Tepid Stocks in New York and Europe

123jump.com Staff
04 Apr, 2007
New York City

Markets in New York and Europe were little changed. U.S. employment report showed March gain in private-sector payrolls, slightly below expectations. Commerce Department reported a lower-than-expected increase of 1% in February factory orders. Microsoft rose 2.5%, Monster Worldwide declined 13%, and Jackson Hewitt rose 10%. Latin American and Asian markets rose. Australia kept rates unchaged. Oil fell but stayed above $64 on a deal between the U.S., Iran and Britain on British sailor release.

[R]4:00PM NY; 10:00PM Frankfurt; 1:30AM Mumbai - GLOBAL MARKETS[/R]

Stocks in New York and Europe were modestly higher but in Latin America and Asia rose. NYSE Euronext stock fell on its first trading day in Paris and New York. Electronics retailers stocks Best Buy and Circuit City fell in New York trading, airlines rose in Europe, mining companies gained in Brazil. Telecom Italia is likely to become a subject of heated takeover battle. Japan led Asian markets with a gain of 1.75% and Reserve Bank of Australia left interest rate unchanged. Oil fell on the news that Iran will release British sailors, sources say that a back-door deal with the U.S. to release Iranian diplomats in Iraq is in works.


Yield on 10-year bond closed at 4.652% and the 30-year bond closed at 4.845%.

Gold advanced $7.700 to close at $677.400 a troy ounce, silver increased 19 cents to end at $13.620 a troy ounce and copper gained $274.000 to close at $7296.000 per metric ton.

Oil lost 26 cents to close at $64.380 a barrel and heating oil advanced 2.570 cents to finish at 186.440 cents a gallon. Natural gas increased 8.9 cents to close at $7. per MMBtu. Gasoline went up 8.770 cents to end at 210.540 cents a gallon.

Asian markets closed higher paced by a rally in the auto sector while investors judged stronger U.S. home-sales data and falling crude-oil prices as positive for the growth outlook in the region''s most important export market. The advancers were led by Japan with an increase of 1.74%, Indonesia with a gain of 1.45% and Philippines with an advance of 1.42%. There were no decliners. Australia gained 1.36% where Reserve Bank of Australia held short-term interest rates steady at 6.5%.

European markets finished modestly higher as a rally among travel and technology firms offset some weakness from oil and gas firms. The advancers were led by France with an increase of 0.47%, Germany with a gain of 0.40% and Netherlands with an advance of 0.30%. The decliners were Spain with a decrease of 0.07% and U.K. with a loss of 0.02%.

Latin America markets finished higher. The advancers were led by Brazil with an increase of 0.83%, Argentina with an advance of 0.34% and Mexico with a gain of 0.15%. There were no decliners. Canada gained 0.56% as gains in the gold sector were tempered by weakness in financials and, to a lesser degree, oils.

[R]2:30PM NY, U.S. Market Movers[/R]

Packeteer Inc. ((PKTR)) shares fell 30% after the company cut its first-quarter revenue outlook and said the """"disappointing"""" results would have a significant impact on its earnings. The company sees revenue of $31 million to $33 million.

Ablest Inc. ((AIH)) said it has agreed to be acquired by Koosharem Corp. for about $32.5 million, or $11 per share, in cash. Shares of the company climbed 45.7%.

Acuity Brands Inc. ((AYI)), lighting equipment company, said its second-quarter profit jumped 68% on higher pricing and volume growth, and results widely beat Wall Street expectations. The company reported net income in the second quarter of $24.4 million, or 55 cents per share, compared with $14.5 million, or 32 cents per share, in the year-earlier period. Net sales totaled $575.4 million, up 4.7% from a year earlier. Shares of the company climbed 9.7%.

BioVeris Corp. ((BIOV)) said it agreed to be acquired by Roche for about $600 million in cash, or $21.50 per share. BioVeris said through the acquisition, Roche will own the complete patent estate of the electrochemiluminescence technology deployed in its Elecsys product line. Shares jumped 52.8%.

