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Market Update : 
Applied Materials Misses Estimate
Author: Elena Todorova
123jump.com
Last Update: 11:52 AM EST November 16 2006

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Sears Holdings said that Q3 profits more than tripled, boosted by $101 million in investment income and cost-cutting. Earnings jumped to $1.27 per share, up from 35 cents per share a year earlier, beating analyst expectations of 98 cents. However, company’s sales continued to decline. Revenues dropped to $11.9 billion from $12.2 billion. Same-store sales fell 4.8% at Sears stores. Company’s shares dropped 4.6% in morning trading.

 
Light sweet crude oil for December delivery dropped 2 cents to $58.74 a barrel in electronic trading on the NYME. Gold opened Thursday at a bid price of $623.20 a troy ounce, up from $620.00 late Wednesday.

Currencies

The euro on Thursday slipped slightly against the dollar after U.S. Federal Reserve Bank minutes showed that it remained committed to curbing inflation by hiking interest rates. The euro bought $1.2806 in late morning European trading, compared with $1.2823 in New York late Wednesday. The British pound slipped to $1.8875 from $1.8892. The dollar was steady at 118.05 Japanese yen, the same level it was late Wednesday.
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