Market on Defensive

123jump.com Staff
30 Nov, -0001
New York City

April durable orders released by Commerce Department today failed to restrain sellers in the market. The 1.9% rise would have been 0.2% decline without the rise in volatile transportation orders. Oil hovering around $50 did not give any margin of comfort to traders. Market remains on the defensive.

New orders for manufactured durable goods in April increased $3.7 billion or 1.9 percent to $200.3 billion, the U.S. Census Bureau announced today. This followed a 1.6 percent March decrease.

Excluding transportation, new orders decreased 0.2 percent. Excluding defense, new orders increased 2.3 percent. Transportation equipment, up following four consecutive monthly decreases, had the largest increase, $4.0 billion or 8.2 percent to $53.1 billion. This was led by non-defense aircraft and parts, which increased $1.5 billion.

Brown-Forman, liquor company, posted 4Q 7% profit rise, or 49 cents per share vs. 46 cents the previous year on strong spirits demand, foreign exchange benefits and lower expenses. The company expects 2.70/.80 earnings a share for 2006.

Tengtu International, education software provider, posted 3Q twice lower revenue of $179,000 and net loss of 1 cent per share vs.2 cents a year ago.

Mitsubishi Tokyo Financial Group reported 40% profit drop of $3.15 billion. The group is scheduled to merge with UFJ Holdings in October.


Docucorp, information solutions provider, reported 3Q 7 % increase in revenue and net income of 4 cents per share vs. 6 cents a year ago due to lower profit margin, increased costs and expenses. Analysts expected 8 cents per share.

Frutarom, food manufacturer, posted 1Q net profit growth of 90%, or 13 cents a share compared to 8 cents last year on 47.3% sales increase.

AVP, sports entertainment company, announced 1Q profit of 22 cents per share from 6 cents from a year ago on 9 % revenue increase.

AutoZone reported 3Q net income of $1.86 per share vs. $1.68 last year.

Tokyo stocks tumbled on steel demand concerns, dragging most Asian markets down. The Nikkei closed at 119.22 points, the U.S. dollar was trading lower against the yen at 107.45.

Capital Title Group, real estate & mortgage services provider, declared a quarterly payable cash dividend of 2 cents.