Market Updates
U.S. Stocks Struggle, Durable Orders Fall
123jump.com Staff
28 May, 2008
New York City
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U.S. stocks struggled in the first hour of trading. Crude oil, natural gas and precious metals fell. Crude oil dipped below $128 a barrel and natural gas declined to $11.75 a thermal unit. Gold traded lower, near $902 an ounce. Transportation stocks rallied as oil continued to slide. Durable goods orders declined from March and from a year ago but rose excluding transportation orders.
[R]10:45 AM New York – U.S. stocks struggled at the opening.[/R]
U.S stocks in the first thirty minutes of trading rose after crude oil dipped below $128 a barrel, gold declined to $902 an ounce and natural gas traded near $11.75 per mtbu.
Durable goods orders in April declined 0.5% and excluding transportation the orders rose 2.5%. The orders in March were revised to an increase of 0.3% and the orders declined in three of the last four months. The orders declined 1.4% to $214 billion from $217.3 billion in April of 2007.
The Bank of Nova Scotia, a Canadian bank said second quarter revenues rose 2.20% to $3.172 billion from $3.10 billion a year ago. Net income in the quarter declined 6% to $980 million or 97 cents per diluted share compared to net income of $1.0 million or $1.03 per share, a year ago.
The Bank of Nova Scotia stock ((BNS)) added 83 cents to $48.88.
Borders Group, Inc, operator of book, music and movie stores said first quarter revenues fell 0.8% to $792.5 million from $798.7 million a year ago. Net loss in the quarter was $31.7 million or 53 cents per diluted share compared to net loss of $35.9 million or 61 cents per share, a year ago. Same-store sales at domestic superstores fell 4.1%.
Borders Group, Inc stock ((BGP)) fell 5 cents to $6.21.
Donaldson Company, Inc, which makes machinery for air and liquid filtration, said third quarter sales rose 21% to $587.8 million from $484 million a year ago. Net income in the quarter rose 14.7% to $46 million or 57 cents per diluted share compared to net income of $40.1 million or 49 cents per share, a year ago.
Donaldson Company, Inc stock ((DCI)) surged $2.58 to $49.75.
Jamba, Inc, which operates the Jamba Juice chain, said first quarter revenues jumped 14% to $101.6 million from $89.4 million a year ago. Net loss in the quarter was $6.4 million or 12 cents per diluted share compared to net income of $11.9 million or 20 cents per share, a year ago.
Same-store sales at company owned locations fell 4.2% mainly from a drop in sales California, where many of the company's stores are located. Same-store sales outside of California rose 0.6%.
Jamba, Inc stock ((JMBA)) rose 5 cents to $2.55.
Shanda Interactive Entertainment Limited, China-based online gaming company said first quarter revenues rose 47% to RMB 779.8 million ($111.1 million) from RMB 532.3 million a year ago. Net income in the quarter fell 36% to RMB 288.8 million ($41.2 million) or RMB 3.94 or 56 cents per ADS compared to net income of RMB 448.8 million or RMB 6.14 cents per ADS, a year ago.
Shanda Interactive Entertainment Limited stock ((SNDA)) fell $3.01 to $32.22.
World markets review
In Tokyo Nikkei 225 Index closed lower 183.87 or 1.32% to 13,709.44, in Hong Kong Hang Seng index decreased 32.53 or 0.13% closed to 24,249.51. In Australia ASX 200 index lower 66.30 or 1.16% to close 5,648.10. In Malaysia KL Composite index decreased 13.66 or 1.07% closed to 1,260.58.
In South Korea Kospi Index decreased 19.59 or 1.07% to close at 1,805.64, in Thailand SET index closed lower 22.61 or 2.64% to 832.99 and Indonesia JSE Index edged increased 36.77 or 1.53% to 2,433.77. Sensex index in India increased 249.78 or 1.53% to 16,525.37.
Annual Returns
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Earnings
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