Notícias de Fim de Semana -12 e 13 de Julho de 2003
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Principais Deliberações do Conselho Directivo da CMVM
11 de Julho de 2003
O Conselho Directivo da Comissão do Mercado de Valores Mobiliários (CMVM), em reunião realizada no dia 10 de Julho de 2003, deliberou:
1. Aprovar o prospecto complementar de admissão à negociação no Mercado de Cotações Oficiais de:
a) até 1.556.782 acções representativas do capital social do Banco Comercial dos Açores, S.A.;
b) 5 séries de warrants autónomos sobre acções da Portugal Telecom, SGPS, emitidos pelo Citibank Aktiengesellschaft.
2. Proceder a averbamentos aos registos dos seguintes intermediários financeiros:
a) Investimento Directo – Sociedade Financeira de Corretagem, SA – alteração da estrutura accionista;
b) Geoger – Sociedade Gestora de Fundos de Investimento Imobiliário, SA – alteração da estrutura accionista;
c) Best – Banco Electrónico de Serviço Total, SA – aumento do capital social de € 43 000 000 para € 55 000 000 e alteração da estrutura accionista;
d) Salomon Brothers International Limited – Sucursal em Portugal – alteração da denominação social para Citigroup Global Markets Limited – Sucursal em Portugal;
e) Banifundos Cisalpina – Sociedade Gestora de Fundos de Investimento Mobiliário, SA – alteração da estrutura accionista;
f) Banco Português de Negócios, SA – aumento do capital social de € 200 000 000 para 230 000 000;
g) Banco Comercial dos Açores, SA – alteração da estrutura accionista;
h) Banco Comercial Português, SA – aumento de capital de € 2 326 714 877 para € 3 257 400 827 e alteração da estrutura accionista;
i) Fincor – Sociedade Corretora, SA – aumento do capital social de € 249 500 para € 350 000;
j) BIG Fundos – Sociedade Gestora de Fundos de Investimento Mobiliário, SA – aumento do capital social de € 750 000 para € 1 250 000;
k) Navegator – Sociedade Gestora de Fundos de Titularização de Créditos, SA –aumento do capital social de € 2 000 000 para € 4 000 000;
l) Banque Privée Edmond de Rothschild Luxembourg – Sucursal em Portugal –alteração da denominação social para Banque Privée Edmond de Rothschild Europe – Sucursal em Portugal;
m) Golden Assets – Sociedade Gestora de Patrimónios, SA – mudança da sede social para a Avenida da Boavista, n.os 2427/2429 – 4100-135 Porto;
n) Companhia Gestora do Fundo Imobiliário Urbifundo, SA – alteração da estrutura accionista;
o) Fincor – Sociedade Corretora, SA – mudança de instalações da agência de Viseu para a Avenida Almirante Afonso Cerqueira, n.º 65-1.º - Letra U – Edifício Tojal & Tojal – 3510-023 Viseu.
3. Proceder ao registo da Pedro Arroja – Gestão de Fundos de Investimento Mobiliário, S.A. para o exercício da actividade de gestão de fundos de investimento mobiliário, bem como do respectivo regulamento interno.
4. Proceder ao registo dos regulamentos internos da IBCO – Gestão de Patrimónios, S.A. e da Correia & Viegas – Sociedade Gestora de fundos de Investimento Imobiliário, S.A.
5. Registar alterações ao regulamento interno da F & C Portugal – Gestão de Patrimónios, S.A.
6. Proceder ao averbamento ao registo da MTS Portugal – Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A. da alteração das regras de mercado do MEDIP para efeitos da introdução do segmento de negociação para bilhetes do tesouro.
7. Proceder ao registo como peritos avaliadores de imóveis dos fundos de investimento imobiliário:
a) da J.P. Vasconcelos – Consultores, Lda e, como perito individual, do Engº João de Mello Breyner Paes de Vasconcelos;
b) do Engº Manuel Afonso de Castro Machado Espregueira.
8. Autorizar a constituição do fundo de investimento mobiliário aberto “Fundo de Tesouraria – Pedro Arroja”, gerido pela Pedro Arroja – Gestão de Fundos de Investimento Mobiliário, S.A.
9. Proceder ao registo prévio da subscrição de unidades de participação do fundo de capital de risco “Explorer I – Fundo de Investimento de Capital de Risco para Investidores Qualificados”, gerido pela Explorer Investments – Sociedade de Capital de Risco, S.A.
10. Autorizar a constituição do fundo de investimento mobiliário fechado “Caixagest Premium II 2008 – Capital Garantido”, gerido pela Caixagest – Técnicas de Gestão de Fundos, S.A., aprovar o prospecto relativo à oferta pública de distribuição de 5.000.000 unidades de participação, aprovar os termos do contrato de colocação a celebrar com a Caixa Geral de Depósitos, S.A. e registar a oferta pública referida.
11. Aprovar alterações aos prospectos completos e simplificados de fundos geridos pela Caixagest – Técnicas de Gestão de Fundos, S.A., designadamente as decorrentes da incorporação de informação relativa à política de exercício dos direitos de voto, da actualização da informação quantitativa e fiscal, e da alteração à redacção da política de investimento, e ainda aprovar o aditamento ao contrato de comercialização celebrado com o Banco Best – Banco Electrónico de Serviço Total, S.A.
12. Aprovar alterações ao regulamento de gestão do fundo “Maxirent – Fundo de Investimento Imobiliário Fechado”, gerido pela Refundos – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. decorrentes da adaptação ao novo regime jurídico.
11 de Julho de 2003
O Conselho Directivo da Comissão do Mercado de Valores Mobiliários (CMVM), em reunião realizada no dia 10 de Julho de 2003, deliberou:
1. Aprovar o prospecto complementar de admissão à negociação no Mercado de Cotações Oficiais de:
a) até 1.556.782 acções representativas do capital social do Banco Comercial dos Açores, S.A.;
b) 5 séries de warrants autónomos sobre acções da Portugal Telecom, SGPS, emitidos pelo Citibank Aktiengesellschaft.
2. Proceder a averbamentos aos registos dos seguintes intermediários financeiros:
a) Investimento Directo – Sociedade Financeira de Corretagem, SA – alteração da estrutura accionista;
b) Geoger – Sociedade Gestora de Fundos de Investimento Imobiliário, SA – alteração da estrutura accionista;
c) Best – Banco Electrónico de Serviço Total, SA – aumento do capital social de € 43 000 000 para € 55 000 000 e alteração da estrutura accionista;
d) Salomon Brothers International Limited – Sucursal em Portugal – alteração da denominação social para Citigroup Global Markets Limited – Sucursal em Portugal;
e) Banifundos Cisalpina – Sociedade Gestora de Fundos de Investimento Mobiliário, SA – alteração da estrutura accionista;
f) Banco Português de Negócios, SA – aumento do capital social de € 200 000 000 para 230 000 000;
g) Banco Comercial dos Açores, SA – alteração da estrutura accionista;
h) Banco Comercial Português, SA – aumento de capital de € 2 326 714 877 para € 3 257 400 827 e alteração da estrutura accionista;
i) Fincor – Sociedade Corretora, SA – aumento do capital social de € 249 500 para € 350 000;
j) BIG Fundos – Sociedade Gestora de Fundos de Investimento Mobiliário, SA – aumento do capital social de € 750 000 para € 1 250 000;
k) Navegator – Sociedade Gestora de Fundos de Titularização de Créditos, SA –aumento do capital social de € 2 000 000 para € 4 000 000;
l) Banque Privée Edmond de Rothschild Luxembourg – Sucursal em Portugal –alteração da denominação social para Banque Privée Edmond de Rothschild Europe – Sucursal em Portugal;
m) Golden Assets – Sociedade Gestora de Patrimónios, SA – mudança da sede social para a Avenida da Boavista, n.os 2427/2429 – 4100-135 Porto;
n) Companhia Gestora do Fundo Imobiliário Urbifundo, SA – alteração da estrutura accionista;
o) Fincor – Sociedade Corretora, SA – mudança de instalações da agência de Viseu para a Avenida Almirante Afonso Cerqueira, n.º 65-1.º - Letra U – Edifício Tojal & Tojal – 3510-023 Viseu.
3. Proceder ao registo da Pedro Arroja – Gestão de Fundos de Investimento Mobiliário, S.A. para o exercício da actividade de gestão de fundos de investimento mobiliário, bem como do respectivo regulamento interno.
4. Proceder ao registo dos regulamentos internos da IBCO – Gestão de Patrimónios, S.A. e da Correia & Viegas – Sociedade Gestora de fundos de Investimento Imobiliário, S.A.
5. Registar alterações ao regulamento interno da F & C Portugal – Gestão de Patrimónios, S.A.
6. Proceder ao averbamento ao registo da MTS Portugal – Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A. da alteração das regras de mercado do MEDIP para efeitos da introdução do segmento de negociação para bilhetes do tesouro.
7. Proceder ao registo como peritos avaliadores de imóveis dos fundos de investimento imobiliário:
a) da J.P. Vasconcelos – Consultores, Lda e, como perito individual, do Engº João de Mello Breyner Paes de Vasconcelos;
b) do Engº Manuel Afonso de Castro Machado Espregueira.
8. Autorizar a constituição do fundo de investimento mobiliário aberto “Fundo de Tesouraria – Pedro Arroja”, gerido pela Pedro Arroja – Gestão de Fundos de Investimento Mobiliário, S.A.
9. Proceder ao registo prévio da subscrição de unidades de participação do fundo de capital de risco “Explorer I – Fundo de Investimento de Capital de Risco para Investidores Qualificados”, gerido pela Explorer Investments – Sociedade de Capital de Risco, S.A.
10. Autorizar a constituição do fundo de investimento mobiliário fechado “Caixagest Premium II 2008 – Capital Garantido”, gerido pela Caixagest – Técnicas de Gestão de Fundos, S.A., aprovar o prospecto relativo à oferta pública de distribuição de 5.000.000 unidades de participação, aprovar os termos do contrato de colocação a celebrar com a Caixa Geral de Depósitos, S.A. e registar a oferta pública referida.
11. Aprovar alterações aos prospectos completos e simplificados de fundos geridos pela Caixagest – Técnicas de Gestão de Fundos, S.A., designadamente as decorrentes da incorporação de informação relativa à política de exercício dos direitos de voto, da actualização da informação quantitativa e fiscal, e da alteração à redacção da política de investimento, e ainda aprovar o aditamento ao contrato de comercialização celebrado com o Banco Best – Banco Electrónico de Serviço Total, S.A.
12. Aprovar alterações ao regulamento de gestão do fundo “Maxirent – Fundo de Investimento Imobiliário Fechado”, gerido pela Refundos – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. decorrentes da adaptação ao novo regime jurídico.
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Euro Falls Against Dollar Amid Signs of Slow European Economy
July 12 (Bloomberg) -- The euro fell for the third week in four against the dollar on signs Europe will recover from the global economic slump more slowly than the U.S.
Demand for the euro also declined after the Financial Times yesterday said German Chancellor Gerhard Schroeder suggested the European Central Bank should weaken its currency to boost the region's exports. The currency has appreciated 13 percent against the dollar in the past year, making it more costly for foreigners to buy European goods.
``The appreciation of the euro will hurt the economy over time -- six months from now, the European economy will be quite soft,'' said David Durrant, the New York-based chief currency strategist at Bank Julius Baer, which manages $78 billion.
The European currency lost 1.7 percent versus the dollar this week, falling to $1.1290 as of 5:14 p.m. yesterday from $1.1490 in the prior week. The euro had its biggest weekly decline against the yen since the five days ended March 8, 2002, losing 1.8 percent. It fell to 133.14 yen from 135.62 in the prior week.
