 

Another New Record set by Uncle8888's Investment Portfolio

Read? Another new record: 13th time in 2013



A total of 13 new records were set in 2013 and the last one was set in Nov 2013.



Today, another Moment of Happiness again!!!


Cheering the 1st new record set in 2014

Your CPF Investment Account : Uncle8888's foolish advice!!!

Just For Thinking ....



Are you foolish enough to think over Uncle8888's foolish advice on  investing strategy for your CPF Investment Account?


Keep your itchy hands off your CPF Investment Account!!!


For the past 37 years, Uncle8888 has used his CPF Investment Account a few times only and most of the time it was foolishly kept to earn just 2.5% return.

But, when he actually used it; he received N x 2.5% return for many years! It is like planting Money Tree!

Read? Keep your itchy hands off your CPF Investment Account!!!

Read? CPF OA rate @ 2.5% on regular CPF investment income peanuts return???


Read? CPF Investment Account and CPF OA Rate at 2.5%


Read? Invest with CPF investment fund or Cash in the stock market?

Read? Using CPF Investment Fund For Investing

Dovish Fed minutes send US stocks up more than 1%

NEW YORK: Wall Street stocks Wednesday bolted higher with tech equities leading the way after US Federal Reserve minutes showed no support for an early rise in interest rates.

The Dow Jones Industrial Average jumped 181.04 points (1.11 per cent) to 16,437.18.

The broad-based S&P 500 advanced 20.22 points (1.09 per cent) to 1,872.18, while the tech-rich Nasdaq Composite Index soared 70.91 points (1.72 per cent) to 4,183.90.

Stocks were higher through early afternoon, but rose more after the Fed minutes were released at 1800 GMT. The minutes, as expected, showed the US central bank foresees continuing the steady cutback to its stimulus program.
But they also showed there was not a groundswell of Fed powerbrokers who supported a speedy rise to benchmark interest rates.

"There's been this overriding fear in the market that tightening would be sooner on the horizon than people imagine," said Brent Schutte, market strategist at BMO Global Asset Management. "Today's minutes walk back some of those fears."
For the second day in a row, the Nasdaq outperformed the other two indices after lagging badly over the last month.
Facebook jumped 7.3 per cent, Priceline rose 4.0 per cent and Apple rose 1.3 per cent.

Biotech equities, a particularly hard-hit group of late, also did well. Celgene jumped 6.6 per cent, Biogen rose 5.2 per cent and Gilead Sciences advanced 0.9 per cent.

Merck (+3.7 percent) led the Dow, with strong gains also posted by American Express (+2.6 per cent), Visa (+2.4 per cent) and Boeing (+2.2 per cent.)

General Motors took another hit from the scandal over its delayed recall of vehicles, dropping 2.6 per cent on reports that the National Highway Traffic Safety Administration will fine the automaker $28,000 for failing to respond to questions over the recall.

Aluminum producer Alcoa jumped 3.8 per cent after earnings of nine cents per share excluding restructuring costs bested forecasts of five cents per share.

Intuitive Surgical, which works in robotic-assisted surgery, projected that first-quarter revenues would be $465 million, compared with $611 million a year ago. The company also announced a charge of $67 million to settle product liability claims against the company. Shares slumped 6.8 per cent.

Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.68 per cent, the same level as Tuesday. The yield on the 30-year rose to 3.57 per cent from 3.54 per cent. Bond prices and yields move inversely.

- AFP/rw