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Adjusted income from continuing operations was $5.89 per share.

For the year, Joy Global earned $609.7 million, or $5.72 per share. In the prior year the company earned $461.5 million, or $4.40 per share.

But the Milwaukee company cautioned on Wednesday that production in the near future may increase at a “more tempered pace” as demand for commodities weakens. Uncertainty about the health of the global economy, and demand for the raw materials that power it, may cause customers to scale back on orders, the company said.

Shares fell $1.55, or 1.8 percent, to $83 in premarket trading.

Annual revenue rose 25 percent to $4.4 billion from $3.52 billion.

Quarterly bookings climbed 33 percent to $1.39 billion, benefiting from a $116 million contribution from the LeTourneau acquisition.

Joy Global forecast 2012 earnings of $7 to $7.40 per share on revenue of $5.3 billion to $5.5 billion. Analysts polled by FactSet predict earnings of $7.18 per share on revenue of $5.4 billion.

Revenue increased 27 percent to $1.34 billion from $1.05 billion as customers ordered more equipment to increase mine production and start new mines. Heavier mine volumes and more difficult mining conditions also boosted orders, Joy Global said.

Costs related to its $1.1 billion acquisition of drilling- and mining-equipment maker LeTourneau Technologies Inc. in June hurt earnings by 7 cents per share.

In the August-October quarter, Joy Global posted net income of $172.3 million, or $1.61 per share. That compares with earnings of $146.3 million, or $1.39 per share, a year earlier.

Adjusted income from continuing operations was $1.82 per share. Analysts expected earnings of $1.86 per share.

Wall Street had estimated higher revenue of $1.36 billion.

MILWAUKEE Mining equipment maker Joy Global Inc.’s fiscal fourth-quarter net income climbed 18 percent, helped by a recent acquisition and higher bookings as customers increased production.

NEW YORK A student accused of selling LSD at Columbia University pleaded guilty Tuesday to attempted drug possession, resolving the last case in a takedown of a drug ring on the Ivy League campus.

Adam Klein was the last of five students to plead guilty in the case, which authorities called the biggest move in recent memory against drug dealing at a New York City college. The case, unveiled in December 2010, spurred discussion of student drug use and how to weigh questions of promise, privilege and punishment in places from the New York Post’s editorial page to an essay on Time magazine’s website.

Klein, 21, is expected to get five years’ probation at sentencing, which is scheduled for Feb. 28.

The students formed a loose-knit network that sold drugs ranging from marijuana to Ecstasy to cocaine out of dorm rooms and fraternity houses, with each student specializing in certain drugs, according to city Special Narcotics Prosecutor Bridget Brennan’s office. An undercover officer bought more than $11,000 worth of drugs from the group over five months, prosecutors said.

Lawyers for several of the students, including Klein, portrayed them as talented young men who got derailed by drug problems in college. Klein became addicted to marijuana and other drugs that took a severe toll on him academically, according to his lawyer, Alan Abramson. Klein is currently in drug treatment, Abramson said.

Klein and three of the other students asked a court for a chance at wiping their records clean by completing court-supervised rehabilitation, a legal option granted to more than 1,000 people statewide each year. The fifth student wasn’t eligible because he faced more serious charges related to cocaine sales.

A court turned down all but one of the students, Christopher Coles, 21, who began treatment earlier this month after admitting he sold more than a pound of marijuana to an undercover officer. His lawyer said the sales were an attempt to finance the anthropology major’s own $70-to-$100-a-day pot habit.

For the rest of the students, the outcomes have ranged from probation and community service to jail time.

The engineering student who faced the cocaine charges and was the investigation’s initial target, Harrison David, 21, served a six-month jail sentence after pleading guilty to a cocaine-selling charge.

