U.S. Home Prices Up 0.3%; UBS Rises

123jump.com Staff
30 Mar, 2010
New York City

Metropolitan home prices in January edged up. Three popular indexes in New York traded higher. Latest 7-year Greek notes declined on the worries that the nation will struggle with the budget deficit cuts. UBS surged after it confirmed first quarter fixed income revenues of $2.3 billion.

[R]10:30 AM New York – Metropolitan home prices in January edged up. Three popular indexes in New York traded higher. Latest 7-year Greek notes declined on the worries that the nation will struggle with the budget deficit cuts. UBS surged after it confirmed first quarter fixed income revenues of $2.3 billion.[/R]

U.S. stocks and commodities increased in the morning trading after metropolitan prices in January unexpectedly increased. The dollar traded lower and gold edged up.

Home prices index tracking 20 largest metropolitan areas increased in January by 0.3% adjusted for seasonal factors from December. The index declined 0.7% from January 2009.

UBS AG gained more than 4% after it confirmed in a statement that first quarter fixed income revenues are “slightly higher” than $2.3 billion.

Commodities, Currencies and Bonds

The U.S. dollar traded lower in the early trading in New York. One euro fetched $1.345 and one dollar fetched 92.90 yen. The UK pound traded higher at $1.5088.

Crude oil futures edged up 13 cents to $82.30 a barrel and natural gas declined 6 cents to $3.86 per mBtu.

Gold futures edged lower $2.10 to $1,109.40 and copper futures edged higher 1.80 cents to $3.553 cents a pound.

Earnings Review

BioFuel Energy Corp. ((BIOF)), an ethanol maker said fourth quarter sales rose 35.2% to $120.4 million from $89.0 million a year ago. Net income in the quarter was $6.8 million or 21 cents per diluted share compared to net loss of $6.9 million or 43 cents per share a year ago.

Net sales for the year 2009 rose 131% to $415.5 million from $179.9 million a year ago. Net loss for the year was $13.6 million or 57 cents per diluted share compared to net loss of $40.9 million or $2.65 per share a year ago.

Oxford Industries, Inc. ((OXM)), an apparel maker said fourth quarter sales fell 4.7% to $190.5 million from $199.9 million a year ago. Net income in the quarter was $3.9 million or 24 cents per diluted share compared to net loss of $288.4 million or $18.19 per share a year ago.

Net sales for the year 2009 fell 15.5% to $800.7 million from $947.5 million a year ago. Net income for the year was $14.6 million or 90 cents per diluted share compared to net loss of $271.5 million or $17.00 per share a year ago.

Stock Movers

BJ’s Wholesale Club Inc expanded its stock buyback program to $200 million.

Danaher Corp increased more than 4% after it lifted its first quarter earnings outlook to 90 cents a share.

LDK Solar Co. dropped 6% after it reported fourth quarter adjusted net of 3 cents a share.

Oxford Industries Inc plunged 14% after it estimated full year adjusted earnings of $1.50 a share.


Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 110.67 or 1.01% to 11,097.14, and Hang Seng index in Hong Kong increased 137.36 or 0.65% to 21,374.79, and CSI 300 index in China higher 8.17 or 0.24% to 3,366.71. ASX 200 index in Australia increased 19.50 or 0.40% to 4,916.80. The FTSE Bursa KL Composite index in Malaysia was higher 0.14 or 0.01% to 1,319.35.

The Kospi Index in South Korea increased 8.20 or 0.48% to close at 1,700.19. SET index in Thailand closed higher 17.40 or 2.26% to 788.80. JSE Index in Indonesia increased 3.50 or 0.13% to 2,798.27. The Sensex index in India decreased 121.18 or 0.68% to 17,590.17.

Europe Markets Review

In London FTSE 100 Index traded lower 1.54 or 0.03% to 5,709.12, in Paris CAC 40 Index increased 5.91 or 0.15% to 4,006.57 and in Frankfurt DAX index traded higher 8.61 or 0.14% to 6,165.46. In Zurich trading SMI increased 29.90 or 0.44% to 6,880.48.