Notícias de Fim de Semana - 19 e 20 de Julho de 2003
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Softbank, NHN, Net Rivals May Keep Rising: Asian Stocks Outlook
July 20 (Bloomberg) -- Internet companies such as Japan's Softbank Corp. and South Korea's NHN Corp. have helped set the pace for a rally in Asian stocks during the past three months. They may have further to rise, some investors said.
This advance may be different than the so-called Internet bubble that burst more than three years ago because shares are climbing as profit doubles or triples at companies such as NHN, they said.
``In 2000, a lot of these companies didn't have earnings and were basically just dreams,'' said Walter Price, who helps manage $35 billion for Dresdner RCM Global Investors in San Francisco. ``They've gone from making no money to making good money.''
The Bloomberg Asia Pacific Internet Index, consisting of 40 companies, surged 66 percent during the past three months. The gain was almost four times the 17 percent advance in Morgan Stanley Capital International's Asia Pacific Free Index, a regional benchmark.
Price's firm owns shares of Softbank, Japan's second-largest provider of high-speed Internet service, and Yahoo Japan Corp., operator of the country's most-used Web search directory.
Some U.S. Gains
Softbank has more than doubled in the past three months. So has NHN, whose Naver.com search service outranks the Google.com service in the rankings of most-visited Web sites according to Alexa.com, which tracks visits.
NCSoft Corp., South Korea's biggest online game company, more than doubled as well. Yahoo Japan, controlled by Softbank and Yahoo! Inc., climbed 74 percent.
Asian companies that have their main stock-market listings in the U.S. also surged. Chinadotcom Corp., Sohu.com Inc. and Sina Corp. almost tripled in the period, and Netease.com Inc. jumped 89 percent.
All four advanced more than 10 percent on Friday, led by a 19 percent increase in Chinadotcom, a Hong Kong-based software seller that said it's in talks with AOL Time Warner Inc. to resolve a dispute over an aborted joint venture.
Sohu.com, Sina and Netease.com provide text-messaging services for mobile-phone users in China as well as Internet service. All three are listed on the Nasdaq Stock Market along with Chinadotcom, and are reporting profits.
Helped by Auctions
``The survivors will carry on because some of them actually have earnings to show, unlike in the past, when everyone was pricing these stocks based on expected sales,'' said Ng Ean Kiam, who helps manage $2 billion in Asia at Credit Agricole Asset Management in Singapore.
Yahoo Japan reported on Thursday that earnings more than doubled for the three months ended in June, aided by a surge in business at its Internet-auction site.
More than 4 million items were listed for sale on the auction site at the end of June, up from 2.31 million a year earlier. Yahoo! BB, an Internet-access venture with Softbank, had 2.82 million users, up from 660,000 a year ago.
Yahoo Japan also said it will seek to move its main stock listing to the Tokyo Stock Exchange from the Jasdaq market, which may draw more investors to its shares. The company meets criteria for a listing after two years of profitability.
The growth at Yahoo Japan may help Softbank, billionaire Masayoshi Son's holding company, become profitable as well. For the second half ended in March, Softbank's loss widened to 44.2 billion yen ($373 million) from 34.4 billion a year ago because of higher costs to promote Yahoo BB.
`Greater Fools'
In South Korea, NHN's first-quarter earnings more than tripled to 14.5 billion won ($12.3 million) from 4.75 billion won a year ago. Naver.com has 20 million registered users, six times more than a year earlier. It ranks fourth worldwide in the number of visits by Alexa.com's count.
Sohu.com said this month that it recorded its fourth straight quarterly profit during the second quarter as text messaging and online gaming boomed in China. The company will report full results on Tuesday. Sina reports on Wednesday, and has said second- quarter earnings exceeded its forecast.
To be sure, the advance in Internet stocks may already reflect the profit growth. Yahoo Japan is priced at 107 times this year's estimated earnings, exceeding the ratio of 86 times for Yahoo.
``These are the kinds of stocks that people buy to resell to the greater fools,'' said Marc Faber, managing director of Marc Faber Ltd., which has been managing investments in Asia for more than 20 years. ``People just buy them for momentum reasons (and) the next day they will sell.''
More Active
Softbank has been the most active stock by value since July 4, according to the Tokyo Stock Exchange. Trading has averaged about 21 million shares a day for the period. That's more than six times the average in February 2000, when the stock peaked.
Buying and selling of U.S.-listed Asian companies has accelerated as well. This month's trading in Sina, for example, has averaged about 8.9 million shares a day. In May 2000, when the stock reached a record high after its debut the previous month, trading averaged 1.1 million shares.
Stocks such as Chinadotcom may have risen even though their prospects haven't improved much, said Stuart O'Gorman, who helps manage the $96 million Henderson Global Technology Fund.
Chinadotcom started as an operator of Web sites aimed at mainland Chinese and changed its focus last year. Sales tumbled to $59 million in 2002 from a peak of $121 million in 2000. The stock trades at 132 times this year's estimated earnings.
`Degree of Stupidity'
``Everybody hears the word China and the word dot-com, and off we go,'' said O'Gorman, whose fund was ranked by Standard & Poor's as this year's best performer through July 11 among nine Singapore-based global technology mutual funds. ``This company has virtually no revenue growth and yet it's trading because of what it's called. There's a degree of stupidity.''
Even so, many Internet stocks are a long way from the kind of prices common three years ago. Softbank shares are 95 percent below their peak on Feb. 18, 2000, after advancing almost four- fold since November. Yahoo Japan is 60 percent lower than the record high reached in February 2000.
The sales and earnings outlook for companies such as these has improved enough to justify buying their shares, especially after the past declines, some investors said.
``If you believe that they are going to grow 50 percent a year for the next couple of years, which I do, then you will buy them,'' said Dresdner's Price. ``When some of these stocks go up another 100 percent, I will sell them.''
Last Updated: July 19, 2003 23:35 EDT
July 20 (Bloomberg) -- Internet companies such as Japan's Softbank Corp. and South Korea's NHN Corp. have helped set the pace for a rally in Asian stocks during the past three months. They may have further to rise, some investors said.
This advance may be different than the so-called Internet bubble that burst more than three years ago because shares are climbing as profit doubles or triples at companies such as NHN, they said.
``In 2000, a lot of these companies didn't have earnings and were basically just dreams,'' said Walter Price, who helps manage $35 billion for Dresdner RCM Global Investors in San Francisco. ``They've gone from making no money to making good money.''
The Bloomberg Asia Pacific Internet Index, consisting of 40 companies, surged 66 percent during the past three months. The gain was almost four times the 17 percent advance in Morgan Stanley Capital International's Asia Pacific Free Index, a regional benchmark.
Price's firm owns shares of Softbank, Japan's second-largest provider of high-speed Internet service, and Yahoo Japan Corp., operator of the country's most-used Web search directory.
Some U.S. Gains
Softbank has more than doubled in the past three months. So has NHN, whose Naver.com search service outranks the Google.com service in the rankings of most-visited Web sites according to Alexa.com, which tracks visits.
NCSoft Corp., South Korea's biggest online game company, more than doubled as well. Yahoo Japan, controlled by Softbank and Yahoo! Inc., climbed 74 percent.
Asian companies that have their main stock-market listings in the U.S. also surged. Chinadotcom Corp., Sohu.com Inc. and Sina Corp. almost tripled in the period, and Netease.com Inc. jumped 89 percent.
All four advanced more than 10 percent on Friday, led by a 19 percent increase in Chinadotcom, a Hong Kong-based software seller that said it's in talks with AOL Time Warner Inc. to resolve a dispute over an aborted joint venture.
Sohu.com, Sina and Netease.com provide text-messaging services for mobile-phone users in China as well as Internet service. All three are listed on the Nasdaq Stock Market along with Chinadotcom, and are reporting profits.
Helped by Auctions
``The survivors will carry on because some of them actually have earnings to show, unlike in the past, when everyone was pricing these stocks based on expected sales,'' said Ng Ean Kiam, who helps manage $2 billion in Asia at Credit Agricole Asset Management in Singapore.
Yahoo Japan reported on Thursday that earnings more than doubled for the three months ended in June, aided by a surge in business at its Internet-auction site.
More than 4 million items were listed for sale on the auction site at the end of June, up from 2.31 million a year earlier. Yahoo! BB, an Internet-access venture with Softbank, had 2.82 million users, up from 660,000 a year ago.
Yahoo Japan also said it will seek to move its main stock listing to the Tokyo Stock Exchange from the Jasdaq market, which may draw more investors to its shares. The company meets criteria for a listing after two years of profitability.
The growth at Yahoo Japan may help Softbank, billionaire Masayoshi Son's holding company, become profitable as well. For the second half ended in March, Softbank's loss widened to 44.2 billion yen ($373 million) from 34.4 billion a year ago because of higher costs to promote Yahoo BB.
`Greater Fools'
In South Korea, NHN's first-quarter earnings more than tripled to 14.5 billion won ($12.3 million) from 4.75 billion won a year ago. Naver.com has 20 million registered users, six times more than a year earlier. It ranks fourth worldwide in the number of visits by Alexa.com's count.
Sohu.com said this month that it recorded its fourth straight quarterly profit during the second quarter as text messaging and online gaming boomed in China. The company will report full results on Tuesday. Sina reports on Wednesday, and has said second- quarter earnings exceeded its forecast.
To be sure, the advance in Internet stocks may already reflect the profit growth. Yahoo Japan is priced at 107 times this year's estimated earnings, exceeding the ratio of 86 times for Yahoo.
``These are the kinds of stocks that people buy to resell to the greater fools,'' said Marc Faber, managing director of Marc Faber Ltd., which has been managing investments in Asia for more than 20 years. ``People just buy them for momentum reasons (and) the next day they will sell.''
More Active
Softbank has been the most active stock by value since July 4, according to the Tokyo Stock Exchange. Trading has averaged about 21 million shares a day for the period. That's more than six times the average in February 2000, when the stock peaked.
Buying and selling of U.S.-listed Asian companies has accelerated as well. This month's trading in Sina, for example, has averaged about 8.9 million shares a day. In May 2000, when the stock reached a record high after its debut the previous month, trading averaged 1.1 million shares.
Stocks such as Chinadotcom may have risen even though their prospects haven't improved much, said Stuart O'Gorman, who helps manage the $96 million Henderson Global Technology Fund.
Chinadotcom started as an operator of Web sites aimed at mainland Chinese and changed its focus last year. Sales tumbled to $59 million in 2002 from a peak of $121 million in 2000. The stock trades at 132 times this year's estimated earnings.
`Degree of Stupidity'
``Everybody hears the word China and the word dot-com, and off we go,'' said O'Gorman, whose fund was ranked by Standard & Poor's as this year's best performer through July 11 among nine Singapore-based global technology mutual funds. ``This company has virtually no revenue growth and yet it's trading because of what it's called. There's a degree of stupidity.''
Even so, many Internet stocks are a long way from the kind of prices common three years ago. Softbank shares are 95 percent below their peak on Feb. 18, 2000, after advancing almost four- fold since November. Yahoo Japan is 60 percent lower than the record high reached in February 2000.
The sales and earnings outlook for companies such as these has improved enough to justify buying their shares, especially after the past declines, some investors said.
``If you believe that they are going to grow 50 percent a year for the next couple of years, which I do, then you will buy them,'' said Dresdner's Price. ``When some of these stocks go up another 100 percent, I will sell them.''
Last Updated: July 19, 2003 23:35 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Novartis CEO Vasella May Disappoint Amid Lack of New Treatments
July 20 (Bloomberg) -- Novartis AG Chief Executive Officer Daniel Vasella, who has boosted sales more than the industry's average of as much as 10 percent in the past two years, may disappoint investors when the company reports earnings Monday.
``We'll see whether Novartis can keep its darling status,'' said Daniele Scilingo, who helps manage $725 million, including Novartis stock, at Pictet & Co. in Zurich. ``Vasella has done really well marketing himself, backed up with results and products, but you ask yourself how he will manage to repeat the growth dynamic this year,'' he said in a telephone interview.
Vasella, who last month published a book called ``Magic Cancer Bullet,'' has overseen above-average growth at Basel, Switzerland-based Novartis by bringing 10 new medicines to the U.S. market, including Gleevec, a leukemia treatment.
The momentum may be hard to maintain for Europe's third- biggest drugmaker, said Scilingo. Vasella doesn't have any major products to bring to market this year and only one, the painkiller Prexige, in 2004. Vasella on Monday may report that Novartis earned $1.30 billion in the second quarter, little changed from a year earlier, as the Swiss company increased spending on research and marketing.
Sales gained 18 percent, boosted by the success of Gleevec, the hypertension medicine Lotrel and the cancer treatment Zometa, analysts said. The figures are based on the average estimate of nine analysts surveyed by Bloomberg News.
Big Seller
Gleevec, approved in May 2001, was Novartis's third-biggest seller in the first quarter. The drug, which minimizes side effects by targeting a specific gene, is rewriting medical history, Vasella wrote in his 260-page book.
Gleevec's success has contributed to a 3.1 percent rise in Novartis shares this year, better than the 2.5 percent decline in the Bloomberg Europe 500 Pharmaceutical Index of 20 drugmaker stocks. Two-thirds of analysts who cover the company recommend investors buy Novartis shares, according to Bloomberg data.
The drugmaker beat analysts' expectations in the first quarter, helped by sales of its biggest product, the seven-year- old hypertension medicine Diovan.
``I do not want to be disappointed, nor do I want to disappoint others,'' Vasella said in his book.
The Swiss doctor-turned-businessman, who will mark his 50th birthday on Aug. 15, has been topping Swiss lists of most respected CEOs and board members, as rated by colleagues and financial experts. Meanwhile, other Swiss CEOs such as ABB Ltd.'s Joergen Centerman, Credit Suisse Group's Lukas Muehlemann and Clariant AG's Reinhard Handte have lost their jobs in the past years over lagging performance at their companies.
Trustworthy
Colleagues consider Vasella particularly ``honest and trustworthy,'' according to a survey by PricewaterhouseCoopers. He has perseverance, excellent management skills and acts in the interest of shareholders, the participants in the survey said.
Vasella may start struggling to keep Novartis growing faster than the industry, including cross-town rival Roche Holding AG, in the third and fourth quarters and next year, Scilingo said. At the same time, Novartis's generics business may benefit from higher demand, as a number of top-selling products lose patent protection.
