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Market Update : 
Boeing, NY Times Top Estimates
Author: Elena Todorova
123jump.com
Last Update: 10:12 AM EDT July 25 2007

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Wall Street opened in the positive territory, boosted by robust earnings from Boeing Co. and Amazon.com. The Dow gained 81 points in the early going, reversing from the steep drop of over 200 points in the previous session. The blue-chip average was led higher by 3.5% advance in the shares of Boeing. It swung to a Q2 profit of $1.1 billion from a loss of $160 million, due to growth in its commercial airplane business. NY Times added 0.9% after posting better-than-expected earnings.

 
Shipping companies closed higher after facing a sell-off in the morning trading. Kawasaki Kisen Kaisha closed up 2.7% followed by 1.4% gain in Mitsui O.S.K. Lines, and 1.3% in Nippon Yusen K.K.

Victor Company of Japan, popularly known as JVC, unit of Matushita declined 10% on the news that the company has agreed to acquire Kenwood. The worries of earnings dilution hurt the stock.

Lower oil dragged oil trading and refining companies at close. The refiner, Nippon Mining Holdings dropped 2.8% and Nippon oil fell 4%. Inpex, the largest oil explorer edged 3.2% lower.
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