Wal-Mart (WMT: chart), the world''s largest retailer, posted a modest 2.2% increase rise in same-store sales, beating the 1.8% estimate. Limited Brands (LTD: chart) reported an 11% gain in same-store sales, beating the 7.8% forecast. American Eagle Outfitters (AEOS: chart) reported a 17% increase in same-store sales, above the 10.9% forecast. Federated Department Stores Inc. (FD: chart) said January same-store sales rose 8.6%, beating forecast of 4.6%. Total sales rose 19% to $1.78 billion. The retailer projected Q4 net income of $1.55 a share to $1.60 share, higher than its earlier forecast of $1.40 to $1.50 a share. BJs Wholesale Club Inc. (BJ: chart) said January same-store sales rose 3.5%, beating forecast of 1.5% increase. Total sales increased by 8.5% to $724.2 million. Wet Seal (WTSLA: chart) reported a 3.6% gain in same-store sales, above the 2.2% estimate.

The Gap Inc. ((GPS), apparel retailer, announced flat January same-store, exceeding estimates of a decline of 7.7% for the month. Net sales rose to $1.19 billion from $955 million in the same period a year earlier. Looking ahead, the company said it expects earnings of 89 to 91 cents a share for 2006. Hot Topic Inc. (HOTT: chart), teen retailer, said that its same-store sales dropped 6.6%, slightly above the 6.1% projection.

Among companies releasing lower-than-anticipated results, Costco Wholesale Corp., (COST: chart), warehouse retailer, said that January same-store sales rose 2%, missing estimates of 3% increase. Monthly total sales climbed 7%. Bebe (BEBE: chart) posted a modest 0.8% gain in same-store sales, below the 1.9% previuosly expected.

Abercrombie & Fitch (ANF: chart), clothing retailer, reported January same-store sales drop of 6%, coming in below expectations of a drop of 1.9%. Net sales rose 37% to $252.3 million. The retailer said sales in its fiscal 2006 rose 19% to $3.32 billion from $2.79 billion.


8:00AM Asian stocks finish flat Thursday with Japan unchanged on profit-taking.
Asian markets ended flat on Thursday. In Japan, Nikkei 225 ended almost unchanged, down 0.1%, at 17,292.48. Tokyo Electric Power Co fell 5.6%, while Kansai Electric Power declined 3.4%. Japanese technology shares advanced on the strong earnings from Cisco Systems, which gained 3% overnight in US. NTT DoCoMo, the largest mobile-phone operator in Japan, rose 4.4%, while shares of KDDI advanced 1.8%. KDDI gained after Merrill Lynch updated its target price on strong subscriber growth. Canon also added 0.8%.

Australia S&P/ASX 200 closed flat at 5899.50. BHP Billiton and Woodside Petroleum both declined weighing on the resources sector after crude oil and other industrial commodities declined in New York. In Australian trading, BHP shed 2%, while Woodside Petroleum was down 1.1%. Hong Kong Hang Seng Index bucked the downtrend and edged 0.3% higher to 20,735.05. Shanghai Composite in China closed also up 0.8% at 2,737.73. However, other major indexes declined including Singapore Straits Times Index down 0.9% to 3,217.76, Taiwan Weighted Price Index off 0.1% to 7,842.22 and Kospi in South Korea 0.2% lower to 1,423.58. The yen lost against the dollar on fading expectations that the Group of Seven finance ministers will take steps to stop the decline of the currency at the summit that starts this Friday.


7:00AM NY-6:00PM Mumbai Sensex inches higher in volatile trade.
The Sensex on BSE finished 8.96 points, or 0.06% higher, at 14,652.09. The market-breadth was negative as there were three decliners for every two advancers. For 1,613 shares that declined on BSE, 1,043 advanced and 59 shares were unchanged. Of the 30 stocks in the Sensex, 17 advanced, while the rest declined. The turnover on BSE was Rs 4,466, lower than Rs 4,641 crore on Wednesday. On NSE, the turnover was Rs 9,581.76 crore, also lower than Rs 10,333.92 crore on Wednesday.

Economic news

The Reserve Bank of India said that it requires more time to study the new growth estimate for fiscal 2006 by the government. The bank still hopes that inflation will be in its target range, deputy governor Rakesh Mohan said on Thursday. Mohan also stated that the RBI was maintaining its inflation target rate of between 5.0% and 5.5% at the end of the financial year.

The government has approved the purchase of a large number of fighters and other aircraft over the next few years, including 40 Sukhoi-30 fighters from Russia. The government has also approved a project aimed at satisfying the uranium fuel requirements of the Indian nuclear-power program. The cabinet has decided to give over Rs 13 crores for land acquisition.

The government of India is targeting to privatize three power plants and raise Rs 1,500 crore in the next fiscal year.

Trading highlights

Recently listed Global Broadcasting was the most-active stocks with a turnover of Rs 641.50 crore followed by Shree Ashtavinayak and Auto Industries.

Advancers

Reliance Energy led the gainers, rising 1.7% to Rs 568.05. The company secured an engineering, procurement and construction contract worth Rs 3,800 crore for a 1,200 Megawatt coal-fired power plant at Yamuna Nagar, Haryana. Another strong performer was ICICI Bank advancing 1.4% to Rs 996, after the bank on Tuesday announced it had lifted the reference rate by 1% for corporate loans and home loans.

Car maker Maruti Udyog finished 1.5% higher at Rs 965 and Reliance Communications advanced 1% to Rs 490.50. The deadline for bidders for Hutchisson Essar to submit their offers is tomorrow. Index heavy Reliance Industries edged 0.1% higher to Rs 1,395.90, after dipping to a low of Rs 1,384.

Decliners

Hindalco Industries led the decliners, plunging 3.7% to Rs 175.20. The stock had declined from a high of Rs 184. Bajaj Auto shed 2.6% to Rs 3,000, on profit-taking, after soaring almost 10% on Wednesday. IT large-cap Satyam Computer Services declined 1.1% to Rs 485. It had confirmed plans to open up its largest Global Delivery Campus outside India in Nanjing, in eastern China. Bharti Airtel was also down 1.1% to Rs 765.25, Hindustan Lever shed 1.4% to Rs 204.55 and Wipro lost 1% to Rs 635.