Jose Stephan Perez, a published poet who won the prestigious Gates Millennium scholarship, pleaded guilty to a felony attempted drug possession charge. Perez, 21, also known as Stephan Vincenzo, had been accused mainly of selling the prescription stimulant Adderall. But Perez, whose lawyer said the student struggled with social pressures in college and began smoking marijuana as many as five times a day, will be allowed to withdraw his plea and plead guilty instead to a drug misdemeanor in a year if he meets conditions including 300 hours of community service.

Michael Wymbs, an engineering major initially charged with selling LSD and Ecstasy, was sentenced last week to five years’ probation after pleading guilty to attempted drug possession. Wymbs, 23, was treated for depression in college and grappled with drug use and heavy drinking, his lawyer said in court papers.

Wymbs is now studying at the City University of New York, his lawyer, Michael Bachner, told a judge last week.

Columbia has declined to comment on the students’ current status, citing educational privacy laws.

Three off-campus suppliers charged in the case also have pleaded guilty.

PALM SPRINGS, Calif. George Clooney, Brad Pitt, Angelina Jolie and other red-carpet veterans joined some Hollywood newcomers in the Southern California desert this weekend to kick off the two-month-long movie award season at the Palm Springs International Film Festival.

“When you’re of age: drink,” Clooney noted to the newbies at Saturday night’s gala awards ceremony. “That’s good advice to pretty much anybody.”

Among those relative newcomers were Clooney’s co-stars from the drama “The Descendants.” “It is the first time we have dressed up all season,” said actor Matthew Lillard. “We have a couple months to put on nice dresses and suits.”

“Don’t forget the shoes,” injected actress Judy Greer. “Oh man, am I going to need a massage when the next two months are over.”

Clooney, star of both “Descendants” and the drama “The Ides of March,” was given the festival’s “Chairman’s Award” for acting, directing, producing and writing. “They gave me a gavel on the way in,” he joked. “And I’m feeling like I might actually get protested now.”

Among other honorees: actresses Michelle Williams (“My Week with Marilyn), Jessica Chastain and Octavia Spencer (“The Help”) and Glenn Close (“Albert Nobbs”).

Pitt was handed the Desert Palm Achievement Award for his performances in “Moneyball” and “The Tree of Life.” Gary Oldman (“Tinker, Tailor, Soldier, Spy”) was dubbed International Star of the Year – the significance of which seemed to baffle its recipient.

“I am on an international stage, rather than a local one,” Oldman noted. “I guess that is what that means?

Or perhaps he simply no longer needs a passport.

“Who designed the award?” Oldman asked. “Maybe I have just that and it gets me through customs.”

As excited as Jolie was to support partner Pitt the latter walking with a cane, following a skiing injury home in LA was where their hearts were. “We are rushing back to the kids tonight,” Jolie explained. “We have a birthday party in the morning with our daughter.”

Next stops on the entertainment honors gauntlet include Wednesday’s People’s Choice, Thursday’s Critic’s Choice, Friday’s Los Angeles Film Critics and Sunday’s Golden Globes awards.

“I found that the last time I was (at the Golden Globes), it was a very fun day,Replica Ed hardy,” said actor and director Kenneth Branagh, a Globe nominee for his performance in “My Week With Marilyn.”

“The fact that it is a smallish room by comparison with some of the bigger awards rooms means that it has an intimacy and a kind of slightly raucous quality that is very, very carefully adhered to,” Branagh explained. “I was very intoxicated.”

In September, I told you about FedEx’s (NYSE: FDX – News) fiscal-first-quarter earnings’ growth story. In the second quarter, the company reported a bombastic 76% income growth compared to its previous-year quarter. The world’s second-largest packaged delivery company posted better-than-expected results thanks to strong Thanksgiving weekend online sales and a better price/volume mix, sending the shares up after the announcement.

Let’s dig deeper.

The quarter
Profits increased to $497 million, a 76% year-over-year rise. The company earned $1.57 per share, beating the Street expectation of $1.53 per share. FedEx also improved its operational margins to 7.4%, from 4.9% last year, helped by fewer flights and frequencies.

