| U.S. economy frayed as oil soars, dollar falls and foreclosures mount
WASHINGTON -- Oil hit a record high, the dollar sank again, and consumers stopped buying pretty much everything. Stocks kept gyrating, too, Thursday, swinging between gloomy recession evidence and rising hopes that all the bad news would bring another aggressive cut in interest rates when the Fed- eral Reserve meets next week. The Bush administration, conceding that the economy is facing "difficult" times now, rushed out new proposals aimed at next time -- plans to fix various problems that have led to a severe crisis in credit markets. Administration officials predicted an economic rebound once the impact of the Fed's credit cuts and the recently passed eco- nomic stimulus package begin to be felt. Private analysts were not as confident, worrying that the economy is being hit by multiple blows and noting that some of the problems, such as plunging home sales and mortgage defaults, are showing no signs of abating.
Sector Glance: Chinese Web gaming mixed
Chinese Internet gaming stocks traded mixed Wednesday, with Perfect World Co.'s stock rising after an Oppenheimer & Co. analyst raised his estimates and price target for the stock. In a note to investors late Tuesday, Oppenheimer analyst Paul Keung increased his 2008 and 2009 earnings-per-share estimates for Perfect World to $1.54 and $1.97, from $1.31 and $1.60, respectively. He also increased his price target for the shares to $35 from $32. The analyst said the changes stemmed from another strong quarter -- the company reported its fourth-quarter results in late February -- and positive channel checks. Going forward, Keung said checks suggest "Chi Bi," which is due to be released by early April, "will contribute meaningful revenue in (the second half of 2008) and beyond." "We have more conservative expectations for 'Hot Dance Party,' which remains in testing," he said.
(AFX UK Focus) 2008-03-28 14:33 GMT: Opening Glance: Household Durables
NEW YORK (AP) - Shares of household durable companies were mixed Friday morning as investors digested government data showing consumer spending dropped to its lowest level in 17 months during February, while personal income rose more than expected. Here is how some stocks in the sector are faring Friday morning: Black & Decker Corp. lost 69 cents to $65.20. Whirlpool Corp. gained a penny to $85.50. Snap-on Inc. rose 39 cents to $48.76. Stanley Works, which makes tools, shed 18 cents to $47.76. Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. .
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