``Vasella has set himself challenging goals with regard to top-line growth, but he has delivered so far and executed really well,'' said Ivan Kugener, who manages about $585 million worth of health-care stocks at Lombard Odier Darier Hentsch & Cie including Novartis shares.
Besides Gleevec, sold as Glivec in Europe, Novartis has during the last two years also introduced Zelnorm, a bowel disorder treatment, and Zometa, a medication for a bone complication of cancer.
Top Paid
Vasella, Switzerland's top-paid CEO in 2002 with 20 million Swiss francs ($15 million) in compensation, said he's not worried about maintaining the momentum of product introductions.
``I would say I'm pretty confident about the future,'' Vasella told Bloomberg television in an interview last month. ``In the next two years we have another series of drugs, which are going to be launched.''
The company's growth largely hinges on the planned U.S. approval next year for the experimental arthritis painkiller Prexige, which analysts said may generate $1.5 billion in sales by 2005. It would allow Novartis to expand in the $16 billion arthritis market dominated by Merck & Co. and Pfizer Inc.
Novartis, which traces its roots to a maker of dyes started in 1758, is also looking outside its own laboratories to expand its products range. It entered an agreement with Regeneron Pharmaceuticals Inc. in March to develop and sell an experimental arthritis treatment. Two months later it bought a majority stake in Idenix Pharmaceuticals Inc and completed the acquisition of the later-stage experimental incontinence drug Enablex from Pfizer Inc.
Vasella, who published his book only in English, remains committed to his home turf. Switzerland's largest drugmaker is investing about 750 million Swiss francs over the next 10 years to build what it calls a campus of knowledge, its new headquarters in Basel. It will become the workplace for more than 10,000 top managers, sales representatives and researchers.
Criticism
Novartis has been criticized for not emulating rivals in selling so-called lifestyle drugs, such as Pfizer Inc.'s impotence treatment Viagra and Roche's weight-loss medicine Xenical, Vasella said. As a doctor he was always more interested in developing drugs that save lives, he wrote.
Vasella's sister Ursula got Hodgkin's disease at the age of 16 and he witnessed her dying before her 19th birthday in 1963. Her struggle and pain inspired him to help others and become a doctor, he wrote in his book. Modern therapies today can cure most patients with Hodgkin's disease.
Because Gleevec is targeted to a specific type of leukemia, it's not yet known whether it can fight other types of cancer. In addition, doctors are still watching to see if patients taking Gleevec develop resistance or side effects. Still, Vasella considers Gleevec a breakthrough, and says it may just be the beginning for the development of ``smart'' cancer medicines.
``I do have a deep optimism,'' Vasella wrote in his book. ``But I like to call myself a realistic optimist as I always combine my optimism with realism.''
Last Updated: July 20, 2003 03:32 EDT
July 20 (Bloomberg) -- Novartis AG Chief Executive Officer Daniel Vasella, who has boosted sales more than the industry's average of as much as 10 percent in the past two years, may disappoint investors when the company reports earnings Monday.
``We'll see whether Novartis can keep its darling status,'' said Daniele Scilingo, who helps manage $725 million, including Novartis stock, at Pictet & Co. in Zurich. ``Vasella has done really well marketing himself, backed up with results and products, but you ask yourself how he will manage to repeat the growth dynamic this year,'' he said in a telephone interview.
Vasella, who last month published a book called ``Magic Cancer Bullet,'' has overseen above-average growth at Basel, Switzerland-based Novartis by bringing 10 new medicines to the U.S. market, including Gleevec, a leukemia treatment.
The momentum may be hard to maintain for Europe's third- biggest drugmaker, said Scilingo. Vasella doesn't have any major products to bring to market this year and only one, the painkiller Prexige, in 2004. Vasella on Monday may report that Novartis earned $1.30 billion in the second quarter, little changed from a year earlier, as the Swiss company increased spending on research and marketing.
Sales gained 18 percent, boosted by the success of Gleevec, the hypertension medicine Lotrel and the cancer treatment Zometa, analysts said. The figures are based on the average estimate of nine analysts surveyed by Bloomberg News.
Big Seller
Gleevec, approved in May 2001, was Novartis's third-biggest seller in the first quarter. The drug, which minimizes side effects by targeting a specific gene, is rewriting medical history, Vasella wrote in his 260-page book.
Gleevec's success has contributed to a 3.1 percent rise in Novartis shares this year, better than the 2.5 percent decline in the Bloomberg Europe 500 Pharmaceutical Index of 20 drugmaker stocks. Two-thirds of analysts who cover the company recommend investors buy Novartis shares, according to Bloomberg data.
The drugmaker beat analysts' expectations in the first quarter, helped by sales of its biggest product, the seven-year- old hypertension medicine Diovan.
``I do not want to be disappointed, nor do I want to disappoint others,'' Vasella said in his book.
The Swiss doctor-turned-businessman, who will mark his 50th birthday on Aug. 15, has been topping Swiss lists of most respected CEOs and board members, as rated by colleagues and financial experts. Meanwhile, other Swiss CEOs such as ABB Ltd.'s Joergen Centerman, Credit Suisse Group's Lukas Muehlemann and Clariant AG's Reinhard Handte have lost their jobs in the past years over lagging performance at their companies.
Trustworthy
Colleagues consider Vasella particularly ``honest and trustworthy,'' according to a survey by PricewaterhouseCoopers. He has perseverance, excellent management skills and acts in the interest of shareholders, the participants in the survey said.
Vasella may start struggling to keep Novartis growing faster than the industry, including cross-town rival Roche Holding AG, in the third and fourth quarters and next year, Scilingo said. At the same time, Novartis's generics business may benefit from higher demand, as a number of top-selling products lose patent protection.
``Vasella has set himself challenging goals with regard to top-line growth, but he has delivered so far and executed really well,'' said Ivan Kugener, who manages about $585 million worth of health-care stocks at Lombard Odier Darier Hentsch & Cie including Novartis shares.
Besides Gleevec, sold as Glivec in Europe, Novartis has during the last two years also introduced Zelnorm, a bowel disorder treatment, and Zometa, a medication for a bone complication of cancer.
Top Paid
Vasella, Switzerland's top-paid CEO in 2002 with 20 million Swiss francs ($15 million) in compensation, said he's not worried about maintaining the momentum of product introductions.
``I would say I'm pretty confident about the future,'' Vasella told Bloomberg television in an interview last month. ``In the next two years we have another series of drugs, which are going to be launched.''
The company's growth largely hinges on the planned U.S. approval next year for the experimental arthritis painkiller Prexige, which analysts said may generate $1.5 billion in sales by 2005. It would allow Novartis to expand in the $16 billion arthritis market dominated by Merck & Co. and Pfizer Inc.
Novartis, which traces its roots to a maker of dyes started in 1758, is also looking outside its own laboratories to expand its products range. It entered an agreement with Regeneron Pharmaceuticals Inc. in March to develop and sell an experimental arthritis treatment. Two months later it bought a majority stake in Idenix Pharmaceuticals Inc and completed the acquisition of the later-stage experimental incontinence drug Enablex from Pfizer Inc.
Vasella, who published his book only in English, remains committed to his home turf. Switzerland's largest drugmaker is investing about 750 million Swiss francs over the next 10 years to build what it calls a campus of knowledge, its new headquarters in Basel. It will become the workplace for more than 10,000 top managers, sales representatives and researchers.
Criticism
Novartis has been criticized for not emulating rivals in selling so-called lifestyle drugs, such as Pfizer Inc.'s impotence treatment Viagra and Roche's weight-loss medicine Xenical, Vasella said. As a doctor he was always more interested in developing drugs that save lives, he wrote.
Vasella's sister Ursula got Hodgkin's disease at the age of 16 and he witnessed her dying before her 19th birthday in 1963. Her struggle and pain inspired him to help others and become a doctor, he wrote in his book. Modern therapies today can cure most patients with Hodgkin's disease.
Because Gleevec is targeted to a specific type of leukemia, it's not yet known whether it can fight other types of cancer. In addition, doctors are still watching to see if patients taking Gleevec develop resistance or side effects. Still, Vasella considers Gleevec a breakthrough, and says it may just be the beginning for the development of ``smart'' cancer medicines.
``I do have a deep optimism,'' Vasella wrote in his book. ``But I like to call myself a realistic optimist as I always combine my optimism with realism.''
Last Updated: July 20, 2003 03:32 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Volkswagen, Siemens May Impede Rally: European Stocks Outlook
July 20 (Bloomberg) -- European stocks have tried to rally twice this month and failed both times. Second-quarter earnings reports from companies such as Volkswagen AG may keep them from exceeding last month's highs any time soon, some investors said.
The Dow Jones Stoxx 50 and Stoxx 600 indexes put together four-day losing steaks last week after climbing Monday to this month's highest closing levels.
Both benchmarks retreated as Nokia Oyj said revenue may decline and SAP AG reported a bigger drop in software-license revenue than analysts expected. Earnings from companies such as Ericsson AB and Akzo Nobel NV that beat forecasts failed to lift share prices on Friday.
``The quality of earnings is low,'' said Neil Dwane, who oversees about $65 billion in stocks as chief investment officer for Europe at Allianz Dresdner Asset Management in Frankfurt. The Stoxx 50 fell 0.9 percent last week and is 3.9 percent below a five-month high reached on June 18. The Stoxx 600 sank 0.6 percent for the week, leaving the index 2.5 percent below its June 18 peak.
From July 2 to July 7, the measures gained 4.7 percent. They dropped for the next three days before rebounding, and Monday's advance pushed them above the July 7 highs.
Avoiding Europe
Volkswagen, Europe's largest carmaker, will report this week that second-quarter earnings dropped 55 percent, according to the average estimate of analysts surveyed by Bloomberg News. Companies including Siemens AG and KLM Royal Dutch Airlines NV are also scheduled to publish earnings.
Last week's reports promoted analysts to trim earnings estimates. Stoxx 600 company profits this year will increase by 24.9 percent on average, according a survey of analysts on July 17 by JCF International in London. That's less than the 25.5 percent growth forecast at the end of June.
``We see current earnings forecasts as too high,'' said Emiel Van den Heiligenberg, head of asset allocation at Fortis Investment Management. The potential for disappointing results has prompted Fortis to steer away from owning European shares, he said. The firm, Belgium's second-largest money manager by market share, has about $87 billion under management.
Merrill Lynch & Co., the world's biggest securities firm by capital, last week cautioned that companies' results might show that investor enthusiasm for equities was misplaced.
``You could find that people have discounted too much too soon,'' said David Bowers, Merrill Lynch's chief investment strategist, said at press conference in London.
Cutting Jobs
Nokia led declines on the Stoxx 50 last week, slumping 17 percent. The world's biggest maker of mobile phones said third- quarter handset revenue may fall and forecast a drop of as much as 20 percent in network equipment sales.
SAP, the world's largest business management software company, sank 6.6 percent Thursday after saying it signed up fewer customers than analysts expected in the second quarter.
ASML Holding NV, the world's largest maker of machines used to etch circuits on semiconductors, dropped 9.2 percent in three days after reporting a loss for the quarter and saying it would eliminate 550 jobs, or about 10 percent of its workforce. The shares had gained 14 percent on Monday and Tuesday.
Aviva Plc, the U.K.'s second-largest insurer, and UPM- Kymmene Oyj, the world's third-biggest papermaker by capacity, also announced job cuts.
Share of Ericsson, the world's largest maker of wireless networks, surged 15 percent Friday as cost reductions helped the Swedish company post a narrower-than-expected loss in the second quarter. Lower expenses were also behind a higher-than-forecast profit at Akzo Nobel, whose shares jumped 13 percent Friday.
`High Valuations'
``We don't see these types of earnings as a real recovery that would justify the high valuations in the market,'' said Franz Wenzel, who helps manage $17 billion at Axa Investment Managers in Paris. The Stoxx 50 is valued at 18 times the average 2003 earnings estimate, up from 14 times in March.
Volkswagen reports earnings on Friday. The company will probably say that net income fell to 355 million euros amid lower sales in Western Europe and the U.S., according to an average estimate of 14 analysts surveyed by Bloomberg. Its shares dropped 2.1 percent last week.
Siemens, Germany's biggest electronics and engineering company, is scheduled to release earnings on Thursday. Fiscal third-quarter net income fell 37 percent to 454.4 million euros as sales and profit at its power-generation unit fell, according to the average forecast of nine analysts in a Bloomberg survey.
KLM, Europe's fourth-largest airline, also reports on Thursday. Its net loss for the three months that ended June 30 widened to 74 million euros from 11 million euros in the year- earlier period, according to a median estimate of six analysts surveyed by Bloomberg.
No `Tangible Signs'
Novartis AG, Europe's third-biggest drug company reports earnings Monday. Royal Dutch/Shell Group, Europe's largest oil company; GlaxoSmithKline Plc, the region's biggest drugmaker; and DaimlerChrysler AG, the world's fifth-largest automaker, also publish results during the week.
Infineon Technologies AG, Europe's second-biggest chipmaker, is expected to report that fiscal third-quarter net loss more than doubled to 181.6 million euros, according to the average estimate of nine analysts surveyed by Bloomberg. Prices for semiconductors fell faster than the company could cut costs, they said. Results are due Tuesday.
Some investors said they want companies to show they can increase profit through sales growth, rather than cost cutting. Royal Philips Electronics NV ended the week 1.7 percent lower even though the company had its first profit in five quarters. The results reflected savings from shedding staff and moving production to countries with lower labor costs.
``What is lacking are tangible signs of an economic rebound,'' said Pascal Voisin, chief investment officer of Credit Agricole Asset Management in Paris, which oversees the equivalent of $187.6 billion. ``We have a stock market that is anticipating them.''
Last Updated: July 20, 2003 02:59 EDT
July 20 (Bloomberg) -- European stocks have tried to rally twice this month and failed both times. Second-quarter earnings reports from companies such as Volkswagen AG may keep them from exceeding last month's highs any time soon, some investors said.
The Dow Jones Stoxx 50 and Stoxx 600 indexes put together four-day losing steaks last week after climbing Monday to this month's highest closing levels.
Both benchmarks retreated as Nokia Oyj said revenue may decline and SAP AG reported a bigger drop in software-license revenue than analysts expected. Earnings from companies such as Ericsson AB and Akzo Nobel NV that beat forecasts failed to lift share prices on Friday.
