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Market Update : 
Ford Downgraded
Author: Elena Todorova
123jump.com
Last Update: 12:44 PM EST March 16 2006


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U.S. stocks advanced Thursday morning, boosted by benign inflation and housing starts data. Bear Stearns reported record-high Q1 profit of $3.54 per share, beating expectations. Revenue rose 18.9% to $2.19 billion. ConAgra Foods fell 6.8% due to a massive restructuring plan. The company also cut its quarterly dividend by 34%. Qualcomm rose 2% on upgrade at Merrill Lynch, while Ford Motor declined 1.1% on downgrade at J.P. Morgan.

 
8:00AM Asian markets closed mixed. The Nikkei slipped 1.4%.
Asian-Pacific benchmarks ended Thursday session mixed, reflecting interest-rate concerns and a key earnings report from China Mobile. The Nikkei opened higher on exporter issues, boosted by stronger dollar, but eventually tumbled 1.4% to 16,096.21 as investors worries about higher Japanese interest rates dragged real estate and bank stocks, including Sumitomo Realty and Development, down 6.6%. Hong Kong’s Hang Seng slightly advanced to 0.06% on optimism about strong corporate results. Taiwan Weighted index fell 0.2% on profit-taking in the tech sector. Australia All Ordinaries climbed 0.6% on resources and building-materials issues.

European markets traded lower at mid-day, erasing early gains. A strong performance from supermarket group Casino Guichard and steelmaker Corus Croup failed to keep stocks in the positive as oil, healthcare and insurance stocks exerted strong pressure. The German DAX 30 declined 0.3%, the French CAC 40 fell 0.3%, and London FTSE 100 lost 0.2%.
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