US STOCKS fell yesterday as brokerage ratings on blue chips Coca-Cola and JPMorgan Chase were downgraded.

Profit warnings from RadioShack, the number three US electronics chain, and American Home Mortgage, a US real estate investment trust, also stirred concern about the outlook for US corporate earnings.

Goldman Sachs cut its rating on Coca-Cola, the world’s largest soft drink maker, to “in-line” from “outperform” on expectations of lower European demand. Goldman also lowered brewer Anheuser-Busch to “underperform” from “in-line”.

The Nasdaq composite index was down 0,22%.

Among the Dow’s decliners, Coca-Cola shares fell 0,2% to $41,58 on the New York Stock Exchange, while JPMorgan shares slid 1% to $40,30.

“I’m not willing to give up on the Nasdaq today,” said Richard Skaggs, senior vice-president and portfolio manager at Loomis Sayles in Boston. “It is only down a few points and we’re not seeing a lot of weakness,” he said.

Helping to stem declines on the Nasdaq, which rose for its seventh consecutive session on Wednesday, were shares of Apple.

Bear Stearns raised Apple to “outperform” from “peer perform”, pushing its shares up 1,9% to $85,45, after it earlier touched a record high of $85,63.

US crude for February delivery was up 76c at $64,70, after hitting a session high at $64,80 a barrel. Fears of supply disruption amid tension over Iran’s nuclear work are feeding the surge in crude oil prices. Bloomberg

EUROPEAN energy stocks including BP and Total advanced as oil prices rose for a second day, increasing the outlook for higher earnings.

Regional stock indices were little changed.

“Valuations are not stretched, particularly in oil stocks,” said Udo Rosendahl, head of European equities at DWS Investment in Frankfurt. “It will take a long time until new capacities come into place.”

Rio Tinto paced gains among the mining stocks after Credit Suisse First Boston advised investors to hold more shares in mines than are indicated in benchmarks.

Telecommunications shares headed for their biggest decline in two months after lower-than-expected sales at France Telecom triggered concern that earnings growth will slow.

The Stoxx 600 advanced after European Central Bank president Jean-Claude Trichet said risks to economic growth “continue to lie on the downside”, easing concern that the central bank will soon raise interest rates.

The bank left the benchmark rate at 2,25% yesterday, after last month, raising it for the first time in five years.

National indices fell in eight of the 18 western European markets. France’s CAC 40 lost 0,2% as did Germany’s DAX.

Shares of Carrefour, Europe’s largest retailer, declined 3% to €39,79. The company said fourth-quarter revenue rose 7,1% from a year earlier to €23,3bn, as the company cut prices and opened stores.

Analysts surveyed by Bloomberg estimated sales of €23,6bn. UBS cut Carrefour shares to “reduce” from “neutral”. Bloomberg

MOST Asian markets rose yesterday, with the region’s biggest bourse in Japan closing at its highest level in more than five years as investors snapped up technology shares.

The benchmark Nikkei 225 index advanced 81,60 points, or 0,5%, to 16445,19 — its highest since September 20 2000.

The rise followed a climb overnight on the tech-heavy Nasdaq composite index.

In Hong Kong, shares ended slightly higher, extending their upward march for the eighth consecutive session, supported by continued inflows of institutional funds.

Thai shares declined on heavy profit-taking in banking blue chips, as the sector led a big market rally since the beginning of the year.

Indonesian shares ended lower, led by falls in heavyweight Telekomunikasi Indonesia and bank blue chips.

Malaysian shares rose as local government-led funds helped shore up some selling pressure and accumulated index-linked issues that slipped on profit-taking late yesterday. South Korean shares rebounded after three losing sessions in a row, unaffected by the central bank’s decision to maintain its key interest rate.

China’s shares ended higher for the sixth time in seven sessions, as a broad range of stocks rose on continued optimism about the benefits of listed companies floating their nontradeable shares.

Australian stocks closed flat after early surges in the banking and mining sectors. Taiwan’s shares fell slightly, with a rise in the value of the local currency causing concern about exports. Sapa-AP-AFP