Lazard Ltd, (LAZ: chart), financial advisory services provider, reported Q1 adjusted net income advanced 68% to 51 cents a share, from 31 cents a share in the year-earlier period. Operating revenue rose 32% on financial advisory and asset management business growth. The company''s income from continuing operations declined 75.5%, reflecting differences in reporting payments for services rendered by managing directors, tax provisions and minority interest expense. The company beat analysts’ forecasts for earnings of 47 cents a share.

Western Gas Resources, (WGR: chart), natural gas company, reported Q1 earnings of 81 cents a share, up from a profit of 26 cents a share a year-ago on revenue growth, topping analyst estimate for a profit of 74 cents a share.

Kos Pharmaceuticals, (KOSP: chart), pharmaceutical company, reversed to a loss of 6 cents a share in Q1, hurt by inventory management agreements and stock option expenses despite 11% revenue growth. If not for those agreements and expenses, it would have earned 28 cents a share, still short of the 62 cents a share earned in the year-earlier period. The company missed analysts’ expectations for a loss of 4 cents a share.

Watson Pharmaceuticals Inc, (WPI: chart), generic drug maker, reported that its Q1 net income dropped to 23 cents a share, from 32 cents a share in the year-ago period despite 2% net revenue growth, helped by higher generic product sales, but offset by lower brand product sales. The company missed analysts’ forecasts for earnings of 32 cents a share.


8:15AM European markets gained ground at mid-day.
European markets advanced at mid-day, lifted by gains in the telecommunications and automotive sectors which helped offset weakness among technology stocks. Shares of Vodafone Group rose 3.2% on a report that U.S. Verizon Communications offered to buy out Vodafone''s 45% stake in Verizon Wireless for $38 B. Automakers Renault and BMW rose each 3%, following a brokerage upgrade on General Motors. Among tech stocks, microchip maker Infineon Technologies and STMicroelectronics declined after computer giant Dell cut its profit outlook. Merger-and-acquisition deals provided some support with steelmaker Arcelor rising 2.3% on speculations that Mittal will raise its offer.. The German DAX 30 added 0.2%, the French CAC 40 rose 0.4%, and London FTSE 100 climbed 0.6%.


7:45AM Asia closed largely lower. China Shanghai Composite surged.
Asian-Pacific benchmarks finished broadly lower, reflecting currency jitters, profit taking and cautiousness ahead of U.S. Fed Reserve’s decision on interest rates Wednesday. However, China Shanghai Composite jumped 2.3%, extending Monday’s rally on improved demand for Chinese shares. Brokerage Citic Securities rose by the 10% daily limit on news that it plans to issue 500 million new shares to Chinese institutional investors. Across the region, the Nikkei slipped 0.6% to 17,190.90 as weaker dollar weighed on exporter issues, threatening to hurt overseas earnings. Export-related high-tech component maker Kyocera fell 2.3%, followed by optics and electronics giant Canon, which dropped 1.4%. In currency markets the dollar bought 111.65 yen. Hong Kong’s Hang Seng slid 1%, dragged down by real-estate issues and energy stocks. Taiwan weighted index slipped 1.1%, Singapore Straits Times lost 1.1%, while Australia’s All Ordinaries inched up 0.05%, helped by the country’s top logistics firm, Toll Holdings, up 6.42%.