[R]11:30AM New York – U.S. stocks lost early lead on weaker than expected durable goods orders.[/R]

Stocks in New York climbed after durable goods orders and earnings from Sony, Honda, Nintendo, Royal Dutch Shell, Bristol Meyers Squibb, and Aetna.

The Commerce Department reported that September durable goods orders fell 1.7% after August orders were revised to a drop of 5.3% from 4.9%. New home sales in the month increased 4.8% to annual rate of 770,000 and August month sale were lowered to 735,000. The median price of home sold increased to $238,000 in September from a year ago.

Aetna (AET: chart) reported third quarter revenue rise of 11% to $6.9 billion, operating income increased 9% to $507 million, net income increased $496.7 million, and earnings per share increased to 97 cents compared to 84 cents, 12% increase from a year ago.

The company guided for the fourth quarter earnings of 87 cents and for the year earnings of $4.00 per share.

Recently listed company VMware (VMW: chart) reported third quarter revenue of $358 million compared to $188 million, net income of $65 million from $19.2 million or 18 cents per share from 6 cents a year ago. VMware stock increased $12 to $114.31.

Aegean Marine Petroleum Network (ANW: chart) fell 9% after it said the controlling shareholders plan to sell 6.75 million shares in a secondary offering.

Leveret International Inc., which is controlled by Aegean''s founder, Dimitris Melisanidis, is expected to offer 6,500,000 shares of common stock and John P. Tavlarios, Director, is expected to offer 250,000 shares of common stock. The selling shareholders also intend to grant the underwriters of the secondary offering an option to purchase up to an additional 1,012,500 shares of common stock for purposes of covering over-allotments.

Following the offering, the share ownership of Leveret International Inc. is expected to be 15,928,000 shares and the share ownership of John P. Tavlarios is expected to be 1,151,750 shares. The share ownership of the Company''s Chairman, Peter Georgiopoulos, is expected to remain unchanged at 4,205,250 shares. The Company will not receive any proceeds from the shares of common stock sold by the selling shareholders.

Sony (SNE: chart) reported earnings after the market close in Japan on higher sales of electronic gadgets including digital cameras and flat panel television sets. PlayStation 3 game console and Bravia line of TV sets reported wider than anticipated losses.

Net income for the fiscal 2008 second quarter increased to 3.7 billion yen from 1.7 billion yen a year ago on 12% increase in revenue to 2.083 trillion yen from 1.854 trillion yen.

Net income per share increased to 73.50 yen from 1.68 yen. Sony stock in New York trading increased $3.01 to $48.30.

Electronic sales increased 21% or 17% in local currency on higher sales of Bravia LCD television and Vaio laptop computers, and Cyber-shot digital cameras. PS3 PlayStation contributed to 42% rise in game console sales. New releases helped 6.4% rise in sales in film division.

Royal Dutch Shell (RDS: chart) reported third quarter revenue increase of 7.7% to $90.7 billion and earnings rose 16% to $6.92 billion. Earnings per share increased to $1.10 from 93 cents. Earnings were hurt by 24% decline in profit at refining and marketing division to $1.65 billion.


[R]9:00AM New York – ICBC earnings surges 76%. China’s third quarter economic growth increased to 11.5%.[/R]

Asian markets climbed higher, a familiar pattern of market rise supported by economic growth and rising exports.

China reported 11.5% economic growth in the third quarter prompting worries that interest rates may have to be revised, sooner than expected. China has raised interest rates for six times in the last eighteen months but rate increases have not curbed a sharp rise in asset prices in the real estate and stock markets.

Rising trade surplus, low interest rates on bank deposits, and currency controls have created asset price bubble in China. The structural problem of asset price spiral is not likely to be curbed by interest rate increases. This fuels pressures on Chinese currency to revalue against dollar and euro and other Asian currency.

Interest rates for one year deposit at 3.8% are substantially lower than inflation rate of above 6%. China reported sharp increase in trade surplus of 70% lifting the cash circulation in the economy.

ICBC, Industrial & Commercial Bank of China Ltd, reported 76% increase in earnings of 22.46 billion yuan or $3.1 billion.