European markets rebounded from early losses and closed mixed, supported by Swiss banking giant USB and British media group Pearson. The German DAX 30 declined 0.1% on news that another election will be held next March, while the French CAC 40 gained 0.1%, and London’s FTSE 100 climbed 0.5 %.

ENERGY, METALS, CURRENCIES

Crude oil futures further declined below $60 a barrel on broad-based selling of oil stocks, caused by warmer weather forecasts. U.S. light sweet crude December delivery fell 15 cents and recovered to $59.85 up 9 cents on the Nymex. Heating oil slipped to $1.8050 a gallon, while gasoline slightly rose to $1.6036. London Brent lost 27 cents to $58.37 on London’s ICE Futures Exchange.

Gold futures declined in Europe. In London gold closed at $459.60 bid per troy ounce, down from $465.40. In Zurich the precious metal traded at $459.40, down from $465.60. In Hong Kong gold prices fell $6.30 to close at $465.95. Silver closed at $7.82, up from $7.63. In New York gold closed at $460.60 down $6.30 per ounce.

The U.S. dollar kept trading in a mixed session against major currencies ahead of U.S. Fed Reserve decision on interest rate increases. The dollar rose to a two-year high against the yen, trading at 116.66, up from 116.35. The euro was quoted at $1.1992, up from $1.1984. The British pound stood at $1.7616, down from $1.7985.

EARNINGS NEWS

Colgate-Palmolive Co (CL: chart), maker of consumer products, reported a Q3 profit of 67 cents per share, up from 58 cents a share in the year-ago period on stronger sales and the benefits of a restructuring program, in line with analyst expectations of 67 cents per share.

Viacom Inc. (VIA: chart), media conglomerate, posted a Q3 net income of 45 cents per share, up from a loss of 28 cents per share in the same period last year on 10% revenue growth. If not for special items, the profit of 47 cents per share tops analysts'' forecasts of 45 cents per share.
Entergy Corp (ETR: chart), electric power production company, reported Q3 net income of $1.65 a share, up vs. $1.22 a share in the year period on revenue growth and especially on higher usage of air-conditioning linked to unusually warm weather, beating analysts'' estimate of $1.58 a share. The company added that it continues to target annual earnings growth in the 5% to 6% range but that it is unable to affirm its 2005 outlook due to the impact of recent hurricanes.

Procter & Gamble (PG: chart), consumer goods retailer, reported Q3 earnings of 77 cents a share, up from 70 cents a share a year-earlier, beating analyst estimate by a penny. Sales rose 8% in Q3. The year-ago results include a gain of 3 cents a share from a unit sale. P&G envisages earnings of 66 to 69 cents a share in the December quarter, including Gillette''s operations, with sales growth of 23% to 26%.

CMS Energy (CMS: chart), energy services company, posted Q3 loss of $1.21 a share, down from a quarterly profit of 34 cents a share in the year-earlier period despite revenue growth. After breaking out a charge of $385 million for higher natural gas costs at its Midland Cogeneration plant, CMS stated earnings totaled 54 cents a share, up 11 cents a share in the year-ago period, beating on that basis analyst estimate of of 16 cents a share.

TRW Automotive Holdings Corp.(TRW: chart), automotive systems supplier, reported quarterly earnings or 10 cents a share, down from 13 cents a share in the year-earlier period despite 6.5% revenue growth, topping analysts’ forecasts of 2 cents a share. Debt rose from the previous quarter on the impact of seasonal factors. The company predicts Q4 earnings of 23-38 cents a share.

Marsh & McLennan Cos. (MMC: chart), insurance broker, announced that Q3 net income advanced to 12 cents a share, up from 4 cents a share in the same period last year. Excluding special items, earnings per share in Q3 amounted to 35 cents a share, down from 42 cents a share a year ago, missing analyst expectations of 38 cents per share.

Rowan Cos. (RDC: chart), an offshore driller, reported an almost eight-fold rise in Q3 net income to 67 cents a share, up against 9 cents a share in the year-ago period on revenue growth, beating analyst expectations of 42 cents a share. Q3 included gains on asset sales and a hurricane-related damage loss, which combined to contribute 18 cents a share. The company announced that its 97% of its offshore rigs were operational in Q3, unchanged from a year ago, and its average daily rates per rig in the Gulf of Mexico advanced 60% from Q3 last year.


Martin Marietta Materials Inc. (MLM: chart), producer of aggregates for the construction industry, reported that Q3 net income advanced to $1.65 a share, up from $1.12 a share in the same period last year on revenue growth, beating analyst estimate of $1.44 a share. The company stated that income from continuing operations rose to $1.61 a share from $1.10 a share.