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U.S. Stocks Decline, Paring Weekly Gain; Shares of Amgen Drop
Sept. 19 (Bloomberg) -- U.S. stocks declined, paring their biggest weekly gain in more than three months, on concern the pace of earnings growth will fail to support share prices.

``The market may have come a little too far, too soon,'' said Forrest Mervine, who helps manage more than $1.3 billion at Philadelphia Corp. in Philadelphia. ``The enthusiasm for a recovery in the market has perhaps gotten ahead of itself.''

Amgen Inc., the world's largest biotechnology company, declined after Wachovia Securities said earnings growth may disappoint some investors. AmerisourceBergen Corp. fell after the Wall Street Journal reported that regulators and the Federal Bureau of Investigation are investigating the biggest U.S. drug wholesaler over rebates from drugmakers.

The Standard & Poor's 500 Index lost 3.28, or 0.3 percent, to 1036.30, with health-care companies accounting for almost half of the drop. The Dow Jones Industrial Average fell 14.31, or 0.2 percent, to 9644.82. The Nasdaq Composite Index shed 3.85, or 0.2 percent, to 1905.70.

Companies in the S&P 500 trade at 19 times earnings forecast for this year, the highest ratio since June 2002 and up from 15 times when the index touched its 2003 low in March, according to Thomson Financial.

Stocks climbed this week as encouraging economic reports and the Federal Reserve's decision to keep interest rates at the lowest in 45 years boosted confidence that profits will increase.

The S&P 500 added 1.7 percent this week and the Dow average rose 1.8 percent, their biggest gains since the period ended June 6. The Nasdaq jumped 2.7 percent, its best week in five.

2003 Gains

Even with today's decline, the S&P 500 is up 18 percent in 2003. The Nasdaq has surged 43 percent and the Dow has added 16 percent.

``We could have another leg to this rally,'' said Benjamin Pace, who helps oversee $22 billion at Deutsche Private Wealth Management, in a radio interview with Bloomberg News. ``We're looking for companies to beat'' earnings expectations, he said.

Analysts predict on average that corporate profits will rise 15 percent this quarter and 22 percent next, according to a Thomson Financial poll. Higher-than-expected earnings in the first half of 2003 helped fuel the rally in stocks this year.

Six stocks rose for every five that fell on the New York Stock Exchange today. Some 1.46 billion shares changed hands on the Big Board, 9.6 percent more than the three-month daily average.

Amgen Falls

Amgen lost $1.11 to $68.89. The company will be unable to meet investor expectations of 20 percent annual earnings growth over the next five years because of increased competition in anemia medicines, said Wachovia Securities Inc. analyst Martin Auster in Baltimore. He cut the stock's rating to ``market perform'' from ``outperform.''

AmerisourceBergen fell $1.82 to $54.83. The Wall Street Journal reported that the Food and Drug Administration and the FBI are probing whether the company profited by diverting drugs into a secondary market and receiving rebates more than once on a single sale.

The case doesn't involve AmerisourceBergen's purchase of products from the gray market, spokesman Michael Kilpatric told the paper. The company in a statement denied the allegations.

Newell Rubbermaid Inc., the maker of Calphalon cookware, fell $1.57 to $22.43 for the biggest decline in the S&P 500. The stock slid as much as 10 percent after the company canceled a meeting with analysts. Newell didn't return a call for comment.

Expeditors Drops

Expeditors International of Washington Inc. slid $2.84 to $36.15. The manager of freight shipments expects third-quarter profit of 28 cents to 30 cents a share, less than an average estimate of 33 cents in a Thomson Financial poll. Expeditors' Asian air-freight unit made less money last month and the company doesn't expect business to improve this month.

Viacom Inc. fell $1.54 to $42.06. The owner of the CBS television network has had less-than-expected local political advertising at its TV stations, said Merrill Lynch & Co. analyst Jessica Reif Cohen. She lowered revenue estimates for the third quarter and reiterated her ``buy'' rating on the stock.

Nike Inc., world's largest maker of athletic shoes, surged $4.25 to $61.50 for the biggest gain in the S&P 500. The company reported fiscal first-quarter net income of 98 cents a share, 10 cents more than the estimate in a Thomson Financial poll. U.S. orders for sneakers with the Nike ``swoosh'' increased last quarter for the first time in more than a year.

Reebok International Ltd., Nike's smaller rival, added $1.72 to $34.34.