Blyth Inc. ((BTH)), candle maker, posted better-than-expected fourth-quarter earnings, sending its shares up 15.4%, despite a lower forecast for fiscal 2008. The company swung to a fourth-quarter net profit of $17 million, or 43 cents per share, from a year-ago loss of $12.3 million, or 30 cents per share. The latest fourth quarter includes restructuring and impairment charges totaling about 48 cents per share, partly offset by a gain of 13 cents per share from a note receivable, and includes income of $3.8 million from discontinued operations and a $12.6 million tax expense on un-remitted foreign earnings of subsidiaries. The year-ago quarter includes a charge of $38.4 million, or 94 cents per share, from the annual assessment of goodwill associated with the Wholesale segment. The company''s net sales fell slightly to $379.8 million from $380.7 million last year. Blyth repeated its fiscal 2008 earnings outlook of $1.07 to $1.17 a share, an estimate that reflects restructuring charges of 10 cents to 15 cents per share. Excluding the restructuring and impairment charges, the company expects earnings of $1.22 to $1.27 per share.

Best Buy Co. ((BBY)), retailer of consumer electronics, home-office products, entertainment software, appliances, and related services, said that its fourth-quarter net income increased to $763 million, or $1.55 per share, compared with $644 million, or $1.29 per share a year earlier. Revenue climbed to about $12.9 billion versus $10.69 billion in the same period a year ago. Same-store sales rose 5.9%. For the year, Best Buy expects to earn $3.10 to $3.25 a share, on revenue of about $39 billion. It anticipates opening about 130 new stores (95 domestic and 35 international) and a same-store sales gain of 3% to 5%. Best Buy said it expects its gross profit rate will decrease by 30 to 40 basis points, citing faster growth of lower-margin products in its revenue mix in a more stable promotional environment.

GMX Resources ((GMXR)), oil and natural gas explorer and producer, raised its first-quarter production guidance and issued a second-quarter production outlook. The company anticipates first-quarter production doubling from the prior year to 1.7 billion cubic feet of natural gas equivalent (BCFE). GMX also expects second-quarter production of 2 BCFE, which would more than double the previous year''s results. Shares jumped 8.1%.

IDI Pharma Inc. ((IDMI)) shares soared 54.3% after the company said during Tuesday''s session that the Food and Drug Administration has scheduled an Oncologic Drugs Advisory Committee meeting on May 9 to discuss Junovan.

Jackson & Hewitt ((JTX)) shares soared 9.3% on news that the Justice Department is investigating a major franchisee for tax fraud was overdone since the company itself is not a target of the investigation at this point. Morgan Stanley analyst Jennifer L. Pinnick upgraded Jackson Hewitt to """"Equal-Weight"""" from """"Underweight,"""" saying no franchisee at Jackson Hewitt accounts for more than 2% to 3% of revenue, and the particular franchisee in question represents less than 2% of revenue, or just 3 cents of earnings per share. Pinnick said the loss of value associated with that certain franchisee totals only 1.5%, much less than the 18% decline in valuation that occurred following the announcement.

MPC Corp.’s ((MPZ)) MPC Computers, a wholly-owned subsidiary, announced that it has been awarded a prime contractor position on a new federal government-wide acquisition contract for the procurement of IT hardware and software. Shares climbed 51.5%.

Nanogen Inc. ((NGEN)) shares leapt 34% after the company announced that it has been awarded a Government Service Administration schedule contract for its NanoChip 400 microarray instrument and reagents. The contract enables Nanogen to be listed on an approved GSA schedule and sell its NanoChip products directly to government agencies.

PSivida ((PSDV)) said it signed an exclusive research and license agreement for its drug delivery technology with Pfizer Inc. Psivida, which develops drug delivery products in the health care sector, primarily for ophthalmology and oncology, said it will receive up to $155 million in development and sales-related milestone payments. Shares climbed 18.6%.

Robbins & Myers Inc. ((RBN)) shares surged 14.8% after the industrial equipment maker raised its fiscal 2007 forecast. Robbins & Myers reported its fiscal second-quarter income multiplied to $7.9 million, or 46 cents per share, from $1.2 million, or 8 cents per share. The company credited an increase in orders and an improved cost structure for the gain.

Silicom Ltd. ((SILC)) shares rose 13.97% after the company said it''s achieved a new design win for its BYPASS adapters with an undisclosed U.S. wide area network optimization company.

Greenbrier Companies Inc. ((GBX)), which makes and markets freight cars and related services to railroads, recorded a second-quarter loss of $6.1 million, or 38 cents per share, compared to a gain of $8.6 million, or 54 cents per share in the year-ago period. Revenue climbed to $240 million versus $236 million in the same period a year earlier. Adjusted earnings for the latest period were 25 cents per share. Shares fell14.9%.