``The quality of earnings is low,'' said Neil Dwane, who oversees about $65 billion in stocks as chief investment officer for Europe at Allianz Dresdner Asset Management in Frankfurt. The Stoxx 50 fell 0.9 percent last week and is 3.9 percent below a five-month high reached on June 18. The Stoxx 600 sank 0.6 percent for the week, leaving the index 2.5 percent below its June 18 peak.
From July 2 to July 7, the measures gained 4.7 percent. They dropped for the next three days before rebounding, and Monday's advance pushed them above the July 7 highs.
Avoiding Europe
Volkswagen, Europe's largest carmaker, will report this week that second-quarter earnings dropped 55 percent, according to the average estimate of analysts surveyed by Bloomberg News. Companies including Siemens AG and KLM Royal Dutch Airlines NV are also scheduled to publish earnings.
Last week's reports promoted analysts to trim earnings estimates. Stoxx 600 company profits this year will increase by 24.9 percent on average, according a survey of analysts on July 17 by JCF International in London. That's less than the 25.5 percent growth forecast at the end of June.
``We see current earnings forecasts as too high,'' said Emiel Van den Heiligenberg, head of asset allocation at Fortis Investment Management. The potential for disappointing results has prompted Fortis to steer away from owning European shares, he said. The firm, Belgium's second-largest money manager by market share, has about $87 billion under management.
Merrill Lynch & Co., the world's biggest securities firm by capital, last week cautioned that companies' results might show that investor enthusiasm for equities was misplaced.
``You could find that people have discounted too much too soon,'' said David Bowers, Merrill Lynch's chief investment strategist, said at press conference in London.
Cutting Jobs
Nokia led declines on the Stoxx 50 last week, slumping 17 percent. The world's biggest maker of mobile phones said third- quarter handset revenue may fall and forecast a drop of as much as 20 percent in network equipment sales.
SAP, the world's largest business management software company, sank 6.6 percent Thursday after saying it signed up fewer customers than analysts expected in the second quarter.
ASML Holding NV, the world's largest maker of machines used to etch circuits on semiconductors, dropped 9.2 percent in three days after reporting a loss for the quarter and saying it would eliminate 550 jobs, or about 10 percent of its workforce. The shares had gained 14 percent on Monday and Tuesday.
Aviva Plc, the U.K.'s second-largest insurer, and UPM- Kymmene Oyj, the world's third-biggest papermaker by capacity, also announced job cuts.
Share of Ericsson, the world's largest maker of wireless networks, surged 15 percent Friday as cost reductions helped the Swedish company post a narrower-than-expected loss in the second quarter. Lower expenses were also behind a higher-than-forecast profit at Akzo Nobel, whose shares jumped 13 percent Friday.
`High Valuations'
``We don't see these types of earnings as a real recovery that would justify the high valuations in the market,'' said Franz Wenzel, who helps manage $17 billion at Axa Investment Managers in Paris. The Stoxx 50 is valued at 18 times the average 2003 earnings estimate, up from 14 times in March.
Volkswagen reports earnings on Friday. The company will probably say that net income fell to 355 million euros amid lower sales in Western Europe and the U.S., according to an average estimate of 14 analysts surveyed by Bloomberg. Its shares dropped 2.1 percent last week.
Siemens, Germany's biggest electronics and engineering company, is scheduled to release earnings on Thursday. Fiscal third-quarter net income fell 37 percent to 454.4 million euros as sales and profit at its power-generation unit fell, according to the average forecast of nine analysts in a Bloomberg survey.
KLM, Europe's fourth-largest airline, also reports on Thursday. Its net loss for the three months that ended June 30 widened to 74 million euros from 11 million euros in the year- earlier period, according to a median estimate of six analysts surveyed by Bloomberg.
No `Tangible Signs'
Novartis AG, Europe's third-biggest drug company reports earnings Monday. Royal Dutch/Shell Group, Europe's largest oil company; GlaxoSmithKline Plc, the region's biggest drugmaker; and DaimlerChrysler AG, the world's fifth-largest automaker, also publish results during the week.
Infineon Technologies AG, Europe's second-biggest chipmaker, is expected to report that fiscal third-quarter net loss more than doubled to 181.6 million euros, according to the average estimate of nine analysts surveyed by Bloomberg. Prices for semiconductors fell faster than the company could cut costs, they said. Results are due Tuesday.
Some investors said they want companies to show they can increase profit through sales growth, rather than cost cutting. Royal Philips Electronics NV ended the week 1.7 percent lower even though the company had its first profit in five quarters. The results reflected savings from shedding staff and moving production to countries with lower labor costs.
``What is lacking are tangible signs of an economic rebound,'' said Pascal Voisin, chief investment officer of Credit Agricole Asset Management in Paris, which oversees the equivalent of $187.6 billion. ``We have a stock market that is anticipating them.''
Last Updated: July 20, 2003 02:59 EDT
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Dollar Posts Second Week of Gains on Economic-Growth Outlook
July 19 (Bloomberg) -- The dollar posted a second straight week of gains against the euro after the Federal Reserve said it expects U.S. economic growth to accelerate.
The Fed this week said it projects the U.S. economy will grow as much as 4.75 percent next year, from 2.75 percent this year. The Dow Jones Industrial Average gained a third consecutive week, and 10-year Treasury yields rose to a three-month high.
``That's a stunningly bullish forecast and it lends continuing support for the dollar,'' said Richard Franulovich, a currency strategist in New York at Westpac Banking Corp., the second-most accurate forecaster of exchange rates in the second quarter, according to a Bloomberg News survey.
Against the euro, the U.S. currency strengthened 0.2 percent this week to $1.1270 per euro at 5 p.m. in New York yesterday, and gained 0.4 percent on the week against the yen, to 118.46. The dollar has rebounded about 6 percent since touching a record low of $1.1933 on May 27, and will probably appreciate past $1.11 in coming weeks, Franulovich said.
The U.S. currency strengthened against 13 of the world's 16 most frequently traded currencies this week, led by a 3.2 percent advance against the New Zealand dollar.
The dollar trimmed some of its weekly gains against the euro after a University of Michigan survey showed that while consumer confidence improved this month, expectations for the future aren't as bright with the U.S. jobless rate at a more than nine- year high of 6.4 percent.
The survey's expectations index, based on optimism about the next one to five years, fell to 82.7 from 86.4 last month. Other reports this week backed up the Fed's case for a stronger economy. U.S. government reports Thursday showed housing starts rose last month to the highest since January and filings for jobless benefits fell earlier last week.
Yield Gap
Ten-year Treasury yields this week rose above 4 percent for the first time since April after Fed Chairman Alan Greenspan said the economy is poised to quicken. The jump in yields caused the gap between German and U.S. bond yields to narrow, leaving U.S. debt relatively more attractive.
``The dollar becomes quite attractive when U.S. yields move higher,'' said Michael McGuinness, senior director of foreign exchange in New York at American Express Bank, a unit of the world's biggest corporate travel agency. ``There is a tremendous amount of optimism in the U.S. economy.''
German 10-year government debt yields about 0.04 percentage point more than 10-year U.S. Treasuries, down from 0.29 point a week ago, and from about 0.43 last month, when U.S. 10-year yields sank to a 45-year low of 3.07 percent. Those record low yields led some traders to bet the U.S. would have difficulty attracting the $1.5 billion per day needed to finance the country's record current-account deficit.
Earnings
The dollar will probably strengthen to $1.10 per euro in the event the 10-year yield rises to about 4.15 percent, McGuinness said. For the nine quarters through March, American Express was the fourth-most-accurate currency forecaster among the almost five dozen who regularly contribute projections to Bloomberg's quarterly foreign-exchange surveys.
The dollar may also get support from optimism U.S. corporate earnings will improve as the world's biggest economy rebounds. Shares in Microsoft Corp., the world's largest software maker, gained after it raised its full-year sales forecast.
``People have been very quickly pricing in an improvement'' in the economy, said Steven Englander, New York-based chief foreign-exchange strategist for North America at Barclays Capital Inc., a unit of the third-biggest U.K. bank. ``You're going to see a backing away from the dollar-bearish'' view that many investors adopted as the dollar sank to a record low, he said.
Barclays forecasts the euro at $1.11 at year-end.
Yen Declines
Speculation the U.S. economy is expanding more quickly is also helping the outlook for Japan, the world's second-biggest economy. Foreigners have added to their holdings of Japanese stocks the past 13 weeks, according to Tokyo Stock Exchange figures, and traders speculate the Japanese government will sell yen to keep the currency from strengthening.
The yen weakened briefly after U.S. Treasury Secretary John Snow indicated he doesn't object to Japan's efforts to lower the value of its currency to help Japanese exporters.
The Bank of Japan sold about 629 billion yen ($5.29 billion) in June after a record 3.98 trillion yen the month before. The central bank acts in foreign-exchange markets for the Ministry of Finance.
Gains in the yen hurt Japanese exporters such as Honda Motor Co., the country's No. 2 automaker, by eroding profits earned on sales abroad. Japan's economy has had three recessions since 1991.
``Japan is going through a tough set of things, and as they deal with those things we are not going to be critical of them at all for their actions,'' Snow said at a press conference in Frankfurt. ``They need a strong export sector.''
Last Updated: July 19, 2003 10:01 EDT
July 19 (Bloomberg) -- The dollar posted a second straight week of gains against the euro after the Federal Reserve said it expects U.S. economic growth to accelerate.
The Fed this week said it projects the U.S. economy will grow as much as 4.75 percent next year, from 2.75 percent this year. The Dow Jones Industrial Average gained a third consecutive week, and 10-year Treasury yields rose to a three-month high.
``That's a stunningly bullish forecast and it lends continuing support for the dollar,'' said Richard Franulovich, a currency strategist in New York at Westpac Banking Corp., the second-most accurate forecaster of exchange rates in the second quarter, according to a Bloomberg News survey.
Against the euro, the U.S. currency strengthened 0.2 percent this week to $1.1270 per euro at 5 p.m. in New York yesterday, and gained 0.4 percent on the week against the yen, to 118.46. The dollar has rebounded about 6 percent since touching a record low of $1.1933 on May 27, and will probably appreciate past $1.11 in coming weeks, Franulovich said.
The U.S. currency strengthened against 13 of the world's 16 most frequently traded currencies this week, led by a 3.2 percent advance against the New Zealand dollar.
The dollar trimmed some of its weekly gains against the euro after a University of Michigan survey showed that while consumer confidence improved this month, expectations for the future aren't as bright with the U.S. jobless rate at a more than nine- year high of 6.4 percent.
The survey's expectations index, based on optimism about the next one to five years, fell to 82.7 from 86.4 last month. Other reports this week backed up the Fed's case for a stronger economy. U.S. government reports Thursday showed housing starts rose last month to the highest since January and filings for jobless benefits fell earlier last week.
Yield Gap
Ten-year Treasury yields this week rose above 4 percent for the first time since April after Fed Chairman Alan Greenspan said the economy is poised to quicken. The jump in yields caused the gap between German and U.S. bond yields to narrow, leaving U.S. debt relatively more attractive.
``The dollar becomes quite attractive when U.S. yields move higher,'' said Michael McGuinness, senior director of foreign exchange in New York at American Express Bank, a unit of the world's biggest corporate travel agency. ``There is a tremendous amount of optimism in the U.S. economy.''
German 10-year government debt yields about 0.04 percentage point more than 10-year U.S. Treasuries, down from 0.29 point a week ago, and from about 0.43 last month, when U.S. 10-year yields sank to a 45-year low of 3.07 percent. Those record low yields led some traders to bet the U.S. would have difficulty attracting the $1.5 billion per day needed to finance the country's record current-account deficit.
Earnings
The dollar will probably strengthen to $1.10 per euro in the event the 10-year yield rises to about 4.15 percent, McGuinness said. For the nine quarters through March, American Express was the fourth-most-accurate currency forecaster among the almost five dozen who regularly contribute projections to Bloomberg's quarterly foreign-exchange surveys.
The dollar may also get support from optimism U.S. corporate earnings will improve as the world's biggest economy rebounds. Shares in Microsoft Corp., the world's largest software maker, gained after it raised its full-year sales forecast.
``People have been very quickly pricing in an improvement'' in the economy, said Steven Englander, New York-based chief foreign-exchange strategist for North America at Barclays Capital Inc., a unit of the third-biggest U.K. bank. ``You're going to see a backing away from the dollar-bearish'' view that many investors adopted as the dollar sank to a record low, he said.
Barclays forecasts the euro at $1.11 at year-end.
Yen Declines
Speculation the U.S. economy is expanding more quickly is also helping the outlook for Japan, the world's second-biggest economy. Foreigners have added to their holdings of Japanese stocks the past 13 weeks, according to Tokyo Stock Exchange figures, and traders speculate the Japanese government will sell yen to keep the currency from strengthening.
The yen weakened briefly after U.S. Treasury Secretary John Snow indicated he doesn't object to Japan's efforts to lower the value of its currency to help Japanese exporters.
The Bank of Japan sold about 629 billion yen ($5.29 billion) in June after a record 3.98 trillion yen the month before. The central bank acts in foreign-exchange markets for the Ministry of Finance.
Gains in the yen hurt Japanese exporters such as Honda Motor Co., the country's No. 2 automaker, by eroding profits earned on sales abroad. Japan's economy has had three recessions since 1991.
``Japan is going through a tough set of things, and as they deal with those things we are not going to be critical of them at all for their actions,'' Snow said at a press conference in Frankfurt. ``They need a strong export sector.''
Last Updated: July 19, 2003 10:01 EDT
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Negócios: British Airways cancela três voos de Lisboa devido a greve
2003-07-19 14:02:24
A companhia aérea British Airways (BA) cancelou este sábado três dos quatro voos de operação regular com partida de Lisboa para Heathrow, disse ao iDiário Digital fonte oficial da ANA - Aeroportos e Navegação Aérea, na Portela.
O cancelamento dos voos resulta da greve do pessoal de terra que está a afectar o Terminal 2 do aeroporto de Heathrow, em Londres, desde sexta-feira.
