Market Updates

U.S. Stocks Struggle, Durable Orders Fall

123jump.com Staff
28 May, 2008
New York City

    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.

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