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Market Update : 
Costco Profit Meets Estimates
Author: Elena Todorova
123jump.com
Last Update: 11:05 AM EDT May 31 2007

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On the earnings news front, discount retailer Costco Wholesale added 0.6% after it posted Q3 profit drop of 4.9%, which came in line with estimates. Jewelry seller Tiffany & Co. rose 1% after reporting a 15% rise in Q1 profit, indicating that consumer demand for big-ticket items remains strong. Retailer Sears Holdings reported 20% quarterly earnings increase, but said its U.S store sales decreased. Shares of Sears fell 2.2%.

 
The U.S. dollar was virtually unchanged against the euro on Thursday. The euro fetched $1.3437 in early European trading, up from the $1.3436 it bought in New York late Wednesday. The British pound dipped to $1.9744 from $1.9761. The dollar advanced to 121.62 Japanese yen from 121.58 yen on Wednesday.
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