Segundo fonte do aeroporto da Portela, das quatro partidas programadas apenas se efectuou a primeira (8:15 horas GMT), tendo sido já cancelados os voos BA501 (12:00), BA497 (13:55) e BA503 (17:55), mantendo-se, entretanto, programada a chegada prevista para as 21:15 horas, cujo aparelho faz night stop para a primeira partida de Domingo.
Segundo a mesma fonte, um comunicado da BA dirigido aos serviços do aeroporto refere o cancelamento dos voos, explicando que o mesmo se deve a uma greve do pessoal de terra. Entretanto, a nossa Redacção tentou contactar a companhia, via telefone, sem qualquer sucesso no estabelecimento da ligação, ficando por esclarecer qual o procedimento adoptado para os passageiros retidos.
Segundo notícias veiculadas pela imprensa britânica, a «inesperada» greve já afectou cerca de 10.000 passageiros durante a tarde e noite de sexta-feira e vai continuar este sábado, esperando-se que continue a afectar voos europeus.
Ainda de acordo com a ANA, os voos TAP para Londres têm estado a realizar-se normalmente, mantendo-se as previsões das duas partidas programadas para esta tarde (14:40 e 19:15 horas).
Fonte: Diário Digital
2003-07-19 14:02:24
A companhia aérea British Airways (BA) cancelou este sábado três dos quatro voos de operação regular com partida de Lisboa para Heathrow, disse ao iDiário Digital fonte oficial da ANA - Aeroportos e Navegação Aérea, na Portela.
O cancelamento dos voos resulta da greve do pessoal de terra que está a afectar o Terminal 2 do aeroporto de Heathrow, em Londres, desde sexta-feira.
Segundo fonte do aeroporto da Portela, das quatro partidas programadas apenas se efectuou a primeira (8:15 horas GMT), tendo sido já cancelados os voos BA501 (12:00), BA497 (13:55) e BA503 (17:55), mantendo-se, entretanto, programada a chegada prevista para as 21:15 horas, cujo aparelho faz night stop para a primeira partida de Domingo.
Segundo a mesma fonte, um comunicado da BA dirigido aos serviços do aeroporto refere o cancelamento dos voos, explicando que o mesmo se deve a uma greve do pessoal de terra. Entretanto, a nossa Redacção tentou contactar a companhia, via telefone, sem qualquer sucesso no estabelecimento da ligação, ficando por esclarecer qual o procedimento adoptado para os passageiros retidos.
Segundo notícias veiculadas pela imprensa britânica, a «inesperada» greve já afectou cerca de 10.000 passageiros durante a tarde e noite de sexta-feira e vai continuar este sábado, esperando-se que continue a afectar voos europeus.
Ainda de acordo com a ANA, os voos TAP para Londres têm estado a realizar-se normalmente, mantendo-se as previsões das duas partidas programadas para esta tarde (14:40 e 19:15 horas).
Fonte: Diário Digital
- Mensagens: 23939
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Finanças: Pagamento dos cheques levará um dia antes do fim do ano
2003-07-19 13:11:26
A banca portuguesa vai passar, a partir de finais de Outubro, a disponibilizar os fundos dos cheques (meio de pagamento) num prazo de um dia em vez dos três dias úteis como sucede actualmente, adianta o Diário de Notícias na edição deste sábado.
A redução no prazo de compensação dos cheques na banca nacional pretende tornar a utilização do cheque mais eficaz e menos dispendiosa para o consumidor, mas vai depender da capacidade de adaptação do sistema bancário ao trabalho de modernização que está a ser levado a cabo pelo Banco de Portugal, a SIBS (Sociedade Interbancária de Serviços) e os bancos. A compensação electrónica do cheque beneficiará de um novo sistema que digitaliza a imagem dos cheques e garante - no próprio dia em que o cheque é tomado por uma instituição da banca de retalho - que o documento chegue aos serviços da SIBS, facilitando a disponibilização imediata dos fundo sacado.
No final de Setembro estarão em teste final os procedimentos do novo sistema, envolvendo o envio dos bancos para a SIBS, de dois ficheiros electrónicos diários, um com a relação dos cheques tomados e outro com a imagem digitalizada.
Fonte: Diário Digital
2003-07-19 13:11:26
A banca portuguesa vai passar, a partir de finais de Outubro, a disponibilizar os fundos dos cheques (meio de pagamento) num prazo de um dia em vez dos três dias úteis como sucede actualmente, adianta o Diário de Notícias na edição deste sábado.
A redução no prazo de compensação dos cheques na banca nacional pretende tornar a utilização do cheque mais eficaz e menos dispendiosa para o consumidor, mas vai depender da capacidade de adaptação do sistema bancário ao trabalho de modernização que está a ser levado a cabo pelo Banco de Portugal, a SIBS (Sociedade Interbancária de Serviços) e os bancos. A compensação electrónica do cheque beneficiará de um novo sistema que digitaliza a imagem dos cheques e garante - no próprio dia em que o cheque é tomado por uma instituição da banca de retalho - que o documento chegue aos serviços da SIBS, facilitando a disponibilização imediata dos fundo sacado.
No final de Setembro estarão em teste final os procedimentos do novo sistema, envolvendo o envio dos bancos para a SIBS, de dois ficheiros electrónicos diários, um com a relação dos cheques tomados e outro com a imagem digitalizada.
Fonte: Diário Digital
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Negócios: Dragados ganha contrato de 55 M€ para limpezas da olímpíada Atenas-2004
2003-07-19 12:43:38
A Urbaser, filial da espanhola Dragados, assegurou um contrato exclusivo de 55 M€ para realizar as limpezas dos Jogos Olímpicos de Atenas-2004, revela o jornal El Mundo este sábado.
Durante os 40 dias das olimpíadas que se realizam entre Agosto e Setembro do próximo ano, na Grécia, o consórcio liderado pela Urbaser tratará de limpar a sede do Comité Olímpico grego, onde estarão sediadas as delegações presentes nos jogos, e mais 57 instalações localizadas em Atenas, Patras, Salónica, Volos e Pancrácio.
Segundo o jornal espanhol, a adjudicação do contrato à Urbaser beneficiou da experiência internacional da empresa em eventos de grande dimensão, nomeadamente nas limpezas das feiras internacionais da Expo-Sevilha (1992) e Expo-98, em Lisboa.
Fonte: Diário Digital
2003-07-19 12:43:38
A Urbaser, filial da espanhola Dragados, assegurou um contrato exclusivo de 55 M€ para realizar as limpezas dos Jogos Olímpicos de Atenas-2004, revela o jornal El Mundo este sábado.
Durante os 40 dias das olimpíadas que se realizam entre Agosto e Setembro do próximo ano, na Grécia, o consórcio liderado pela Urbaser tratará de limpar a sede do Comité Olímpico grego, onde estarão sediadas as delegações presentes nos jogos, e mais 57 instalações localizadas em Atenas, Patras, Salónica, Volos e Pancrácio.
Segundo o jornal espanhol, a adjudicação do contrato à Urbaser beneficiou da experiência internacional da empresa em eventos de grande dimensão, nomeadamente nas limpezas das feiras internacionais da Expo-Sevilha (1992) e Expo-98, em Lisboa.
Fonte: Diário Digital
- Mensagens: 23939
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Negócios: API coloca projecto Pininfarina (P3) mais perto da Maia
2003-07-19 11:28:33
A segunda fase do projecto P3 (nome do futuro protótipo Pininfarina) que está previsto para o TecMaia - Parque Tecnológico da Maia, já está em curso após a assinatura da carta de intenções entre a Agência Portuguesa para o Investimento (API) e a Pininfarina, revela a edição deste sábado do Expresso.
A assinatura do memorandum of understanding (MoU) entre a API, em nome do Estado português, e o designer/construtor italiano de automóveis, «estabelece os princípios de base para o desenvolvimento do projecto», equivalendo à sua segunda fase.
O MoU define as posições e os papéis do Estado português, da Pininfarina, e sobretudo do CEDP (Centro de Engenharia e Desenvolvimento do Produto), e mesmo da indústria portuguesa de componentes no desenvolvimento do protótipo automóvel, referiu ao jornal Fernando Costa Lima, administrador da API. Do ponto de vista técnico e organizacional, o CEDP será o núcleo do Programa P3.
O mesmo responsável, explica que este passo foi decisivo para garantir a construção do novo automóvel em Portugal.
«Após este trabalho, estaremos em condições de dar uma nova dinâmica às negociações (...). O planeamento deverá estar concluído em Outubro, prevendo-se que o CEDP entre em funcionamento em Janeiro do próximo ano. As negociações com o ou os construtores desenvolver-se-ão durante o primeiro semestre de 2004», sublinha o artigo, citando Costa Lima.
Fonte: Diário Digital
2003-07-19 11:28:33
A segunda fase do projecto P3 (nome do futuro protótipo Pininfarina) que está previsto para o TecMaia - Parque Tecnológico da Maia, já está em curso após a assinatura da carta de intenções entre a Agência Portuguesa para o Investimento (API) e a Pininfarina, revela a edição deste sábado do Expresso.
A assinatura do memorandum of understanding (MoU) entre a API, em nome do Estado português, e o designer/construtor italiano de automóveis, «estabelece os princípios de base para o desenvolvimento do projecto», equivalendo à sua segunda fase.
O MoU define as posições e os papéis do Estado português, da Pininfarina, e sobretudo do CEDP (Centro de Engenharia e Desenvolvimento do Produto), e mesmo da indústria portuguesa de componentes no desenvolvimento do protótipo automóvel, referiu ao jornal Fernando Costa Lima, administrador da API. Do ponto de vista técnico e organizacional, o CEDP será o núcleo do Programa P3.
O mesmo responsável, explica que este passo foi decisivo para garantir a construção do novo automóvel em Portugal.
«Após este trabalho, estaremos em condições de dar uma nova dinâmica às negociações (...). O planeamento deverá estar concluído em Outubro, prevendo-se que o CEDP entre em funcionamento em Janeiro do próximo ano. As negociações com o ou os construtores desenvolver-se-ão durante o primeiro semestre de 2004», sublinha o artigo, citando Costa Lima.
Fonte: Diário Digital
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Finanças: Fisco perde 610 M€ com perdão fiscal de 2002
2003-07-19 11:07:34
O Ministério das Finanças perdoou 610 milhões de euros (M€) em juros e coimas aos contribuintes faltosos que, no final de 2002, aproveitaram o plano excepcional lançado pelo Governo para regularização de dívidas ao fisco, noticia o Expresso deste sábado.
O semanário recorda que a receita extraordinária obtida com o «perdão fiscal» lançado pela ministra Manuela Ferreira Leite foi de 1,044 mil M€. De acordo com as contas do semanário, em cada cinco euros recuperados com o plano do Executivo, o «perdão» obrigou a abater 3€.
Sustentando o balanço apresentado, a mesma fonte cita dados dos serviços de justiça tributária da Direcção-Geral dos Impostos, segundo os quais o Estado perdoou 253 M€ em juros de mora, 248 M€ em juros compensatórios e 109 milhões em coimas.
O Expresso acrescenta ainda que só com a campanha publicitária de sensibilização/prazos para os contribuintes regularizarem as dívidas ao fisco no final de 2002, o Estado gastou cerca de 600 mil euros.
Fonte: Diário Digital
2003-07-19 11:07:34
O Ministério das Finanças perdoou 610 milhões de euros (M€) em juros e coimas aos contribuintes faltosos que, no final de 2002, aproveitaram o plano excepcional lançado pelo Governo para regularização de dívidas ao fisco, noticia o Expresso deste sábado.
O semanário recorda que a receita extraordinária obtida com o «perdão fiscal» lançado pela ministra Manuela Ferreira Leite foi de 1,044 mil M€. De acordo com as contas do semanário, em cada cinco euros recuperados com o plano do Executivo, o «perdão» obrigou a abater 3€.
Sustentando o balanço apresentado, a mesma fonte cita dados dos serviços de justiça tributária da Direcção-Geral dos Impostos, segundo os quais o Estado perdoou 253 M€ em juros de mora, 248 M€ em juros compensatórios e 109 milhões em coimas.
O Expresso acrescenta ainda que só com a campanha publicitária de sensibilização/prazos para os contribuintes regularizarem as dívidas ao fisco no final de 2002, o Estado gastou cerca de 600 mil euros.
Fonte: Diário Digital
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Ministro propõe aplicação do modelo empresarial a todo o SNS
2003-07-19 11:01:37
O modelo de gestão empresarial aplicado actualmente aos 31 hospitais-empresa, pode ser aplicado a todo o Serviço Nacional de Saúde (SNS), admite o ministro da tutela, Luís Filipe Pereira, anunciando - para breve - a criação de uma entidade reguladora que vai fiscalizar o sector e poderá determinar a extinção dos hospitais que estejam a mais.
Numa entrevista publicada este sábado pelo Diário de Notícias, o ministro da Saúde, Luís Filipe Pereira, admite que os Centros de Saúde possam também passar a ser geridos por cooperativas de médicos ou por outras entidades públicas, referindo que esta é uma hipótese contemplada na rede nacional de cuidados primários.
Reconhecendo que o principal problema do Serviço Nacional de Saúde é a sua «grande ineficiência», o responsável governamental afirma que os Centros de Saúde vão ser alvo de uma avaliação contínua, de acordo com um «ranking», que já existe para os 31 hospitais SA, em função de quatro critérios de qualidade.
Na entrevista ao jornal, o ministro Luís Filipe Pereira adiantou que vão ser construídos 10 novos hospitais, mas oito serão de substituição, para melhorar a qualidade e instalações de unidades existentes.
As duas unidades que serão acrescentadas à rede hospitalar serão construídas em Loures, cujo concurso o ministro prevê que seja lançado até final do mês, e Sintra.
Fonte: Diário Digital
2003-07-19 11:01:37
O modelo de gestão empresarial aplicado actualmente aos 31 hospitais-empresa, pode ser aplicado a todo o Serviço Nacional de Saúde (SNS), admite o ministro da tutela, Luís Filipe Pereira, anunciando - para breve - a criação de uma entidade reguladora que vai fiscalizar o sector e poderá determinar a extinção dos hospitais que estejam a mais.
Numa entrevista publicada este sábado pelo Diário de Notícias, o ministro da Saúde, Luís Filipe Pereira, admite que os Centros de Saúde possam também passar a ser geridos por cooperativas de médicos ou por outras entidades públicas, referindo que esta é uma hipótese contemplada na rede nacional de cuidados primários.
