European markets finished mostly higher on strength in U.S. markets, gains from Deutsche Telecom and Credit Swisse Group. The German DAX 30 rebounded from earlier losses to close up 0.7%, London’s FTSE 100 advanced 0.3%., but the French CAC declined 0.1%.

ENERGY, METALS, CURRENCIES

Crude oil further slipped on oil inventory report, showing another increase in oil and gasoline supplies. Light sweet crude December contract fell 35 cents and recovered to loss of 10 cents to $59.75 a barrel on the Nymex at the close. Heating oil fell 2 cent to $1.78 a gallon. Gasoline declined 3 cents to $1.56291.

Gold futures closed higher in Europe. In London gold was traded at $461.75 per troy ounce, up from $459.60. In Zurich it finished at $462.80, up from $459.40. In Hong Kong the precious metal lost $4.70 to close at $461.25. Silver closed at $7.49, down from $7.82.

In European trading the U.S. dollar was mixed against its major counterparts. The euro traded at $1.2034, up from $1.2014. The dollar changed hands at 116.85 yen, up from 116.63. The British pound was trading at $1.7702, up from $1.7656.

EARNINGS NEWS

Time Warner Inc. (TWX: chart), media and entertainment company, announced that Q3 net income advanced 80% to 19 cents a share, up from 11 cents a share in the year-ago period on 6% higher revenue, beating analyst estimate of 17 cents a share. The company lifted its buyback plan by $7.5 billion. Adjusted operating profit before depreciation and amortization rose 9%, in view of the increases of 21% at networks and cable, 6.9% at the AOL Internet unit and 9.1% in publishing. Filmed entertainment dropped 30% due to difficult prior-year comparisons.

Alliant Techsystems, Inc. (ATK: chart), defense contractor announced that Q2 profit advanced 34% to $1.01 a share from the year-earlier period. Sales increased 15% on strong demand for ammunition, rocket motors and precision munitions. The company envisages fiscal-year earnings in the range of $4.48 to $4.58 a share on revenue of $3.1 billion.

Citizen Communications (CZN: chart), telecom operator, reported that it reversed to a Q3 profit of 11 cents a share, up vs. a loss of 4 cents a share in the same period last year despite a revenue decline.

Beazer Homes USA (BZH: chart), homebuilder, reported fiscal Q4 earnings of $3.61 a share, up from $1.82 a share in the year-ago period on revenue growth, topping analyst estimate of $3.11 a share. Home closings advanced 24%, new orders increased 16% and the sales value rose 25%. For fiscal 2006, the company anticipates earnings of $10.50 a share, vs. analyst expectations of $10.44.

Dean Foods (DF: chart), dairy products produce, posted Q3 net income of 67 cents a share, up from 25 cents a share in the year-earlier period, beating analyst estimate of 51 cents a share. Earnings from continuing operations amounted to 43 cents a share, up vs. 24 cents. Sales advanced to $2.65 billion from $2.58 billion. The company estimated earnings of 52-55 cents a share for Q4 and added that higher fuel costs will be in the range of $35-$40 million.

Huntsman Corp (HUN: chart), chemicals maker, posted a Q3 loss of 14 cents a share, down from a profit of 10 cents a share in the year-ago period despite revenue growth, missing analyst forecasts of a profit of 28 cents a share. On a continuing operations basis, the company gained 35 cents a share, up slightly from a profit of 33 cents a share a year-ago.

Playboy Enterprises (PLA: chart), magazine publisher, posted Q3 earnings of 10 cents a share, up from a profit of 6 cents a share in the same period last year on revenue growth and a significant decline in interest expense following the refinancing of its debt. The company missed analysts’ forecasts for a profit of 11 cents a share.

Devon Energy Corp, (DVN: chart), an oil and gas producer, reported Q3 net income of $1.63 a share, up from $1.06 a share in the year-ago period, missing the analyst estimate of $1.80 a share.The company stated that its net income incorporates special items, which reduced earnings by 24 cents a share. If not for the items, Devon would have gained $1.87 a share.

Omnicare Inc, (OCR: chart), pharmaceutical producer, posted Q3 net income of 54 cents a share, up from 52 cents a share in the year-earlier period on revenue growth, missing analyst expectations of 64 cents a share. Adjusted earnings amounted to 64 cents, up from 57 cents in the prior year period.

Inverness Medical Innovations Inc, (IMA: chart), maker of diagnostic products, announced that its Q3 loss widened to 25 cents a share, from 14 cents in the same period last year despite revenue growth. On an adjusted basis, the company reported a loss of 11 cents, down vs. a loss of 6 cents.