Overall sales inched up by 10%,Cheap Ed hardy belts, to $10.59 billion. Sales at FedEx’s largest business — FedEx Express — grew 10% and helped the company push up its revenue. Although international priority daily package volume was lower due to a weaker Asian market, the company still logged higher international priority revenues per package due to higher fuel surcharges, rate per pound, and weight per package.

Shopping and holiday mix
With an increase in online shopping during the Thanksgiving weekend, demand for residential delivery services shot up. The fact that online retailer Amazon.com is expected to have a strong holiday season is certainly good news for shipping companies like FedEx.

Looking beyond the quarter
Despite being hurt by a weak Asian market, FedEx has opened its largest express facility in China. The company sees China as an important market for express offerings as it can account for the bulk of FedEx’s future growth. Rival United Parcel Service (NYSE: UPS – News) is also increasing capacity in Asia.

Apart from expanding in Asia, FedEx has been conscious of lowering its costs. The company is buying 27 new 767-300 freighter planes from Boeing (NYSE: BA – News) to replace its aging MD-10 planes. The new planes will be 30% more fuel-efficient and more reliable. The order is valued at $4.7 billion. This investment will reduce unit operating costs by 20%.

The Foolish bottom line
FedEx posted bright numbers this quarter due to a combination of strong Thanksgiving weekend e-commerce and higher margins. With well-planned investments in Asia and cost-efficient strategies, FedEx looks intriguing. The company expects to earn $1.25 to $1.45 per share this quarter as compared to the Street expectation of $1.31 per share.

FedEx looks to be a solid bet going into 2012, but if you’d like to take a look at the one company our chief investment officer has picked for tremendous growth in 2012, check out The Motley Fool’s brand-new report, “The Motley Fool’s Top Stock for 2012.” It highlights a company that is revolutionizing commerce in Latin America. You can get instant access to the name of this company by clicking here — it’s free.

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WASHINGTON 2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home.

The average rate on the 30-year fixed mortgage fell to 3.91 percent this week, Freddie Mac said Thursday. That matches the record low reached two weeks ago.

The average on the 15-year fixed mortgage ticked down to 3.23 percent from 3.24 percent. That’s up from 3.21 percent two weeks, also a record low.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note, which fell below 2 percent this week. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect.

Still, cheap mortgage rates have done little too boost the depressed housing market. For eight straight weeks at the end of 2011, the average fixed mortgage rates hovered around 4 percent. Yet many Americans either can’t take advantage of the rates or have already done so.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years.

Previously occupied homes are selling just slightly ahead of 2010′s dismal pace. New-home sales in 2011 will likely be the worst year on records going back half a century.

Builders are hopeful that the low rates could boost sales next year. Low mortgage rates were cited as a key reason the National Association of Home Builders survey of builder sentiment rose in December to its highest level in more than a year.

But so far, rates are having no major impact. Mortgage applications have fallen slightly in recent weeks, according to the Mortgage Bankers Association.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average rates don’t include extra fees,Inflatable Bouncers, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8.

For the five-year adjustable loan, the average rate declined to 2.86 percent from 2.88 percent. The average on the one-year adjustable loan rose to 2.80 percent from 2.78 percent.

The average fee on the five-year adjustable loan rose to 0.7 from 0.6; the average on the one-year adjustable-rate loan was unchanged at 0.6.

BEIJING (Reuters) China’s big manufacturers narrowly avoided a contraction in December a survey showed on Sunday, but downward risks persist and suggest the world’s second’s second-largest economy will need fresh policy support to counter a slowdown in growth.

The official purchasing managers’ index (PMI), complied by the China Federation of Logistics and Purchasing (CFLP) on behalf of the National Bureau of Statistics, rose to 50.3 in December from 49 in November.