Reconhecendo que o principal problema do Serviço Nacional de Saúde é a sua «grande ineficiência», o responsável governamental afirma que os Centros de Saúde vão ser alvo de uma avaliação contínua, de acordo com um «ranking», que já existe para os 31 hospitais SA, em função de quatro critérios de qualidade.
Na entrevista ao jornal, o ministro Luís Filipe Pereira adiantou que vão ser construídos 10 novos hospitais, mas oito serão de substituição, para melhorar a qualidade e instalações de unidades existentes.
As duas unidades que serão acrescentadas à rede hospitalar serão construídas em Loures, cujo concurso o ministro prevê que seja lançado até final do mês, e Sintra.
Fonte: Diário Digital
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TMT: Reuters prestes a assinar contrato com Goldman Sachs
2003-07-19 10:31:15
A Reuters, líder britânica em soluções de informação electrónica, está numa fase adiantada de negociação com Goldman Sachs com vista a um acordo de associação destinado ao fornecimento de dados e informação em sistemas de trading para o banco de investimento norte-americano, indica o site do Financial Times.
O acordo pode significar um forte revés comercial para a Bloomberg, a rival norte-americana do grupo britânico que até agora tem sido a principal fornecedora de informação especializada ao banco, assinala o jornal.
Como parte do negócio, o grupo especializado em informação para os mercados fornecerá dados para as actividades da instituição norte-americana nos mercados de renda fixa, câmbios e comodities, áreas que no seu conjunto envolvem activos de 108 mil milhões de dólares geridos pelo Goldman.
Os detalhes do negócio podem ser anunciados na próxima semana, quando a Reuters anunciar os resultados do primeiro semestre do ano, refere ainda o FT.
Fonte: Diário Digital
2003-07-19 10:31:15
A Reuters, líder britânica em soluções de informação electrónica, está numa fase adiantada de negociação com Goldman Sachs com vista a um acordo de associação destinado ao fornecimento de dados e informação em sistemas de trading para o banco de investimento norte-americano, indica o site do Financial Times.
O acordo pode significar um forte revés comercial para a Bloomberg, a rival norte-americana do grupo britânico que até agora tem sido a principal fornecedora de informação especializada ao banco, assinala o jornal.
Como parte do negócio, o grupo especializado em informação para os mercados fornecerá dados para as actividades da instituição norte-americana nos mercados de renda fixa, câmbios e comodities, áreas que no seu conjunto envolvem activos de 108 mil milhões de dólares geridos pelo Goldman.
Os detalhes do negócio podem ser anunciados na próxima semana, quando a Reuters anunciar os resultados do primeiro semestre do ano, refere ainda o FT.
Fonte: Diário Digital
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Negócios: Dieter & Shart tenciona criar 350 empregos no Fundão
2003-07-19 10:20:50
A química espanhola Dieter & Shart pretende investir 12 milhões de euros na construção de uma fábrica, na zona Industrial do Fundão, a concretização do projecto pode vir a criar até 350 postos de trabalho, avança o Expresso este sábado.
O investimento previsto pela empresa espanhola reparte-se por duas fases, com a primeira - da ordem dos 5 M€ milhões de euros - a corresponder a parte da fábrica que inicia laboração já este ano, altura em que deverão estar a trabalhar na nova unidade 85 pessoas.
Porém, o projecto só deverá estar concluído em 2006, «o que corresponderá também à fase de maior força de trabalho desta empresa que se propõe transformar o ácido láctico (resultante da produção do queijo) em produtos cosméticos e aplicações veterinárias», explica a mesma fonte.
De acordo com Manuel Frexes, presidente da Câmara Municipal do Fundão (CMF), este investimento acaba por resolver dois problemas gravíssimos que agora assolam o concelho, acrescenta o semanário.
Fonte: Diário Digital
2003-07-19 10:20:50
A química espanhola Dieter & Shart pretende investir 12 milhões de euros na construção de uma fábrica, na zona Industrial do Fundão, a concretização do projecto pode vir a criar até 350 postos de trabalho, avança o Expresso este sábado.
O investimento previsto pela empresa espanhola reparte-se por duas fases, com a primeira - da ordem dos 5 M€ milhões de euros - a corresponder a parte da fábrica que inicia laboração já este ano, altura em que deverão estar a trabalhar na nova unidade 85 pessoas.
Porém, o projecto só deverá estar concluído em 2006, «o que corresponderá também à fase de maior força de trabalho desta empresa que se propõe transformar o ácido láctico (resultante da produção do queijo) em produtos cosméticos e aplicações veterinárias», explica a mesma fonte.
De acordo com Manuel Frexes, presidente da Câmara Municipal do Fundão (CMF), este investimento acaba por resolver dois problemas gravíssimos que agora assolam o concelho, acrescenta o semanário.
Fonte: Diário Digital
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Conjuntura: PIB da Argentina cresce 6,1% até Maio
2003-07-19 10:07:50
O Produto Interno Bruto (PIB) da Argentina acumulou um crescimento de 6,1% nos primeiros cinco meses deste ano em comparação com o período de Janeiro a Maio de 2002, revelam dados oficiais divulgados sexta-feira.
Em termos de evolução mensal economia argentina cresceu 0,4% em Maio face ao mês anterior, e 7,1% em relação ao PIB de Maio de 2002, de acordo com o Instituto Nacional de Estatística e Censos (Indec).
O novo governo do país, liderado por Néstor Kirchener, espera um crescimento de 5% para o conjunto de 2003.
Fonte: Diário Digital
2003-07-19 10:07:50
O Produto Interno Bruto (PIB) da Argentina acumulou um crescimento de 6,1% nos primeiros cinco meses deste ano em comparação com o período de Janeiro a Maio de 2002, revelam dados oficiais divulgados sexta-feira.
Em termos de evolução mensal economia argentina cresceu 0,4% em Maio face ao mês anterior, e 7,1% em relação ao PIB de Maio de 2002, de acordo com o Instituto Nacional de Estatística e Censos (Indec).
O novo governo do país, liderado por Néstor Kirchener, espera um crescimento de 5% para o conjunto de 2003.
Fonte: Diário Digital
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BES: Governo precisa de 1.500 M€ para conter défice
2003-07-18 19:49:35
O departamento de research do Banco Espírito Santo (BES) estima que o Governo necessita de aplicar medidas extraordinárias no valor de 1,5 mil milhões de euros para manter o défice orçamental abaixo dos 3% do PIB em 2003.
O relatório dos economistas do banco referente a Julho e Agosto prevê que a economia portuguesa sofra uma contracção de 0,8% este ano, admitindo que esta poderá ser ainda mais elevada.
Neste contexto, o BES considera que a ministra de Estado e das Finanças, Manuela Ferreira Leite, terá de recorrer a medidas extraordinárias num montante de 1,5 mil milhões de euros para manter o défice português dentro dos limites estabelecidos pelo Pacto de Estabilidade e Crescimento (PEC). Estas medidas poderão ser pela via de receitas extraordinárias ou poupanças extraordinárias.
Para o próximo ano a economia portuguesa deverá crescer 0,8%, indica ainda o relatório dos economistas do BES.
As previsões do BES para este ano são ainda mais negras do que as do Banco de Portugal, que apontava para uma contracção entre 0 e 1%, com um valor médio de 0,5%. O banco central português estimava um crescimento entre 0 e 2% para o próximo ano.
O governador do Banco de Portugal, Vítor Constâncio, disse no início deste mês que um défice público abaixo dos 3% do PIB em 2003 só seria possível de atingir com «medidas extraordinárias de dimensão significativa».
Fonte: Diário Digital
2003-07-18 19:49:35
O departamento de research do Banco Espírito Santo (BES) estima que o Governo necessita de aplicar medidas extraordinárias no valor de 1,5 mil milhões de euros para manter o défice orçamental abaixo dos 3% do PIB em 2003.
O relatório dos economistas do banco referente a Julho e Agosto prevê que a economia portuguesa sofra uma contracção de 0,8% este ano, admitindo que esta poderá ser ainda mais elevada.
Neste contexto, o BES considera que a ministra de Estado e das Finanças, Manuela Ferreira Leite, terá de recorrer a medidas extraordinárias num montante de 1,5 mil milhões de euros para manter o défice português dentro dos limites estabelecidos pelo Pacto de Estabilidade e Crescimento (PEC). Estas medidas poderão ser pela via de receitas extraordinárias ou poupanças extraordinárias.
Para o próximo ano a economia portuguesa deverá crescer 0,8%, indica ainda o relatório dos economistas do BES.
As previsões do BES para este ano são ainda mais negras do que as do Banco de Portugal, que apontava para uma contracção entre 0 e 1%, com um valor médio de 0,5%. O banco central português estimava um crescimento entre 0 e 2% para o próximo ano.
O governador do Banco de Portugal, Vítor Constâncio, disse no início deste mês que um défice público abaixo dos 3% do PIB em 2003 só seria possível de atingir com «medidas extraordinárias de dimensão significativa».
Fonte: Diário Digital
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.S. Stocks Rise on Microsoft Forecast; Caterpillar Advances
July 18 (Bloomberg) -- U.S. stocks advanced for the first day in four as Microsoft Corp. raised its fiscal 2004 revenue forecast and an analyst said McDonald's Corp.'s sales growth is accelerating this month.
The Standard & Poor's 500 Index climbed 11.59, or 1.2 percent, to 993.32. More than 80 percent of the index's members closed higher. Industrial shares, including Caterpillar Inc. and General Electric Co., accounted for one sixth of the gain.
The Dow Jones Industrial Average rose 137.33, or 1.5 percent, to 9188.15. Twenty-seven of the Dow's 30 members advanced. The Nasdaq Composite Index added 10.48, or 0.6 percent, to 1708.50 as Ericsson AB, the world's largest maker of wireless equipment, said its quarterly loss narrowed more than analysts predicted.
``The overall tone of business results is good,'' said Erick Maronak, who helps manage $2 billion for KeyCorp's Victory NewBridge unit. ``I don't think they're stellar, but I think they're good enough reports that the rally we've experienced so far this year should be sustained.''
For the week, the S&P 500 fell 0.5 percent and the Nasdaq dropped 1.5 percent. The Dow average added 0.8 percent.
Two stocks gained for every one that fell on the New York Stock Exchange today. Some 1.36 billion shares changed hands on the Big Board, 6 percent less than the daily average over the past three months.
The S&P 500 is up 24 percent since its 2003 low on March 11 amid optimism that consumer spending will help lead to a recovery in corporate profits.
Consumer Confidence
U.S. consumer confidence rose for the third month in four as a measure of economic conditions showed its highest reading in more than a year, a University of Michigan survey showed. The preliminary July sentiment index was 90.3, up from 89.7 in June.
The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, rose to 102. It was 94.7 in June.
Microsoft, the largest maker of software, added 20 cents to $26.89. The company reported higher fourth-quarter profit and raised its sales forecast for fiscal 2004, which ends in June.
The rally lifted other computer-related shares and helped the Nasdaq rebound from its 2.9 percent decline yesterday, which was the biggest drop in almost two months.
``We had a big sell-off yesterday, and as long as Microsoft didn't blow it, you were going to have an uptick today,'' said Tom Shapero, head of Nasdaq trading at Sanford C. Bernstein & Co. in New York.
McDonald's Dividend
McDonald's gained 90 cents to $21.39. Bear Stearns analyst Joe Buckley wrote in a note to clients that he was told by an ``independent source'' that the company's U.S. sales are up 7.7 percent in July. That may help reverse the 9.3 percent slide in the shares the past four days, he said.
McDonald's spokeswoman Anna Rozenich declined to comment on the July sales growth figure cited in the Bear Stearns report.
The stock may rise as the company makes a ``significant'' dividend increase, begins a new advertising campaign and tightens capital expenses, said the analyst, who raised his rating on McDonald's to ``outperform'' from ``peer perform.''
Caterpillar climbed for a second day, adding $2.07 to $65.61. The largest maker of earthmoving equipment said yesterday that second-quarter earnings doubled and predicted the full- year's profit will exceed forecasts. The company said it's benefiting from lower interest rates, which have spurred customers to replace older gear, and from a decline in the value of the U.S. dollar relative to other currencies.
General Electric, which makes medical-imaging equipment, industrial motors, plastics and aircraft engines, added 68 cents to $27.78. The gain was General Electric's first since July 7. 3M Co. added $2.86 to $130.18.
Technology Shares Advance
Ericsson jumped $1.78 to $12.57. The Swedish company said its second-quarter loss narrowed more than analysts expected, and stuck with its forecast to return to profitability in the third or fourth period.
UTStarcom Inc., the biggest supplier of cordless-phone equipment in China, jumped $1.93 to $39.91. The company raised its 2003 profit and sales forecasts, as new phone plans in Beijing and other Chinese cities stoked demand.
RF Micro Devices Inc., which makes mobile-phone semiconductors, gained 6 cents to $6.19 and Texas Instruments Inc., the largest maker of chips used to run mobile telephones, rose 44 cents to $18.69.
Scientific-Atlanta Inc., the No. 2 U.S. supplier of television set-top boxes, gained $4.96 to $29.96 after reporting a fourth-quarter profit on higher sales of digital-cable gear. The company earned $47.4 million, compared with a loss a year earlier. Revenue climbed 3.6 percent, buoyed by a recent agreement to supply set-top boxes to Cablevision Systems Corp.
AOL Time Warner Inc. added 34 cents to $16.74. The biggest media company agreed to sell its CD and DVD-manufacturing unit to Cinram International Inc. for $1.05 billion in cash. AOL is shedding assets in a bid to cut debt to $20 billion by 2005.
Chinese Internet Stocks Climb
Chinese Internet stocks climbed after Chinadotcom Corp. said it was negotiating an end to its lawsuit against an AOL Time Warner executive for an aborted joint venture. The Hong Kong- based software company rose $2.15 to $13.40.
Sina Corp., one of China's top three Internet companies, advanced $4.52 to $29.02. Sohu.com Inc. added $3.80 to $40.90 and Netease.com Inc. gained $3.94 to $38.83. The stocks have all at least quadrupled this year.
Timberland Co., which makes hiking boots and clothing, tumbled $8.37 to $49.17. The company said revenue will increase by less than 10 percent for the rest of year. Sales rose 20 percent in the first period and 11 percent in the second.
