[R]10:00AM New York – Stocks in New York open lower on renewed housing worries.[/R]

U.S. stock averages opened lower on weaker than expected earnings from Exxon Mobil and continued worries related to declining dollar and housing markets jitters.

Dow Jones Industrial Average fell 135 to 13,794, Nasdaq dropped 27 to 2,831, and S&P 500 lost 16.71 to 1,533.

The Commerce Department said that the September personal income increased at a seasonally adjusted rate of 0.4% from August and personal consumption rose 0.3%.

The Labor Department said that seasonally adjusted initial claims of unemployment fell 6,000 at the end of the last week to 327,000.

Gold in the morning trading rose as high as $802 after dollar fell in the international trading but fell to $791.30, a decline of $4 from yesterday’s close. Oil declined 68 cents at the opening to $93.85.

Credit Suisse Group (CS: chart) reported its third quarter profit declined 31% to Sfr1.3 billion from Sfr1.89 billion a year ago on revenue decline of 15% to Sfr6.84 billion. Credit Suisse reported a total loss of Sfr 2.2 billion hurting its performance. The investment bank took a loss of Sfr1.1 billion in the mortgage securities and another Sfr1.1 loss in structured products and unsold loans in leveraged buyout transactions. Credit Suisse stock fell $3.44 to $64.26 in New York trading.

Exxon Mobil (XOM: chart) reported net income in the third quarter of $9.41 billion or $1.70 per share from $10.49 billion or $1.77 per share from a year ago. Revenue in the quarter increased 2.8% to $102.34 billion. Refining and Marketing segment reported sharply lower earnings of $2.00 billion, a decline of 27% from a year ago. Exxon Mobil fell $2.39 to $89.60.

Shoemaker Crocs (CROX: chart) fell 27% to $53.75 after it reported sales forecast below Wall Street estimate. Crocs reported third quarter earnings of 66 cents compared to 27 cents a year ago on revenue rise of 130% to $256.3 million. The company said in the press release, “For the year ending December 31, 2007, Crocs raised its guidance. The Company now projects revenues to range from $820 to $830 million and net income per diluted common share of between $1.94 and $1.98.

The Company also introduced fiscal year 2008 guidance. Crocs currently anticipates revenues and net income per diluted share to increase between 35% to 40% over the projected 2007 levels.”


[R]6:00AM New York, 7:00 PM Tokyo – Stocks in Tokyo rose after a rate cut in the U.S., reflecting a regional rise in Asia.[/R]

Japanese stocks rallied 0.79% on U.S. interest rate cut and strong export-led growth of GDP to an annualized rate of 3.9% that led to resurgence by exporters.

In Tokyo trading Nikkei gained 0.79% or 132.77 to 16,870.40 while the broader Topix Index climbed 1% or 15.71 to 1,635.78.

Of the Nikkei 225 stocks, 141 rose, 72 fell, and 12 traded unchanged. NSK Limited led advancing stocks, rising 11.57% after the company boosted its full-year net income forecast by 18% and brokerage Mizuho Securities Company recommended the stock. Energy related stocks and exporters rose as well.

On the Tokyo Stock Exchange 9.6 billion shares worth 1.2 trillion yen were traded in the first section and 339 billion shares valued at 8.1 billion yen changed hands in the second section.

Crude Oil futures firmed 1.8% to $96.21 per barrel after U.S. stockpiles unexpectedly tumbled to a two-year low. Mitsubishi Corp climbed 2.25% and Nippon Oil gained 4.15% on the news.

The yen was quoted at 115.40 from 115.45 against the dollar at the close of trading and was at 166.96 from 166.97 against the euro.

The U.S. Federal Open Market Committee yesterday cut its benchmark rate by 25 basis points to 4.5% for the second time in as many months in order to forestall chances of an economic recession that might result from the August subprime mortgage crisis.

The U.S. Commerce Department also said yesterday that GDP rose by an annualized rate of 3.9% in the third quarter surprising most economists on the Wall Street who were looking for a growth rate between 2.9% and 3.3%.

The Ministry of Land, Infrastructure and Transport in Japan said yesterday that new housing starts fell 44% to 63,018 in September from 43.3% or 63,076 in August. Owned dwellings slumped 21.6% to 25,431, rented houses declined 51.3% to 22,749. Also built dwellings for sale slipped 55.6% to 14,531, while collective and detached housing dipped 74.8% and 18.7% to 5,328 and 9,129 respectively.