Ford lifts Q3, 2004 earnings forecasts
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INDICATIONS
Ford's profit outlook bolsters
Google warrants exercised; BUD and NEM downgraded
By Emily Church, CBS.MarketWatch.com
Last Update: 7:15 AM ET Sept. 17, 2004
LONDON (CBS.MW) - U.S. stocks futures were tracking higher early Friday, bolstered by a confident third quarter profits outlook from Ford Motor Co.
Ford shares (F: news, chart, profile) were marked higher at $14.32 to $14.50 in London after the automaker lifted its outlook by 10 cents a share, citing financial services and improved auto costs.
The automaker also said it's closing one of its Jaguar production factories in Britain and sell its Formula One business. Around 1,150 jobs will be lost. Rival DaimlerChrysler (DCX: news, chart, profile) saw its losses on the day narrow in Frankfurt after the Ford update.
Futures and options expirations in the U.S. and U.K. markets were expected to sideline some investors, dealers in London said. The Dow industrials were up 13 points at 10,260 ahead of 7:30 a.m. Eastern.
Looking at sectors, mining stocks were leading the gainers on the benchmark FTSE 100. The European semiconductor-related stocks were recouping earlier declines on disappointing order data from a chip equipment trade association.
German memory chipmaker Infineon Technologies (IFX: news, chart, profile) was last up 0.6 percent, but equipment maker ASML (ASML: news, chart, profile) and STMicroelectronics (STM: news, chart, profile) were held to moderate losses. STM, Europe's largest chipmaker, was downgraded by Citigroup Smith Barney.
Canadian broker RBC Capital Markets sounded a more upbeat tone on the chip stocks, shifting to a 'neutral stance' on the semiconductor stocks from a defensive stance on the sector, citing macro-economic leading indicators as well as valuations in the sector.
"While we're not recommending that ivestors "load-the-boat" with semi names, as there still may be further downside to semi stocks, we don't believe that it pays to be overly negative on the sector anymore," the broker said.
Focus stocks
Japan's Financial Services Agency on Friday ordered Citibank Japan (C: news, chart, profile) to suspend business operations at four branches that deal with private banking, essentially discontinuing the bank's private banking business here, after the bank was found to have breached securities regulations. See story
Biomet Inc. (BMET: news, chart, profile) said net income fell to $69.5 million from $76.5 million. Sales increased to $438.2 million from $370.3 million.
UAL Corp. (UALAQ: news, chart, profile) Chief Executive Glenn Tilton said Thursday that there will be a significant number of job losses stemming from the company's restructuring plan, according to published reports.
Knight Ridder (KRI: news, chart, profile) late Thursday warned its third-quarter profit from operations will fall short of most analysts' estimates due to advertising losses related to the impact of three hurricanes on its newspapers in Florida and Georgia.
Deutsche Bank cut its rating on Budweiser brewer Anheuser-Busch Cos. (BUD: news, chart, profile) to hold overnight, citing expectation the earnings growth rate for the company will come down to the 8 percent to 9 percent growth range next year. "Exceptional management, highly effective distribution, and rational price leadership remain A-B hallmarks, but it's time to invest in the business," the broker said.
Search firm Heidrick & Struggles (HSII: news, chart, profile) said it's exercised the warrants it held in search engine Google (GOOG: news, chart, profile) for net proceeds of $128.8 million. The recruitment firm in 2001 obtained warrants to purchase 1.2 million shares of Google at 30 cents per share.
Newmont Mining (NEM: news, chart, profile) was downgraded to "sector performer" from "sector outperformer" by CIBC World Markets, which cited rising uncertainty at the company's key gold asset Yanacocha in Peru. The broker said a road blockade has impeded supplies to the mine, leaving production reserves in jeopardy.
Emily Church is London bureau chief of CBS.MarketWatch.com.
Ford's profit outlook bolsters
Google warrants exercised; BUD and NEM downgraded
By Emily Church, CBS.MarketWatch.com
Last Update: 7:15 AM ET Sept. 17, 2004
LONDON (CBS.MW) - U.S. stocks futures were tracking higher early Friday, bolstered by a confident third quarter profits outlook from Ford Motor Co.
Ford shares (F: news, chart, profile) were marked higher at $14.32 to $14.50 in London after the automaker lifted its outlook by 10 cents a share, citing financial services and improved auto costs.