Mattel Drops
Mattel Inc. fell 10 cents to $19.75. The largest toymaker said second-quarter net income rose 6.6 percent to $20.9 million as the maker of Barbie dolls and Hot Wheels cars cut costs. Sales fell 4.4 percent to $769 million.
Robert Half International Inc., which provides businesses with workers such as accountants and attorneys, added $2.46 to $21. The company earned 2 cents a share in the second quarter as sales rose 2 percent. Analysts polled by Thomson Financial had expected a 1-cent loss.
S&P 500's members have boosted second-quarter profits 6.9 percent, based on earnings announced so far and the average analyst forecasts compiled by Thomson Financial for the companies that haven't reported yet. Estimates have climbed as more companies report; last week, it stood at 5.2 percent.
For the 156 members that have already reported, profit rose by 9.8 percent, Thomson Financial said. Growth may swell to 13 percent in the third period and 21 percent in the fourth, according to Thomson Financial.
The S&P 500 has gained 13 percent in 2003, the Dow has climbed 10 percent, and the Nasdaq has surged 28 percent.
Futures, QQQS
S&P 500 futures expiring in September rose 10.70 to 991.50 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures added 4.50 to 1259.50. The index, a benchmark for Nasdaq's largest companies, increased 3.97 to 1259.91.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, advanced 10 cents to $31.28. The S&P 500 shares known as Spiders added $1.01 to $99.51.
The Russell 2000 Index of small stocks rose 4.83, or 1.1 percent, to 464.76. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, jumped 103.34, or 1.1 percent, to 9546.66. Based on the Wilshire's advance, the total value of U.S. stocks swelled by $124 billion.
July 18 (Bloomberg) -- U.S. stocks advanced for the first day in four as Microsoft Corp. raised its fiscal 2004 revenue forecast and an analyst said McDonald's Corp.'s sales growth is accelerating this month.
The Standard & Poor's 500 Index climbed 11.59, or 1.2 percent, to 993.32. More than 80 percent of the index's members closed higher. Industrial shares, including Caterpillar Inc. and General Electric Co., accounted for one sixth of the gain.
The Dow Jones Industrial Average rose 137.33, or 1.5 percent, to 9188.15. Twenty-seven of the Dow's 30 members advanced. The Nasdaq Composite Index added 10.48, or 0.6 percent, to 1708.50 as Ericsson AB, the world's largest maker of wireless equipment, said its quarterly loss narrowed more than analysts predicted.
``The overall tone of business results is good,'' said Erick Maronak, who helps manage $2 billion for KeyCorp's Victory NewBridge unit. ``I don't think they're stellar, but I think they're good enough reports that the rally we've experienced so far this year should be sustained.''
For the week, the S&P 500 fell 0.5 percent and the Nasdaq dropped 1.5 percent. The Dow average added 0.8 percent.
Two stocks gained for every one that fell on the New York Stock Exchange today. Some 1.36 billion shares changed hands on the Big Board, 6 percent less than the daily average over the past three months.
The S&P 500 is up 24 percent since its 2003 low on March 11 amid optimism that consumer spending will help lead to a recovery in corporate profits.
Consumer Confidence
U.S. consumer confidence rose for the third month in four as a measure of economic conditions showed its highest reading in more than a year, a University of Michigan survey showed. The preliminary July sentiment index was 90.3, up from 89.7 in June.
The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, rose to 102. It was 94.7 in June.
Microsoft, the largest maker of software, added 20 cents to $26.89. The company reported higher fourth-quarter profit and raised its sales forecast for fiscal 2004, which ends in June.
The rally lifted other computer-related shares and helped the Nasdaq rebound from its 2.9 percent decline yesterday, which was the biggest drop in almost two months.
``We had a big sell-off yesterday, and as long as Microsoft didn't blow it, you were going to have an uptick today,'' said Tom Shapero, head of Nasdaq trading at Sanford C. Bernstein & Co. in New York.
McDonald's Dividend
McDonald's gained 90 cents to $21.39. Bear Stearns analyst Joe Buckley wrote in a note to clients that he was told by an ``independent source'' that the company's U.S. sales are up 7.7 percent in July. That may help reverse the 9.3 percent slide in the shares the past four days, he said.
McDonald's spokeswoman Anna Rozenich declined to comment on the July sales growth figure cited in the Bear Stearns report.
The stock may rise as the company makes a ``significant'' dividend increase, begins a new advertising campaign and tightens capital expenses, said the analyst, who raised his rating on McDonald's to ``outperform'' from ``peer perform.''
Caterpillar climbed for a second day, adding $2.07 to $65.61. The largest maker of earthmoving equipment said yesterday that second-quarter earnings doubled and predicted the full- year's profit will exceed forecasts. The company said it's benefiting from lower interest rates, which have spurred customers to replace older gear, and from a decline in the value of the U.S. dollar relative to other currencies.
General Electric, which makes medical-imaging equipment, industrial motors, plastics and aircraft engines, added 68 cents to $27.78. The gain was General Electric's first since July 7. 3M Co. added $2.86 to $130.18.
Technology Shares Advance
Ericsson jumped $1.78 to $12.57. The Swedish company said its second-quarter loss narrowed more than analysts expected, and stuck with its forecast to return to profitability in the third or fourth period.
UTStarcom Inc., the biggest supplier of cordless-phone equipment in China, jumped $1.93 to $39.91. The company raised its 2003 profit and sales forecasts, as new phone plans in Beijing and other Chinese cities stoked demand.
RF Micro Devices Inc., which makes mobile-phone semiconductors, gained 6 cents to $6.19 and Texas Instruments Inc., the largest maker of chips used to run mobile telephones, rose 44 cents to $18.69.
Scientific-Atlanta Inc., the No. 2 U.S. supplier of television set-top boxes, gained $4.96 to $29.96 after reporting a fourth-quarter profit on higher sales of digital-cable gear. The company earned $47.4 million, compared with a loss a year earlier. Revenue climbed 3.6 percent, buoyed by a recent agreement to supply set-top boxes to Cablevision Systems Corp.
AOL Time Warner Inc. added 34 cents to $16.74. The biggest media company agreed to sell its CD and DVD-manufacturing unit to Cinram International Inc. for $1.05 billion in cash. AOL is shedding assets in a bid to cut debt to $20 billion by 2005.
Chinese Internet Stocks Climb
Chinese Internet stocks climbed after Chinadotcom Corp. said it was negotiating an end to its lawsuit against an AOL Time Warner executive for an aborted joint venture. The Hong Kong- based software company rose $2.15 to $13.40.
Sina Corp., one of China's top three Internet companies, advanced $4.52 to $29.02. Sohu.com Inc. added $3.80 to $40.90 and Netease.com Inc. gained $3.94 to $38.83. The stocks have all at least quadrupled this year.
Timberland Co., which makes hiking boots and clothing, tumbled $8.37 to $49.17. The company said revenue will increase by less than 10 percent for the rest of year. Sales rose 20 percent in the first period and 11 percent in the second.
Mattel Drops
Mattel Inc. fell 10 cents to $19.75. The largest toymaker said second-quarter net income rose 6.6 percent to $20.9 million as the maker of Barbie dolls and Hot Wheels cars cut costs. Sales fell 4.4 percent to $769 million.
Robert Half International Inc., which provides businesses with workers such as accountants and attorneys, added $2.46 to $21. The company earned 2 cents a share in the second quarter as sales rose 2 percent. Analysts polled by Thomson Financial had expected a 1-cent loss.
S&P 500's members have boosted second-quarter profits 6.9 percent, based on earnings announced so far and the average analyst forecasts compiled by Thomson Financial for the companies that haven't reported yet. Estimates have climbed as more companies report; last week, it stood at 5.2 percent.
For the 156 members that have already reported, profit rose by 9.8 percent, Thomson Financial said. Growth may swell to 13 percent in the third period and 21 percent in the fourth, according to Thomson Financial.
The S&P 500 has gained 13 percent in 2003, the Dow has climbed 10 percent, and the Nasdaq has surged 28 percent.
Futures, QQQS
S&P 500 futures expiring in September rose 10.70 to 991.50 on the Chicago Mercantile Exchange. Nasdaq-100 Index futures added 4.50 to 1259.50. The index, a benchmark for Nasdaq's largest companies, increased 3.97 to 1259.91.
Nasdaq-100 tracking shares, known by their QQQ ticker symbol, advanced 10 cents to $31.28. The S&P 500 shares known as Spiders added $1.01 to $99.51.
The Russell 2000 Index of small stocks rose 4.83, or 1.1 percent, to 464.76. The Wilshire 5000 Total Market Index, the broadest measure of U.S. shares, jumped 103.34, or 1.1 percent, to 9546.66. Based on the Wilshire's advance, the total value of U.S. stocks swelled by $124 billion.
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- Localização: 4
European Stocks Decline for the Week, Led by Nokia Shares
July 18 (Bloomberg) -- European stocks fell this week after earnings reports from Nokia Oyj and SAP AG dented optimism that increased consumer and business spending will drive profit growth in the region.
The Dow Jones Stoxx 50 Index shed 0.2 percent to 2403.98 as of 7:56 p.m. in London, extending this week's loss to 1.1 percent. The Stoxx 600 was unchanged at 205.16, for a loss of 0.7 percent for the week.
Both indexes have risen 26 percent from six-year lows in March amid optimism demand for technology-related products is picking up. Clariden Bank, a private Swiss bank with $22 billion under management, said it will cut equity holdings because gains aren't justified by the outlook for earnings and the economy.
``To meet expectations is not enough considering the rise in stock prices we've had,'' said Leif Millarg, who manages about $728 million at Activest Investment GmbH in Munich and recently sold shares of Nokia and Royal Philips Electronics NV. ``We need further positive signals.''
Benchmark indexes gained in 13 of the 17 Western European markets today. Germany's DAX Index added 1.1 percent and the U.K.'s FTSE 100 Index rose 0.4 percent. France's CAC 40 Index shed 0.01 percent.
The Stoxx 600 technology index, this year's best performer, has dropped 4.5 percent since last Friday. Nokia, the world's biggest mobile-phone company, led declines with a 17 percent loss.
Sales May Drop
The Finnish company yesterday said third-quarter revenue from mobile phones may fall because of the weakness of the dollar and lower handset prices in emerging markets such as India. Nokia also forecast a drop of as much as 20 percent in network sales.
The U.S. currency has fallen 7.6 percent against the euro this year, reducing the value of dollar-linked sales at Nokia and other European exporters.
SAP, the world's largest business-management software company, has lost 2.5 percent in the past five sessions. SAP yesterday said it attracted fewer new customers than analysts expected in the second quarter. Software license revenue, a measure of new business, slid 13 percent to 431 million euros ($486 million). Analysts expected 460 million euros.
Ericsson Gains
Technology shares have been surging on optimism demand for computers and other products would rebound from a three-year slump amid a U.S.-led revival in global economic growth. The Stoxx 600 technology index has climbed 12 percent this year, leading gains among the 18 industry groups.
``To stay on these levels or rise further, stocks must be supported by a consistent improvement in the economy,'' said Emanuele Vigano, who helps manage the equivalent of $784.4 million at Bipielle Fondicri Sgr SpA in Milan.
The Nokia and SAP reports helped overshadow Ericsson AB's results today. The company said its second-quarter pretax loss, excluding reorganization costs and one-time items, narrowed to 200 million kronor ($24.3 million) from 3.08 billion kronor a year earlier. Analysts in an SME Direkt survey predicted a 1.9 billion- krona loss.
Sales were 27.6 billion kronor, more than the 27.4 billion kronor forecast by analysts surveyed by SME Direkt.
``This is a good result and we expect sentiment toward the shares to strengthen further over the next few weeks,'' said Richard Windsor, an analyst at Nomura International. However, the company's business remains ``challenging.''
Chip Stocks
Ericsson, the world's largest maker of wireless networks, surged 1.35 euros, or 15 percent, to 10.1 today. The shares are still 80 percent below their record set in March 2000.
Infineon Technologies AG has led European semiconductor stocks higher this week. Industry leader Intel Corp. on Tuesday said second-quarter profit doubled and sales this period may rise more than analysts' forecasts.
Infineon, whose main product is computer-memory chips, has jumped 11 percent to 11.11 euros since last Friday. ASML Holding NV, the world's biggest maker of machines used to etch circuits onto chips, gained 3.2 percent. ARM Holdings Plc, whose chip designs are used in about 70 percent of the world's mobile phones, added 4.2 percent.
STMicroelectronics NV, which makes chips for mobile phones, added 0.8 percent. The company pared gains for the week after the forecast from Nokia, ST's biggest customer.
Cutting Forecasts
The response of analysts to results released in July has been to ratchet back forecasts, according to JCF International in London. Analysts predict 2003 profit at Stoxx 600 companies will rise 24.9 percent on average, according a July 17 survey by JCF. That's less than the 25.5 percent forecast at the end of June.
Clariden is reducing the proportion of shares it holds to 15 percent from 20 percent this month, said Executive Vice-President Fabrice Vallat. Clariden is a unit of Credit Suisse Group, Switzerland's No. 2 bank.
Alstom SA, the French company whose power stations generate a fifth of the world's electricity, shed 2.5 percent today to 2.71 euros, for a loss this week of 6.2 percent. Orders declined 29 percent to 4.04 billion euros in the three months ended June 30 as utilities held off spending on equipment. Sales dropped 18 percent to 4.34 billion euros.
The Stoxx 600 insurance index was the biggest gaining industry group this week, adding 3.3 percent. Mark Cathcart, an analyst at Deutsche Bank, on Wednesday advised investors to sell shares of banks and buy insurers because the value of their equity holdings will increase if markets continue to climb.
Insurers Gain
Allianz AG, Europe's biggest insurance company, has climbed 9.5 percent since last Friday's close. Aegon NV, Europe's third largest insurance company, rose 9.6 percent.
Aviva Plc, the U.K.'s biggest insurer, advanced 6 percent for the week. The company said it will cut 900 jobs in its British unit to reduce costs. Standard & Poor's also reaffirmed its credit rating for Axa's French unit at A+.
Stora Enso Oyj, the world's biggest paper maker, added 4.9 percent this week. Goldman, Sachs & Co. upgraded the European paper and forestry products industry to ``attractive'' from ``neutral.'' The brokerage said the industry has lagged the market during the recent rally.
