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Global Markets Update
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Robust GDP Helps Stock Futures
9:08 AM EST January 31 2007
U.S. stock futures moved to the downside, but data showing faster-than-expected drowth of U.S. economy in Q4 helped to limit losses. The Department of Commerce said that GDP grew at an annual rate of 3.5% in Q4 compared to the 2% rate of growth that was seen in Q3, faster than the 3% growth, anticipated by economists. Investors were also awaiting the Fed''s decision on interest rates and the statement on the interest rate outlook. Economists expect rates to stay at 5.25%.
Fed, Oil, Google and Dell
6:01 PM EST January 31 2007
Market closed with a sharp gain in averages on Fed decision to leave rates unchanged. Fed comments suggested that the economy is healthy and outlook on core inflation is improving. Fed suggested that housing market appears to be stabilizing. Google rose before the earnings news but fell close to 4% after the report. Jones Lang LaSalle rose 6% and Navteq, Expeditors Intl and CSX gained 4%. Dell returns at his company to repalce the current CEO. Starbucks earnings up 18%. Oil closed above $58.
Gold Edges Higher
5:19 AM EST January 31 2007
Gold edged higher on Tuesday, trading within a narrow range as investors remained on the sidelines as the Federal Reserve met to discuss interest rates. The FOMC is widely expected to hold the fed funds rate steady at 5.25%, as it has at each of its past four meetings since August. February gold rose as high as $646, but failed to hold that level as many traders held back ahead of the Fed decision. Copper prices advanced after gaining support from a decrease in copper stockpiles.
Europe Trades Flat
6:47 AM EST January 31 2007
Tata Steel won the battle for Corus and that news buoyed the metal sector, but European markets remained flat on Wednesday as Commerzbank sank and weighed on the stocks. Banco diPopolare di Verona e Novara advanced on upgrade. Novo Nodisk, the Danish pharmaceutical company, bucked the downward trend in pharma stocks and advanced. By mid morning, the FTSE 100 in London lost 0.1%, Frankfurt Xetra Dax shed 0.3% to and the CAC 40 in Paris slid 0.4%.
Shanghai Leads Asia Lower
7:32 AM EST January 31 2007
Asian markets finished lower on Wednesday dragged lower by Chinese benchmark index, which declined 4.9. Pprofit-taking pushed markets lower across the region. In Japan, investors were worried about the prospects for a sustainable turnaround in the earnings of Sony. Shares closed lower in South Korea, pulled down by Korea Electric Power and Hynix, while profit-taking in China Mobile led HK lower. Profit-booking was also the reason of the decline in Australian market.
Time Warner Tops Forecast
7:59 AM EST January 31 2007
The media giant earned $1.75 billion, or 44 cents a share, up from $1.3 billion, or 28 cents, earned in the same period a year ago. Quarterly revenue rose to $12.47 billion from $11.52 billion last year, reflecting gains in its cable-television and networks divisions. Time Warner’s financial results exceeded the average estimates for earnings of 22 cents a share on revenue of $12.46 billion. Looking ahead, Time Warner said it expects 2007 earnings of $1 a share.
SanDisk Falls 9%
10:14 AM EST January 31 2007
U.S. stocks opened mixed on Wednesday, with blue-chip stocks led higher by Boeing Co. The aerospace giant rose 4.5% after it said Q4 profit doubled on 26% revenue increase and boosted its outlook. SanDisk weighed on the Nasdaq with a decline of 9%, as it swung to a Q4 loss from a year ago, hurt by acquisition-related charges. The company reported a net loss of 17 cents a share, compared with net income of 68 cents last year. It said sales surged 55%, but released a soft sales forecast.
Boeing Profit Doubles
11:07 AM EST January 31 2007
The three major market averages were mixed in early trading hours, awaiting the Fed Reserve’s interest-rate decision. The Dow traded higher largely due to a significant advance by shares of Boeing. The aerospace giant rose 4.5% after reporting better-than-expected Q4 earnings. The company also raised its 2007 earnings guidance to between $4.55 and $4.75 per share. The tech-heavy Nasdaq moved to the downside due to weakness among technology stocks amid disappointing quarterly results.
Altria to Spin off Kraft
11:37 AM EST January 31 2007
Altria will distribute the 89% of the company it owns to its shareholders on March 30. Each Altria shareholder will get 0.7% of a share of Kraft for each share of Altria they own as of March 16, and they will receive cash in lieu of fractional shares for amounts of less than one Kraft share with an exact distribution ratio to be determined later. Kraft Foods slipped 1.7%.
Tech Shares Pressure Europe
3:04 PM EST January 31 2007
European stocks finished lower on Wednesday, reflecting cautiousness ahead of a U.S. interest rate decision, weakness in the technology sector and losses for car makers after a jump in oil prices. Chipmaker Infineon Technologies shed 1.8%, STMicroelectronics dipped 0.8%. Shares in Peugeot fell 2.4% and DaimlerChrysler AG slipped 1.7%. The U.K. FTSE 100 fell 0.6%, the French CAC 40 declined 0.7%, while the German DAX 30 ended flat at 6,789.11.

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

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