The automaker also said it's closing one of its Jaguar production factories in Britain and sell its Formula One business. Around 1,150 jobs will be lost. Rival DaimlerChrysler (DCX: news, chart, profile) saw its losses on the day narrow in Frankfurt after the Ford update.
Futures and options expirations in the U.S. and U.K. markets were expected to sideline some investors, dealers in London said. The Dow industrials were up 13 points at 10,260 ahead of 7:30 a.m. Eastern.
Looking at sectors, mining stocks were leading the gainers on the benchmark FTSE 100. The European semiconductor-related stocks were recouping earlier declines on disappointing order data from a chip equipment trade association.
German memory chipmaker Infineon Technologies (IFX: news, chart, profile) was last up 0.6 percent, but equipment maker ASML (ASML: news, chart, profile) and STMicroelectronics (STM: news, chart, profile) were held to moderate losses. STM, Europe's largest chipmaker, was downgraded by Citigroup Smith Barney.
Canadian broker RBC Capital Markets sounded a more upbeat tone on the chip stocks, shifting to a 'neutral stance' on the semiconductor stocks from a defensive stance on the sector, citing macro-economic leading indicators as well as valuations in the sector.
"While we're not recommending that ivestors "load-the-boat" with semi names, as there still may be further downside to semi stocks, we don't believe that it pays to be overly negative on the sector anymore," the broker said.
Focus stocks
Japan's Financial Services Agency on Friday ordered Citibank Japan (C: news, chart, profile) to suspend business operations at four branches that deal with private banking, essentially discontinuing the bank's private banking business here, after the bank was found to have breached securities regulations. See story
Biomet Inc. (BMET: news, chart, profile) said net income fell to $69.5 million from $76.5 million. Sales increased to $438.2 million from $370.3 million.
UAL Corp. (UALAQ: news, chart, profile) Chief Executive Glenn Tilton said Thursday that there will be a significant number of job losses stemming from the company's restructuring plan, according to published reports.
Knight Ridder (KRI: news, chart, profile) late Thursday warned its third-quarter profit from operations will fall short of most analysts' estimates due to advertising losses related to the impact of three hurricanes on its newspapers in Florida and Georgia.
Deutsche Bank cut its rating on Budweiser brewer Anheuser-Busch Cos. (BUD: news, chart, profile) to hold overnight, citing expectation the earnings growth rate for the company will come down to the 8 percent to 9 percent growth range next year. "Exceptional management, highly effective distribution, and rational price leadership remain A-B hallmarks, but it's time to invest in the business," the broker said.
Search firm Heidrick & Struggles (HSII: news, chart, profile) said it's exercised the warrants it held in search engine Google (GOOG: news, chart, profile) for net proceeds of $128.8 million. The recruitment firm in 2001 obtained warrants to purchase 1.2 million shares of Google at 30 cents per share.
Newmont Mining (NEM: news, chart, profile) was downgraded to "sector performer" from "sector outperformer" by CIBC World Markets, which cited rising uncertainty at the company's key gold asset Yanacocha in Peru. The broker said a road blockade has impeded supplies to the mine, leaving production reserves in jeopardy.
Emily Church is London bureau chief of CBS.MarketWatch.com.
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- Registado: 11/8/2004 10:39
Ford lifts Q3, 2004 earnings forecasts
7:08am 09/17/04
Ford lifts Q3, 2004 earnings forecasts (F)
By Tomi Kilgore
NEW YORK (CBS.MW) -- Ford Motor (F) raised its third-quarter earnings forecast, excluding non-recurring items, to 10 to 15 cents a share from breakeven to 5 cents a share. For 2004, earnings are now estimated to be $1.90 to $2.00 a share, up from prior projections of $1.80 to $1.90. The company said it would record a charge of about $450 million, with $375 million occurring in 2004, from job cuts and the exit from Formula One racing activities. The stock closed Thursday up 14 cents at $13.95.
Ford lifts Q3, 2004 earnings forecasts (F)
By Tomi Kilgore
NEW YORK (CBS.MW) -- Ford Motor (F) raised its third-quarter earnings forecast, excluding non-recurring items, to 10 to 15 cents a share from breakeven to 5 cents a share. For 2004, earnings are now estimated to be $1.90 to $2.00 a share, up from prior projections of $1.80 to $1.90. The company said it would record a charge of about $450 million, with $375 million occurring in 2004, from job cuts and the exit from Formula One racing activities. The stock closed Thursday up 14 cents at $13.95.
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- Mensagens: 596
- Registado: 11/8/2004 10:39
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