Tyco International Ltd., the world's biggest maker of security systems and industrial valves, rose 90 cents to $21.90. J.P. Morgan analyst Don MacDougall said Tyco shares are undervalued. He expects the stock to climb to $30 in the next 12 months and added it to the firm's ``Focus List.''

Licensing Pact

Protein Design Labs Inc., which develops treatments based on immune-system proteins called antibodies, jumped 59 cents to $14.71. The company extended a licensing agreement with Genentech Inc., the world's second-biggest biotechnology company, for five years. Under the existing deal, the companies can exercise options to use each other's technology or license patent rights. Genentech added $1.37 to $87.72.

Cell Therapeutics Inc. advanced 80 cents to $12.10. The biotechnology company may announce positive results from clinical trials of the chemotherapy drug Xyotax, helping its stock reach $30 in a year, Business Week reported in its ``Inside Wall Street'' column, citing Edward Hemmelgarn, president of Shaker Investments Inc., which owns the stock.

Futures

S&P 500 futures expiring in December lost 4.40 to 1032.90 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures shed 6.50 to 1394.50. The index, a benchmark for Nasdaq's largest companies, decreased 7.87 to 1392.26.

Nasdaq-100 tracking shares, known by their QQQ ticker symbol, fell 20 cents to $34.58. The S&P 500 shares, called Spiders, dropped 93 cents to $103.67.

The Russell 2000 Index of small stocks added 0.74, or 0.1 percent, to 520.20.



AmerisourceBergen Corp. (ABC)
Amgen Inc. (AMGN)
Cell Therapeutics Inc. (CTIC)
Genentech Inc. (DNA)
Expeditors International of Washington Inc. (EXPD)
Newell Rubbermaid Inc.
Nike Inc. (NKE)
Protein Design Labs Inc. (PDLI)
Reebok International Ltd. (RBK)
Tyco International Ltd. (TYC)
Viacom Inc. (VIA)
Last Updated: September 19, 2003 17:20 EDT

European Stocks Advance This Week, Paced by Philips, Siemens
Sept. 20 (Bloomberg) -- European stocks posted their second weekly gain in three on optimism company earnings will improve as the U.S. economy accelerates. Royal Philips Electronics NV and Siemens AG led the advance.

Speculation that growth in the U.S. will boost profits in Europe has helped drive the Dow Jones Stoxx 50 and Stoxx 600 indexes up at least 34 percent from their March lows.

``Markets are anticipating what everybody expects is an improved economic situation,'' said Wolfram Gerdes, a fund manager at Allianz Dresdner Asset Management in Frankfurt, where he helps manage the equivalent of $51 billion in assets. ``We are expecting a recovery in earnings.''

Gerdes, a member of Allianz Dresdner's global policy committee, is considering buying shares of Eni SpA, Europe's fourth-largest oil producer, and has recently bought Commerzbank AG, Germany's third-biggest bank, and Nokia Oyj, the world's biggest maker of mobile phones.

The Stoxx 50 rose 1.3 percent this week, while the Stoxx 600 added 1.6 percent. The Euro Stoxx 50, a benchmark for the 12 countries using the euro, gained 1.4 percent since last Friday.

``I'm amazed to see how strong the market has remained,'' said Jacob van Duijn, chief strategist at Robeco Groep NV, which oversees the equivalent of $116 billion in assets. ``I don't see much danger with the economy improving.'' Robeco is buying basic materials and industrial stocks.

Declined Yesterday

The indexes fell yesterday as futures and options on many of the region's benchmark indexes expired, leading investors to adjust their holdings of the underlying assets. The derivatives, so called because their value is derived from another security, expired on the Euro Stoxx 50, the U.K.'s FTSE 100 Index and Germany's DAX Index among other benchmarks.

The Stoxx 50 lost fell 1.1 percent to 2531.8. The Stoxx 600 shed 0.9 percent to 219.39. The Euro Stoxx 50 dropped 1 percent to 2582.47.

Benchmark indexes declined in 12 of the 17 Western European markets. Germany's DAX slid 0.9 percent. The U.K.'s FTSE 100 fell 1.3 percent. France's CAC slipped 1.2 percent. December futures on the Euro Stoxx 50 lost 1.3 percent to 2589.

Weekly Gains

Philips, Europe's largest consumer-electronics maker, advanced this week amid increasing signs the U.S. economy is accelerating. It had the second-biggest gain on the Stoxx 50.

Claims for U.S. unemployment benefits fell for the first time in four weeks, the government said on Thursday. Leading economic indicators rose for a fourth month in August, according to a private report. Manufacturing in New York state rose more than expected in September, and the Federal Reserve indicated it's not about to raise interest rates.