The Dow Jones Stoxx Basic Resources Index, which includes shares of Stora Enso, has risen 19 percent since March 12. That is less than the 26 percent gain for the Stoxx 600.
Last Updated: July 18, 2003 15:35 EDT
July 18 (Bloomberg) -- European stocks fell this week after earnings reports from Nokia Oyj and SAP AG dented optimism that increased consumer and business spending will drive profit growth in the region.
The Dow Jones Stoxx 50 Index shed 0.2 percent to 2403.98 as of 7:56 p.m. in London, extending this week's loss to 1.1 percent. The Stoxx 600 was unchanged at 205.16, for a loss of 0.7 percent for the week.
Both indexes have risen 26 percent from six-year lows in March amid optimism demand for technology-related products is picking up. Clariden Bank, a private Swiss bank with $22 billion under management, said it will cut equity holdings because gains aren't justified by the outlook for earnings and the economy.
``To meet expectations is not enough considering the rise in stock prices we've had,'' said Leif Millarg, who manages about $728 million at Activest Investment GmbH in Munich and recently sold shares of Nokia and Royal Philips Electronics NV. ``We need further positive signals.''
Benchmark indexes gained in 13 of the 17 Western European markets today. Germany's DAX Index added 1.1 percent and the U.K.'s FTSE 100 Index rose 0.4 percent. France's CAC 40 Index shed 0.01 percent.
The Stoxx 600 technology index, this year's best performer, has dropped 4.5 percent since last Friday. Nokia, the world's biggest mobile-phone company, led declines with a 17 percent loss.
Sales May Drop
The Finnish company yesterday said third-quarter revenue from mobile phones may fall because of the weakness of the dollar and lower handset prices in emerging markets such as India. Nokia also forecast a drop of as much as 20 percent in network sales.
The U.S. currency has fallen 7.6 percent against the euro this year, reducing the value of dollar-linked sales at Nokia and other European exporters.
SAP, the world's largest business-management software company, has lost 2.5 percent in the past five sessions. SAP yesterday said it attracted fewer new customers than analysts expected in the second quarter. Software license revenue, a measure of new business, slid 13 percent to 431 million euros ($486 million). Analysts expected 460 million euros.
Ericsson Gains
Technology shares have been surging on optimism demand for computers and other products would rebound from a three-year slump amid a U.S.-led revival in global economic growth. The Stoxx 600 technology index has climbed 12 percent this year, leading gains among the 18 industry groups.
``To stay on these levels or rise further, stocks must be supported by a consistent improvement in the economy,'' said Emanuele Vigano, who helps manage the equivalent of $784.4 million at Bipielle Fondicri Sgr SpA in Milan.
The Nokia and SAP reports helped overshadow Ericsson AB's results today. The company said its second-quarter pretax loss, excluding reorganization costs and one-time items, narrowed to 200 million kronor ($24.3 million) from 3.08 billion kronor a year earlier. Analysts in an SME Direkt survey predicted a 1.9 billion- krona loss.
Sales were 27.6 billion kronor, more than the 27.4 billion kronor forecast by analysts surveyed by SME Direkt.
``This is a good result and we expect sentiment toward the shares to strengthen further over the next few weeks,'' said Richard Windsor, an analyst at Nomura International. However, the company's business remains ``challenging.''
Chip Stocks
Ericsson, the world's largest maker of wireless networks, surged 1.35 euros, or 15 percent, to 10.1 today. The shares are still 80 percent below their record set in March 2000.
Infineon Technologies AG has led European semiconductor stocks higher this week. Industry leader Intel Corp. on Tuesday said second-quarter profit doubled and sales this period may rise more than analysts' forecasts.
Infineon, whose main product is computer-memory chips, has jumped 11 percent to 11.11 euros since last Friday. ASML Holding NV, the world's biggest maker of machines used to etch circuits onto chips, gained 3.2 percent. ARM Holdings Plc, whose chip designs are used in about 70 percent of the world's mobile phones, added 4.2 percent.
STMicroelectronics NV, which makes chips for mobile phones, added 0.8 percent. The company pared gains for the week after the forecast from Nokia, ST's biggest customer.
Cutting Forecasts
The response of analysts to results released in July has been to ratchet back forecasts, according to JCF International in London. Analysts predict 2003 profit at Stoxx 600 companies will rise 24.9 percent on average, according a July 17 survey by JCF. That's less than the 25.5 percent forecast at the end of June.
Clariden is reducing the proportion of shares it holds to 15 percent from 20 percent this month, said Executive Vice-President Fabrice Vallat. Clariden is a unit of Credit Suisse Group, Switzerland's No. 2 bank.
Alstom SA, the French company whose power stations generate a fifth of the world's electricity, shed 2.5 percent today to 2.71 euros, for a loss this week of 6.2 percent. Orders declined 29 percent to 4.04 billion euros in the three months ended June 30 as utilities held off spending on equipment. Sales dropped 18 percent to 4.34 billion euros.
The Stoxx 600 insurance index was the biggest gaining industry group this week, adding 3.3 percent. Mark Cathcart, an analyst at Deutsche Bank, on Wednesday advised investors to sell shares of banks and buy insurers because the value of their equity holdings will increase if markets continue to climb.
Insurers Gain
Allianz AG, Europe's biggest insurance company, has climbed 9.5 percent since last Friday's close. Aegon NV, Europe's third largest insurance company, rose 9.6 percent.
Aviva Plc, the U.K.'s biggest insurer, advanced 6 percent for the week. The company said it will cut 900 jobs in its British unit to reduce costs. Standard & Poor's also reaffirmed its credit rating for Axa's French unit at A+.
Stora Enso Oyj, the world's biggest paper maker, added 4.9 percent this week. Goldman, Sachs & Co. upgraded the European paper and forestry products industry to ``attractive'' from ``neutral.'' The brokerage said the industry has lagged the market during the recent rally.
The Dow Jones Stoxx Basic Resources Index, which includes shares of Stora Enso, has risen 19 percent since March 12. That is less than the 26 percent gain for the Stoxx 600.
Last Updated: July 18, 2003 15:35 EDT
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U.S. Economy: July Michigan Confidence Index Rises (Update2)
July 18 (Bloomberg) -- U.S. consumer confidence rose this month as a measure of current economic conditions increased to the highest in more than a year, a University of Michigan survey showed.
The university's preliminary July sentiment index rose to 90.3 from 89.7 last month. That's the third increase in the last four months. The Standard & Poor's index of 500 stocks has risen 22 percent since a low in March, which may have contributed to higher confidence this month, economists said.
Lower interest rates and prospects of tax cuts may also be boosting optimism, paving the way for stronger consumer spending and growth which is needed before companies feel confident enough to hire.
``What we are going to have is good growth, but it's not going to be a boom,'' said John Silvia, chief economist at Wachovia Corp. in Charlotte. ``Consumers still have a lot of concerns out there. I don't see how consumers are going to write off the war or write off the job problem.''
The highest unemployment rate in nine years caused a decline in the university's index of optimism about the economy six months from now, economists said.
The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, rose to 102.1, the highest since May 2002. It was 94.7 in June.
The second half of the year ``will be significantly better than the first half,'' said Thomas Dattilo, chief executive officer of Cooper Tire & Rubber Co., the second-biggest U.S. tiremaker, in an interview yesterday. ``There is going to be more money in consumers' pockets, the tax cuts will make sure of that. We certainly see an improved sentiment out there in retail.''
Unemployment
The expectations index, based on optimism about the next one to five years, fell to 82.7 from 86.4 last month. ``Concerns on the labor market continue to loom large and were cited as the main reason for the decline in expectations,'' said Jayanth Nazareth, an economist at J.P. Morgan Chase Bank in New York.
Unemployment last month rose to 6.4 percent, the highest in more than nine years, and 394,000 jobs were eliminated from February through June. Companies are reluctant to hire people until the recent strengthening in the economy becomes well- rooted.
The Treasury Department said in a separate report that the government's budget surplus in June narrowed from a year earlier. The fiscal year-to-date deficit widened as the U.S. headed toward a record annual shortfall of more than $450 billion. Last month's surplus, which reflected quarterly tax payments, totaled $21.2 billion, down from $29.1 billion in June of last year.
Confidence Expectations
Economists expected a reading of 91 for the preliminary July sentiment index, based on the median of 56 forecasts in a Bloomberg News survey. The preliminary Michigan index is based on a survey of more than 250 households. The final index, to be released Aug. 1, polls about 500 households.
Since the end of the Iraq war, consumer confidence has strengthened and the economy has shown signs of picking up. Along with the rising stock market, new home sales surged to a record 1.157 annual rate in May, retail sales rose 0.5 percent in June, more than expected, and factory orders, expected to decline in May, unexpectedly rose 0.4 percent.
General Motors Corp. yesterday said that auto sales are improving this month. In the first half of July, the industrywide annualized sales rate is about 17 million, said John Devine, the company's chief financial officer.
That would be up from about 16.4 million in June, according to industry figures.
Growth Forecasts
Economists are raising their growth forecasts, predicting a 3.7 percent annual growth rate by the fourth quarter, according to the median of 60 estimates in a Bloomberg News survey.
``We are seeing gradual changes that are all consistent'' with a faster expansion, Federal Reserve Chairman Alan Greenspan said this week. ``Statistic by statistic'' economic data are coming in ``somewhat better than what we expect.''
Buoyed by low borrowing costs for everything from cars and homes to refrigerators and tools, consumers have been leading the revival. Greenspan told members of Congress this week the Fed will keep interest rates low ``for as long as needed'' to ensure faster economic growth.
Americans will also benefit from lower income tax withholding rates that are taking effect this month as part of the government's $330 billion tax-cut package. In addition, some families are set to receive advance refund checks representing a larger child tax credit.
``We're just beginning to see, we think, the cusp of a recovery here,'' said William Zollars, chief executive officer at Yellow Corp., in an interview yesterday from Overland Park, Kansas. ``Within the last six to eight weeks, we've begun to see what we think is an economic recovery beginning.''
Last Updated: July 18, 2003 15:39 EDT
July 18 (Bloomberg) -- U.S. consumer confidence rose this month as a measure of current economic conditions increased to the highest in more than a year, a University of Michigan survey showed.
The university's preliminary July sentiment index rose to 90.3 from 89.7 last month. That's the third increase in the last four months. The Standard & Poor's index of 500 stocks has risen 22 percent since a low in March, which may have contributed to higher confidence this month, economists said.
Lower interest rates and prospects of tax cuts may also be boosting optimism, paving the way for stronger consumer spending and growth which is needed before companies feel confident enough to hire.
``What we are going to have is good growth, but it's not going to be a boom,'' said John Silvia, chief economist at Wachovia Corp. in Charlotte. ``Consumers still have a lot of concerns out there. I don't see how consumers are going to write off the war or write off the job problem.''
The highest unemployment rate in nine years caused a decline in the university's index of optimism about the economy six months from now, economists said.
The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, rose to 102.1, the highest since May 2002. It was 94.7 in June.
The second half of the year ``will be significantly better than the first half,'' said Thomas Dattilo, chief executive officer of Cooper Tire & Rubber Co., the second-biggest U.S. tiremaker, in an interview yesterday. ``There is going to be more money in consumers' pockets, the tax cuts will make sure of that. We certainly see an improved sentiment out there in retail.''
Unemployment
The expectations index, based on optimism about the next one to five years, fell to 82.7 from 86.4 last month. ``Concerns on the labor market continue to loom large and were cited as the main reason for the decline in expectations,'' said Jayanth Nazareth, an economist at J.P. Morgan Chase Bank in New York.
Unemployment last month rose to 6.4 percent, the highest in more than nine years, and 394,000 jobs were eliminated from February through June. Companies are reluctant to hire people until the recent strengthening in the economy becomes well- rooted.
The Treasury Department said in a separate report that the government's budget surplus in June narrowed from a year earlier. The fiscal year-to-date deficit widened as the U.S. headed toward a record annual shortfall of more than $450 billion. Last month's surplus, which reflected quarterly tax payments, totaled $21.2 billion, down from $29.1 billion in June of last year.
Confidence Expectations
Economists expected a reading of 91 for the preliminary July sentiment index, based on the median of 56 forecasts in a Bloomberg News survey. The preliminary Michigan index is based on a survey of more than 250 households. The final index, to be released Aug. 1, polls about 500 households.
Since the end of the Iraq war, consumer confidence has strengthened and the economy has shown signs of picking up. Along with the rising stock market, new home sales surged to a record 1.157 annual rate in May, retail sales rose 0.5 percent in June, more than expected, and factory orders, expected to decline in May, unexpectedly rose 0.4 percent.
General Motors Corp. yesterday said that auto sales are improving this month. In the first half of July, the industrywide annualized sales rate is about 17 million, said John Devine, the company's chief financial officer.
That would be up from about 16.4 million in June, according to industry figures.
Growth Forecasts
Economists are raising their growth forecasts, predicting a 3.7 percent annual growth rate by the fourth quarter, according to the median of 60 estimates in a Bloomberg News survey.
``We are seeing gradual changes that are all consistent'' with a faster expansion, Federal Reserve Chairman Alan Greenspan said this week. ``Statistic by statistic'' economic data are coming in ``somewhat better than what we expect.''
Buoyed by low borrowing costs for everything from cars and homes to refrigerators and tools, consumers have been leading the revival. Greenspan told members of Congress this week the Fed will keep interest rates low ``for as long as needed'' to ensure faster economic growth.
Americans will also benefit from lower income tax withholding rates that are taking effect this month as part of the government's $330 billion tax-cut package. In addition, some families are set to receive advance refund checks representing a larger child tax credit.
``We're just beginning to see, we think, the cusp of a recovery here,'' said William Zollars, chief executive officer at Yellow Corp., in an interview yesterday from Overland Park, Kansas. ``Within the last six to eight weeks, we've begun to see what we think is an economic recovery beginning.''
Last Updated: July 18, 2003 15:39 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Asian Stocks Fell This Week in Japan, South Korea; Hong Kong Up
July 19 (Bloomberg) -- Japanese stocks fell this week, led by NEC Corp. and other computer-related companies, after International Business Machines Corp. and Intel Corp. damped investors' expectations for a recovery in demand for computers.