On Tuesday, the euro touched $1.1261 -- the lowest since May 5. It reached 132.63 yen yesterday, the lowest since May 16.
The European Union's executive branch said yesterday the region's economy won't expand more than 0.4 percent in the third quarter.
Total SA, Swiss Reinsurance Co. and Sodexho Alliance SA are among companies saying that gains in the currency are hurting profits. On June 16, the euro strengthened to within 0.1 percent of an all-time high.
`Intelligent People'
``I assume the intelligent people in the leadership of the ECB discuss the question every day of whether they have done enough in the context of the dollar/euro exchange rate to maintain the competitiveness of exports,'' Schroeder told the Financial Times yesterday.
Bela Anda, Schroeder's chief spokesman, said the comments weren't a call to sell the euro and were taken out of context. ECB spokeswoman Regina Schueller declined to comment on Schroeder's remarks.
``The ECB has done everything to ensure a recovery,'' ECB Chief Economist Otmar Issing said in a televised interview with Bloomberg News. ``The onus is on politics to do its bit, to make Europe more flexible, loosen labor markets.''
French industrial production fell for a third month in May as strikes, a sputtering European economy and the stronger euro hurt output. On Thursday, the French government said its jobless rate was 9.5 percent in April and May, higher than an initial estimate of 9.3 percent.
`Weak Currency'
``Pretty much everybody wants a weak currency nowadays,'' said Adrian Schmidt, London-based head of currency strategy at Royal Bank of Scotland Group Plc, the most accurate forecaster of exchange rates in the second quarter, according to a survey by Bloomberg News. The euro's gain ``hurts exporters.''
The euro may rebound to about $1.15 within the next couple of weeks, Schmidt said. In testimony on monetary policy next week, Federal Reserve Chairman Alan Greenspan may underscore that while the central bank expects the U.S. economy to recover, evidence of a rebound remains limited. Such remarks may help fixed-income securities at the expense of stocks, and spark selling of dollars, Schmidt said.
The dollar remained higher against the euro after the Labor Department said U.S. wholesale prices excluding food and energy fell in June for the second time in three months. So-called core prices declined 0.1 percent after rising 0.1 percent in May.
The U.S. currency may strengthen further against the yen after Finance Minister Masajuro Shiokawa signaled Japan may sell its currency to limit a gain that threatens to hurt the country's exports. ``The yen is in a fairly strong position,'' Shiokawa said at a regular press conference.
Yen Selling
The Bank of Japan, which acts at the behest of the Ministry of Finance, sold about 629 billion yen ($5.34 billion) in June, after a record 3.98 trillion yen in May. Shiokawa's deputy, Zembei Mizoguchi, said Japan hadn't changed its policy in regard to the currency markets.
Any gain for the dollar may be limited by concern the U.S. is struggling to attract the $1.5 billion a day needed to offset the deficit in its current account, the broadest measure of trade in goods and services. Germany and Japan have current-account surpluses.
The U.S. trade deficit held close to the widest ever for a third straight month, a Commerce Department report showed Friday, with imports exceeding exports by $41.8 billion in May compared with $41.6 billion in the prior month.
``The trade deficit isn't getting any better,'' said Katzive at UBS. ``The current-account deficit will keep pressure on the dollar.''
Last Updated: July 12, 2003 09:50 EDT
July 12 (Bloomberg) -- The euro fell for the third week in four against the dollar on signs Europe will recover from the global economic slump more slowly than the U.S.
Demand for the euro also declined after the Financial Times yesterday said German Chancellor Gerhard Schroeder suggested the European Central Bank should weaken its currency to boost the region's exports. The currency has appreciated 13 percent against the dollar in the past year, making it more costly for foreigners to buy European goods.
``The appreciation of the euro will hurt the economy over time -- six months from now, the European economy will be quite soft,'' said David Durrant, the New York-based chief currency strategist at Bank Julius Baer, which manages $78 billion.
The European currency lost 1.7 percent versus the dollar this week, falling to $1.1290 as of 5:14 p.m. yesterday from $1.1490 in the prior week. The euro had its biggest weekly decline against the yen since the five days ended March 8, 2002, losing 1.8 percent. It fell to 133.14 yen from 135.62 in the prior week.
On Tuesday, the euro touched $1.1261 -- the lowest since May 5. It reached 132.63 yen yesterday, the lowest since May 16.
The European Union's executive branch said yesterday the region's economy won't expand more than 0.4 percent in the third quarter.
Total SA, Swiss Reinsurance Co. and Sodexho Alliance SA are among companies saying that gains in the currency are hurting profits. On June 16, the euro strengthened to within 0.1 percent of an all-time high.
`Intelligent People'
``I assume the intelligent people in the leadership of the ECB discuss the question every day of whether they have done enough in the context of the dollar/euro exchange rate to maintain the competitiveness of exports,'' Schroeder told the Financial Times yesterday.
Bela Anda, Schroeder's chief spokesman, said the comments weren't a call to sell the euro and were taken out of context. ECB spokeswoman Regina Schueller declined to comment on Schroeder's remarks.
``The ECB has done everything to ensure a recovery,'' ECB Chief Economist Otmar Issing said in a televised interview with Bloomberg News. ``The onus is on politics to do its bit, to make Europe more flexible, loosen labor markets.''
French industrial production fell for a third month in May as strikes, a sputtering European economy and the stronger euro hurt output. On Thursday, the French government said its jobless rate was 9.5 percent in April and May, higher than an initial estimate of 9.3 percent.
`Weak Currency'
``Pretty much everybody wants a weak currency nowadays,'' said Adrian Schmidt, London-based head of currency strategy at Royal Bank of Scotland Group Plc, the most accurate forecaster of exchange rates in the second quarter, according to a survey by Bloomberg News. The euro's gain ``hurts exporters.''
The euro may rebound to about $1.15 within the next couple of weeks, Schmidt said. In testimony on monetary policy next week, Federal Reserve Chairman Alan Greenspan may underscore that while the central bank expects the U.S. economy to recover, evidence of a rebound remains limited. Such remarks may help fixed-income securities at the expense of stocks, and spark selling of dollars, Schmidt said.
The dollar remained higher against the euro after the Labor Department said U.S. wholesale prices excluding food and energy fell in June for the second time in three months. So-called core prices declined 0.1 percent after rising 0.1 percent in May.
The U.S. currency may strengthen further against the yen after Finance Minister Masajuro Shiokawa signaled Japan may sell its currency to limit a gain that threatens to hurt the country's exports. ``The yen is in a fairly strong position,'' Shiokawa said at a regular press conference.
Yen Selling
The Bank of Japan, which acts at the behest of the Ministry of Finance, sold about 629 billion yen ($5.34 billion) in June, after a record 3.98 trillion yen in May. Shiokawa's deputy, Zembei Mizoguchi, said Japan hadn't changed its policy in regard to the currency markets.
Any gain for the dollar may be limited by concern the U.S. is struggling to attract the $1.5 billion a day needed to offset the deficit in its current account, the broadest measure of trade in goods and services. Germany and Japan have current-account surpluses.
The U.S. trade deficit held close to the widest ever for a third straight month, a Commerce Department report showed Friday, with imports exceeding exports by $41.8 billion in May compared with $41.6 billion in the prior month.
``The trade deficit isn't getting any better,'' said Katzive at UBS. ``The current-account deficit will keep pressure on the dollar.''
Last Updated: July 12, 2003 09:50 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
U.S. Stocks Rise for Week; Ciena, Sanmina Lead Technology Rally
July 12 (Bloomberg) -- The Standard & Poor's 500 Index rose for the sixth week in seven amid optimism that demand for computer- related products will pick up, boosting profits.
Ciena Corp., which makes equipment for fiber-optic communications networks, and Sanmina-SCI Corp., a builder of electronic products for brand-name companies, led the advance.
The S&P 500 added 1.3 percent to 998.13, while the Dow Jones Industrial Average also rose for a sixth week in seven, climbing 0.5 percent to 9119.59. The Nasdaq Composite Index, which gets 42 percent of its value from technology stocks, recorded its biggest weekly gain in six weeks, rising 4.2 percent to 1733.93.
``The rally is likely to continue through the remainder of the year,'' said Thomas Madden, vice chairman of investment management at Federated Investors Inc., which oversees $200 billion in Pittsburgh. ``The trough in information technology capital spending is about a year behind us, has finished its down cycle and is now going to expand.''
For the year, the S&P 500 has gained 13 percent. The Dow has risen 9.3 percent. The Nasdaq, which closed Tuesday at the highest since April 22, 2002, surged 30 percent. Stock benchmarks have declined the past three years, the longest stretch since 1939-41.
Surveys Show Growth
Goldman, Sachs & Co. analysts said the decline in spending is almost over and will rise next year. Thomas Weisel Partners released a survey showing more companies are seeing increased spending now than they were four months ago.
Analysts say profit for the companies in the S&P 500 probably rose 5.2 percent last quarter, based on the average estimate compiled by Thomson Financial. They expect earnings to climb 13 percent this quarter and 21 percent next quarter.
A rebound in spending on semiconductors, computers and telecommunications equipment will help fuel profit growth and share prices, investors said. Spending on such gear dropped 7.1 percent in 2002, according to Gartner Inc., an industry research group.
The S&P Information Technology Index dropped 38 percent last year, giving it the biggest drop among the 10 industry groups. This year, the index is up 26 percent, the biggest advance among the groups.
Ciena advanced 17 percent this week. On Friday, Merrill Lynch & Co. upgraded the stock based on benefits from cost cutting and increased opportunities for sales. Sanmina-SCI jumped 15 percent this week.
Semiconductor stocks including Applied Materials Inc. and Intel Corp. also recorded some of the biggest gains for the week. Applied Materials, the world's biggest maker of chip-equipment, rallied 8.6 percent and Intel, the world's No. 1 chipmaker added 7.5 percent.
Eric Gomberg, an analyst at Thomas Weisel, said Intel will benefit from increased demand for computer products this year and next. UBS AG said the company is gaining market share from rival Advanced Micro Devices Inc.
No Evidence
Still, corporate profit reports and economic data have failed to provide evidence that the economy is recovering fast enough to warrant higher stock prices.
General Electric Co., the world's biggest maker of power- plant turbines jet engines and medical-imaging equipment, said it will have the smallest annual profit increase in a decade because of slow economic growth and SARS. The stock lost 1.5 percent for the week.
Yahoo! Inc., the owner of the world's most-used Internet sites, slipped 7.4 percent this week, giving it the biggest drop in the Nasdaq-100 Index. The company's second-quarter profit and 2003 sales lagged some analysts' expectations.
BMC Software Inc. shed 9.8 percent as profit and sales for the quarter ended June 30 missed forecasts. The company, which makes programs that manage computer networks and call centers, had the third-biggest drop in the S&P 500 for the week.
Unemployment Insurance
Some investors say stocks may not move much higher until there's evidence the economy is picking up. Initial jobless claims for the latest week unexpectedly rose and the number of people continuing to collect climbed to the highest in 20 years.
The Labor Department said it received 439,000 applications for first-time unemployment benefits, up from a revised 434,000 the prior week. Economists had expected a drop to 420,000, according to a Bloomberg News survey. The government said continuing claims in the last week of June rose to 3.82 million, the most since February 1983.
``There may be problems with the rapidity of the recovery,'' said Forrest Mervine, who helps manage $1.3 billion for Philadelphia Corp. ``The rally we've seen will possibly pull back.''
