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US Stocks fell sharply at the open as traders felt that the market had risen to far to fast and with what analysts called a healthy and inevitable correction. Towards the end the markets recovered some ground with the Nasdaq down 12.56 to 1885.5, the Dow Jones industrial average up 14.89 to 9613.13 and the Standard & Poor's 500 up 3.41 to 1033.77.

Microsoft reported stronger-than-expected net income and revenues for its first quarter but analysts were troubled by a decline in unearned revenue which fell by about $700m to $2bn due to a recalculation on how it calculated profits. They partially attributed this to distractions caused by an outbreak of computer virus and worm attacks and added corporate IT spending remained slow.

Autonomy software said a market recovery seen by it at the end of 2003 had continued as it reported a 90% jump in Q3 profits.

Lloyds TSB said it has agreed to sell the NZ unit for 3.8 billion and is considering buying back shares with some of the 1.1 billion pounds profit after tax it will make on the dealFirst Choice Holidays said that trading in its full year would be in line with its expectations in terms of both profit and cash generation. The firm said it had seen strong demand for bookings for Summer 2003 and added that winter bookings were string as well

BHP Billiton hit by 2 analysts downgrades this morning.

Amey & Balfour Beatty could be hit as national rail consider taking rail maintenance in house.

Autonomy (Q3) BHP Billiton (AGM), WPP(Q3)

09:30 Q3 preliminary GDP q/q 0.6%, y/y 2.0% prev. 09:30 Sep retail sales m/m, y/y 0.2%, 3.8% exp.

Brunswick

France Telecom, SwedbankEssilor F (Q3)

Renault F (Q3), Royal Dutch Petroleum NL (Q3)

Syngenta CH (Q3), Volvo S (Q3) Wanadoo F (Q3). Web.de D (Q3)

10:00 EMU current account NSA 1.28 prev.

Croc@SnappyTrader.com  WWW.SnappyTrader.com