Hardinge ((HDNG)), maker of industrial machine tools, said it expects 2007 net income and revenue in 2007 grow from the previous year. The company predicted 2007 net income between $15 million and $17 million, on revenue between $330 million and $340 million. In 2006, Hardinge had net income of $14 million on revenue of $326.6 million. Shares fell 13.4%.

Monster Worldwide Inc. ((MNST)), online jobs company, said first-quarter sales should be $328 million to $329 million, below its prior outlook of $330 million to $338 million. The sales range for the period ended March 31 is also below the $333.1 million revenue estimate analysts polled by Thomson Financial forecast. The company said its first-quarter revenue outlook reflects about a 28 percent sales increase, as its international careers segment expands and its North America careers and Internet advertising and fees businesses declines. Shares fell 13.3%.

Oxford Industries Inc. ((OXM)) shares declined 9.1% after the clothing maker reported lower fiscal third-quarter income and revenue, although analysts remained optimistic about the company. The company reported fiscal third-quarter net earnings of $9.74 million, or 54 cents a share, down 33% from $14.6 million, or 82 cents a share, in the year-ago period. The Atlanta-based apparel maker said revenue in the quarter ended March 2 fell 3.1% $266.6 million from $275.2 million in comparable period last year. Oxford expects fiscal fourth-quarter earnings from continuing operations of $1.07 to $1.14 to a share, or $1.00 to $1.07 excluding a gain on the sale of real property.

[R]1:00PM NY European markets closed modestly higher.[/R]
European stocks closed modestly higher on Wednesday, helped by strength among travel and technology stocks which offset some weakness from oil and gas firms, including BP and British Gas. A decline in the shares of DaimlerChrysler also limited the upward movement. The automaker declined 1.5% after the company''s chief executive, Dieter Zetsche confirmed that there are talks with unidentified buyers for Chrysler. On the side of the gainers, German chipmaker SAP rose 1.5%, while airline British Airways added 0.4% after posting a 3.3% rise in passenger traffic for March. Other airlines also finished higher benefiting from lower oil prices, with shares in Deutsche Lufthansa up 3.6% and Air France-KLM, up 1.3%. The French CAC-40 added 0.5% at 5,739.01, the German DAX Xetra 30 index gained 0.4% at 7,073.91 and the U.K. FTSE 100 finished virtually flat at 6,364.70.

[R]11:30AM U.S. markets traded in a volatile fashion.[/R]
U.S. stocks traded in a volatile fashion, reflecting weaker-than-expected reports on the service-sector, employment, and on factory orders. The ISM reported that the nation''s service economy expanded at a slower pace in March, with index coming in at 52.4, down from 54.3 in February. Also, factory orders rose by a disappointing 1% in February, below expectations of an increase of 1.9%. Among companies releasing quarterly results, Monsanto ((MON)) rose 4.3% on higher Q2 profit. Circuit City ((CC)) fell 1.8% on Q4 net loss. Best Buy ((BBY)) slid 1.7% after the retailer said it expects margin pressures. The Dow Jones Industrial average was strongly supported by 3% gain for Microsoft ((MSFT)). Walt Disney ((DIS)) was the biggest drag among blue chips, falling 1%.

In corporate news, Bristol Myers Squibb ((BMY)) added 1% and ImClone Systems ((IMCL)) rose 2.8% after they said a 400-patient first-line Phase III study of Erbitux plus platinum-based chemotherapy met the primary endpoint of increasing overall survival in patients with recurrent and metastatic squamous cell carcinoma of the head and neck. Among companies driven by analyst comments, Deutsche Bank upgraded telecommunications company Global Crossing ((GLBC)) to buy from hold, sending its stock up 4%. In late morning trading Wednesday, the Dow rose 13.98, or 0.11%, to 12,524.98. The Standard & Poor''s 500 index fell 0.12, or 0.01%, to 1,437.65, and the Nasdaq composite index rose 2.60, or 0.11%, to 2,452.93. Bonds rose sharply as investors looked past mixed economic data for the security of Treasuries. The yield on the benchmark 10-year Treasury note fell to 4.64% from 4.67% late Tuesday.

