Market Updates
Europe and Asia Down
11 Apr, 2005
New York City
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European and Asian markets were down Monday on losses for carmakers, semiconductor and computer stocks.
European and Asian markets were down Monday on losses for carmakers, semiconductor and computer stocks.
The dollar weakened against the yen and the euro. Carmakers in Europe were lower after Ford (F) cut its 2005 earnings forecast to $1.25 to $1.50 a share from $1.75 and $1.95. DaimlerChrysler (DCX) fell 0.9%. Bucking the trend was Philips Electronics (PHG), which gained 0.6%.
Software maker Hyperion Solutions (HYSL) upped its third-quarter outlook to 44 cents to 46 cents a share, above its January guidance of 35 cents to 40 cents. Revenue is seen at around $177 million.
99 Cents Only Stores (NDN) said same store sales fell 2.8% in the first quarter because of higher gasoline prices and a grocery strike in Southern California. Total sales rose 5.3% to $242.3 million.
Shares of Hitachi, NEC and United Microelectronics lost ground in Asia.
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