That indicated a slight expansion in business activity in China’s vast factory sector, but the reading was barely above the flatline of 50 that demarcates expansion from contraction which the index fell below in November for the first time since early 2009.

Analysts had expected the official PMI to be at 49.1 in December.

“The rebound in the December PMI shows that there will be no big slowdown in the Chinese economy,” Zhang Liqun, a researcher with the Development Research Centre of the State Council, wrote in the CFLP statement.

The economy faces downward pressure but there are positive elements that could underpin growth, Zhang sid.

The new orders sub-index rose to 49.8 in December from 47.8 in November while the sub-index for new export orders rose to 48.6 from November’s 45.6.

A similar survey on Friday by HSBC and UK-based data provider, Markit, which captures data from smaller factories, inched up to 48.7 in December from a 32-month low of 47.7 in November but still signaled a modest contraction in activity on the month, reinforcing the case for pro-growth policies.

Economists at Citi believe a policy response is growing ever more likely to combat what the bank believes is a tangible slowing of economic activity.

“Accumulating evidence of economic weakness would herald more policy easing in the months ahead, starting with another RRR cut by the Chinese New Year,” they wrote in a client note, citing risks to growth from the euro zone, property prices, industrial production (IP) and fixed asset investment (FAI).

“Although domestic consumption held up steadily, its contribution may have been more than offset by weakened investment activity and deteriorating foreign trade conditions. We estimate that GDP has grown by 8.5 percent year on year during Q4 and 9.1 percent for the entire year,” they wrote.

IN THE SPOTLIGHT

China’s central bank is in the spotlight with widespread speculation in financial markets that it will soon unveil a cut in the required ratio of reserves (RRR) it demands commercial lenders hold, after cutting it by 50 basis points on November 30 from a record high of 21.5 percent.

Such a move would free up funds that could be used for lending to support growth, but China’s leaders remain wary of relaxing their grip too soon on inflation, the annual rate of which remained stubbornly above the 4 percent target through 2011 and hit a three year of 6.5 percent in July.

The official survey showed that a significant drop in price pressures in November did not follow through to December. The prices sub-index of the official PMI rose to 47.1 from 44.4 in November.

Still, Chinese officials have warned that demand-destroying effects of Europe’s debt crisis and weakness in U.S. consumption could put more pressure on Chinese exporters in coming months and have pledged to fine-tune economic policy settings in response.

Analysts expect Beijing to ease monetary policy and step up fiscal spending to bolster the vast factory sector which supports an estimated 220 million Chinese jobs.

“Overall,wholesale Ed hardy sunglasses, the economy is weakening and it’s still too early to tell any clear signs of recovery at this stage,” said Hua Zhongwei, senior economist at Huachuang Securities in Beijing.

He said the central bank could still cut the amount of cash that banks must hold as reserves to underpin growth. Analysts expect the next cut in RRR could come early this month.

Despite the uptick for the official PMI, both it and the HSBC index are stuck near their weakest levels since early 2009, when China took a blow from the global financial crisis.

China’s economy is on track to slow for a fourth successive quarter, easing further from the first quarter’s 9.7 percent annual growth rate with economists expecting the final three months of the year to have slipped below 9 percent.

Economists polled by Reuters earlier this month forecast the PBOC will deliver 200 bps of RRR cuts by the end of 2012, but refrain from an outright cut in interest rates unless quarterly GDP growth dips below 8 percent.

Economists typically view growth of 7 to 8 percent as the bare minimum needed to generate enough jobs to help China absorb the urban influx of rural migrants and maintain social harmony.

(Reporting by Kevin Yao; Editing by Nick Edwards)

LONDON (Reuters) Christie’s held a highly anticipated auction of old master paintings in London on Tuesday night, with one of the star works selling for more than 2 million pounds ($3.12 million) above the pre-auction estimate.

“The Battle between Carnival and Lent” by Pieter Brueghel II sold for almost 6.9 million pounds to an anonymous buyer, Christie’s said on its website.