Still, a revival in mergers and acquisitions suggests corporate executives are feeling more confident that the economy is improving and that share prices are attractive, other money managers say.
This week, EMC Corp. offered to buy software maker Legato Systems Inc., for $1.3 billion. Arvin Meritor Inc., the world's biggest maker of axles for commercial trucks, began a $2.2 billion hostile tender offer for Dana Corp. Nike Inc., the world's largest athletic-shoe maker, agreed to buy closely held rival Converse Inc. for $305 million.
Dana surged 35 percent for the biggest gain in the S&P 500.
``Companies have become cautious about what they say, but merger and acquisition activity is very open and blunt,'' said Brian Pears, head of trading at Victory Capital Management Inc., which oversees $70 billion in Cleveland. ``The deals are more important than anything companies are saying.''
Last Updated: July 12, 2003 10:15 EDT
July 12 (Bloomberg) -- The Standard & Poor's 500 Index rose for the sixth week in seven amid optimism that demand for computer- related products will pick up, boosting profits.
Ciena Corp., which makes equipment for fiber-optic communications networks, and Sanmina-SCI Corp., a builder of electronic products for brand-name companies, led the advance.
The S&P 500 added 1.3 percent to 998.13, while the Dow Jones Industrial Average also rose for a sixth week in seven, climbing 0.5 percent to 9119.59. The Nasdaq Composite Index, which gets 42 percent of its value from technology stocks, recorded its biggest weekly gain in six weeks, rising 4.2 percent to 1733.93.
``The rally is likely to continue through the remainder of the year,'' said Thomas Madden, vice chairman of investment management at Federated Investors Inc., which oversees $200 billion in Pittsburgh. ``The trough in information technology capital spending is about a year behind us, has finished its down cycle and is now going to expand.''
For the year, the S&P 500 has gained 13 percent. The Dow has risen 9.3 percent. The Nasdaq, which closed Tuesday at the highest since April 22, 2002, surged 30 percent. Stock benchmarks have declined the past three years, the longest stretch since 1939-41.
Surveys Show Growth
Goldman, Sachs & Co. analysts said the decline in spending is almost over and will rise next year. Thomas Weisel Partners released a survey showing more companies are seeing increased spending now than they were four months ago.
Analysts say profit for the companies in the S&P 500 probably rose 5.2 percent last quarter, based on the average estimate compiled by Thomson Financial. They expect earnings to climb 13 percent this quarter and 21 percent next quarter.
A rebound in spending on semiconductors, computers and telecommunications equipment will help fuel profit growth and share prices, investors said. Spending on such gear dropped 7.1 percent in 2002, according to Gartner Inc., an industry research group.
The S&P Information Technology Index dropped 38 percent last year, giving it the biggest drop among the 10 industry groups. This year, the index is up 26 percent, the biggest advance among the groups.
Ciena advanced 17 percent this week. On Friday, Merrill Lynch & Co. upgraded the stock based on benefits from cost cutting and increased opportunities for sales. Sanmina-SCI jumped 15 percent this week.
Semiconductor stocks including Applied Materials Inc. and Intel Corp. also recorded some of the biggest gains for the week. Applied Materials, the world's biggest maker of chip-equipment, rallied 8.6 percent and Intel, the world's No. 1 chipmaker added 7.5 percent.
Eric Gomberg, an analyst at Thomas Weisel, said Intel will benefit from increased demand for computer products this year and next. UBS AG said the company is gaining market share from rival Advanced Micro Devices Inc.
No Evidence
Still, corporate profit reports and economic data have failed to provide evidence that the economy is recovering fast enough to warrant higher stock prices.
General Electric Co., the world's biggest maker of power- plant turbines jet engines and medical-imaging equipment, said it will have the smallest annual profit increase in a decade because of slow economic growth and SARS. The stock lost 1.5 percent for the week.
Yahoo! Inc., the owner of the world's most-used Internet sites, slipped 7.4 percent this week, giving it the biggest drop in the Nasdaq-100 Index. The company's second-quarter profit and 2003 sales lagged some analysts' expectations.
BMC Software Inc. shed 9.8 percent as profit and sales for the quarter ended June 30 missed forecasts. The company, which makes programs that manage computer networks and call centers, had the third-biggest drop in the S&P 500 for the week.
Unemployment Insurance
Some investors say stocks may not move much higher until there's evidence the economy is picking up. Initial jobless claims for the latest week unexpectedly rose and the number of people continuing to collect climbed to the highest in 20 years.
The Labor Department said it received 439,000 applications for first-time unemployment benefits, up from a revised 434,000 the prior week. Economists had expected a drop to 420,000, according to a Bloomberg News survey. The government said continuing claims in the last week of June rose to 3.82 million, the most since February 1983.
``There may be problems with the rapidity of the recovery,'' said Forrest Mervine, who helps manage $1.3 billion for Philadelphia Corp. ``The rally we've seen will possibly pull back.''
Still, a revival in mergers and acquisitions suggests corporate executives are feeling more confident that the economy is improving and that share prices are attractive, other money managers say.
This week, EMC Corp. offered to buy software maker Legato Systems Inc., for $1.3 billion. Arvin Meritor Inc., the world's biggest maker of axles for commercial trucks, began a $2.2 billion hostile tender offer for Dana Corp. Nike Inc., the world's largest athletic-shoe maker, agreed to buy closely held rival Converse Inc. for $305 million.
Dana surged 35 percent for the biggest gain in the S&P 500.
``Companies have become cautious about what they say, but merger and acquisition activity is very open and blunt,'' said Brian Pears, head of trading at Victory Capital Management Inc., which oversees $70 billion in Cleveland. ``The deals are more important than anything companies are saying.''
Last Updated: July 12, 2003 10:15 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Conjuntura: Maioria dos desempregados considera ineficazes centros de emprego
2003-07-12 13:24:48
A maioria dos desempregados de longa duração e dos jovens que buscam o primeiro emprego classifica os centros de emprego de ineficazes, refere um estudo do Ministério da Segurança Social e do Trabalho divulgado pelo Expresso.
O estudo, baseado em inquéritos junto de 1284 desempregados de longa duração e de 1212 jovens à procura do primeiro emprego, foi realizado em 2001 e mostra que quase 55% dos desempregados de longa duração manifesta-se desagradado com a acção dos centros de emprego. Entre os jovens à procura do primeiro emprego, cerca de 40% critica a actuação dos centros.
De acordo com o estudo, os portugueses vêem os contactos com amigos, a consulta de anúncios na imprensa escrita e na Internet e o envio de currículos para empresas como formas mais eficazes de arranjar emprego.
Apesar destes resultados, os centros de emprego são procurados pela quase totalidade (97%) dos jovens em busca de emprego, refere o jornal.
Fonte: Diário Digital
2003-07-12 13:24:48
A maioria dos desempregados de longa duração e dos jovens que buscam o primeiro emprego classifica os centros de emprego de ineficazes, refere um estudo do Ministério da Segurança Social e do Trabalho divulgado pelo Expresso.
O estudo, baseado em inquéritos junto de 1284 desempregados de longa duração e de 1212 jovens à procura do primeiro emprego, foi realizado em 2001 e mostra que quase 55% dos desempregados de longa duração manifesta-se desagradado com a acção dos centros de emprego. Entre os jovens à procura do primeiro emprego, cerca de 40% critica a actuação dos centros.
De acordo com o estudo, os portugueses vêem os contactos com amigos, a consulta de anúncios na imprensa escrita e na Internet e o envio de currículos para empresas como formas mais eficazes de arranjar emprego.
Apesar destes resultados, os centros de emprego são procurados pela quase totalidade (97%) dos jovens em busca de emprego, refere o jornal.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Governo promete aeroporto da Ota a funcionar em 2016
2003-07-12 11:57:16
O ministro das Obras públicas, Carmona Rodrigues, prometeu sexta-feira à noite que as obras para a construção do aeroporto internacional da Ota vão arrancar em 2007 ou 2008 e que a infra-estrutura estará operacional em 2016.
Falando aos jornalistas no Bombarral, onde participou numa sessão de esclarecimento, Carmona Rodrigues sublinhou que a data prevista para a conclusão da Ota coincide com o limite estimado para o esgotamento da capacidade do aeroporto da Portela.
No fim de Maio, Carmona Rodrigues havia afirmado que o projecto da Ota estava «congelado», declarações que levantaram fortes protestos.
«Temos de estar atentos à evolução do tráfego. Um aeroporto implica toda um dinamismo comercial à sua volta, hotéis, comércio, etc. que não foi acautelado no projecto. É preciso saber o que isso custa. Sou das pessoas - neste caso em concordância absoluta quer com o Dr. Santana Lopes, quer com o Dr. João Soares - que vejo com dificuldade a saída do aeroporto da Portela e vejo sempre qualquer novo aeroporto de Lisboa, seja onde for, como um complemento. A OTA até pode ser um aeroporto, com apenas uma pista, para voos charter», disse então o ministro ao Expresso.
Agora, Carmona Rodrigues garante que a Ota será o principal aeroporto de Lisboa. «É obvio que o grande aeroporto vai ser a Ota, com capacidade para 19 milhões de passageiros», sublinhou.
Fonte: Diário Digital
2003-07-12 11:57:16
O ministro das Obras públicas, Carmona Rodrigues, prometeu sexta-feira à noite que as obras para a construção do aeroporto internacional da Ota vão arrancar em 2007 ou 2008 e que a infra-estrutura estará operacional em 2016.
Falando aos jornalistas no Bombarral, onde participou numa sessão de esclarecimento, Carmona Rodrigues sublinhou que a data prevista para a conclusão da Ota coincide com o limite estimado para o esgotamento da capacidade do aeroporto da Portela.
No fim de Maio, Carmona Rodrigues havia afirmado que o projecto da Ota estava «congelado», declarações que levantaram fortes protestos.
«Temos de estar atentos à evolução do tráfego. Um aeroporto implica toda um dinamismo comercial à sua volta, hotéis, comércio, etc. que não foi acautelado no projecto. É preciso saber o que isso custa. Sou das pessoas - neste caso em concordância absoluta quer com o Dr. Santana Lopes, quer com o Dr. João Soares - que vejo com dificuldade a saída do aeroporto da Portela e vejo sempre qualquer novo aeroporto de Lisboa, seja onde for, como um complemento. A OTA até pode ser um aeroporto, com apenas uma pista, para voos charter», disse então o ministro ao Expresso.
Agora, Carmona Rodrigues garante que a Ota será o principal aeroporto de Lisboa. «É obvio que o grande aeroporto vai ser a Ota, com capacidade para 19 milhões de passageiros», sublinhou.
Fonte: Diário Digital
- Mensagens: 23939
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Conjuntura: OMC condena taxas sobre o aço impostas por EUA
2003-07-12 09:20:02
A Organização Mundial do Comércio (OMC) considerou, na sexta-feira, que as taxas aplicadas pelos EUA sobre o aço importado violam as regras do comércio internacional.
A organização não aceitou ao argumentos norte-americanos que consideravam que a medida não era uma ameaça ao comércio de aço no mundo. As taxas variam entre os 3 e os 8%, tornando o aço importado mais caro.
A queixa contra os EUA foi apresentada pela União Europeia e por países como o Brasil, China, Coreia do Sul, Japão, Nova Zelândia, Noruega, e Suíça.
Fonte: Diário Digital
2003-07-12 09:20:02
A Organização Mundial do Comércio (OMC) considerou, na sexta-feira, que as taxas aplicadas pelos EUA sobre o aço importado violam as regras do comércio internacional.
