4:30PM NY; 10:30PM Frankfurt; 2:30AM Mumbai - GLOBAL MARKETS

Shanghai decline again spread to other markets but limited to Asia. U.S. market reacted a little to a barrage of earnings from banks, brokers and industrial companies. European markets closed lower. Oil and gold fell. Nokia’s net income dropped 6.6%. China reported 11.1% economic growth in the first quarter and inflation for the quarter was 2.7%.

Yield on 10-year bond closed at 4.670% and the 30-year bond closed at 4.842%.

Gold lost $5.000 to close at $688.300 a troy ounce, silver decreased 24 cents to end at $13.735 a troy ounce and copper declined $68.000 to close at $8022.000 per metric ton.

Oil declined $1.300 to close at $61.830 a barrel and heating oil lost 0.080 cents to finish at 180.580 cents a gallon. Natural gas decreased 0.5 cents to close at $7.492 per MMBtu. Gasoline went up 0.550 cents to end at 208.880 cents a gallon.

Asian markets closed sharply lower and threatened to undercut prices in Europe and the U.S. as well. The decliners were led by Singapore with a decrease of 3.21%, Hong Kong with a decline of 2.30% and Indonesia with a loss of 2.11%. There were no advancers. Australia lost 1.07%.

European markets finished lower hurt by mining sector, overshadowing positive margin news from mobile phone giant Nokia and hopes for pharmaceutical-sector earnings. The decliners were led by Italy with a decline of 0.72%, Belgium with a decline of 0.58% and Germany with a loss of 0.54%. There were no advancers.

Latin America markets finished mostly lower. The decliners were led by Argentina with a decrease of 0.80% and Brazil with a loss of 0.32%. The only advancer was Mexico with a gain of 0.12%. Canada lost 0.89% led by a drop in the materials sector and energy group.

2:30PM NY, U.S. Market Movers

AptarGroup Inc. (ATR: chart), dispenser maker, said that its first-quarter net earnings increased 49% to $29.6 million, or 82 cents per share, compared with $19.8 million, or 55 cents per share, in the year-ago period. Revenue jumped 20% to $449.8 million versus $375.5 million a year ago. Shares of the company climbed 8.7%.

Arena Pharmaceuticals Inc.''s (ARNA: chart), developer of treatments for obesity, cardiovascular and inflammatory diseases, said that its first-quarter loss widened, due in part to costs related to the Phase III lorcaserin Bloom trial. The first quarter of 2006 also included a $5 million milestone payment under its collaboration with Ortho-McNeil Pharmaceutical Inc. The company reported a first-quarter loss of $31.4 million, or 53 cents per share, compared with a loss of $12.7 million, or 30 cents per share, a year earlier. Revenue fell 60% to $4.91 million versus $12.1 million a year earlier. Shares jumped 11.9%.

Cooper Industries Ltd. (CBE: chart), maker of electrical products and tools, reported stronger-than-expected quarterly profit, citing strong demand from utilities and solid sales in the industrial, energy and nonresidential construction markets. Cooper also raised its full-year profit forecast and its shares rose as much as 6% to a record high. Earnings rose 22% to $131.9 million, or 71 cents per share, from $107.7 million, or 57 cents per share, a year earlier. Revenue rose 12% to $1.39 billion, also ahead of estimates. Shares climbed 5.1%.

Intersil Corp.''s (ISIL: chart), semiconductor maker, said that its first-quarter net income declined 2% to $33.1 million, or 24 cents per share, from a year-earlier profit of $32.4 million, or 22 cents per share. Revenue declined about 6% to $167.7 million in the latest quarter from $178.9 million a year earlier. Shares climbed 8.3%.

Playtex Products (PYX: chart), which makes Banana Boat sunscreen, said it has acquired the owner of the Hawaiian Tropic sun care line, Tiki Hut Holding Co. Inc., expanding its sun care lineup just ahead of the important U.S. summer selling season.

PokerTek (PTEK: chart) shares gained 18.3% after the company signed a multi-year agreement with Harrah''s Entertainment (HET: chart) to be the exclusive provider for live, player-banked automated poker tables. Financial terms of the agreement, which calls for Harrah''s to install PokerTek PokerPro tables at its casinos, weren''t disclosed.

PPG Industries Inc.''s (PPG: chart) shares climbed 5.6% after the company said that its first-quarter earnings rose to $194 million, or $1.17 per share, compared with $184 million, or $1.11 per share, a year earlier, as higher sales at the company''s coatings and optical segments offset declines in its commodity chemical and glass businesses. Net sales climbed to $2.92 billion against $2.64 billion a year earlier.

Avici Systems Inc. (AVCI: chart) shares fell 30.2% after the company reported first-quarter net earnings of $6 million, or 42 cents per share compared with the same period a year ago when the company posted a net loss of $5.32 million, or 41 cents per share. Excluding restructuring charges, among other items, earnings were $6.6 million, or 46 cents per share compared with $2 million, or 15 cents per share, last year. Revenue fell to $20.5 million versus $20.9 million. Avici declared a special cash dividend of $2 per share, or about $28 million, payable on June 22 to shareholders of record as of June 11.

Imation Corp. (IMN: chart) shares rose 11.6% reported first-quarter earnings of $15.7 million, or 44 cents per share, down from a year-ago profit of $19.4 million, or 55 cents per share. The company said profits were hurt in the latest quarter by price erosion, primarily in the U.S., due to excess industry capacity of NAND flash memory as well as pricing pressure on LTO tape media due to a continued delay in the introduction of LTO 4 drives. The company also agreed to acquire the TDK brand recording media business from TDK Corp.

Power-One Inc. (PWER: chart), which makes power conversion products used in electronic equipment, said it expects to report a first-quarter loss of about 14 cents per share due to weakness in its North American business. Power-One also anticipates revenue below guidance at about $124 million. Shares plunged 14.2%.

Wesco International (WCC: chart) shares fell 6.4% after the company reported quarterly profit below analysts'' average estimate on lower-than-expected organic sales growth, hurt by lower commodity prices. The electrical construction products provider reported first-quarter net income of $48.2 million, or 93 cents a share, compared with $44.5 million, or 86 cents a share, a year earlier. The company reported net sales of $1,450.6 million for the quarter, compared with $1,265.5 million a year ago.