Crude oil prices hovered over $61 a barrel after the IEA predicted recovery in global oil demand next year. Light sweet crude for January delivery gained 7 cents to $61.37 a barrel on the Nymex. Natural gas climbed 54 cents to $15.378 per 1,000 cubic feet. London Brent futures fell 9 cents to $59.35.

Gold prices declined for the first time in eight sessions ahead of Fed Reserve meeting. Gold in London closed at $524.30 per troy ounce, down from $536. In Zurich the precious metal fell to $522.95 from $583.03. In Hong Kong gold dropped $12.25 to close at $522.90. Silver closed at $8.59 from $9.07. In New York gold fell $7.40 at close to $524.10 per ounce and silver fell 29.70 cents to $8.585.

The U.S. dollar advanced against other major currencies. In European trading the euro was quoted at $1.1930, down from $1.1980. The dollar bought 120.12 yen, up from 119.75. The British pound stood at $1.7705, down from $1.7749.

EARNINGS NEWS

Lehman Brothers (LEH: chart), investment banking services provider, reported a Q4 net profit of $2.76 a share, up from $1.96 a share in the year-ago period on 28% increase in revenue, topping analysts’ expectations of $2.64 a share. Lehman Brothers generated revenue of $3.7 billion vs. $2.9 billion in the fourth quarter of 2004. Banking revenue increased 34% to a record $817 million. Analysts polled by Thomson First Call expected per-share earnings of on revenue of $3.6 billion.

Best Buy Co Inc. (BBY: chart), consumer electronics retailer, posted Q3 earnings of 28 cents a share, up from 25 cents a share in the year-ago period on 10% revenue growth and 3.3% same store sales increase, missing analyst estimate of 30 cents a share.

Engineered Support Systems Inc., (EASI: chart), provider of military electronics products and logistics services, reported Q4 earnings from continuing operations of 55 cents a share, up from a year-ago equivalent profit of 51 cents a share in the same period last year on 2% revenue growth, missing analyst estimate by a penny.

Tupperware Brands (TUP: chart), food storage producer, predicted a 2005 sales rise of 6% to 7%, and earnings of $1.02 to $1.07 a share. If not for items, the company expects earnings of $1.45 to $1.50 a share, in line with analyst expectations of earnings a share of $1.49. For 2006 it forecasts sales of $1.75 billion to $1.8 billion, including a $35 million item related to foreign currency, and earnings of $1.41 to $1.51 a share, including foreign currency.

Cendant Corp (CD: chart), travel & real estate services provider, warned that Q4 earnings from continuing operations are estimated at 23 cents a share, at the low end of a 23 cent to 26 cents a share range, on continuing challenges at its travel distribution services business. The company stated it believes issues at its international online operations will be addressed by the actions it is takings.

Isonics (ISON: chart), materials company, announced a revenue growth in its semiconductor division of 50% sequentially. More than 90% of the rise is attributable to sales of 300 million silicon wafers. Isonics' previous expectation was that revenue would go up 25% sequentially in the quarter. The company noted that, while revenue is advancing, its silicon wafer business is still not profitable.

CIT Group, Inc. (CIT: chart), financial services company, announced that it is restating 2005 financial results on a technical interpretation of the derivative accounting rules. Earnings for the Q3 came at $1.02, down vs. $1.06 a share in the same period last year. The group stated it did not qualify for hedge accounting.