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Market Update

Fed, SEC Extensions, Stocks Rise


Author: 123jump.com Staff
ticker.com
Last Update: 11:41 AM ET July 30 2008

11:20AM New York – U.S. stocks rise for the second day with financials trading higher and crude oil price falling.

U.S. stocks edged higher in the morning after crude oil fell, financials rose and earnings from Cummins and MetLife lifted the sentiment in trading. Dow Jones Industrial Average gained 131.50 to 11,529, Nasdaq increased 13.36 to 2,332.98 and S&P 500 edged 14 to 1,277.18.

Commodities and metals in the morning trading in New York edged lower. Crude oil futures fell 58 cents to $121.61 a barrel and natural gas dropped 20 cents to $8.93 per mBtu. Gold declined $21.90 t $904.50 per ounce and silver dropped 43 cents to $16.97 per ounce. In base metal trading copper lost 2.80 cents to 356.25 cents per ounce and zinc lost $46.25 to $1,869 a ton.

Fannie Mae and Freddie Mac rose after SEC extended trading ban for naked short strategy on 19 financial stocks till August12. The controversial move is expected to prevent speculative trades from driving these stocks lower. The SEC move is widely perceived as an attempt by the government to shore up stocks of banks and two troubled mortgage lenders. If similar steps were taken by any emerging markets, SEC and traders would have deemed interfering with free markets.

Comcast surged 4% after it reported profit increase of 7.5%, Cummins Inc increased 9% after second quarter earnings rose 37% and MetLife dropped 5% after earnings dropped 19%. CB Richard Ellis plunged 19% after earnings fell 88% on lower earnings.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 208.34 or 1.58% to 13,367.79, Hang Seng index in Hong Kong increased 432.60 or 1.94% closed to 22,690.60. ASX 200 index in Australia increased 89.30 or 1.84% to close 4,936.70. The KL Composite index in Malaysia increased 9.14 or 0.79% closed to 1,159.94.

The Kospi Index in South Korea increased 10.50 or 0.67% to close at 1,577.70. SET index in Thailand closed lower 6.83 or 1.01% to 669.90. The Sensex index in India increased 495.67 or 3.59% to 14,287.21. Market of Indonesia was closed today.

Earnings Review

Alcatel Lucent telecom equipment provider said second quarter revenues declined 5.2% to 4,101 million euros from 4,326 million euros a year ago. Net loss in the quarter was 222 million euros or 16 euro cents per ADS compared to net loss of 336 million euros or 20 euro cents per ADS, a year ago.

Alcatel Lucent (ALU) in the last one year traded as high as $13.34 in July 2007 and as low as $5.08 in March 2008. Based on the yesterday’s closing price the company has a market cap of $13.78 billion.

BankAtlantic Bancorp, Inc, a bank holding company said second quarter net loss in the quarter was $19.4 million or 35 cents per diluted share compared to net income of $11.7 million or 20 cents per share, a year ago.

BankAtlantic Bancorp, Inc (BBX) in the last one year traded as high as $9.60 in October 2007 and as low as $0.81 in July 2008. Based on the yesterday’s closing price the company has a market cap of $92.83 million.

CB Richard Ellis Group, Inc, the world''s largest commercial real estate brokerage said second quarter revenues declined 15.38% to $1.3 billion from $1.5 billion a year ago. Net income in the quarter plunged 88% to $16.6 million or 8 cents per diluted share compared to net income of $141.1 million or 59 cents per share, a year ago.

CB Richard Ellis Group, Inc (CBG) in the last one year traded as high as $38.00 in July 2007 and as low as $15.23 in January 2008. Based on the yesterday’s closing price the company has a market cap of $3.77 billion.

Centex Corporation, one of the largest homebuilders said first quarter revenues dropped 41% to $1.13 billion from $1.90 billion a year ago. Net loss in the quarter was $150.1 million or $1.21 per diluted share compared to net loss of $128 million or $1.05 per share, a year ago.

Centex Corporation (CTX) in the last one year traded as high as $40.49 in August 2007 and as low as $10.91 in July 2008. Based on the yesterday’s closing price the company has a market cap of $1.72 billion.

Chicago Bridge & Iron Company N.V, an engineering, procurement and construction company said second quarter revenues rose 28.57% to $1.4 billion from $1.0 billion a year ago. Net loss in the quarter was $140.5 million or $1.47 per diluted share compared to net income of $26.1 million or 27 cents per share, a year ago.

Chicago Bridge & Iron Company N.V (CBI) in the last one year traded as high as $63.50 in January 2008 and as low as $27.50 in July 2008. Based on the yesterday’s closing price the company has a market cap of $3.28 billion.

General Cable Corporation, an industrial products company said second quarter sales jumped 41.7% to $1.74 billion including acquisitions in the last twelve months of $478.7 million compared to $1.172 billion. Net income in the quarter rose 17% to $75.6 million or $1.37 per diluted share compared to net income of $62.8 million or $1.15 per share, a year ago.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc