4:30PM NY; 10:30PM Frankfurt; 2:00AM Mumbai - GLOBAL MARKETS
Yield on 10-year bond closed at 4.747% and the 30-year bond closed at 4.919%.
Gold lost $2.500 to close at $676.900 a troy ounce, silver increased 7 cents to end at $13.810 a troy ounce and copper declined $88.000 to close at $7387.000 per metric ton.
Oil lost $2.770 to close at $61.510 a barrel and heating oil declined 4.520 cents to finish at 181.570 cents a gallon. Natural gas decreased 6.1 cents to close at $7.546 per MMBtu. Gasoline went down 3.180 cents to end at 209.700 cents a gallon.
Asian markets ended higher as Japanese exporters got a boost from U.S. economic data and the dollar''s rise against the yen. Markets in Hong Kong, Australia, New Zealand and the Philippines were closed for holidays. The advancers were led by India with a gain of 2.50%, Japan with an increase of 1.48% and Singapore with an advance of 1.62%. There were no decliners.
European markets were closed for Easter holiday.
Latin America markets finished higher pushed in part by investor enthusiasm over U.S. payroll data. Markets had been closed during the Easter holiday. The advancers were led by Mexico with an increase of 1.09%, Brazil with an advance of 0.81% and Argentina with a gain of 0.01%. There were no decliners. Canada gained 0.36% led by strength in the material and industrial groups.
2:30PM NY, U.S. Market Movers
Advanced Micro Devices (
AMD: chart) said it expects its first-quarter revenue to miss Wall Street expectations, weighed by lower prices and slumping sales, and announced plans to restructure its business model. The company pegged its quarterly revenue at about $1.23 billion, below analysts’ consensus view of $1.55 billion and shy of its prior outlook for $1.6 billion to $1.7 billion in sales which it warned in March it would likely not meet. Advanced Micro Devices also said it plans to restructure its business model to increase efficiencies and lower costs. Despite the sales projection, shares of Advanced Micro Devices climbed 5.1%.
Burlington Northern Santa Fe Corp. (
BNI: chart) shares jumped 7.3% despite warning of a hefty first-quarter charge, due to positive analyst notes on the railroad operator''s continuing operations and news of a Berkshire Hathaway Inc. investment. The company said it expects to record a charge of $80 million, or 14 cents per share, against first-quarter earnings because of environmental cleanup and technology costs.
Calamos Asset Management (
CLMS: chart) was upgraded to buy from neutral at Merrill Lynch, citing valuation. Shares of the company climbed 5.6%.
H&E Equipment Services (
HEES: chart), which rents and sells industrial machinery, shares surged 7.1% on expectations that its results will be boosted by a strong demand for its cranes and its presence in the Gulf Coast region. Bank of America''s Seth R. Weber boosted his rating for H&E to ""Buy"" from ""Neutral,"" noting the stock''s 15% decline since the start of the year. Weber said H&E''s crane segment accounts for an estimated 30 percent of its revenue.
Memory Pharmaceuticals Corp. (
MEMY: chart), drug developer, said it completed enrollment in its midstage study on MEM 1003, aimed at treating Alzheimer''s disease. The Phase IIa clinical trial involves 180 people. Results from the study are expected in the fourth quarter. Shares of the company jumped 41.7%.
Mirant Corp. (
MIR: chart) said it was considering a possible sale and other moves to boost the power provider''s value for shareholders. Its shares rose 6.9%. The energy company is currently selling its business in the Philippines, six U.S. natural gas-fired plants and its Caribbean operations. The transactions are expected to close by the year''s end.
NetLogic Microsystems Inc. (
NETL: chart), chip maker, raised its first-quarter revenue outlook slightly ahead of Wall Street''s view. The company sees quarterly sales climbing 11% to 11.5% from the $21 million in sales booked in the fourth quarter. That implies first-quarter sales of $23.3 million to $23.4 million. It originally anticipated revenue rising 8% to 10%. Shares climbed 8.8%.
Schnitzer Steel Industries Inc. (
SCHN: chart), steel recycler, posted a 35% increase in second-quarter profit as sales jumped by half on stronger volumes in its metals recycling segment. For the quarter net income rose to $28.4 million, or 93 cents per share, compared with $21.1 million, or 68 cents per share. Revenue grew 50% to $604.4 million, versus $403.3 million in the same period a year earlier.
SteelCloud Inc. (
SCLD: chart) shares surged 16.5%, after the network appliance and server marker said it won a disputed $8 million contract from the U.S. Postal Service. The U.S. Postal Service Engineering department initially selected SteelCloud in December 2006 for the multimillion dollar-contract to provide specialized servers. The contract could be worth more than $10 million, if the U.S. Postal Service exercises an option to buy more servers.
Stratagene Corp. (
STGN: chart) announced that it agreed to be acquired by Agilent Technologies for $10.94 per share, or roughly $245 million. Stratagene, which has 400 employees, will operate as a division within Santa Clara, Calif.-based Agilent''s life sciences solutions unit. Shares jumped 25.7%.
USA Technologies (
USAT: chart) said that Coke bottler Coca-Cola Bottling Co. United Inc. is installing cashless payment technology in its vending machines and credit card network MasterCard Inc. USA Technologies develops cashless payment systems. The company''s shares jumped 18.8% in wake of the announcement.
WD-40 (
WDFC: chart) said that its second-quarter earnings climbed 24% to $8.94 million, or 52 cents per share, compared with $7.23 million, or 43 cents per share, during the year-ago period. The company posted revenue of $79.3 million against $71.5 million a year ago. WD-40 said it has authorized a $35 million share buyback that expires in March 2008 and still expects fiscal 2007 per-share earnings of $1.70 to $1.85 on revenue of $307 million to $324 million. The outlook reflects the impact of the company''s move to open a direct operation in China. The results from the first year of direct operations in China are expected to reduce 2007 net income by about $1 million, or 6 cents per share. Shares jumped 17.7%.