``Expectations have gone a bit too far ahead of reality for technology stocks and that situation needs to be corrected,'' said Takaaki Yoda, who helps manage the equivalent of $850 million in Asian equities at APS Asset Management (Japan) Co. in Tokyo. ``It's about time for people to start to reassess.''
The Nikkei 225 Stock fell 1.1 percent this week to 9527.73, declining for the first week in three. The Topix index dropped 1.3 percent to 933.10. It fell for a second week as electronics makers as a group slid 0.5 percent.
South Korea's Kospi index had its first weekly drop in three, shedding 0.7 percent to 699.35. Hyundai Motor Co. led the decline after its union members staged a strike today to demand an increase in wages.
Elsewhere in Asia, Hong Kong's Hang Seng Index rose 2.3 percent to 10,140.84, its second weekly gain. Billionaire Li Ka- shing's Hutchison Whampoa Ltd. advanced after saying it received a HK$3.8 billion ($487 million) loan to help refinance debt.
In Taiwan, the TWSE index ended the week 0.9 percent higher at 5287.38. Steelmakers such as China Steel Corp. rose after a Commercial Times newspaper report suggested they may raise prices because of demand from China.
U.S. Gains
In the U.S. yesterday, stocks rose for the first day in four as Microsoft Corp., the world's biggest software maker, raised its fiscal 2004 revenue forecast and an analyst said sales growth at McDonald's Corp., the world's largest restaurant chain, is accelerating this month.
The Standard & Poor's 500 Index climbed 1.2 percent to 993.32. The Dow Jones Industrial Average rose 1.5 percent to 9188.15. The Nasdaq Composite Index added 0.6 percent to 1708.50.
For the week, the S&P 500 fell 0.5 percent and the Nasdaq dropped 1.5 percent. The Dow average gained 0.8 percent.
NEC, the world's sixth-largest chipmaker, slumped 5.6 percent to 721 yen this week. Toshiba Corp., the world's No. 3 chipmaker, declined 4.7 percent to 450 yen. Hitachi Ltd., Japan's fourth- largest chipmaker, dropped 3.5 percent to 545 yen.
IBM, the world's biggest computer maker, said hardware sales fell in the second quarter while software sales rose by less than some investors had expected.
The report further damped investors' expectations of a turnaround at sellers of chips and computers after Intel Corp., the world's biggest chipmaker, said on Tuesday that it's too early to tell if businesses are ready to update computer systems.
Other computer-related shares in Asia ended the week lower. Taiwan's United Microelectronics Corp., the world's second-largest supplier of made-to-order chips, fell 2 percent this week to NT$24.4. South Korea's LG Electronics Inc., the nation's second- largest electronics maker, declined 2.3 percent to 50,000 won.
Hyundai, Hutchison Whampoa
Hyundai Motor, South Korea's largest automaker, ended the week 7.3 percent lower at 33,150 won. Its union members staged a strike today to demand an increase in wages, a five-day working week and other benefits.
Hong Kong's Hutchison Whampoa, Asia's biggest investor in European mobile telephone companies, advanced 6.6 percent during the week to close Friday at HK$52.25. A group of 15 international and local banks agreed to lend the money to Hong Kong-based Hutchison for five years at an interest rate of 41 basis points more than the Hong Kong interbank offered rate, which was fixed at 1.1875 percent for three-month borrowings on Friday. A basis point is 0.01 percentage point.
In Taiwan, China Steel advanced after a Commercial Times newspaper report suggested they may raise prices because of demand from China.
China Steel, Tung Ho Steel Enterprise Corp., Feng Hsin Iron & Steel Co. and Wei Chih Steel Industrial Co. stopped quoting prices on their products before a price rise next week, the Commercial Times cited the makers as saying.
China Steel, Taiwan's largest steelmaker, rose 5.1 percent to NT$26.7 this week. Tung Ho Steel, a maker of steel plates, surged 23 percent to NT$12.9.
Japanese Earnings
Investors will look at earnings at home next week to gauge whether gains in the region are sustainable. Sony reports fiscal first-quarter earnings on July 24. Sony tumbled after it reported on April 24 a net loss of 111 billion yen ($932 million) for the January to March period.
Sony's fourth-quarter operating loss at its electronics division, which accounts for about 70 percent of sales, more than doubled to 116.1 billion yen from the year-ago period.
The following Japanese companies will report earnings on July 25: Advantest Corp., Nikko Cordial Corp., Sumitomo Mitsui Financial Group Inc., Mitsubishi Securities Co. and UFJ Tsubasa Securities.
Last Updated: July 18, 2003 22:08 EDT
July 19 (Bloomberg) -- Japanese stocks fell this week, led by NEC Corp. and other computer-related companies, after International Business Machines Corp. and Intel Corp. damped investors' expectations for a recovery in demand for computers.
``Expectations have gone a bit too far ahead of reality for technology stocks and that situation needs to be corrected,'' said Takaaki Yoda, who helps manage the equivalent of $850 million in Asian equities at APS Asset Management (Japan) Co. in Tokyo. ``It's about time for people to start to reassess.''
The Nikkei 225 Stock fell 1.1 percent this week to 9527.73, declining for the first week in three. The Topix index dropped 1.3 percent to 933.10. It fell for a second week as electronics makers as a group slid 0.5 percent.
South Korea's Kospi index had its first weekly drop in three, shedding 0.7 percent to 699.35. Hyundai Motor Co. led the decline after its union members staged a strike today to demand an increase in wages.
Elsewhere in Asia, Hong Kong's Hang Seng Index rose 2.3 percent to 10,140.84, its second weekly gain. Billionaire Li Ka- shing's Hutchison Whampoa Ltd. advanced after saying it received a HK$3.8 billion ($487 million) loan to help refinance debt.
In Taiwan, the TWSE index ended the week 0.9 percent higher at 5287.38. Steelmakers such as China Steel Corp. rose after a Commercial Times newspaper report suggested they may raise prices because of demand from China.
U.S. Gains
In the U.S. yesterday, stocks rose for the first day in four as Microsoft Corp., the world's biggest software maker, raised its fiscal 2004 revenue forecast and an analyst said sales growth at McDonald's Corp., the world's largest restaurant chain, is accelerating this month.
The Standard & Poor's 500 Index climbed 1.2 percent to 993.32. The Dow Jones Industrial Average rose 1.5 percent to 9188.15. The Nasdaq Composite Index added 0.6 percent to 1708.50.
For the week, the S&P 500 fell 0.5 percent and the Nasdaq dropped 1.5 percent. The Dow average gained 0.8 percent.
NEC, the world's sixth-largest chipmaker, slumped 5.6 percent to 721 yen this week. Toshiba Corp., the world's No. 3 chipmaker, declined 4.7 percent to 450 yen. Hitachi Ltd., Japan's fourth- largest chipmaker, dropped 3.5 percent to 545 yen.
IBM, the world's biggest computer maker, said hardware sales fell in the second quarter while software sales rose by less than some investors had expected.
The report further damped investors' expectations of a turnaround at sellers of chips and computers after Intel Corp., the world's biggest chipmaker, said on Tuesday that it's too early to tell if businesses are ready to update computer systems.
Other computer-related shares in Asia ended the week lower. Taiwan's United Microelectronics Corp., the world's second-largest supplier of made-to-order chips, fell 2 percent this week to NT$24.4. South Korea's LG Electronics Inc., the nation's second- largest electronics maker, declined 2.3 percent to 50,000 won.
Hyundai, Hutchison Whampoa
Hyundai Motor, South Korea's largest automaker, ended the week 7.3 percent lower at 33,150 won. Its union members staged a strike today to demand an increase in wages, a five-day working week and other benefits.
Hong Kong's Hutchison Whampoa, Asia's biggest investor in European mobile telephone companies, advanced 6.6 percent during the week to close Friday at HK$52.25. A group of 15 international and local banks agreed to lend the money to Hong Kong-based Hutchison for five years at an interest rate of 41 basis points more than the Hong Kong interbank offered rate, which was fixed at 1.1875 percent for three-month borrowings on Friday. A basis point is 0.01 percentage point.
In Taiwan, China Steel advanced after a Commercial Times newspaper report suggested they may raise prices because of demand from China.
China Steel, Tung Ho Steel Enterprise Corp., Feng Hsin Iron & Steel Co. and Wei Chih Steel Industrial Co. stopped quoting prices on their products before a price rise next week, the Commercial Times cited the makers as saying.
China Steel, Taiwan's largest steelmaker, rose 5.1 percent to NT$26.7 this week. Tung Ho Steel, a maker of steel plates, surged 23 percent to NT$12.9.
Japanese Earnings
Investors will look at earnings at home next week to gauge whether gains in the region are sustainable. Sony reports fiscal first-quarter earnings on July 24. Sony tumbled after it reported on April 24 a net loss of 111 billion yen ($932 million) for the January to March period.
Sony's fourth-quarter operating loss at its electronics division, which accounts for about 70 percent of sales, more than doubled to 116.1 billion yen from the year-ago period.
The following Japanese companies will report earnings on July 25: Advantest Corp., Nikko Cordial Corp., Sumitomo Mitsui Financial Group Inc., Mitsubishi Securities Co. and UFJ Tsubasa Securities.
Last Updated: July 18, 2003 22:08 EDT
- Mensagens: 23939
- Registado: 5/11/2002 11:30
- Localização: 4
Lucros do BCP devem oscilar entre 191,4 e 219,2 ME
18-7-2003 20:18
Os lucros do primeiro semestre do Banco Comercial Português (BCP) deverão oscilar entre 191,4 milhões e 219,2 milhões de euros (ME), segundo uma sondagem efectuada pela agência Reuters, a oito analistas.
O valor médio das estimativas de lucros é de 202,3 ME, face aos 320,9 ME do mesmo período do ano anterior, quando o maior banco privado português obteve mais-valias de 85 ME decorrentes da transferência de imóveis para o fundo de pensões. Os resultados não são directamente comparáveis, uma vez que que o BCP consolida agora 50 por cento do Bank Millenium, deixou de consolidar a Eureko e passou a consolidar - via equity - a Seguros e Pensões. O braço segurador deverá registar resultados positivos.
Os analistas indicam que o desempenho do BCP será condicionado pela desfavorável conjuntura económica, apontando para o moderado crescimento do crédito concedido e para a descida dos depósitos. Em compensação, a ajudar os resultados estarão os ganhos de trading, tanto em obrigações como em acções. As medidas de contenção de custos não deverão ter um impacto significativo.
O BCP apresenta os resultados do primeiro semestre no dia 22 de Julho.
BolsaPt.com
18-7-2003 20:18
Os lucros do primeiro semestre do Banco Comercial Português (BCP) deverão oscilar entre 191,4 milhões e 219,2 milhões de euros (ME), segundo uma sondagem efectuada pela agência Reuters, a oito analistas.
O valor médio das estimativas de lucros é de 202,3 ME, face aos 320,9 ME do mesmo período do ano anterior, quando o maior banco privado português obteve mais-valias de 85 ME decorrentes da transferência de imóveis para o fundo de pensões. Os resultados não são directamente comparáveis, uma vez que que o BCP consolida agora 50 por cento do Bank Millenium, deixou de consolidar a Eureko e passou a consolidar - via equity - a Seguros e Pensões. O braço segurador deverá registar resultados positivos.
Os analistas indicam que o desempenho do BCP será condicionado pela desfavorável conjuntura económica, apontando para o moderado crescimento do crédito concedido e para a descida dos depósitos. Em compensação, a ajudar os resultados estarão os ganhos de trading, tanto em obrigações como em acções. As medidas de contenção de custos não deverão ter um impacto significativo.
O BCP apresenta os resultados do primeiro semestre no dia 22 de Julho.
BolsaPt.com
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- Registado: 5/11/2002 11:30
- Localização: 4
Notícias de Fim de Semana - 19 e 20 de Julho de 2003
Microsoft anima fecho dos EUA
18-7-2003 21:10
Os mercados norte-americanos fecharam a última sessão da semana a ganhar, animados com a revisão em alta das estimativas de vendas da Microsoft para 2004.
A Microsoft subiu 1,5 por cento. Os lucros cresceram no quarto trimestre.
Para ajudar, a sueca Ericsson anunciou prejuízos menores do que esperado e manteve as estimativas de regressar aos lucros no terceiro e no quarto trimestre.
Também a McDonald’s valorizou 4,4 por cento, depois da Bear Sterns ter elevado a recomendação para o título, para “outperform”, apontando para um aumento significativo do dividendo, o lançamento de uma nova campanha publicitária e a redução dos custos. O analista afirma, citando fonte independente, que as vendas cresceram 7,7 por cento, em Julho.
O índice de confiança do consumidor da Universidade do Michigan subiu, em Julho, pelo terceiro mês em quatro, atingindo o máximo de mais de um ano. O índice preliminar subiu para 90,3 pontos, face aos 87,2 de Junho.
O Dow Jones subiu 1,52 por cento para 9.188,15 pontos, o Nasdaq Composite valorizou 0,62 por cento para 1.708,51 pontos e o S&P 500 avançou 0,99 por cento para 991,46 pontos.
BolsaPt.com
18-7-2003 21:10
Os mercados norte-americanos fecharam a última sessão da semana a ganhar, animados com a revisão em alta das estimativas de vendas da Microsoft para 2004.
A Microsoft subiu 1,5 por cento. Os lucros cresceram no quarto trimestre.
Para ajudar, a sueca Ericsson anunciou prejuízos menores do que esperado e manteve as estimativas de regressar aos lucros no terceiro e no quarto trimestre.
Também a McDonald’s valorizou 4,4 por cento, depois da Bear Sterns ter elevado a recomendação para o título, para “outperform”, apontando para um aumento significativo do dividendo, o lançamento de uma nova campanha publicitária e a redução dos custos. O analista afirma, citando fonte independente, que as vendas cresceram 7,7 por cento, em Julho.
O índice de confiança do consumidor da Universidade do Michigan subiu, em Julho, pelo terceiro mês em quatro, atingindo o máximo de mais de um ano. O índice preliminar subiu para 90,3 pontos, face aos 87,2 de Junho.
O Dow Jones subiu 1,52 por cento para 9.188,15 pontos, o Nasdaq Composite valorizou 0,62 por cento para 1.708,51 pontos e o S&P 500 avançou 0,99 por cento para 991,46 pontos.
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Editado pela última vez por TRSM em 21/7/2003 9:14, num total de 1 vez.
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