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Market Update : 
U.S. Stocks Trend Lower on Weak Techs
Author: 123jump.com Staff
123jump.com
Last Update: 3:27 PM EDT May 07 2008


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Foster Wheeler (FWLT) stock gained $1.24 to $67.64.

Marsh & McLennan Companies, Inc, insurance and risk manager reported first quarter revenues rose 8% to $3 billion from $2.8 billion a year ago. Net loss in the quarter declined to $210 million or 40 cents per diluted share compared to net income of $268 million or 47 cents per share, a year ago.

Marsh & McLennan (MMC) stock rose 77 cents to $28.35.

Transocean Inc, an offshore contract driller reported first quarter revenues rose 138% to $3.1 billion from $1.3 billion a year ago. Net income in the quarter of $1.1 billion or $3.71 per diluted share compared to net income of $553 million or $2.62 per share, a year ago. Transocean, largest offshore drilling contractor reported revenue jumped 138% on day rates across the fleet rose 15%. Ultra deepwater floater day rate jumped 25% to $380,000.

Transocean (RIG) stock rose 50 cents to $158.35.

Cognizant Technology Solutions Corporation, a provider of information outsourcing services reported first quarter revenues rose 40% to $643.1 million from $460.3 million a year ago. Net income in the quarter was $101.9 million or 34 cents per diluted share compared to net income of $75.4 million or 25 cents per share, a year ago.

Cognizant (CTSH) stock fell $3.27 to $30.46.

Asian markets review

In Tokyo Nikkei 225 Index closed higher 53.22 or 0.38% to 14,102.48, in Hong Kong Hang Seng index decreased 651.92 or 2.48% closed to 25,610.21. In Australia ASX 200 index lower 33.00 or 0.58% to close 5,668.40. In Malaysia KL Composite index increased 11.06 or 0.87% closed to 1,287.15.

In South Korea Kospi Index decreased 5.05 or 0.27% to close at 1,854.01, in Thailand SET index closed higher 2.88 or 0.34% to 848.71 and Indonesia JSE Index edged increased 10.87 or 0.46% to 2,382.70. Sensex index in India decreased 33.70 or 0.19% to 17,339.31.


$27.64
-0.43%
$49.31
-1.79%
$41.79
0.82%
$20.03
0.65%
$22.90
-1.67%
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Market data: BATS Exchange. Inc.

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