[R]Factory orders jumped 1%.[/R]
The Department of Commerce released its report on new orders for manufactured goods in the month of February on Wednesday, showing that orders increased by less than economists had been expecting. The report showed that orders for manufactured goods rose 1.0 percent in February following a revised 5.7 percent decrease in January. Economists had been expecting orders to increase by about 1.9 percent compared to the 5.6 percent decrease originally reported for the previous month. The smaller than expected increase in orders was partly due to a downward revision to the pace of growth in new orders for durable goods, which was revised down to 1.7 percent from the previously reported 2.5 percent growth. The Commerce Department also said that shipments of manufactured goods fell 0.5 percent in February following a 1.7 percent decrease in January. At the same time, the report showed a slight increase in inventories of manufactured goods. Subsequently, the inventories-to-shipments ratio edged up to 1.25 in February from 1.24 in January.

[R]Crude oil inventories rose, gasoline stockpiles declined.[/R]
Government data released Wednesday showed that crude oil inventories rose in the most recent week, resuming their advance after a mild decline in the previous period. Meanwhile, gasoline stockpiles fell again. The Department of Energy''s Energy Information Administration said that crude oil inventories rose 4.3 million barrels in the week ended March 30. Specifically, the measure rose to 332.7 million barrels from the previous week''s level of 328.4 million barrels. This resumed gains after a decline of 900,000 barrels in the previous week. Oil inventories for the week were 2.8% below last year''s level. Meanwhile, gasoline inventories showed a week-over-week slide of 5 million barrels. This extended a recent streak of declines, including a drop of 300,000 barrels in the previous week. The level of gasoline inventories was 2.6% below last year. Distillate fuel oil had an inventory decline during the week ended March 30 as well. Stockpiles of these products, which include heating oil, were unchanged for the week. This followed a recent streak of declines, with a draw down of 700,000 barrels taking place in the previous week.

[R]Service sector growth slowed down in March.[/R]
Wednesday morning, the Institute for Supply Management released its report on activity in the service sector in the month of March. The report showed that the pace of growth in the sector unexpectedly slowed compared to the previous month. The ISM said that its index of activity in the sector fell to 52.4 in March from an unrevised 54.3 in February, with a reading above 50 indicating growth in the sector. Economists had expected the index to edge up to 54.7. The unexpected slowdown was partly due to slower new orders growth, with the new orders index falling to 53.8 in March from 54.8 in February. The report also showed a slowdown in employment growth, as the employment index fell to 50.8 from 52.2. At the same time, the report showed a significant acceleration in the pace of price growth, as the prices index surged up to 63.3 in March from 53.8 in the previous month.


[R]9:45AM U.S. stocks opened little changed.[/R]
U.S. stocks opened little changed Wednesday, reflecting mixed reports from electronics retailers and a disappointing estimate on U.S. employment. Stocks received help from news of easing global political tensions, with Iran promising to release 15 detained sailors and marines. In corporate news, Best Buy ((BBY)) rose 1% after reporting 19% rise in Q4 profit to $1.55 a share, compared with $1.29 a year ago. The earnings increased due to higher sales of flat-panel television sets, video-gaming hardware and notebook computers. Rival Circuit City Stores ((CC)) posted an unexpected loss because of lower sales. The stock lost 0.3%. Panera Bread ((PNRA)) dropped 4% after it said Q1 revenue rose 24% to $240 million. Panera said it expects Q1 profit to be at or slightly below the previous target of 47 cents to 50 cents a share. Panera estimates that its comparable bakery-cafe sales in the first quarter were lower than expected by about 1% due to extreme weather experienced in its core markets.

Further on the earnings news front, Greenbrier Companies Inc. ((GBX)) slipped 14% after reporting Q2 drop of 38 cents a share, compared to a gain of 54 cents a share in the year-ago period, missing estimates. Automakers were also in focus as DaimlerChrysler AG ((DCX)) Chairman Zetsche said the automaker is in talks with potential buyers for its Chrysler unit. In merger-and-acquisition speculation, Goldman Sachs Group ((GS)) and JPMorgan Chase & Co. ((JPM)) have been hired by private equity firm Apollo Management LP about a possible public offering. In the first hour of trading, the Dow rose 1.38, or 0.01%, to 12,511.68. The Standard & Poor''s 500 index fell 0.39, or 0.03% to 1,437.38, and the Nasdaq composite index rose 3.14, or 0.13%, to 2,453.47. Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.65% from 4.67% late Tuesday.