``There are positive economic signals,'' said Dirk Enderlein, who manages $1 billion at Allianz Dresdner in Frankfurt. ``That leaves us to hope for a further rally in the fall and winter.''

Philips, which gets about 30 percent of sales in the U.S., gained 6.7 percent this week. It shed 1.8 percent yesterday. Siemens, Germany's biggest engineering company, rose 3.5 percent this week and fell 1.4 percent yesterday. The company generates a quarter of revenue in the U.S.

Axa SA, Europe's second-biggest insurer, jumped 3.8 percent this week as some investors speculated the French company's proposed $1.5 billion acquisition of Mony Group Inc., a U.S. insurer, will bolster revenue. It already gets about 17 percent of revenue from the U.S.

Telecom Italia Media SpA led the week's gains on the Stoxx 600. The television and Internet business of Telecom Italia SpA, Italy's largest phone company, surged 36 percent on speculation its parent will buy stock it doesn't already own in the company.

A Telecom Italia spokeswoman denied that the company is planning an offer for Telecom Italia Media.

Earnings Growth

Tesco Plc, the U.K.'s largest retailer, led gains on the Stoxx 50. It added 8 percent, saying Tuesday that second-quarter sales at British stores open at least a year accelerated.

Analysts surveyed by JCF Group in London forecast an increase of 42.3 percent in earnings per share for Stoxx 50 companies this year, compared with an 18.2 percent drop in 2002. Job cuts and reorganization helped boost income an average 72 percent at the 35 Stoxx 50 companies that report second-quarter earnings.

``We expect European economic growth will come in the wake of growth in the U.S.,'' said Guillaume Joncheres, head of equities at Credit Lyonnais Asset Management, with the equivalent of $80 billion under management. ``The U.S. and European markets rebounded at the same time, but the amplitude in Europe was less. This difference should disappear, and Europe will benefit.''

Bayer Advances

Bayer AG, Germany's second-largest drugmaker, jumped 4.9 percent this week after a U.S. court on Wednesday denied class- action status for injury claims involving its withdrawn Baycol cholesterol drug.

The U.S. District Court in Minneapolis ruled in favor of the Leverkusen, Germany-based company, which claimed a class-action case would have been ``unmanageable.'' That leaves Bayer free to negotiate settlements in individual cases. The company has won only two Baycol cases that went to trial.

Energy stocks fell this week, led by BP Plc and Royal Dutch Petroleum Co., as the price of crude oil slid after a Saudi Arabian official said OPEC probably won't change production quotas next week and the International Monetary Fund said oil prices will decline by more than 10 percent next year, hurting revenue for producers.

The Stoxx 600's energy group was the week's only decliner of the 18 industry indexes.

BP, Europe's second-largest oil company, slipped 3.8 percent and Royal Dutch Petroleum, which owns 60 percent of Royal Dutch/Shell Group, lost 1.8 percent. Total SA, Europe's third- biggest oil company, dropped 1.9 percent.

Inditex Plunges

Inditex SA, the owner of the Zara clothing chain, slumped 13 percent to 19.92 euros yesterday, its steepest drop in almost six months. The shares shed 9.8 percent this week. It's the fourth- biggest decliner on the Stoxx 600 this week and biggest yesterday.

The company said its gross profit margin, or the percentage of sales remaining after product costs are deducted, will drop 1 to 1.5 percentage points in the second half because of a new pricing policy and declines in Latin American currencies.

EMI Group Plc, the record label of Robbie Williams and the Beatles, yesterday jumped 4.1 percent to 158.25 pence, for a gain since last Friday of 12 percent. AOL Time Warner Inc. has accelerated talks with the company over a potential merger of their music businesses, the Wall Street Journal said, citing an unidentified person close to the negotiations.

Havas SA, the world's fifth-largest advertising and marketing company, slumped 14 percent this week and slipped 2.4 percent yesterday to 4.13 euros. The company posted a first-half net loss of 58 million euros, which exceeded the 3.5 million-euro loss four analysts forecast in a Bloomberg News survey.

Shares of Banca Nazionale del Lavoro SpA, Italy's sixth- largest bank, jumped 21 percent this week after Morgan Stanley analysts raised the lender to ``overweight'' from ``equalweight,'' citing decreasing concern about profitability in South America and cost cuts that helped the bank post a second-quarter profit.