A organização não aceitou ao argumentos norte-americanos que consideravam que a medida não era uma ameaça ao comércio de aço no mundo. As taxas variam entre os 3 e os 8%, tornando o aço importado mais caro.
A queixa contra os EUA foi apresentada pela União Europeia e por países como o Brasil, China, Coreia do Sul, Japão, Nova Zelândia, Noruega, e Suíça.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Mercados: Petrobas descobre mais petróleo no Brasil
2003-07-12 09:11:06
A companhia petrolífera brasileira Petrobras anunciou a descoberta de mais petróleo no estado do Espírito Santo.
Naquele estado já foram efectuadas três descobertas recentes de petróleo. A empresa ainda não anunciou o volume de reservas do novo poço - localizado a 60 quilómetros da costa - mas considerou importante a sua descoberta.
Fonte: Diário Digital
2003-07-12 09:11:06
A companhia petrolífera brasileira Petrobras anunciou a descoberta de mais petróleo no estado do Espírito Santo.
Naquele estado já foram efectuadas três descobertas recentes de petróleo. A empresa ainda não anunciou o volume de reservas do novo poço - localizado a 60 quilómetros da costa - mas considerou importante a sua descoberta.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
TMT: Patentes levam Reuters a processar rival Bloomberg
2003-07-12 08:56:37
A Reuters anunciou na sexta-feira que vai processar a sua rival Bloomberg por alegada utilização indevida de patentes na área da tecnologia de trading.
Nos fundamentos do processo, aberto num tribunal de Nova Iorque, a Reuters afirma que a Bloomberg terá violado três patentes lançadas em 1999 e 2001. O grupo diz que investiu milhões de dólares para apresentar aos mercados financeiros as melhores ferramentas.
Segundo o site do Financial Times, o alvo da Reuters parece ser o sistema PowerMatch da Bloomberg. A acção ocorre numa altura em que as duas agências especializadas em informação e tecnologia para os mercados financeiros travam uma dura batalha para conquistar clientes.
Fonte: Diário Digital
2003-07-12 08:56:37
A Reuters anunciou na sexta-feira que vai processar a sua rival Bloomberg por alegada utilização indevida de patentes na área da tecnologia de trading.
Nos fundamentos do processo, aberto num tribunal de Nova Iorque, a Reuters afirma que a Bloomberg terá violado três patentes lançadas em 1999 e 2001. O grupo diz que investiu milhões de dólares para apresentar aos mercados financeiros as melhores ferramentas.
Segundo o site do Financial Times, o alvo da Reuters parece ser o sistema PowerMatch da Bloomberg. A acção ocorre numa altura em que as duas agências especializadas em informação e tecnologia para os mercados financeiros travam uma dura batalha para conquistar clientes.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Negócios: Governo escolhe consórcio liderado por grupo Pestana para a Enatur
2003-07-12 08:52:37
Os ministérios das Finanças e da Economia anunciaram em comunicado divulgado na sexta-feira que o consórcio liderado pelo grupo Pestana foi seleccionado para comprar a participação de 37,6% na Enatur.
O Governo justificou a sua escolha com o facto de o consórcio se ter classificado em primeiro lugar no critério referente à qualidade do projecto de exploração da rede de pousadas da Enatur e ter uma posição igual à dos outros consórcios em relação a outros critérios.
O consórcio, liderado pelo grupo Pestana, que tem 59,8% do capital, e que integra a CGD (25%), a Fundação Oriente (15%), as Viagens Abreu e a Portimar, fica com a posição de 36,7% que o Estado decidiu alienar na Enatur. A Parpública ficará como accionista maioritário da empresa.
A decisão do Governo acabou por derrotar as propostas da Cofina e do grupo Espírito Santo/Logoplaste, que tinham também concorrido ao processo de privatização.
Fonte: Diário Digital
2003-07-12 08:52:37
Os ministérios das Finanças e da Economia anunciaram em comunicado divulgado na sexta-feira que o consórcio liderado pelo grupo Pestana foi seleccionado para comprar a participação de 37,6% na Enatur.
O Governo justificou a sua escolha com o facto de o consórcio se ter classificado em primeiro lugar no critério referente à qualidade do projecto de exploração da rede de pousadas da Enatur e ter uma posição igual à dos outros consórcios em relação a outros critérios.
O consórcio, liderado pelo grupo Pestana, que tem 59,8% do capital, e que integra a CGD (25%), a Fundação Oriente (15%), as Viagens Abreu e a Portimar, fica com a posição de 36,7% que o Estado decidiu alienar na Enatur. A Parpública ficará como accionista maioritário da empresa.
A decisão do Governo acabou por derrotar as propostas da Cofina e do grupo Espírito Santo/Logoplaste, que tinham também concorrido ao processo de privatização.
Fonte: Diário Digital
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
U.S. Stocks Advance as Dell Computer and Intel Shares Gain
July 11 (Bloomberg) -- U.S. stocks rose after analysts said Intel Corp. and Dell Computer Corp. will benefit as spending on computers increases, renewing investors' optimism a four-month rally in the Standard & Poor's 500 Index isn't over.
``Technology stocks remain strong,'' said Robert Mitchell, who helps oversee $300 billion at Northern Trust Corp. in Chicago. ``What's going to drive the market higher and could drive it all summer is the numbers we get over the next two weeks,'' when companies such as Intel report earnings.
The S&P 500 added 9.44, or 1 percent, to 998.14. The Dow Jones Industrial Average advanced 83.55, or 0.9 percent, to 9119.59. The Nasdaq Composite Index gained 18.07, or 1.1 percent, to 1733.93.
For the week, the S&P 500 rose 1.3 percent and had its sixth weekly gain in seven. The Dow increased 0.5 percent and the Nasdaq Composite Index jumped 4.2 percent.
Altria Group Inc. and General Electric Co. were among the biggest drags on the Dow average today. Altria, the parent of cigarette maker Philip Morris USA, fell on investor concern an Illinois court may reinstate a $12 billion deposit required to appeal a judgment. General Electric, the world's second-largest company by market value, said it will have its smallest annual profit increase in a decade.
More than two stocks rose for every one that fell on the New York Stock Exchange. Some 1.2 billion shares changed hands on the Big Board, 15 percent less than the daily average over the past three months. It was the slowest full day of trading since May 23.
Earnings Next Week
Dozens of companies release results next week, including Intel, the world's biggest maker of semiconductors, on Tuesday and Microsoft Corp., the largest software company, on Thursday. The S&P 500 has gained 25 percent since March 11 on optimism that earnings growth and the economy will pick up in the second half.
Yesterday an earnings report from Yahoo! Inc., the owner of the world's most-used Internet site, caused investor concern that estimates for corporate profit growth may be too high, pushing the S&P 500 down 1.4 percent.
S&P 500 companies boosted second-quarter profit 5.2 percent, on average, according to an analyst survey by Thomson Financial. Earnings will jump by 13 percent in the third quarter and 21 percent in the fourth.
``For the market to improve, we need to see stronger economic data and positive earnings revisions,'' said Owen Fitzpatrick, who helps oversee $9 billion at Deutsche Bank Private Wealth Management in New York. ``The most important thing from companies will be the commentary on the rest of the year.''
Intel Advances
Stocks also are rising because investors who had been skeptical of the gains are jumping in to buy stocks, said Tim Ghriskey, who manages the Ghriskey Capital Partners LLC hedge fund. ``You don't want to fight the direction of stock prices, which have been steadily up since the middle of March,'' said Ghriskey, who owns shares of Sun Microsystems Inc.
Computer-related shares have been among the best performers during the four-month rally in the S&P 500.
Intel, the biggest semiconductor maker, jumped 43 cents to $23.34. Eric Gomberg, an analyst at Thomas Weisel Partners, raised his profit and sales estimates for the rest of 2003 and 2004 in anticipation of increasing demand for computer products. He boosted his rating to ``outperform'' from ``peer perform.''
Gomberg is seeing more evidence of a technology rebound based on a survey of 40 companies. ``We saw a material up-tick in results,'' he said in a telephone interview. Some 62 percent of firms surveyed are experiencing increased spending, up from 29 percent in February. Three-quarters of those polled have seen or expect to see higher spending by the end of September, Gomberg said.
Dell Gains
Dell, the No. 2 seller of personal computers, added 70 cents to $33.56. Steven Fortuna, a Prudential Equity Group Inc. analyst, said Dell is the ``best-positioned'' computer-hardware company and will report sales growth of 15 percent this year and 14 percent next year. He started coverage with a ``buy'' rating and said the shares may rise to $49 over the next 18 months.
Shares of Altria slumped $1.39 to $41.81 on concern an Illinois court may decide as early as today to reinstate the $12 billion deposit required to appeal a judgment that found the company liable for misleading smokers. Its 3.2 percent decline was the biggest in the Dow Average.
General Electric fell 7 cents to $28.12. The company said 2003 profit won't reach the high end of its forecast because of slow economic growth and SARS. Profit will rise to $1.55 to $1.61 a share. Chief Executive Jeffrey Immelt previously said profit may be as high as $1.70. The company also said second-quarter earnings declined 14 percent.
Charter Communications Surges
Charter Communications Inc., the cable-television company controlled by billionaire Paul Allen, surged 23 percent to $4.90 after saying it will sell $1.7 billion of junk bonds, gaining cash to buy back some convertible notes and more time to pay debt. The stock was the second most-active issue in U.S. trading.
Home Depot Inc. advanced 74 cents to $33.17. The largest chain of home-improvement stores may report a second-quarter sales increase because it improved the way it managed inventory and staffing decisions, said Aram Rubinson, an analyst with Banc of America Securities. He raised his rating to ``buy'' from ``neutral.''
Sonus Networks Inc. jumped $1.38 to $7.10 after reporting second-quarter results that exceeded analysts' forecasts. The maker of switches used in phone networks said its second-quarter loss narrowed to 1 cent a share as operating expenses fell. Analysts had forecast a loss of 2 cents, according to Thomson Financial.
Hercules Inc., a maker of industrial chemicals, added 71 cents to $10.99 after saying it had a second-quarter per-share profit from continuing operations of 21 cents to 23 cents. The average estimate in a Thomson Financial survey was 19 cents.
CarMax Rises
CarMax Inc. rose $2.76 to $34.45. The used-car retailer spun off from Circuit City Stores Inc. said it will about double sales to $8 billion through fiscal 2007.
Coca-Cola Co., the world's largest soft-drink maker, shed 10 cents to $43.91. Federal prosecutors are investigating charges by Matthew Whitley, former director of finance for the fountain division, that Coca-Cola inflated sales and profits. Last month, it disclosed a Securities and Exchange Commission inquiry.
Amazon.com Slumps
Amazon.com Inc., the world's largest online bookseller, slipped 60 cents to $37.65. AOL Time Warner Inc.'s America Online unit started its own service to sell videos and records over the Web, ending a partnership with Amazon.com.
Mirant Corp. dropped 53 cents to $1.75. The power producer trying to refinance debt was downgraded to ``sell'' from ``hold'' by Williams Capital Group analyst Christopher Ellinghaus a day after another analyst said it may declare bankruptcy.
QQQs
S&P 500 futures expiring in September rose 8.60 to 997.30 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures rose 9.00 to 1281.50. The index, a benchmark for Nasdaq's largest companies, added 11.92 to 1280.57.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, gained 24 cents to $31.84. The S&P 500 shares known as Spiders added 94 cents to $100.24.
The Russell 2000 Index of small stocks gained 4.74, or 1 percent, to 473.77. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, rose 87.66, or 0.9 percent, to 9610.93. Based on the change in the Wilshire, the total value of U.S. stocks increased by $105.2 billion.
