Analog Devices Inc. (ADI: chart), said that its first-quarter income increased 27% as revenue climbed 6%, and the company projected 'good growth' in its second-quarter. ADI shares, which have traded between $26.07 and $39.81 over the last 52 weeks, shot up 10% on the New York Stock Exchange. The news helped boost shares of other analog chip makers.

Bruker BioSciences Corp. (BRKR: chart), shares climbed over 10% and hit a 52-week high after the life science systems manufacturer posted better-than-expected quarterly results. Earnings for the quarter rose to 9 cents per share from 5 cents per share in the year-ago-quarter. Revenue rose 27% to $135.6 million versus $106.8 million in the same quarter a year earlier.

Friedman, Billings, Ramsey Group, Inc. (FBR: chart), investment bank and brokerage, reported a turn back to profit in the fourth quarter. Friedman, Billings earned $3.8 million, or 2 cents per share, reversing a loss of $271.6 million, or $1.60 per share, in the year-ago period. Revenue reached $176 million, against negative revenue of $114 million due to an investment loss in the same quarter of 2005. Shares were up 11.6%.

General Maritime Corp. (GMR: chart), which owns a fleet of midsize tankers, said its fourth-quarter profit tumbled on lower spot charter rates and a smaller fleet. General Maritime earned $22.4 million, or 71 cents per share, compared with $104.6 million, or $2.78 per share, for the same quarter in 2005. But revenue topped Wall Street predictions, sending General Maritime shares up 7.7%.

Hardinge Inc. (HDNG: chart), producer of advanced material-cutting solutions, said that its fourth-quarter net income increased to $6.24 million, or 71 cents per share, compared with $1.88 million, or 21 cents per share, in the year-ago period. Revenue jumped 19% to $93.4 million against $78.5 million in the same period a year earlier. Shares climbed 20%.

Industrial Distribution Group Inc. (IDGR: chart), a maker and distributor of cutting tools and abrasives, said that its fourth-quarter net income rose 33% to $1.9 million, or 20 cents per share, compared with $1.5 million, or 15 cents per share, a year earlier. Sales climbed 1% to $131.6 million. Gross margins came in at 23% compared to 22.4% in the year-ago period. Shares of the company climbed 10.9%.

Moscow CableCom Corp. (MOCC: chart) and Renova Media Enterprises Ltd. said Renova agreed to buy the remaining Moscow CableCom shares it does not currently own for $12.90 a share. Shares went up 9.7%.

Tronox Inc. (TRX: chart), titanium dioxide pigment producer, said that its fourth-quarter net earnings increased to $7.6 million, or 19 cents per share compared with $6.2 million, or 15 cents per share, in the year-ago period. Income from continuing operations fell to $7.8 million, or 19 cents per share, from $12 million, or 30 cents per share, last year. Revenue declined to $326.3 million versus $346.5 million in the year-ago period. Shares climbed 12.9%.

ValueClick Inc. (VCLK: chart) shares surged 9% after the online marketing service provider posted stronger-than-expected fourth-quarter profit, showing companies have reignited spending on Internet advertising. The company said that its fourth-quarter profit leaped 56% and sales handily topped analysts'' estimates.

EMC Insurance Group Inc. (EMCI: chart), reported fourth-quarter net income fell 40% on 2.7% lower revenue. Earnings were $11.5 million, or 84 cents per share, against $19 million, or $1.40, in the year-earlier period. Revenue declined to $114.8 million versus $118 million in the same period a year earlier. Investment income increased 8.3%to $11.9 million. Shares declined 6.5%.

ICT Group Inc. (ICTG: chart), provider of back-office functions such as technical support, said that its fourth-quarter net income increased to $5.1 million, or 32 cents per share, compared with $4 million, or 30 cents per share, earned in the last three months of 2005. Quarterly revenue reached $117.2 million against the prior year''s $110.4 million. Shares went down 9.2%.

K-Swiss Inc. (KSWS: chart), footwear maker, said that its fourth-quarter net earnings declined to $10.7 million, or 30 cents per share, compared with $11.6 million, or 33 cents per share, in the year-ago period. Revenue climbed 1.7% to $93.8 million versus $92.3 million in the same period a year earlier. Shares declined 12.7%.

Oceaneering International Inc. (OII: chart), which offers underwater drilling support and other offshore services for the oil and gas industry, said that its fourth-quarter net earnings increased to $29.8 million, or 54 cents per share compared with $19.7 million, or 36 cents per share, last year. Revenue advanced to $342.4 million versus $288.7 million in the same period a year earlier. Shares decreased 3.4%.

