Miners and Steel Stocks Rise, Toyota Falls

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 4:22 PM EDT May 08 2008

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U.S. stocks rebounded on the strength in retail, mining and metals and select financials. BHP Billiton, Vale, Cleveland Cliff, ArcelorMittal and Freeport McMoran led the gainers. Gold resurged after the ECB and the Bank of England left rates unchanged. Crude oil edged lower. Toyota Motor fell 4% after it offered gloomy outlook on sales and earnings for the current year but increased its dividend 20% on 4.5% rise in fiscal year 2008 earnings.

BHP in New York trading rose to $86.69.

Earnings review

News Corporation reported third quarter sales rise of 16% to $8.75 billion from a year ago revenue of $7.5 billion. Earnings in the period rose to $2.7 billion from $871 million on tax-free sale of certain assets and stock exchange with Liberty Media. Earnings per class A share rose to 91 cents from 29 cents in the prior year.

News Corp ((NWS.A)) stock rose 47 cents to $18.89.

Watson Wyatt Worldwide, Inc., a global consulting firm today reported revenue increased 16% for the third quarter of fiscal year 2008 to $457.5 million (14% constant currency) compared to $395.6 million the same quarter of fiscal 2007. Net income for the third quarter was increased 25.74% to $42.5 million or $0.96 per diluted share an increase from $33.8 million or $0.76 per diluted share in the prior-year third quarter.

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