Altria Group Inc. (MO US)
Amazon.com Inc. (AMZN US)
CarMax Inc. (KMX US)
Charter Communications Inc. (CHTR US)
Coca-Cola Co. (KO US)
Dell Computer Corp. (DELL US)
General Electric Co. (GE US)
Hercules Inc. (HPC US)
Home Depot Inc. (HD US)
Intel Corp. (INTC US)
Microsoft Corp. (MSFT US)
Mirant Corp. (MIR US)
Sonus Networks Inc. (SONS US)
Last Updated: July 11, 2003 17:43 EDT
July 11 (Bloomberg) -- U.S. stocks rose after analysts said Intel Corp. and Dell Computer Corp. will benefit as spending on computers increases, renewing investors' optimism a four-month rally in the Standard & Poor's 500 Index isn't over.
``Technology stocks remain strong,'' said Robert Mitchell, who helps oversee $300 billion at Northern Trust Corp. in Chicago. ``What's going to drive the market higher and could drive it all summer is the numbers we get over the next two weeks,'' when companies such as Intel report earnings.
The S&P 500 added 9.44, or 1 percent, to 998.14. The Dow Jones Industrial Average advanced 83.55, or 0.9 percent, to 9119.59. The Nasdaq Composite Index gained 18.07, or 1.1 percent, to 1733.93.
For the week, the S&P 500 rose 1.3 percent and had its sixth weekly gain in seven. The Dow increased 0.5 percent and the Nasdaq Composite Index jumped 4.2 percent.
Altria Group Inc. and General Electric Co. were among the biggest drags on the Dow average today. Altria, the parent of cigarette maker Philip Morris USA, fell on investor concern an Illinois court may reinstate a $12 billion deposit required to appeal a judgment. General Electric, the world's second-largest company by market value, said it will have its smallest annual profit increase in a decade.
More than two stocks rose for every one that fell on the New York Stock Exchange. Some 1.2 billion shares changed hands on the Big Board, 15 percent less than the daily average over the past three months. It was the slowest full day of trading since May 23.
Earnings Next Week
Dozens of companies release results next week, including Intel, the world's biggest maker of semiconductors, on Tuesday and Microsoft Corp., the largest software company, on Thursday. The S&P 500 has gained 25 percent since March 11 on optimism that earnings growth and the economy will pick up in the second half.
Yesterday an earnings report from Yahoo! Inc., the owner of the world's most-used Internet site, caused investor concern that estimates for corporate profit growth may be too high, pushing the S&P 500 down 1.4 percent.
S&P 500 companies boosted second-quarter profit 5.2 percent, on average, according to an analyst survey by Thomson Financial. Earnings will jump by 13 percent in the third quarter and 21 percent in the fourth.
``For the market to improve, we need to see stronger economic data and positive earnings revisions,'' said Owen Fitzpatrick, who helps oversee $9 billion at Deutsche Bank Private Wealth Management in New York. ``The most important thing from companies will be the commentary on the rest of the year.''
Intel Advances
Stocks also are rising because investors who had been skeptical of the gains are jumping in to buy stocks, said Tim Ghriskey, who manages the Ghriskey Capital Partners LLC hedge fund. ``You don't want to fight the direction of stock prices, which have been steadily up since the middle of March,'' said Ghriskey, who owns shares of Sun Microsystems Inc.
Computer-related shares have been among the best performers during the four-month rally in the S&P 500.
Intel, the biggest semiconductor maker, jumped 43 cents to $23.34. Eric Gomberg, an analyst at Thomas Weisel Partners, raised his profit and sales estimates for the rest of 2003 and 2004 in anticipation of increasing demand for computer products. He boosted his rating to ``outperform'' from ``peer perform.''
Gomberg is seeing more evidence of a technology rebound based on a survey of 40 companies. ``We saw a material up-tick in results,'' he said in a telephone interview. Some 62 percent of firms surveyed are experiencing increased spending, up from 29 percent in February. Three-quarters of those polled have seen or expect to see higher spending by the end of September, Gomberg said.
Dell Gains
Dell, the No. 2 seller of personal computers, added 70 cents to $33.56. Steven Fortuna, a Prudential Equity Group Inc. analyst, said Dell is the ``best-positioned'' computer-hardware company and will report sales growth of 15 percent this year and 14 percent next year. He started coverage with a ``buy'' rating and said the shares may rise to $49 over the next 18 months.
Shares of Altria slumped $1.39 to $41.81 on concern an Illinois court may decide as early as today to reinstate the $12 billion deposit required to appeal a judgment that found the company liable for misleading smokers. Its 3.2 percent decline was the biggest in the Dow Average.
General Electric fell 7 cents to $28.12. The company said 2003 profit won't reach the high end of its forecast because of slow economic growth and SARS. Profit will rise to $1.55 to $1.61 a share. Chief Executive Jeffrey Immelt previously said profit may be as high as $1.70. The company also said second-quarter earnings declined 14 percent.
Charter Communications Surges
Charter Communications Inc., the cable-television company controlled by billionaire Paul Allen, surged 23 percent to $4.90 after saying it will sell $1.7 billion of junk bonds, gaining cash to buy back some convertible notes and more time to pay debt. The stock was the second most-active issue in U.S. trading.
Home Depot Inc. advanced 74 cents to $33.17. The largest chain of home-improvement stores may report a second-quarter sales increase because it improved the way it managed inventory and staffing decisions, said Aram Rubinson, an analyst with Banc of America Securities. He raised his rating to ``buy'' from ``neutral.''
Sonus Networks Inc. jumped $1.38 to $7.10 after reporting second-quarter results that exceeded analysts' forecasts. The maker of switches used in phone networks said its second-quarter loss narrowed to 1 cent a share as operating expenses fell. Analysts had forecast a loss of 2 cents, according to Thomson Financial.
Hercules Inc., a maker of industrial chemicals, added 71 cents to $10.99 after saying it had a second-quarter per-share profit from continuing operations of 21 cents to 23 cents. The average estimate in a Thomson Financial survey was 19 cents.
CarMax Rises
CarMax Inc. rose $2.76 to $34.45. The used-car retailer spun off from Circuit City Stores Inc. said it will about double sales to $8 billion through fiscal 2007.
Coca-Cola Co., the world's largest soft-drink maker, shed 10 cents to $43.91. Federal prosecutors are investigating charges by Matthew Whitley, former director of finance for the fountain division, that Coca-Cola inflated sales and profits. Last month, it disclosed a Securities and Exchange Commission inquiry.
Amazon.com Slumps
Amazon.com Inc., the world's largest online bookseller, slipped 60 cents to $37.65. AOL Time Warner Inc.'s America Online unit started its own service to sell videos and records over the Web, ending a partnership with Amazon.com.
Mirant Corp. dropped 53 cents to $1.75. The power producer trying to refinance debt was downgraded to ``sell'' from ``hold'' by Williams Capital Group analyst Christopher Ellinghaus a day after another analyst said it may declare bankruptcy.
QQQs
S&P 500 futures expiring in September rose 8.60 to 997.30 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures rose 9.00 to 1281.50. The index, a benchmark for Nasdaq's largest companies, added 11.92 to 1280.57.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, gained 24 cents to $31.84. The S&P 500 shares known as Spiders added 94 cents to $100.24.
The Russell 2000 Index of small stocks gained 4.74, or 1 percent, to 473.77. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, rose 87.66, or 0.9 percent, to 9610.93. Based on the change in the Wilshire, the total value of U.S. stocks increased by $105.2 billion.
Altria Group Inc. (MO US)
Amazon.com Inc. (AMZN US)
CarMax Inc. (KMX US)
Charter Communications Inc. (CHTR US)
Coca-Cola Co. (KO US)
Dell Computer Corp. (DELL US)
General Electric Co. (GE US)
Hercules Inc. (HPC US)
Home Depot Inc. (HD US)
Intel Corp. (INTC US)
Microsoft Corp. (MSFT US)
Mirant Corp. (MIR US)
Sonus Networks Inc. (SONS US)
Last Updated: July 11, 2003 17:43 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
European Stocks Rise for First Week in Three; Nokia Climbs
July 11 (Bloomberg) -- European stocks recorded their first weekly advance in three amid optimism that companies such as Nokia Oyj and Royal Philips Electronics NV will benefit from a pickup in demand.
Munich Re and Allianz AG paced gains today after a U.S. Senate panel approved legislation for creating a $108 billion fund to compensate asbestos victims, a bill that would limit liability of insurance companies.
The Dow Jones Stoxx 50 Index advanced 1.3 percent to 2429.83 as of 7:30 p.m. in London, extending this week's gain to 1.6 percent. The Stoxx 600 climbed 1.2 percent to 206.65, for a five- day increase of 1.7 percent. The technology group, which includes Nokia, led gains since last Friday, adding 6.2 percent.
``Investors have been shifting to technology stocks because that's where they expect the good results to come from,'' said Emanuele Vigano, who helps manage $793 million at Bipielle Fondicri Sgr SpA in Milan.
Nokia, the world's biggest maker of mobile phones, jumped 11 percent in the past five sessions. The stock slipped for the first day in five today, losing 1.2 percent to 15.70 euros.
Lehman Brothers Holdings Inc. on Wednesday said that total sales of mobile phones in Europe climbed 14 percent in June from a year earlier, driven by demand for color screens and cameras. Handset demand rose 10 percent in June from May, Lehman said, citing a survey by Martin Hamblin GfK, a research company.
Earnings
Nokia is scheduled to report second-quarter results on July 17. The Espoo, Finland-based company will probably say profit fell 30 percent to 601 million euros ($680 million) on costs for job cuts, according to 11 analysts surveyed by Bloomberg News.
Philips, Europe's largest maker of consumer electronics, gained 9.3 percent to 18.14 euros in the week. The Dutch company, which reports results Tuesday, probably narrowed its second- quarter net loss to 86.5 million euros from 1.36 billion a year earlier, according to the average estimate from 15 analysts. The Stoxx 600 cyclical index, to which Philips belongs, has advanced 2.7 percent since last Friday.
Fifteen of the 17 Western European benchmark indexes rose today. Germany's DAX advanced 1.7 percent, the U.K.'s FTSE 100 Index increased 0.7 percent. France's CAC 40 climbed 1.3 percent.
September futures on the Dow Jones Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro climbed 1.6 percent to 2476. The index gained 1.5 percent to 2477.72.
Insurers Gain
In the U.S., a Senate committee voted to send the asbestos bill to the House. It would end lawsuits that have bankrupted more than 60 U.S. companies.
Munich Re, the world's biggest reinsurer by premiums, gained 4.5 percent to 92.99 euros. Munich Re has pumped $2 billion into its American Re unit in July 2002, partly to cover asbestos claims.
Allianz, Europe's largest insurance company, rose 3.4 percent to 77.05 euros. Last year, it injected $750 million into its U.S. Fireman's Fund Insurance Co. unit to cover asbestos-related demands.
``The U.S. Senate's decision is being received well by the market and will help lift shares of the companies that are most involved,'' said Manlio Bonafede, who helps manage the equivalent of $1.7 billion at Banca Leonardo SpA in Milan.
The Stoxx 600 insurance group led the advance, rising 2.7 percent.
Settlement Plan
ABB Ltd., Europe's biggest engineering company, jumped 4 percent to 4.67 Swiss francs after a U.S. bankruptcy court approved its proposed $1.3 billion settlement plan for asbestos- related claims.
Judge Judy Fitzgerald yesterday backed ABB's plan to settle 130,000 lawsuits stemming from boilers made by its Combustion Engineering Inc. unit. A U.S. District Court judge must approve the settlement, which may also be appealed.