The sale price exceeded the pre-auction estimate of 3.5-4.5 million pounds and set the world record price for the artist at auction, Christie’s said.

The second highest-priced painting on the night was a Willem van de Velde II work, “Dutch men-o’-war and other shipping in a calm,” which sold to a European private collector for nearly 6 million pounds, also a world record price for the artist at auction, Christie’s said.

However,wholesale Burberry, the auction’s star attraction “Portrait of Juan Lopez de Robredo,” by Spanish painter Francisco Goya remained listed on the auctioneer’s website as unsold, with an estimated sale tag of 6.2-9.3 million pounds.

The total sale of 24 million pounds, which did not include a sale for the Goya painting, as well as a Nicolaes Maes work that carried an estimated price of 1.5-2.3 million pounds, was just shy of the pre-sale estimate for all the lots of 26 million pounds.

Much of the interest in this week’s series of old master and British art auctions in London has been generated by a Velazquez original that was first valued at 300 pounds ($470).

The portrait of an unknown gentleman goes under the hammer on Wednesday and is set to fetch up to 3 million pounds at Bonhams.

($1 = 0.6410 British pounds)

(Reporting by Stephen Mangan; Editing by Michael Roddy)

PORTLAND, Ore. Nike Inc.’s second-quarter profit rose 3 percent as strong demand and higher prices for its shoes, clothes and gear offset increased costs.

Nike and other consumer product companies have been coping for some time with higher costs for materials, labor and freight. But while others have struggled to regain their footing in the weak U.S. economy, the world’s largest athletic shoe and clothing company has been able to increase sales and raise prices without consumer backlash.

“We’re able to accomplish this by staying focused on what we do best – deliver innovative products and experiences that serve athletes, inspire consumers and reward our shareholders,” said Mark Parker, Nike’s CEO.

The company, based in Beaverton, Ore., reported Tuesday that it earned $469 million, or $1 per share,wholesale Ed hardy jeans, for the quarter that ended Nov. 30. That’s up from $457 million, or 94 cents per share, in the same quarter last year. Nike’s total revenue increased 18 percent to $5.73 billion as it sold more of its branded products in nearly every market around the globe.

The quarter beat analysts’ expectations for the quarter of 97 cents per share on revenue of $5.63 billion, according to FactSet.

During the quarter, some of its most popular lines were in basketball and running, with Nike noting that it hasn’t seen this much energy around running since the original boom in the sport during the 1970s. Additionally, strong sales at Converse more than offset lower revenue from the Nike Golf, Cole Haan, Hurley and Umbro brands.

Nike leaders expressed confidence in the company’s future sales growth as the NBA season resumes and it prepares to launch a number of new products in anticipation of major athletic events such as the summer Olympics.

As an indication of what is ahead, Nike disclosed that orders for items that were scheduled to be delivered between December and April rose 13 percent by comparison to the same period last year. Investors keep a close eye on this measure as an indicator of demand for the coming period.

Going forward, some of Nike’s costs are beginning to ease up. But the company said that won’t make a difference to its bottom line for several quarters.

Nike plans to raise prices further this year to help relieve some of its margin pressures. The company did not disclose how much it will increase prices but said the hikes would be larger than those put in place during the past year. As a result of these price hikes and a seemingly endless appetite for its products, the company expects its gross margin declines to narrow over the balance of the year.

Nike’s shares rose 25 cents to close at $93.63 in regular trading. Shares rose $2.37, or more than 2 percent, to $96.00 in after-hours trading on the news.

FRANKFURT (Reuters) Banks cut their intake of one-week European Central Bank funding by just under 15 billion euros on Tuesday, as they continued to readjust their borrowing needs having recently gorged themselves on the ECB’s first ever offering of three-year cash.

