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Market Update : 
Stocks Mixed on Earnings; Goods, Home Sales
Author: 123jump.com Staff
123jump.com
Last Update: 11:51 AM EDT October 25 2007


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Stocks in early trading in New York rose and then fell after weaker than expected durable goods order report for September. In the month, orders declined 1.7% and August month orders were lowered to 5.3% decline. Sony and Honda reported better than expected earnings. Aetna earnings increased 12% on 11% rise in revenue. VMware earnings tripled on revenue rise of 100%. Aegean Marine shareholders plan a secondary offering of 6.5 million shares.

 
Realty stocks advanced after Jones Lang LaSalle reported investments in the property sector grew 16% in the first half of the year. Heiwa Real Estate Company firmed 1% and Tokyo Dome climbed 3.2%.

Of the stocks in the Nikkei 225 index, Daiichi Sankyo led the declining stocks tumbling 10.29%, followed losses of 9.09% in Nippon Suisan, 8.96% in Yahoo Japan Corp, 6.70% in Sumco and 5.42% in UBE industries.

Daiichi Sankyo slumped heaviest since September 2005 after reporting in a statement that tests of the anti clotting effects of their prasugrel drug and Bristol-Myers Squibb Company’s Plavix were dropped. The drug is developed with Eli Lilly &Company. The company is currently seeking approval in the U.S. to sell the drug in the first quarter of 2009.

Yahoo Japan Corp also fell after reporting net income in the second quarter declined 4% to 13 billion yen compared to a year ago and 19.4% from the previous quarter. However, in the first half net sales rose 17.2% to 117.7 billion yen, while operating income surged 21.9% to 57.9 billion yen.

Nintendo, the maker of Wii Console games, reported today first half net profit to September 30th soared 132.4 billion from 54.3 billion yen a year earlier, boosted by increases in sales to 694.8 billion yen from 299 million yen a year ago. The company revised its annual profit outlook to 275 billion from 245 billion yen estimated in July of this year.
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