Dell, Marvel Lift Techs, J Crew Plunges

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

Personal spending in April rose 0.2% after increasing by 0.4% in March. Personal income in the month rose 0.2% and disposable income increased 0.2%. The price index for personal consumption expenditure, the inflation index preferred by the Fed increased 0.2% in the month compared to a rise of 0.3%. On the deal front, Calpine Corp is looking for a higher bid from NRG Energy as its largest shareholder urges the two companies to explore merger. J Crew Group fell 21% after it reported earnings.

[R]10:20AM New York – The latest read on inflation and personal income kept U.S. stocks in check in the morning trading.[/R]

Personal spending in April rose 0.2% after increasing 0.4% in March according to the Commerce Department. Personal income rose 0.2% in the month. Disposable income after tax in the month increased 0.2% after increasing 0.3% in March.

The price index for personal consumption expenditure increased 0.2% in April, compared with an increase of 0.3% in March. Prices, excluding food and energy, increased 0.1%, compared with an increase of 0.2%.

Calpine Corp is seeking a higher bid from NRG Energy Inc according to the latest press release on its Web site. The largest natural gas power producer was the subject of a $11 billion bid from NRG. The largest shareholder of Calpine, Harbinger Capital Partners with a stake of nearly 25% in the power producer is encouraging the two companies to explore merger immediately.

Calpine, the natural gas power producer recently emerged from the chapter 11 bankruptcy protection and has seen its stock rise from as low as $15 in March to $22.83 in today’s trading. NRG stock edged 21 cents higher to $41.02.

Tiffany & Co., the jewelry retailer today reported net sales for the first quarter ended April 30, 2008 increased 12% to $668.1 million compared to $595.7 million in the quarter of prior year.

Net income increased 19% to $64.39 million or $0.50 cent per diluted share compared with $54.08 million or $0.39 cent per diluted share for the same quarter a year ago.

Tiffany stock ((TIF)) added $1.50 to $49.24.

Dell Inc, the world''s second-largest personal computer maker said first quarter revenues increased 9% to $16 billion from $14.7 billion a year ago. Net income in the quarter rose 3.18% to $784 million or 38 cents per diluted share compared to net income of $756 million or 33 cents per share, a year ago.

Dell Inc stock ((DELL)) rose $2.03 to $23.84.

J. Crew Group, Inc, apparel retailer said first quarter revenues increased 15% to $340.6 million from $297.3 million a year ago. Net income in the quarter rose 24% to $30.5 million or 48 cents per diluted share compared to net income of $24.6 million or 39 cents per share, a year ago.

Store sales at retail and factory outlet locations increased 14% to $229.1 million with comparable store sales increasing 2%. Comparable store sales increased 8% in the first quarter of fiscal 2007. Direct sales through Internet and catalogs rose 17% to $100.9 million. Direct sales increased 31% to $86.6 million in the first quarter of fiscal 2007.

J. Crew Group, Inc stock ((JCG)) fell $10.10 to $36.80.

Marvell Technology Group Ltd, Semiconductor maker said first quarter revenues increased 27% to $804.1 million from $635.1 million a year ago. Net income in the quarter was $69.9 million or 11 cents per diluted share compared to net loss of $52.8 million or 9 cents per share, a year ago.

Marvell Technology Group Ltd stock ((MRVL)) rose $3.29 to $17.36.

Asian Markets Review

In Tokyo Nikkei 225 Index closed higher 214.07 or 1.52% to 14,338.54, in Hong Kong Hang Seng index increased 149.13 or 0.61% closed to 24,533.12. In Australia ASX 200 index lower 54.70 or 0.96% to close 5,654.70. In Malaysia KL Composite index increased 14.28 or 1.13% closed to 1,276.10.

In South Korea Kospi Index increased 10.80 or 0.59% to close at 1,852.02, in Thailand SET index closed higher 3.04 or 0.37% to 833.65 and Indonesia JSE Index edged decreased 2.61 or 0.11% to 2,444.35. Sensex index in India increased 99.31 or 0.61% to 16,415.57.