ENERGY, METALS, CURRENCIES

Oil prices jumped almost $3 on fears of another tropical storm approaching the Gulf Coast likely to hit the still recovering oil facilities. U.S. light sweet crude October delivery rose 4%, or $2.80 to $65.80 a barrel on the Nymex. Heating oil gained 14 cents to $1.98 a gallon. Gasoline rose more than 16 cents to $1.9525. London Brent November delivery climbed $2.64 to $64.45.

Gold prices reached a 17-year high as the appeal for the precious metal increased on inflation concerns and uncertainty about U.S. economy. Since last week the precious metal has risen 4%. In London gold traded at $461.95 per troy ounce, up from $458.70.

Copper rebounded from an eight-week low on speculations of increased demand because of lower prices. At mid-day copper futures December delivery rose 1.2%, or 1.95 cents to $1.6125 a pound but then rose quickly to $1.65

The U.S. dollar climbed against the other major currencies in European trading. The euro was quoted at $1.2132, down from $1.2225. The dollar changed hands at 111.42 yen, up from 110.33. The British pound traded at $1.8003, down from $1.8059.

EARNINGS NEWS

Nike Inc., (NIKE: chart) footwear and apparel maker, posted 1Q earnings of $1.61 a share, up from a year-earlier profit of $1.21 a share on 8% revenue growth, beating analyst estimate of $1.42 a share.

Steelcase, (SCS: chart) office furniture company, posted 2Q earnings of 9 cents a share, up from a nickel a share in the year-earlier period on 8% revenue growth, missing analysts’ forecasts of 14 cents a share.

Sycamore Networks, Inc. (SCMRE: chart) optical networking company, reported 3Q net loss on a generally accepted accounting principles (GAAP) basis was 4 cents per share, flat with the year-ago period. 3Q non-GAAP net was break even, up from 3 cents per share in the same period last year. 3Q revenue was $17.8 million, up vs. $14.7 million in the year-ago period.

Marcus Corp., (MCS: chart) operator of movie theaters and hotel properties, posted 1Q earnings of 51 cents a share, down vs. a year-earlier profit of 61 cents a share on revenue growth, beating analyst estimate of 39 cents a share. On a continuing operations basis, the Milwaukee gained $12.3 million, or 40 cents a share in the quarter.


CORPORATE NEWS

Spinnaker Exploration (SKE: chart) has agreed to be acquired by affiliates of Norsk Hydro ASA for $65.50 per share in cash. The transaction is expected to be completed in the fourth quarter.

TBC Corp. (TBCC: chart) has agreed to be acquired by Sumitomo Corporation of America for $35 per share in cash. The transaction, which is expected to close by the end of the year, has a total value of about $1.1 billion, excluding debt.

Former executives of Tyco International, Dennis Kozlowski and Mark Swartz were sentenced to prison up to 25 years and ordered to pay fines and restitution totaling $250 million.