A total of 138 banks borrowed 130.6 billion euros at the ECB’s first 7-day funding operation of the year, down from 145 billion last week and the 170 billion taken before the central bank pumped almost half a trillion euros worth of three-year loans into the system late last month.

Over 520 banks took part in that operation, the first of two limit-free, three-year funding handouts to be held by the ECB.

The offerings are designed to bolster the finances of euro zone’s crisis-strained banks and have sparked a massive increase in the amount of cash in the financial system,Replica Lacoste t-shirts, much of which is now being hoarded by banks. (for data click)

The ECB will offer its second installment of ultra-long, three-year loans on February 29. Before then it will offer 1-month funding on January 17 and February14 and 3-month funding on January 25 as well as on February29 alongside the 3-year cash.

(Reporting by Marc Jones; editing by Patrick Graham)

SAN FRANCISCO Oracle stumbled in its latest quarter as the business software maker struggled to close deals, a signal of possible trouble ahead for the technology sector.

The performance announced Tuesday covered a period of economic turbulence which has raised concerns that major companies and government agencies may curtail technology spending.

Oracle’s results for the three months ending in November suggested the cutbacks have already started. Management reinforced that perception with a forecast calling for meager growth in the current quarter, which ends in February. The developments alarmed investors, causing Oracle Corp. shares to slide 10 percent.

In a telling sign of weakening demand, Oracle’s sales of new software licenses edged up just 2 percent from the same time last year. Analysts had expected a double-digit gain in new software licenses. The company had predicted an increase of at least 6 percent and as much as 16 percent.

Wall Street focuses on this part of the business because selling new software products generates a stream of future revenue from maintenance and upgrades.

Oracle’s software is a staple in companies and government agencies throughout the world. Its database products help companies store and manage information. Its line of applications automates a wide range of administrative tasks.

Part of the problem was that technology decision makers delayed signing contracts during the final few days of the quarter, according to Safra Catz, Oracle’s chief financial officer. That could be an indication that companies and financially strapped government agencies are treading more carefully as Europe’s debt problems threaten to hobble a still-fragile global economy.

“Clearly, this quarter was not what we thought it would be,” Catz told analysts during a Tuesday conference call. She said the company is hoping some of the deals that were postponed in the last quarter will be completed within the next two months.

Oracle’s weakest markets were in the U.S., Europe and Japan.

Things looked even bleaker in Oracle’s computer hardware division, which the company has been trying to build since buying fallen Silicon Valley star Sun Microsystems for $7.4 billion last year. Oracle’s hardware revenue dropped 10 percent from the same time last year

Oracle earned $2.2 billion, or 43 cents per share, in its fiscal second quarter. That was a 17 percent increase from net income of $1.9 billion, or 37 cents per share at the same time last year.

If not for certain items, Oracle said it would have earned 54 cents per share. That figure fell below the average estimate of 57 cents per share among analysts polled by FactSet.

Revenue for the period edged up 2 percent from last year to $8.8 billion. Analysts, on average, had projected revenue of $9.2 billion.

In the current quarter, Oracle expects its adjusted earnings per share to range from 55 cents to 58 cents below the average analyst estimate of 59 cents per share. Revenue is expected to rise by 2 percent to 5 percent from the same time in the previous year. If Oracle hits that top end of that target, it would translate to revenue of about $9.2 billion below the analyst estimate of $9.4 billion, according to FactSet.

Oracle has expanded its sales force by about 1,700 people to fish for more customers during the second half of its fiscal year. About 111,000 employees worked at Oracle as of Nov. 30.

The company’s shares shed $2.91 to hit $26.26 in extended trading after the second-quarter figures were released. The stock has been sagging since hitting $36.50 in May.

In an effort to bolster the stock,Cheap Moncler, Oracle announced it will spend an additional $5 billion to buy back its shares. The company, which is based in Redwood Shores, Calif., didn’t set a timetable to complete the stock purchases. Oracle spent about $1 billion buying 33 million shares in its most recent quarter.