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Market Update Analysis: 
Stocks Rise on Lehman Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 9:49 AM EDT September 18 2007


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Market averages rose in New York and Europe after Lehman Brothers and Best Buy reported earnings. Lehman earnings in the third quarter fell 3% to $1.54 per share beating the estimate of $1.47. The fall in bond market trading profit was largely offset by higher fees from brokerage and asset management and rising income in investment banking. Best Buy revenue jumped 15% and earnings rose 9%. Stock indexes rose sharply in Europe and New York on the news.

 
Canon led the advancers in the index, climbing 2.17%. Mitsumi Electrical edged up 40 or 2.06%. Sumitomo Chemicals and Shionogi soared 1.94% and 0.84% in that order. Matsushita Electric Work, fifth largest gainer in the index with a rise of 0.68%.

Inpex failed to buck the downtrend despite the record increase of oil to more than $80 per barrel, 24-year record. The oil company shed 0.88% at the close of trade.

Gold also touched a 16-month high at $728.90 per ounce on the New York Merchantile Exchange.

Japanese consumer lender Credia, which is 21% owned by JCB, filed for bankruptcy after is faced difficulty in raising capital and repaying debt amounting to 56.5 billion yen.
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