Last Updated: September 20, 2003 04:12 EDT

Estado holandês vende 12% da KPN ao Citigroup

09-19-2003 19:23



O Estado holandês vendeu 300 milhões de acções da KPN, correspondentes a 12 por cento do capital social, ao Citigroup Global Markets, por cerca de 2,03 mil milhões de euros.
Do acordo de venda da participação no capital da maior operadora de telecomunicações da Holanda consta o compromisso do Governo em não vender acções da KPN durante um ano, a não ser debaixo de “certas excepções” não reveladas.

O Executivo holandês confirmou que pretende reduzir ainda mais a sua posição, actualmente nos 19,3 por cento, na operadora.

BolsaPt.com

AOL Time Warner deixa cair AOL

09-19-2003 16:25



O conselho de administração da AOL Time Warner decidiu, na passada quinta-feira, alterar o nome da empresa para apenas Time Warner. A alteração deverá entrar em vigor no próximo Outono.
A America Online tem vindo a ser fonte de dissabores para o grupo norte-americano, desde a sua integração, em 2001. Agora, o objectivo é promover a as divisões de cinema, revistas e televisão por cabo da Time Warner, minimizando os problemas da filial de Internet, America Online.

BolsaPt.com

PT adquire 800 mil acções próprias

09-19-2003 20:25



A Portugal Telecom (PT) anunciou, esta sexta-feira, em comunicado, que adquiriu 800 mil acções próprias, correspondentes a 0,06 por cento do capital social, no âmbito do programa de aquisição de acções aprovado em Assembleia Geral.
As acções foram adquiridas na sessão de bolsa de 19 de Setembro: 1.871 acções ao preço unitário de 6,78 euros; 148.900 acções ao preço de 6,79 euros; 290.953 acções ao preço de 6,80 euros, 100 mil acções ao preço de 6,81 euros, 50 mil acções ao preço de 6,83 euros, 50 mil acções ao preço de 6,84 euros, 128 mil acções ao preço de 6,85 euros, 29.813 acções ao preço de 6,86 euros e 463 acções ao preço de 6,87 euros.

A PT detém 3,325 milhões de acções próprias, correspondentes a 0,27 por cento do seu capital social.

BolsaPt.com

Presidente do Deutsche Bank acusado de fraude

09-19-2003 19:43



Josef Ackermann, presidente do Deutsche Bank, enfrenta a acusação de fraude, no processo sobre as indemnizações concedidas ao líder da Mannesmann, na fusão com a britânica Vodafone.
A notícia foi confirmada pelo porta-voz do banco alemão, que afirmou que Ackermann conta com o apoio do conselho de supervisão do grupo, considerando que o responsável actuou de forma correcta e justa.

Depois da aquisição da operadora móvel alemã pela Vodafone, em Fevereiro de 2000, vários membros da direcção da Mannesmann, incluindo o presidente, Klaus Esser, receberam mais de 50 milhões de euros (ME) em indemnizações.

Ackermann pertencia à comissão de quatro membros do conselho de supervisão da Mannesmann que aprovou as retribuições multimilionárias, bem como ao conselho de administração do Deutsche Bank.

Esser recebeu 14,6 ME, bem como 16 ME pagos a título de prémio pelo maior accionista do grupo, a Hutchinson Whampoa.

BolsaPt.com

Receios marcam fecho norte-americano

09-19-2003 21:7



Os mercados norte-americanos fecharam a última sessão da semana em ligeira baixa. Os investidores receiam que as recentes valorizações tenham sido excessivas.
Recorda-se que os índices encetaram forte valorização, nas últimas sessões, devido aos favoráveis indicadores macroeconómicos e à decisão da Reserva Federal de manter as taxas de juro no mínimo de 45 anos.

De acordo com analistas sondados pela Thomson Financial, os lucros empresariais deverão crescer 15 por cento neste trimestre e 22 por cento no próximo trimestre.

Em foco, a maior biotecnológica do mundo, a Amgen, perdeu 1,6 por cento, depois da Wachovia Securities ter avisado que o ritmo de crescimento dos lucros poderá decepcionar os investidores.

A AmerisourceBergen, maior grossista de medicamentos do país, foi suspensa de negociação, devido a uma notícia do Wall Street Journal, que dá conta de investigações das entidades reguladoras e do FBI, acerca de vendas no mercado secundário e outras suspeitas.

O Dow Jones desceu 0,15 por cento para 9.644,82 pontos, o Nasdaq Composite cedeu 0,2 por cento para 1.905,74 pontos e o S&P 500 caiu 0,3 por cento para 1.036,44 pontos.

BolsaPt.com