Stocks Expected to Fall on Alcoa Report
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Stocks Expected to Fall on Alcoa Report
Stocks Expected to Fall on Alcoa Report
9/10/2004 7:04:00 AM
NEW YORK, Sep 10, 2004 (AP Online via COMTEX) -- Stock prices were expected to drop after the opening bell Friday as investors stay cautious on the corporate earnings picture, with Alcoa Inc. likely casting a shadow in early trading.
Dow Jones futures slipped 4 points recently, while Nasdaq futures were unchanged and S&P futures fell 0.50 points.
In London, the FTSE rose 20.10 points to 4558.10 recently, with retail stocks in focus amid speculation that struggling supermarket group J Sainsbury PLC was the subject of an approach by either retail entrepreneur Philip Green or U.S. firm Target Corp.
In Japan, the benchmark Nikkei 225 Stock average fell 87.73 points, or 0.8 percent, to 11,083.23, marking its second consecutive day of losses as investors remained concerned about Japan's economy and seasonal selling ahead of the September fiscal close.
In U.S. corporate news, Walt Disney Co. plans to announce Friday that Michael Eisner will step down as chief executive when his contract expires in September 2006, according to The Wall Street Journal.
On Thursday, General Motors Corp. Chairman and Chief Executive Rick Wagoner warned that the auto maker soon may impose deeper cost cuts if it doesn't see improvements soon in the U.S. economy and a quick turnaround in its slumping sales.
A federal judge cleared the way for Oracle Corp. to pursue its $7.7 billion hostile bid for rival PeopleSoft Inc., setting the stage for a complicated endgame in the 15-month takeover battle that has roiled the software industry.
Cisco Systems Inc. agreed to acquire Austin-based NetSolve Inc., a remote network provider, for $11 a share. Cisco is the world's leading maker of computer-networking equipment, and much of NetSolve's business involved monitoring Cisco gear.
Take-Two Interactive Software Inc.'s third-quarter sales and future sales guidance surpassed analysts' expectations. The company, though, reported a third-quarter loss wider than expectations and narrowed its fiscal 2004 earnings view, citing higher operating expenses.
Atmel Corp. said it expects revenue for the third quarter to be 2-6 percent lower than the second quarter revenue of $420.8 million.
The Labor Department is due to release the August PPI report at 8:30 a.m. EDT, while the Commerce Department is due to release the July trade report 8:30 a.m..
Stocks finished mixed with a surge by chip makers like Texas Instruments Inc. and National Semiconductor Corp. that lifted the Nasdaq Composite Index, even though the companies' news was not entirely upbeat.
The Nasdaq gained 19.01 points, or 1.03 percent, to 1,869.65, the Dow Jones Industrial Average dropped 24.26 points, or 0.24 percent, to 10,289.10, and the Standard & Poor's 500 Index rose 2.11, or 0.19 percent, to 1,118.38.
Copyright 2004 Associated Press, All rights reserved
9/10/2004 7:04:00 AM
NEW YORK, Sep 10, 2004 (AP Online via COMTEX) -- Stock prices were expected to drop after the opening bell Friday as investors stay cautious on the corporate earnings picture, with Alcoa Inc. likely casting a shadow in early trading.
Dow Jones futures slipped 4 points recently, while Nasdaq futures were unchanged and S&P futures fell 0.50 points.
In London, the FTSE rose 20.10 points to 4558.10 recently, with retail stocks in focus amid speculation that struggling supermarket group J Sainsbury PLC was the subject of an approach by either retail entrepreneur Philip Green or U.S. firm Target Corp.
In Japan, the benchmark Nikkei 225 Stock average fell 87.73 points, or 0.8 percent, to 11,083.23, marking its second consecutive day of losses as investors remained concerned about Japan's economy and seasonal selling ahead of the September fiscal close.
In U.S. corporate news, Walt Disney Co. plans to announce Friday that Michael Eisner will step down as chief executive when his contract expires in September 2006, according to The Wall Street Journal.
On Thursday, General Motors Corp. Chairman and Chief Executive Rick Wagoner warned that the auto maker soon may impose deeper cost cuts if it doesn't see improvements soon in the U.S. economy and a quick turnaround in its slumping sales.
A federal judge cleared the way for Oracle Corp. to pursue its $7.7 billion hostile bid for rival PeopleSoft Inc., setting the stage for a complicated endgame in the 15-month takeover battle that has roiled the software industry.
Cisco Systems Inc. agreed to acquire Austin-based NetSolve Inc., a remote network provider, for $11 a share. Cisco is the world's leading maker of computer-networking equipment, and much of NetSolve's business involved monitoring Cisco gear.
Take-Two Interactive Software Inc.'s third-quarter sales and future sales guidance surpassed analysts' expectations. The company, though, reported a third-quarter loss wider than expectations and narrowed its fiscal 2004 earnings view, citing higher operating expenses.
Atmel Corp. said it expects revenue for the third quarter to be 2-6 percent lower than the second quarter revenue of $420.8 million.
The Labor Department is due to release the August PPI report at 8:30 a.m. EDT, while the Commerce Department is due to release the July trade report 8:30 a.m..
Stocks finished mixed with a surge by chip makers like Texas Instruments Inc. and National Semiconductor Corp. that lifted the Nasdaq Composite Index, even though the companies' news was not entirely upbeat.
The Nasdaq gained 19.01 points, or 1.03 percent, to 1,869.65, the Dow Jones Industrial Average dropped 24.26 points, or 0.24 percent, to 10,289.10, and the Standard & Poor's 500 Index rose 2.11, or 0.19 percent, to 1,118.38.
Copyright 2004 Associated Press, All rights reserved
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