Dollar edged record low against euro to $1.4394 from $1.4328 and higher to 114.18 yen from 114.21 yen.


1:30PM New York – Earnings from Microsoft and Countrywide drive U.S. market averages higher.

In the morning trading U.S. stocks advanced on earnings report from Countrywide and Microsoft, rising oil and gold prices, and sharply higher closing in Europe and Asia.

Countrywide Financial (CFC: chart) reported third quarter loss of $1.2 billion, first quarterly loss in 25 years. Countrywide stock surged 16% after it said that it expects to earn between 25 cents and 75 cents in the fiscal fourth quarter and despite the housing market weakness in 2008 estimates to generate a profit. Countrywide at mid-day trading increased $2.83 to $15.93.

Microsoft (MSFT: chart) jumped 9% or $3 to $34.99 after reporting 23.4% increase in earnings on 27% rise in sales. The lackluster stock roared ahead near $35, last seen in July of 2001.

A.M. Castle (CAS: chart), metals and plastic products distributor, reported third quarter earnings of 57 cents per share compared to 89 cents per share on 16.5% rise in revenue to $350.3 million.

Alexander & Baldwin (ALEX: chart), ocean transportation, logistics, and real estate management company, reported third quarter earnings of $1.14 per share compared to 65 cents a year ago on revenue rise of 3% to $434.7 million.

Baker Hughes (BHI: chart) reported third quarter earnings of $389.1 million of $1.22 per share compared to $358.6 million or $1.09 per share a year ago. Revenue in the quarter rose 16% to $2.677 billion from a year ago and 6% from the second quarter of 2007.

Cemex (CX: chart), Mexico based but global cement maker, reported third quarter revenue increased 31% to $6.1 billion and operating income increased 15% to $940 million on 3% increase in cement volume, 22% increase in ready-mix volumes, and 62% surge in aggregates volume. Cemex stock added 48 cents to $30.19.

Crude oil futures added 89 cents to $91.35 as tensions in the Middle East remain high and the U.S. consumers show no sign of slowing the purchase of oil.

In European trading markets across the region closed higher. Spain and UK led the gainers with a rise of 1.3% followed by increases in France and Italy of 0.6% and Switzerland of 0.5%.

Asian markets in the overnight trading closed sharply higher across the region. Korean and India led the region with a rise of 2.6% followed by increases in Hong Kong of 1.85%, Singapore of 1.7%, and Malaysia of 1.5% and Japan of 1.4%.

In Tokyo trading financials and energy stocks rebounded. Earnings from Sony, Honda, Nissan, and NT DoCoMo led tech, telecom, and auto stocks higher.


11:00AM New York - Microsoft Corp sales jump 27% and net income up 24%.

Microsoft Corp, the world largest software firm, reported Thursday third quarter revenues increased 27% to $13.76 billion from $10.81 billion in the year-ago quarter, the highest quarterly growth in 8 years.

Microsoft''s businesses of Client, Microsoft Business Division, and Server and Tools grew combined revenue in excess of 20%, and experienced robust demand for Windows Vista, the 2007 Microsoft Office system, Windows Server, and SQL Server.

In less than a month, Halo 3 generated $300 million to company revenue following its launch in late September.

Net income jumped 23.4% to $4.28 billion from $3.47 billion from a year earlier. Earnings per share increased 28.5% to 45 cents per share compared with 35 cents per a year ago.