1:00PM European markets gained ground, helped by BASF and Nestle.
European stocks gained ground on Thursday, boosted by gains for mining and chemical stocks. Upbeat financial results from Nestle also lifted sentiment. Chemical stocks were led higher by 5.4% gain for BASF. The company’s shares hit a 10-year high of 80.54 euros after the company announced record earnings for 2006. BASF also predicted higher sales in 2007 than 2006 and raised its dividend by 50%. It also announced plans to repurchase shares worth 3 billion euros during 2007 and 2008. Swiss food and beverage giant Nestle gained 1.9% as the company reported better-than-forecast 2006 profit, with sales up 8%. Among other stocks in focus, German insurer Allianz rose 4.1% after posting a stronger-than-forecast rise in Q4 profit. The French insurer Peer Axa advanced 1.7% after reporting an 18% earnings rise for 2006. And shares of U.K. defense group BAE Systems advanced 4.3% on higher 2006 profit. The U.K.''s FTSE rose 0.4% to 6,380.90, the German DAX 30 rose 0.5% to 6,973.73 and the French CAC-40 index climbed 0.2% to 5,707.86. The Italian stock market S&P/MIB index rose 0.4% to 42,456.00 after Romano Prodi resigned as premier late Wednesday after losing a Senate vote on foreign policy.

Crude oil prices jumped over $61 on a report showing an unexpected drop in gasoline and heating oil inventories. Light, sweet crude rose $1.15 to $61.22. The U.S. dollar extended gains against its major currency rivals. The euro was quoted at $1.3109, down from $1.3143. The dollar bought 121.40 yen, up from 120.88. The British pound was quoted at $1.9523, down from $1.9545. European gold prices rose. In London gold traded at $677.20 per troy ounce, up from $664.80. In Zurich, the precious metal traded at $675.80, up from $659.80. Silver rose to $14.23 from $13.92.


11:30AM U.S. stock averages turned mixed on IAEA report on Iran.
U.S. stocks erased earlier gains to turn lower in late morning trading. News that Iran refused to suspend its uranium enrichment program hurt market sentiment, offsetting a strong rally in the tech sector. A U.S. government report that showed a bigger-than-expected drop in gasoline and heating oil inventories also weighed. Earlier in the session, a rally in the semiconductor sector spearheaded by Analog Devices helped drive the Nasdaq to six-year highs. Analog Devices (ADI: chart) continued to trade higher by 10% on the back of an optimistic outlook about improving business conditions. National Semiconductor (NSM: chart) rose 7% after Morgan Stanley raised its rating on the stock to overweight from equal weight on expectations of improved earnings in the future. However, shares of tech giants Apple (AAPL: chart) and Cisco (CSCO: chart) declined.

The blue-chip stocks were dragged down by Hewlett-Packard (HPQ: chart), down 1.7%, General Motors (GM: chart), also falling 1.7%, and IBM (IBM: chart), losing 1.1%. Housing and retail stocks also moved lower in late morning trading. In the retail sector, shares of J.C. Penney (JCP: chart) dropped 3.5% on 13% profit drop, Abercombie & Fitch (ANF: chart) fell 2% on warning that its earnings will be pressured in the second half of the year. Toll Bros (TOL: chart) was another notable decliner, falling 1.5% on a huge drop in its quarterly profit. In late morning trading, the Dow Jones industrial average fell 54.23, or 0.43%, to 12,684.18. The Standard & Poor''s 500 index was down 5.01, or 0.34%, at 1,452.62. The Nasdaq dropped 5.34, or 0.21%, to 2,513.08.

Crude oil inventories advanced.
Government data released Thursday showed that crude oil inventories climbed in the most recent week, reversing declines recorded in the previous couple weeks. Meanwhile, gasoline and distillate stockpiles continued to slide. The Department of Energy''s Energy Information Administration said that crude oil inventories rose 3.7 million barrels in the week ended February 16. Specifically, the measure climbed to 327.6 million barrels from the previous week''s level of 323.9 million barrels. This followed a decline of 600,000 barrels in the previous week and a slide of 400,000 barrels in the week before that. Oil inventories for the week were 1.7% below last year''s level. Meanwhile, gasoline inventories showed a week-over-week decline of 3.1 million barrels. This added to a decline of 2 million barrels that took place in the previous week. The level of gasoline inventories was 0.8% below last year. Distillate fuel oil had an inventory decline during the week ended February 16 as well. Stockpiles of these products, including heating oil, slipped by 5 million barrels. This added to recent declines, with a draw down of 3 million barrels taking place in the previous week.