ABB Chief Executive Officer Juergen Dormann has said settling the lawsuits will speed the sale of its oil-equipment unit, which faces 8,000 asbestos claims. The business may fetch as much as $1.5 billion as the company seeks to cut its $8.2 billion of debt.
Renault SA, France's second-largest carmaker, added 2.7 percent to 48.29 euros, for an increase of 1.6 percent this week. The company, along with Toyota Motor Corp., the world's third- biggest, led a 2.9 percent gain in June auto sales in Western Europe, boosted by the introduction of new models and incentives. Renault's new Megane Scenic models won customers in France.
``Renault's performance shows how critically important it is to bring out new models in this extremely competitive environment,'' said Arndt Ellinghorst, an analyst at WestLB, who has a neutral rating on Renault.
Auto sales advanced to 1.32 million vehicles from a year earlier, according to the Brussels-based European Automobile Manufacturers Association, ACEA. It's the first rise since March.
Luxury Goods
LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury-goods maker, rose 4 percent to 46.70 euros, bringing this week's gain to 5.9 percent, after Gucci Group NV CEO Domenico De Sole said demand for luxury goods revived in the past two months as shoppers in Asia returned to stores.
``We see a dramatic improvement in retail operations in May and most importantly in the month of June,'' he said in a televised interview. Pinault-Printemps-Redoute SA, the French department-store operator that owns 63 percent of Gucci, added 2.8 percent to 65.9 euros. It's up 4.4 percent for the week.
Pechiney SA, a French aluminum producer, rose 1.2 percent to 43.51 euros, taking its gain this week to 28 percent. On Monday, Alcan Inc. made a hostile 3.4 billion-euro offer for Pechiney.
Alcan's bid should be closer 48 to 50 euros a share than the current 41 euros to win the board's support, said Dominique Dequidt, a fund manager at BNP Paribas Asset Management. The bank's 1.9 percent stake in Pechiney makes it the fifth-largest shareholder, according to a regulatory filing.
Anite Group Plc, a U.K. computer-services company, slumped 9.2 percent to 32 pence, leaving it unchanged for the week. The company said its loss in the 12 months ended April widened to 113.3 million pounds ($185 million) from 1.66 million pounds a year earlier. The company wrote down the value of assets by 100.8 million pounds.
ABB Ltd. (ABBN VX)
Allianz AG (ALV GR)
Anite Group Plc (AIE LN)
Gucci Group NV (GUC NA)
LVMH Moet Hennessy Louis Vuitton SA (MC FP)
Munich Re (MUV2 GR)
Nokia Oyj (NOK1V FH)
Pechiney SA (PEC FP)
Pinault-Printemps-Redoute SA (PP FP)
Renault SA (RNO FP)
Royal Philips Electronics NV (PHIA NA)
Last Updated: July 11, 2003 15:14 EDT
July 11 (Bloomberg) -- European stocks recorded their first weekly advance in three amid optimism that companies such as Nokia Oyj and Royal Philips Electronics NV will benefit from a pickup in demand.
Munich Re and Allianz AG paced gains today after a U.S. Senate panel approved legislation for creating a $108 billion fund to compensate asbestos victims, a bill that would limit liability of insurance companies.
The Dow Jones Stoxx 50 Index advanced 1.3 percent to 2429.83 as of 7:30 p.m. in London, extending this week's gain to 1.6 percent. The Stoxx 600 climbed 1.2 percent to 206.65, for a five- day increase of 1.7 percent. The technology group, which includes Nokia, led gains since last Friday, adding 6.2 percent.
``Investors have been shifting to technology stocks because that's where they expect the good results to come from,'' said Emanuele Vigano, who helps manage $793 million at Bipielle Fondicri Sgr SpA in Milan.
Nokia, the world's biggest maker of mobile phones, jumped 11 percent in the past five sessions. The stock slipped for the first day in five today, losing 1.2 percent to 15.70 euros.
Lehman Brothers Holdings Inc. on Wednesday said that total sales of mobile phones in Europe climbed 14 percent in June from a year earlier, driven by demand for color screens and cameras. Handset demand rose 10 percent in June from May, Lehman said, citing a survey by Martin Hamblin GfK, a research company.
Earnings
Nokia is scheduled to report second-quarter results on July 17. The Espoo, Finland-based company will probably say profit fell 30 percent to 601 million euros ($680 million) on costs for job cuts, according to 11 analysts surveyed by Bloomberg News.
Philips, Europe's largest maker of consumer electronics, gained 9.3 percent to 18.14 euros in the week. The Dutch company, which reports results Tuesday, probably narrowed its second- quarter net loss to 86.5 million euros from 1.36 billion a year earlier, according to the average estimate from 15 analysts. The Stoxx 600 cyclical index, to which Philips belongs, has advanced 2.7 percent since last Friday.
Fifteen of the 17 Western European benchmark indexes rose today. Germany's DAX advanced 1.7 percent, the U.K.'s FTSE 100 Index increased 0.7 percent. France's CAC 40 climbed 1.3 percent.
September futures on the Dow Jones Euro Stoxx 50 Index of companies based in the 12 countries sharing the euro climbed 1.6 percent to 2476. The index gained 1.5 percent to 2477.72.
Insurers Gain
In the U.S., a Senate committee voted to send the asbestos bill to the House. It would end lawsuits that have bankrupted more than 60 U.S. companies.
Munich Re, the world's biggest reinsurer by premiums, gained 4.5 percent to 92.99 euros. Munich Re has pumped $2 billion into its American Re unit in July 2002, partly to cover asbestos claims.
Allianz, Europe's largest insurance company, rose 3.4 percent to 77.05 euros. Last year, it injected $750 million into its U.S. Fireman's Fund Insurance Co. unit to cover asbestos-related demands.
``The U.S. Senate's decision is being received well by the market and will help lift shares of the companies that are most involved,'' said Manlio Bonafede, who helps manage the equivalent of $1.7 billion at Banca Leonardo SpA in Milan.
The Stoxx 600 insurance group led the advance, rising 2.7 percent.
Settlement Plan
ABB Ltd., Europe's biggest engineering company, jumped 4 percent to 4.67 Swiss francs after a U.S. bankruptcy court approved its proposed $1.3 billion settlement plan for asbestos- related claims.
Judge Judy Fitzgerald yesterday backed ABB's plan to settle 130,000 lawsuits stemming from boilers made by its Combustion Engineering Inc. unit. A U.S. District Court judge must approve the settlement, which may also be appealed.
ABB Chief Executive Officer Juergen Dormann has said settling the lawsuits will speed the sale of its oil-equipment unit, which faces 8,000 asbestos claims. The business may fetch as much as $1.5 billion as the company seeks to cut its $8.2 billion of debt.
Renault SA, France's second-largest carmaker, added 2.7 percent to 48.29 euros, for an increase of 1.6 percent this week. The company, along with Toyota Motor Corp., the world's third- biggest, led a 2.9 percent gain in June auto sales in Western Europe, boosted by the introduction of new models and incentives. Renault's new Megane Scenic models won customers in France.
``Renault's performance shows how critically important it is to bring out new models in this extremely competitive environment,'' said Arndt Ellinghorst, an analyst at WestLB, who has a neutral rating on Renault.
Auto sales advanced to 1.32 million vehicles from a year earlier, according to the Brussels-based European Automobile Manufacturers Association, ACEA. It's the first rise since March.
Luxury Goods
LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury-goods maker, rose 4 percent to 46.70 euros, bringing this week's gain to 5.9 percent, after Gucci Group NV CEO Domenico De Sole said demand for luxury goods revived in the past two months as shoppers in Asia returned to stores.
``We see a dramatic improvement in retail operations in May and most importantly in the month of June,'' he said in a televised interview. Pinault-Printemps-Redoute SA, the French department-store operator that owns 63 percent of Gucci, added 2.8 percent to 65.9 euros. It's up 4.4 percent for the week.
Pechiney SA, a French aluminum producer, rose 1.2 percent to 43.51 euros, taking its gain this week to 28 percent. On Monday, Alcan Inc. made a hostile 3.4 billion-euro offer for Pechiney.
Alcan's bid should be closer 48 to 50 euros a share than the current 41 euros to win the board's support, said Dominique Dequidt, a fund manager at BNP Paribas Asset Management. The bank's 1.9 percent stake in Pechiney makes it the fifth-largest shareholder, according to a regulatory filing.
Anite Group Plc, a U.K. computer-services company, slumped 9.2 percent to 32 pence, leaving it unchanged for the week. The company said its loss in the 12 months ended April widened to 113.3 million pounds ($185 million) from 1.66 million pounds a year earlier. The company wrote down the value of assets by 100.8 million pounds.
ABB Ltd. (ABBN VX)
Allianz AG (ALV GR)
Anite Group Plc (AIE LN)
Gucci Group NV (GUC NA)
LVMH Moet Hennessy Louis Vuitton SA (MC FP)
Munich Re (MUV2 GR)
Nokia Oyj (NOK1V FH)
Pechiney SA (PEC FP)
Pinault-Printemps-Redoute SA (PP FP)
Renault SA (RNO FP)
Royal Philips Electronics NV (PHIA NA)
Last Updated: July 11, 2003 15:14 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
General Electric Sees Smallest Profit Rise in Decade (Update15) Listen
July 11 (Bloomberg) -- General Electric Co., the world's biggest maker of power-plant turbines, jet engines and medical- imaging equipment, said it will have its smallest annual profit increase in a decade because of slow economic growth and SARS.
Profit will rise to $1.55 to $1.61 a share, General Electric said. Last year profit before costs to boost reinsurance reserves was $1.51. Chief Executive Jeffrey Immelt gave the new range after reporting a 14 percent drop in second-quarter earnings.
``The environment has been similar to what we've seen, positive economic growth but slow,'' Immelt said on a conference call. Severe acute respiratory syndrome ``had some impact particularly in April and May in businesses like engines, medical and plastics, but that impact is now diminishing.''
The Fairfield, Connecticut-based company has been hurt by a drop in orders from manufacturers, a weak airline industry and fewer gas-turbine deliveries. High raw-materials costs have cut profit from plastics used in mobile phones and compact discs. The new range means Immelt won't meet his goal for increasing profit excluding some charges and gains by 10 percent annually in 2003.
``I'm a little concerned about 2004 given how many times they mentioned slow economic growth,'' said Marcy Yeamans, an analyst at Banc One Investment Advisors, which owned 33.3 million General Electric shares as of March. ``The big issue here is how much do you want to pay for single-digit growth.''
Shares of General Electric, the world's second-largest company by market value, fell 7 cents to $28.12 at 4:01 p.m. in New York Stock Exchange composite trading. The company is expected to give its 2004 forecast in December.
Not Unexpected
Immelt previously said 2003 profit may be as high as $1.70. The new range would put growth on that basis at 2.6 percent to 6.6 percent, the smallest increase since 1993.
Analysts had expected the lower range. Of 16 securities firms surveyed by Thomson Financial, 12 had estimated 2003 profit of $1.61 a share or less before today. At least seven analysts had narrowed their estimates in the past 30 days after the company said May orders of plastics and appliances missed expectations.
``Investors today are really reacting to perhaps a better June, so far a better July and the fact that they didn't lower the bottom end of the range,'' Daniel Khoshaba, an analyst at Deutsche Bank Securities Inc., said in a Bloomberg radio interview. Khoshaba has a ``buy'' rating on the stock.
Second-quarter net income fell to $3.79 billion, or 38 cents a share, from $4.43 billion, or 44 cents, a year earlier, General Electric said. Sales rose less than 1 percent to $33.37 billion.
