US open: Modest gains posted

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Date: Monday 12 May 2008

LONDON (ShareCast) - US stocks started with modest gains as oil prices moved lower while some corporate news disappointed.

Crude prices slid back down from earlier highs and are currently 77 cents lower at $125.19 a barrel.

Across the markets, the Dow Jones is up 12 points to 12,758 with the Nasdaq rising 2 points to 2447. The S&P 500 down 1 point lower at 1387.

In corporate news, bond insurer MBIA saw first quarter losses of $2.41bn as it incurred hefty charges due to the continued weakness in the credit markets.

Wireless carrier Sprint Nextel said first-quarter losses more than doubled to $505m as the number of monthly subscribers fell. The loss compares to a loss of $211m in the first quarter of last year, while revenue fell 7.5% to $9.33bn.

Package delivery firm FedEx was down after it warned on Friday that fourth-quarter earnings will miss forecasts due to surging fuel costs.

Cablevision is apparently close to buying newspaper Newsday from Tribune Co. for $650m.

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