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Market Update : 
AIG Loss Drags Averages; Crude Reaches $125
Author: 123jump.com Staff
123jump.com
Last Update: 10:21 AM EDT May 09 2008


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U.S. stocks fell in the morning trading after AIG reported a large loss and a plan to raise $12.5 billion. AG took a pre-tax charge of $9.5 billion in the quarter on credit market related losses. Crude oil surged to another record high and traded above $125 a barrel. March trade deficit fell to $58.2 billion as imports of oil and automobiles declined. But, deficit for the first quarter remained at elevated level. AIG stock traded near its 10-year low.

 
iPass Inc stock (IPAS: chart) fell 45 cents to $2.11.

Liberty Media Corporation, cable channel operator said first quarter revenues increased 5% to $1.7 billion from $1.6 billion a year ago. Net income in the quarter increased 27.2% to $125 million or 21 cents per diluted share compared to net income of $91 million or 14 cents per share, a year ago.

Liberty Media Corporation stock (LINTA: chart) fell 3 cents to $15.06.

Local.com Corporation, an Internet based paid-search advertising services provider said first quarter revenues increased 45% to $8.8 million from $4.8 million a year ago. Net loss in the quarter was $2.7 million or 19 cents per diluted share compared to net loss of $3.0 million or 33 cents per share, a year ago.

Local.com Corporation stock (LOCM: chart) fell 34 cents to $4.56.

MoneyGram International, Inc, money transfer company said first quarter revenues increased 23% to $262.8 million from $213.1 million a year ago. Net loss in the quarter was $0.4 million or 4.40 cents per diluted share compared to net income of $29.8 million or 35 cents per share, a year ago.

MoneyGram International, Inc stock (MGI: chart) fell 15 cents to $1.88.

Six Flags, Inc, regional theme parks operator said first quarter revenues increased 35% to $68.2 million from $50.7 million a year ago. Net income in the quarter was $149.9 million or 1.62 cents per diluted share compared to net loss of $170.6 million or 1.86 cents per share, a year ago.

Six Flags, Inc stock (SIX: chart) fell 2 cents to $2.22.

Steinway Musical Instruments, Inc, a musical instrument maker said first quarter net sales increased 0.8% to $94.1 million from $93.4 million a year ago. Net income in the quarter increased 27.59% to $1.9 million or 23 cents per diluted share compared to net income of $1.4 million or 17 cents per share, a year ago.

Steinway Musical Instruments, Inc stock (LVB: chart) fell $1.43 to $27.37.

The Knot, Inc, an online wedding planner said first quarter revenues increased 13% to $23.8 million from $21.0 million a year ago. Net income in the quarter declined 63% to $0.6 million or 2 cents per diluted share compared to net income of $1.6 million or 5 cents per share, a year ago.

The Knot, Inc stock (KNOT: chart) fell $1.42 to $10.24.

U.S Auto Parts Network, Inc, an online provider of aftermarket auto parts said first quarter net sales increased 8.5% to $40.0 million from $43.7 million a year ago. Net loss in the quarter was $0.9 million or 3 cents per diluted share compared to net income of $0.2 million or 1 cent per share, a year ago.

U.S Auto Parts Network, Inc stock (PRTS: chart) was unchanged at $3.20.

World Fuel Services Corporation, engaged land fuel products and related services on a worldwide basis said first quarter revenues increased 66% to $4.49 billion from $2.70 billion a year ago. Net income in the quarter increased 6% to $15.8 million or 55 cents per diluted share compared to net income of $14.8 million or 51 cents per share, a year ago.

World Fuel Services Corporation stock (INT: chart) rose $2.36 to $27.88.

Asian markets review

In Tokyo Nikkei 225 Index closed lower 287.92 or 2.06% to 13,655.34, in Hong Kong Hang Seng index decreased 386.62 or 1.52% closed to 25,063.17. In Australia ASX 200 index higher 48.60 or 0.85% to close 5,771.80. In Malaysia KL Composite index increased 4.92 or 0.38% closed to 1,285.27.

In South Korea Kospi Index decreased 24.30 or 1.31% to close at 1,823.70, in Thailand SET index closed lower 3.46 or 0.41% to 846.71 and Indonesia JSE Index edged decreased 1.91 or 0.08% to 2,375.03. Sensex index in India decreased 343.58 or 2.01% to 16,737.07.
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