General Electric, whose market value trails Microsoft Corp., is viewed as an economic barometer because its customers include consumers, manufacturers and companies that require financing. The company trades at about 18 times this year's estimated profit while the Standard & Poor's 500 Index sells at 32 times forecasts.
Third Quarter
Third-quarter profit will be 39 cents to 42 cents a share before a charge of about 4 cents for an accounting change, General Electric said. The Thomson estimate is 42 cents and the year- earlier quarter's profit was 41 cents.
``We're going to see soft numbers coming out of GE short- term,'' said Brian James, an analyst at Loomis Sayles, which owned 3.7 million General Electric shares at the end of March.
Plastics profit declined 71 percent last quarter and power systems fell 46 percent. Total industrial-business sales fell 9 percent. Excluding power systems, industrial sales rose 2 percent.
``There's still some excess capacity and limited price opportunities and oil remains at a very high level,'' Immelt said.
Power Systems
Power systems had been the fastest-growing unit in the past two years. It remains the biggest profit contributor. The business has been cutting costs as customers suspend projects amid a slump in energy trading. Shipments of large gas turbines plunged 72 percent last quarter.
Revenue from the company's four finance units rose 14 percent. General Electric, the world's largest non-bank finance company, got 37 percent of the quarter's profit from finance, up from 25 percent a year earlier. Keeping finance at less than half of profit is important for Immelt because investors tend to attach lower values to banks and lenders than non-financial companies.
Total second-quarter profit matched the Thomson average estimate. Sales a year earlier totaled $33.33 billion.
Second Half
Nine of 13 main businesses will increase profit by at least 10 percent in the second half, General Electric said.
``There's a number of good signs -- interest rates remain low, consumer remains strong, delinquencies and all the areas there remain in check,'' Immelt said. ``Some of the uncertainty created by the war and SARS are behind us.''
Plastics profit will be $500 million this year, down from an earlier estimate of $800 million, as SARS cut business in China, Immelt said. Prices for raw materials such as benzene remained high, Chief Financial Officer Keith Sherin said.
``We've been killed on raw materials,'' Sherin said. ``After the war we thought it would come back down, it did not.''
Second-quarter profit increased by at least 10 percent in eight businesses, with the biggest improvement at NBC, the top- rated U.S. television network among young adults.
NBC's profit rose 26 percent. The network in May booked a record $3 billion in advertising sales for the next TV season. NBC is one of five bidders for Vivendi's U.S. film and entertainment assets, people familiar with the bidding have said.
``There are lots of aspects about Vivendi to strengthen our NBC position,'' Immelt said. ``Anything we might or might not do with Vivendi would be consistent with the strategy'' to make NBC more profitable.
Building Business
Sales and profit from aircraft engines both slid 1 percent. Profit had been rising at the unit even as sales fell because of more expensive service contracts and spare parts.
Immelt has been building businesses such as water treatment and security systems as he pares lower-performing businesses, including some insurance units. General Electric completed 15 acquisitions in the quarter, including the consumer-lending business of Conseco Inc.
``They've definitely got a full plate here as far as the whole transformation, and it happens to be going on when the economy's tough,'' said Mark Demos, an analyst at Fifth-Third Investment Advisors, which owned 13.7 million GE shares as of March. ``I view the weakness in plastics as temporary.''
Last Updated: July 11, 2003 16:06 EDT
July 11 (Bloomberg) -- General Electric Co., the world's biggest maker of power-plant turbines, jet engines and medical- imaging equipment, said it will have its smallest annual profit increase in a decade because of slow economic growth and SARS.
Profit will rise to $1.55 to $1.61 a share, General Electric said. Last year profit before costs to boost reinsurance reserves was $1.51. Chief Executive Jeffrey Immelt gave the new range after reporting a 14 percent drop in second-quarter earnings.
``The environment has been similar to what we've seen, positive economic growth but slow,'' Immelt said on a conference call. Severe acute respiratory syndrome ``had some impact particularly in April and May in businesses like engines, medical and plastics, but that impact is now diminishing.''
The Fairfield, Connecticut-based company has been hurt by a drop in orders from manufacturers, a weak airline industry and fewer gas-turbine deliveries. High raw-materials costs have cut profit from plastics used in mobile phones and compact discs. The new range means Immelt won't meet his goal for increasing profit excluding some charges and gains by 10 percent annually in 2003.
``I'm a little concerned about 2004 given how many times they mentioned slow economic growth,'' said Marcy Yeamans, an analyst at Banc One Investment Advisors, which owned 33.3 million General Electric shares as of March. ``The big issue here is how much do you want to pay for single-digit growth.''
Shares of General Electric, the world's second-largest company by market value, fell 7 cents to $28.12 at 4:01 p.m. in New York Stock Exchange composite trading. The company is expected to give its 2004 forecast in December.
Not Unexpected
Immelt previously said 2003 profit may be as high as $1.70. The new range would put growth on that basis at 2.6 percent to 6.6 percent, the smallest increase since 1993.
Analysts had expected the lower range. Of 16 securities firms surveyed by Thomson Financial, 12 had estimated 2003 profit of $1.61 a share or less before today. At least seven analysts had narrowed their estimates in the past 30 days after the company said May orders of plastics and appliances missed expectations.
``Investors today are really reacting to perhaps a better June, so far a better July and the fact that they didn't lower the bottom end of the range,'' Daniel Khoshaba, an analyst at Deutsche Bank Securities Inc., said in a Bloomberg radio interview. Khoshaba has a ``buy'' rating on the stock.
Second-quarter net income fell to $3.79 billion, or 38 cents a share, from $4.43 billion, or 44 cents, a year earlier, General Electric said. Sales rose less than 1 percent to $33.37 billion.
General Electric, whose market value trails Microsoft Corp., is viewed as an economic barometer because its customers include consumers, manufacturers and companies that require financing. The company trades at about 18 times this year's estimated profit while the Standard & Poor's 500 Index sells at 32 times forecasts.
Third Quarter
Third-quarter profit will be 39 cents to 42 cents a share before a charge of about 4 cents for an accounting change, General Electric said. The Thomson estimate is 42 cents and the year- earlier quarter's profit was 41 cents.
``We're going to see soft numbers coming out of GE short- term,'' said Brian James, an analyst at Loomis Sayles, which owned 3.7 million General Electric shares at the end of March.
Plastics profit declined 71 percent last quarter and power systems fell 46 percent. Total industrial-business sales fell 9 percent. Excluding power systems, industrial sales rose 2 percent.
``There's still some excess capacity and limited price opportunities and oil remains at a very high level,'' Immelt said.
Power Systems
Power systems had been the fastest-growing unit in the past two years. It remains the biggest profit contributor. The business has been cutting costs as customers suspend projects amid a slump in energy trading. Shipments of large gas turbines plunged 72 percent last quarter.
Revenue from the company's four finance units rose 14 percent. General Electric, the world's largest non-bank finance company, got 37 percent of the quarter's profit from finance, up from 25 percent a year earlier. Keeping finance at less than half of profit is important for Immelt because investors tend to attach lower values to banks and lenders than non-financial companies.
Total second-quarter profit matched the Thomson average estimate. Sales a year earlier totaled $33.33 billion.
Second Half
Nine of 13 main businesses will increase profit by at least 10 percent in the second half, General Electric said.
``There's a number of good signs -- interest rates remain low, consumer remains strong, delinquencies and all the areas there remain in check,'' Immelt said. ``Some of the uncertainty created by the war and SARS are behind us.''
Plastics profit will be $500 million this year, down from an earlier estimate of $800 million, as SARS cut business in China, Immelt said. Prices for raw materials such as benzene remained high, Chief Financial Officer Keith Sherin said.
``We've been killed on raw materials,'' Sherin said. ``After the war we thought it would come back down, it did not.''
Second-quarter profit increased by at least 10 percent in eight businesses, with the biggest improvement at NBC, the top- rated U.S. television network among young adults.
NBC's profit rose 26 percent. The network in May booked a record $3 billion in advertising sales for the next TV season. NBC is one of five bidders for Vivendi's U.S. film and entertainment assets, people familiar with the bidding have said.
``There are lots of aspects about Vivendi to strengthen our NBC position,'' Immelt said. ``Anything we might or might not do with Vivendi would be consistent with the strategy'' to make NBC more profitable.
Building Business
Sales and profit from aircraft engines both slid 1 percent. Profit had been rising at the unit even as sales fell because of more expensive service contracts and spare parts.
Immelt has been building businesses such as water treatment and security systems as he pares lower-performing businesses, including some insurance units. General Electric completed 15 acquisitions in the quarter, including the consumer-lending business of Conseco Inc.
``They've definitely got a full plate here as far as the whole transformation, and it happens to be going on when the economy's tough,'' said Mark Demos, an analyst at Fifth-Third Investment Advisors, which owned 13.7 million GE shares as of March. ``I view the weakness in plastics as temporary.''
Last Updated: July 11, 2003 16:06 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Japan's Nikkei Rose for Second Week; Hong Kong, Taiwan Gained
July 12 (Bloomberg) -- Japan's Nikkei 225 Stock Average rose for a second week, led by Tokyo Electron Ltd. and Ito-Yokado Co., after government reports on machinery orders and consumer sentiment fueled optimism the Japanese economy may recover.
``One can't avoid domestic-oriented companies, as there are signs of an economic pick-up within Japan,'' said Atsushi Osa, who helps manage the equivalent of $110 billion in assets at Sumitomo Mitsui Asset Management Co. ``The economy isn't likely to deteriorate going forward.''
The Nikkei added 0.9 percent this week to 9635.35, gaining for the seventh week in eight. Takeda Chemical Industries Ltd., Japan's largest drugmaker, was among the biggest contributors to the advance after the U.S. government recommended approval of Shionogi & Co.'s cholesterol-reducing drug Crestor.
The Topix index shed 0.3 percent to 945.78 this week as U.S. reports on jobless claims and retail sales damped optimism that growth in the world's largest economy will accelerate in coming months. Some exporters such as Canon Inc. declined.
Hong Kong's Hang Seng Index rose 2.9 percent to 9911.50, its biggest weekly gain in 10 weeks. Sun Hung Kai Properties Ltd., the city's biggest real estate company by sales, surged after a UBS Securities Asia Ltd. analyst said in a research report that the stock remains the brokerage's ``top pick'' among developers.
In Taiwan, the TWSE index closed at 5239.96, for a week's gain of 1.7 percent. Hon Hai Precision Industry Co., the island's biggest electronics maker by sales, led the advance after saying it plans to sell as much as $690 million of bonds convertible to shares to fund purchases of materials.
In the U.S., the Standard & Poor's 500 Index rose 1.3 percent and had its sixth weekly gain in seven. The Dow Jones Industrial Average added 0.5 percent and The Nasdaq Composite Index jumped 4.2 percent.
South Korea Rallies
South Korea's Kospi gained 0.5 percent to 704.15, led by Samsung Electronics Co., the world's No. 2 semiconductor maker. The company raised its 2003 sales forecast for flat-panel displays, chips and other goods made in China by almost a fifth after opening new factories to boost production.
Elsewhere in Asia, benchmarks in Thailand, Malaysia and New Zealand fell for the week, while those in Indonesia, Australia and Singapore gained.
A government report on Tuesday showed that machinery orders in Japan, an early indicator of business investment, unexpectedly increased 6.5 percent in May.
Tokyo Electron, the world's No. 2 maker of chip-production equipment, gained 6.2 percent to 6,640 yen this week. Advantest Corp., the world's biggest maker of equipment used to test memory chips, advanced 2.5 percent to 6,050 yen.
