A by-all-accounts

good April

jobs report

was, in the end, not able to reverse the downward momentum of the bond market this morning.

After rising as much as 29/32, the 30-year Treasury was, at 9:05 a.m. EDT, off 11/32 to 92, lifting the yield to 5.82%. That's hurt the

S&P 500

futures. Up sharply earlier, they were down 3.5. That leaves them about a point above fair value, indicating a basically flat open.

The jobs report was to the light side of expectations. There were 234,000 nofarm jobs added in April, near the consensus estimate of 230,000. The unemployment rate climbed to 4.3%; economists thought it would stand at 4.2%. And average hourly wages gained only 0.2% against expectations of 0.4%.

Japan's

Nikkei

gave back more than half of yesterday's gains as investors, mindful of what the U.S. jobs report might do, judged the air above 17,000 a bit too thin. The

Nikkei

dropped 354.09, or 2.1%, to 16,946.52.

Hong Kong stocks, too, took their lumps, as traders fretted over what a rise in U.S. rates might do to the nascent recovery in the dollar-pegged economy. The

Hang Seng

fell 572.81, or 4.2%, to 12,997.43.

European indices were lower. In Frankfurt, the

Dax

was down 8.12 to 5266.33. In Paris, the

CAC

was up 20.04 to 4313.20. In London, the

FTSE

was off 55.9 to 6350.7.

Friday's Wake-Up Watchlist

By

David A. Gaffen

Staff Reporter

  • Young Broadcasting (YBTVA) reported a first-quarter loss of 56 cents a share, wider than the year-ago loss of 52 cents.
  • Maxim Pharmaceuticals (MMP) - Get Report reported a first-quarter loss of 97 cents a share, compared with a 41-cent loss during the first quarter last year.
  • Chevron (CHV) said late yesterday that it had canceled the sale of its 25% stake in three oil platforms in California. Instead, the company will shut down production at the project.
  • CarrAmerica Realty (CRE) reported first-quarter funds from operations of 70 cents a diluted share, compared with 62 cents a year earlier. The company also said it would spin off its executive suites office unit, OmniOffices. It expects to hold an initial public offering for this unit later this year.
  • Southwest Securities (SWS) said it would spend $40 million to expand its online brokerage unit. It also set a 10% stock divided, to be distributed Aug. 2 to shareholders of record July 15.
  • Net.B@nk (NTBK) filed with the Securities and Exchange Commission to sell 3 million in common shares and $100 million in convertible securities.
  • Exxon (XON) - Get Report and Mobil (MOB) filed their proposed merger for approval with the 15-nation European Commission, the commission said.
  • Media Metrix (MMXI) said its initial public offering of 3 million shares was priced at $17, the top of its raised price range. Donaldson Lufkin & Jenrette was the lead underwriter.
  • Butler International (BUTL) declared a 3-for-2 stock split, payable June 1 to shareholders of record May 16. After the split, the company will have about 9.9 common shares outstanding.
  • Cinram International (CNRMF) reported earnings of 10 cents a share for the first quarter, compared to 5 cents a share in the first quarter last year.
  • State Auto Financial (STFC) - Get Report set plans to buy back up to 4 million shares.
  • Gene Marcial's Inside Wall Street column plays it safe in this morning's Business Week. Eschewing the usual speculation, the piece quotes a money manager proclaiming Bowne (BNE) a "fascinating and undervalued stock." The world's largest financial printer is worth twice its current price of 17, according to David Rocker of Rocker Partners. Why? It's turned into a provider of software and Web site services. That Web thing again. Marcial also reports that the time-share industry (now called vacation ownership interests, he says) is undervalued, citing Fairfield Communities (FFD) specifically. The stock closed yesterday at 14; Marcial quotes an analyst who believes the stock should rise to the mid-20s.