[R]9:00AM Asian markets advanced on Wednesday with Australia at record.[/R]
Asian markets ended higher on Wednesday. Sydney S&P/ASX 200 rose 1.3% to a record close of 6,092.9. Coles Group jumped 4.7% after Wesfarmers set a takeover offer of 16.47 Australian dollars or $13.39 a share for the second-largest retailer in the country. The Reserve Bank of Australia on Wednesday held short-term interest rates steady at 6.5%, stunning expectations for a quarter-point increase.

Japanese Nikkei 225 average ended 1.7% higher to 17,544.09. Toyota Motor again posted strong sales in the U.S., rose 1.6%, while Honda Motor added 2.4%. Digital-camera and office-equipment maker Canon added 2.7%.

Other indexes around the region also advanced. Chinese Shanghai Composite Index set an intraday all-time high in the morning session, before retreating slightly in the afternoon session. The benchmark closed almost flat at 3,291.54. Hong Kong Hang Seng Index finished 1% higher at 20,209.71. South Korean Kospiadded 1.4% to 1,483.41 and Singapore Straits Times Index ended up 1.4% 3,332.92, Taiwan Weighted Price Index gained 0.9% to 8,004.61.

The energy sector ended lower after crude-oil prices slipped 2% in U.S. trading. Japanese oil explorer, Inpex Holdings, shed 3%. PetroChina, largest-listed oil company in China by production, fell 0.7%. Anglo-Australian miner BHP Billiton gained 1.8% after copper futures advanced more than 4% Tuesday to close at their highest level in five months.


[R]8:15AM Daimler Chrysler confirmed talks to sell its Chrysler unit.[/R]
DaimlerChrysler AG ((DCX)) confirmed on Wednesday that it is in talks to sell its Chrysler unit or only a part of it. Chairman Dieter Zetsche announced on Feb. 14 that due to continued losses and severe competition in the United States, the German-American automaker was considering all options for its Chrysler unit. He also said that a recovery plan including 13,000 job cuts in the U.S. and Canada was moving forward.

Zetsche said the automaker is in talks with unidentified buyers about a possible sale. However, according to reports, Canadian auto-parts supplier Magna International Inc. ((MGA)) submitted a bid to buy the business for as much as $4.7 billion. In addition, Cerberus Capital Management LLC and a consortium of investors led by Blackstone Group each have reviewed Chrysler''s finances and are expected to make bids.

Zetsche also said that between now and 2009, Chrysler will release on the market 20 all-new vehicles and 13 renewed models. At Mercedes, the company will able to achieve at least a 7% return on sales for 2007 on the third year of its restructuring program. He said the company will give estimates on DaimlerChrysler''s 2007 performance in May, along with Q1 results.


[R]8:00AM NY-7:00PM Mumbai Sensex against 162 points in a broad rally.[/R]
The Sensex on BSE finished 162.19 points higher, or 1.28%, higher to 12,786.77. The market-breadth was very strong as there were three advancers for every two decliners. As 1,581 stocks advanced, 899 declined and 79 were unchanged. Of the 30 stocks in the Sensex, 21 advanced, while the rest declined. The turnover on BSE was Rs 3,218 crore, higher than Rs 2,890.28 crore on Tuesday. On NSE, the turnover was Rs 6,971.64 crore, compared with Rs 6,745.48 crore on Tuesday.

Economic news

The Rupee surged to its highest level in nearly eight years today, breaching 43 to a dollar as banks sold the US unit to raise funds to meet statutory reserve requirements. In morning trade, the rupee was at 42.925/42.935 per dollar, off an early high of 42.84, its strongest since June 1, 1999.

The government has eliminate the 16% countervailing duty and 4% special additional duty on Portland cement imports, which may put margin pressure on domestic cement companies waiting for a respite on dual excise duty structure. The government is also likely to restrict the maximum area for a Special Economic Zone at 5,000 hectares and to announce more rules for SEZs after the Empowered Group of Ministers on SEZs meet on Thursday.

Trading highlights

HDFC Bank was the most-active stock with a turnover of Rs 112.70 crore followed by Renuka Sugar and Indiabulls Real Estate.

Advancers

HDFC soared over 5% to Rs 1,497. The stock had lost 6.3% over the past two days, after lifting the lending rate by 75 basis points after a hike in a short-term rate by the Reserve Bank of India. NTPC surged 4.5% to Rs 161 and BHEL rallied 4.4% to Rs 2,353. BHEL continued the trend from Tuesday when it reported 42% growth in provisional net profit for the fiscal 2007.