Retailers gained on optimism consumer spending will increase. Ito-Yokado, Japan's largest retailer, rose 3.6 percent to 3,430 yen. Seven-Eleven Japan Co., the nation's No. 1 convenience store chain, added 0.6 percent to 3,320.
The government's monthly index which measures sentiment among taxi drivers, restaurant owners and other workers on the so-called front line of the economy, rose to 42.1 in June, up 3.7 points from May. The index improved for the first time in three months.
U.S. Economy
Concerns about the U.S. economy dragged down some exporters. First-time filings for jobless insurance rose in the week that ended Saturday, the Labor Department said in Washington.
Some U.S. retailers such as Wal-Mart Stores Inc. reported sales in June that missed forecasts as shoppers cut spending as unemployment rose, a Bank of Tokyo-Mitsubishi survey showed.
Canon fell 4.3 percent to 5,570 yen. The maker of Eos cameras gets 70 percent of its revenue from overseas. Sony Corp., the maker of Vaio computers, declined 0.3 percent to 3,670 yen.
Hong Kong's Sun Hung Kai Properties jumped 11 percent to HK$43 this week, its biggest weekly gain since December 2001. Paul Louie, an analyst at UBS Securities, said in a report that shares of the city's biggest real estate company by sales remains the brokerage's ``top pick'' among other developers.
UBS, which has a ``buy'' rating on the stock, said volume and prices of the property market are continuing to improve.
Taiwan
Taiwan's Hon Hai Precision advanced 15 percent to NT$146, ending the week at its highest since May 28. The company's shares surged after it announced plans to sell bonds convertible to shares to fund purchases of materials. Some of the proceeds will be used for working capital, Hon Hai said.
South Korea's Samsung Electronics, the world's second- largest maker of semiconductors, rose 2.6 percent this week to 394,000 won. The company expects combined domestic and export sales from its China plants of $10 billion, 18 percent higher than its earlier forecast of $8.5 billion, Han Chang Ho, Samsung's Beijing-based general manager, said in an interview.
Hynix Semiconductor Inc., the No. 3 global supplier of computer memory chips, surged 10 percent this week to 8,060 won.
Semiconductor-related shares were also lifted as the price of the most widely used computer-memory chips rose to a five-month high. The spot price of the benchmark 256-megabit, 266-megahertz double-data-rate dynamic random-access memory chip earlier this week climbed to its highest since Feb. 6, according to Dramexchange.com.
Week Ahead
Investors will look at earnings at home and abroad to gauge whether gains in the region are sustainable.
Samsung Electronics announces earnings Wednesday. In the U.S., Microsoft Corp., the world's top software company, and top chipmaker Intel Corp. will report results. International Business Machines Corp., the world's biggest seller of computer services, will also announce its earnings.
``Those companies can set the tone for the entire information- technology industry's outlook,'' said Jeon Woo Dong, who manages the equivalent of $510 million at KB Investment Trust Management Co. in Seoul. ``If they come out good, it could be a big boost for the markets. I'm optimistic.''
Last Updated: July 11, 2003 22:40 EDT
July 12 (Bloomberg) -- Japan's Nikkei 225 Stock Average rose for a second week, led by Tokyo Electron Ltd. and Ito-Yokado Co., after government reports on machinery orders and consumer sentiment fueled optimism the Japanese economy may recover.
``One can't avoid domestic-oriented companies, as there are signs of an economic pick-up within Japan,'' said Atsushi Osa, who helps manage the equivalent of $110 billion in assets at Sumitomo Mitsui Asset Management Co. ``The economy isn't likely to deteriorate going forward.''
The Nikkei added 0.9 percent this week to 9635.35, gaining for the seventh week in eight. Takeda Chemical Industries Ltd., Japan's largest drugmaker, was among the biggest contributors to the advance after the U.S. government recommended approval of Shionogi & Co.'s cholesterol-reducing drug Crestor.
The Topix index shed 0.3 percent to 945.78 this week as U.S. reports on jobless claims and retail sales damped optimism that growth in the world's largest economy will accelerate in coming months. Some exporters such as Canon Inc. declined.
Hong Kong's Hang Seng Index rose 2.9 percent to 9911.50, its biggest weekly gain in 10 weeks. Sun Hung Kai Properties Ltd., the city's biggest real estate company by sales, surged after a UBS Securities Asia Ltd. analyst said in a research report that the stock remains the brokerage's ``top pick'' among developers.
In Taiwan, the TWSE index closed at 5239.96, for a week's gain of 1.7 percent. Hon Hai Precision Industry Co., the island's biggest electronics maker by sales, led the advance after saying it plans to sell as much as $690 million of bonds convertible to shares to fund purchases of materials.
In the U.S., the Standard & Poor's 500 Index rose 1.3 percent and had its sixth weekly gain in seven. The Dow Jones Industrial Average added 0.5 percent and The Nasdaq Composite Index jumped 4.2 percent.
South Korea Rallies
South Korea's Kospi gained 0.5 percent to 704.15, led by Samsung Electronics Co., the world's No. 2 semiconductor maker. The company raised its 2003 sales forecast for flat-panel displays, chips and other goods made in China by almost a fifth after opening new factories to boost production.
Elsewhere in Asia, benchmarks in Thailand, Malaysia and New Zealand fell for the week, while those in Indonesia, Australia and Singapore gained.
A government report on Tuesday showed that machinery orders in Japan, an early indicator of business investment, unexpectedly increased 6.5 percent in May.
Tokyo Electron, the world's No. 2 maker of chip-production equipment, gained 6.2 percent to 6,640 yen this week. Advantest Corp., the world's biggest maker of equipment used to test memory chips, advanced 2.5 percent to 6,050 yen.
Retailers gained on optimism consumer spending will increase. Ito-Yokado, Japan's largest retailer, rose 3.6 percent to 3,430 yen. Seven-Eleven Japan Co., the nation's No. 1 convenience store chain, added 0.6 percent to 3,320.
The government's monthly index which measures sentiment among taxi drivers, restaurant owners and other workers on the so-called front line of the economy, rose to 42.1 in June, up 3.7 points from May. The index improved for the first time in three months.
U.S. Economy
Concerns about the U.S. economy dragged down some exporters. First-time filings for jobless insurance rose in the week that ended Saturday, the Labor Department said in Washington.
Some U.S. retailers such as Wal-Mart Stores Inc. reported sales in June that missed forecasts as shoppers cut spending as unemployment rose, a Bank of Tokyo-Mitsubishi survey showed.
Canon fell 4.3 percent to 5,570 yen. The maker of Eos cameras gets 70 percent of its revenue from overseas. Sony Corp., the maker of Vaio computers, declined 0.3 percent to 3,670 yen.
Hong Kong's Sun Hung Kai Properties jumped 11 percent to HK$43 this week, its biggest weekly gain since December 2001. Paul Louie, an analyst at UBS Securities, said in a report that shares of the city's biggest real estate company by sales remains the brokerage's ``top pick'' among other developers.
UBS, which has a ``buy'' rating on the stock, said volume and prices of the property market are continuing to improve.
Taiwan
Taiwan's Hon Hai Precision advanced 15 percent to NT$146, ending the week at its highest since May 28. The company's shares surged after it announced plans to sell bonds convertible to shares to fund purchases of materials. Some of the proceeds will be used for working capital, Hon Hai said.
South Korea's Samsung Electronics, the world's second- largest maker of semiconductors, rose 2.6 percent this week to 394,000 won. The company expects combined domestic and export sales from its China plants of $10 billion, 18 percent higher than its earlier forecast of $8.5 billion, Han Chang Ho, Samsung's Beijing-based general manager, said in an interview.
Hynix Semiconductor Inc., the No. 3 global supplier of computer memory chips, surged 10 percent this week to 8,060 won.
Semiconductor-related shares were also lifted as the price of the most widely used computer-memory chips rose to a five-month high. The spot price of the benchmark 256-megabit, 266-megahertz double-data-rate dynamic random-access memory chip earlier this week climbed to its highest since Feb. 6, according to Dramexchange.com.
Week Ahead
Investors will look at earnings at home and abroad to gauge whether gains in the region are sustainable.
Samsung Electronics announces earnings Wednesday. In the U.S., Microsoft Corp., the world's top software company, and top chipmaker Intel Corp. will report results. International Business Machines Corp., the world's biggest seller of computer services, will also announce its earnings.
``Those companies can set the tone for the entire information- technology industry's outlook,'' said Jeon Woo Dong, who manages the equivalent of $510 million at KB Investment Trust Management Co. in Seoul. ``If they come out good, it could be a big boost for the markets. I'm optimistic.''
Last Updated: July 11, 2003 22:40 EDT
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Notícias de Fim de Semana -12 e 13 de Julho de 2003
Nova Iorque fecha positiva
11-7-2003 21:7
As bolsas de Nova Iorque fecharam a última sessão da semana positivas, graças aos upgrades sofridos pela Intel e pela Home Depot, que valorizaram 1,9 e 2,3 por cento, respectivamente.
Os ganhos foram liderados pelo retalho, sector financeiro e pelas biotecnológicas. As companhias aéreas figuraram no extremo oposto, penalizadas por comentários desfavoráveis de analistas.
As acções da General Electric desceram 0,3 por cento, depois de ter apresentado resultados do segundo trimestre em linha com as estimativas dos analistas. A empresa afirmou que o exercício está a correr como previsto, mas reviu em baixa as estimativas de lucros anuais, de 1,55-1,70 para 1,55-1,61 dólares por acção.
Os investidores optaram por ignorar os indícios inflacionistas. O Departamento do Trabalho indicou que os preços grossistas subiram 0,5 por cento em Junho. Excluindo alimentação e energia, desceram 0,1 por cento. Os economistas esperavam um aumento de 0,3 por cento do índice geral ou de 0,1 por cento excluindo alimentação e energia.
O Dow Jones valorizou 0,92 por cento para 9.119,59 pontos, o Nasdaq Composite avançou 1,05 por cento para 1.733,90 pontos e o S&P 500 somou 1,02 por cento para 998,74 pontos.
BolsaPt.com
11-7-2003 21:7
As bolsas de Nova Iorque fecharam a última sessão da semana positivas, graças aos upgrades sofridos pela Intel e pela Home Depot, que valorizaram 1,9 e 2,3 por cento, respectivamente.
Os ganhos foram liderados pelo retalho, sector financeiro e pelas biotecnológicas. As companhias aéreas figuraram no extremo oposto, penalizadas por comentários desfavoráveis de analistas.
As acções da General Electric desceram 0,3 por cento, depois de ter apresentado resultados do segundo trimestre em linha com as estimativas dos analistas. A empresa afirmou que o exercício está a correr como previsto, mas reviu em baixa as estimativas de lucros anuais, de 1,55-1,70 para 1,55-1,61 dólares por acção.
Os investidores optaram por ignorar os indícios inflacionistas. O Departamento do Trabalho indicou que os preços grossistas subiram 0,5 por cento em Junho. Excluindo alimentação e energia, desceram 0,1 por cento. Os economistas esperavam um aumento de 0,3 por cento do índice geral ou de 0,1 por cento excluindo alimentação e energia.
O Dow Jones valorizou 0,92 por cento para 9.119,59 pontos, o Nasdaq Composite avançou 1,05 por cento para 1.733,90 pontos e o S&P 500 somou 1,02 por cento para 998,74 pontos.
BolsaPt.com
Editado pela última vez por TRSM em 14/7/2003 8:02, num total de 1 vez.
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