Banking stocks gained ahead of the weekly inflation data, due on Thursday. ICICI Bank gained 2% to Rs 821 and State Bank of India rose 0.5% to Rs 931.80. The wholesale price inflation rate is expected at 6.29% for the 12 months to March 24 2007, dropping from an annual rise of 6.46% a week earlier. The data will be released on Thursday, as Friday will be a public holiday.

Dr.Reddy rallied 3.7% to Rs 746 on the rally in its ADR on Tuesday. Wipro gained 2.8% at Rs 549 and Cipla advanced 2.3% to Rs 229. IT large-cap Infosys added 1.4% to Rs 1,993. The stock had retreated in morning trade from the early gains, as the rupee today struck its highest level in nearly eight months. Index heavyweight Reliance Industries advanced 1.6% to Rs 1,364, after it became clear that it was planning to set up two gas-based projects.

Decliners

Hero Honda dropped 2.3% to Rs 644 and Grasim was off 1.9% to Rs 2,064. Maruti shed 1.5% to Rs 745. Ashok Leyland’s dropped 1.6% to Rs 35.50, after its vehicle sales in March 2007, fell 1.6% to 8,444 units from 8,577 units a year earlier. Satyam and Reliance Communications slid around 1% each to Rs 453 and Rs 398, respectively.

[R]6:30AM European stocks advanced Wednesday on autos and travel stocks.[/R]
European markets were slightly higher on Wednesday. By mid morning, Frankfurt Xetra Dax added 0.2% to 7,061.71, the CAC 40 in Paris was flat at 5,710.52, while London FTSE 100 fell 0.1% to 6,358.4. National benchmarks rose in 14 of 18 markets in western Europe

Advancers

DaimlerChrysler gained 0.5% after the company chief executive, Dieter Zetsche, for the first time revealed that there are talks with interested parties regarding future options for Chrysler. Sodexho, the French contract catering group, advanced 0.3% after reporting revenue growth matching forecasts, and raising its fiscal 2007 sales forecasts thanks to new business contracts.

Utilities continued their upward trend. Italian Enel, which along with Spanish construction group Acciona will bid for Endesa, was up 0.6%. Acciona added 0.1%. Other perceived takeover targets in the sector added to their recent gains. Union Fenosa climbed 0.4 %, Iberdrola rose 1% and Gas Natural gained 1.1%. The prospect of a takeover battle for Telecom Italia drove its shares up 3.7%. Miner Xstrata increased 1.4%.

Decliners

Oil stocks declined as crude prices dropped on expectations of a diplomatic solution to the Iran hostage affair. Total shed 0.6% after US authorities stated they intended to interview Christophe de Margerie, chief executive, as part of an inquiry into the activities in Iran and Iraq of the company. BP, the second-largest energy company in Europe, dropped 0.7%.

Shares in U.K. pharmacy chain Alliance Boots lost 0.1% after the U.K. competition watchdog, the Office of Fair Trading, announced Wednesday that it has initiated a market study into the distribution of medicines in the U.K.

Banking hogged the limelight after Bear Stearns reassessed their ratings in the U.K. banking sector. Bear Stearns downgraded Barclays to peer perform from outperfom, on the company proposed combination with ABN Amro and also downgraded mortgage bank Northern Rock to peer perform from outperform.

Oil and gold

Crude oil dipped because some traders expected Iran and the U.K. to reach a compromise over 15 captive British sailors and marines. Crude oil for May delivery shed 76 cents, or 1.2%, to $63.88 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Brent crude for May settlement fell 69 cents, or 1%, to $67.12 a barrel in electronic trading on the ICE Futures exchange.

Gold rose as declines in the dollar may increase investor demand for the precious metal. Gold for immediate delivery advanced $1.95, or 0.3%, to $665.90 an ounce in early trade in London. Silver climbed 6 cents to $13.46 an ounce, platinum gained $2.50 to $1,243.50 and palladium advanced 50 cents to $352.50.

Currencies

The dollar was lower against most other major currencies in European trading Wednesday. The euro traded at $1.3351, up from $1.3331 late Tuesday. The British pound traded at $1.9748, up from $1.9746. The dollar fetched 118.83 Japanese yen, down from 118.88.