tawasl
عضو نشط
- التسجيل
- 19 ديسمبر 2003
- المشاركات
- 24
TOP STORIES
(2004/04/02 11:00AM)
JOBS GROWTH SURGES IN MARCH; STOCKS, DOLLAR JUMP
Non-farm business payrolls grow by 308,000 in March, handily topping economists' expectations for rise of 120,000. Stocks and dollar surge, while Treasurys slip and Fed Fund futures are pricing in a 100% chance of an interest rate hike in August. Still, unemployment rate inches up a tenth of a percentage point to 5.7% as 179,000 people enter work force in search of jobs.
SUN MICRO SOARS ON RESTRUCTURING;
MICROSOFT PAYS $1.6B TO END FEUD
Shares jump 14% on news Sun plans to cut 3,300 jobs and will bury hatchet with arch rivals Microsoft, which will pay Sun nearly $2 billion to settle long-standing disputes. Sees cost cuts boosting bottom line by $350 million in '05.
GATEWAY UP; TO CLOSE STORES, CUT JOBS
Shares rise 10% as PC maker says it will close its 188 retail stores and lay off 2,500 workers in move seen as effort to reduce conflicts with retailers. Company will continue to sell wares via Web site and through phone orders.
OIL PRICES PLUNGE AFTER JOBS DATA
Fund investors bail out of commodities after sharp increase in U.S. payrolls data lifts dollar. Nymex crude futures fall more than $1 a barrel.
POWELL DOESN'T SEE NATO IRAQ ROLE BY HANDOVER
U.S. secretary of state says he does not expect NATO to decide whether to accept role in Iraq before Washington hands over power to Iraqi government on July 1.
PATHMARK 4Q NET RISES 22%, SHARES JUMP
Shares rise 7% after supermarket chain posts net of $9.6 million, or 32c a share, benefiting from merchandising and expense control initiatives launched early in year. Excluding charge, earns 35c a share, topping expectations.
FIRST NIAGARA TO BUY HUDSON RIVER FOR $620M
Hudson River shares slide 5%, while First Niagara edges lower after banks agree to merge in cash-and-stock deal that creates company with combined assets of $7.8 billion.
ZIMMER SEES 1Q TOPPING STREET VIEW
Shares rise nearly 6% after orthopedic device maker says it expects 1Q sales of $740 million, handily topping Wall Street estimates of $704 million. Company also expects to "significantly" exceed First Call EPS estimates of 49c.
TERADYNE NAMES BRADLEY CEO
Michael Bradley replaces George Chamillard, who will continue as chairman. Bradley was named president of semiconductor testing equipment supplier in May. Shares rise 3.5%.
HUTCHINSON TECH CUTS 2Q GUIDANCE
Shares fall 3% after company slashes guidance for fiscal 2Q earnings and revenue due to sharply weaker demand in March. Now sees EPS of 30c-33c on revenue of $113 million. Wall Street expects EPS of 42c.
AO SMITH CUTS FORECASTS ON HIGHER COSTS
Motor and water heater maker trims first half and full-year earnings guidance after price increases fail to keep pace with cost increases for steel and other materials, and several conversion programs cut into profits. Shares add 2%.
JEAN COUTU HALTED; ECKERD DEAL EXPECTED
Canadian drug-store operator is expected to acquire 1,500 Eckerd drug stores in U.S. from J.C. Penney for about $2.29 billion. CVS is expected to buy the remaining Eckerd stores.
SPAIN POLICE FIND BOMB ON RAIL LINE
Explosive device found on Madrid to Seville high-speed rail link, near city of Toledo. Interior Minister says it isn't known who placed the bomb. Police sources quoted saying explosives might be same as used in Madrid bombings.
US SOLDIER, MARINE KILLED IN IRAQ
A roadside bomb kills a U.S. soldier and wounds another in Baghdad, and a U.S. Marine dies as a result of hostile action west of the capital a day earlier, the military says. Three of four American civilians killed in Fallujah identified.
RETRIAL OF 9/11 SUSPECT MAY COLLAPSE
German court says there is a possibility the retrial of only Sept. 11 suspect ever convicted may collapse, the first time it has publicly raised doubts about the government's case. Mounir el Motassadeq won retrial after appeals court ruling.
SOME DELTA PILOTS SEEK TO FORGO RAISE
Shares gain 4% as airline says some pilots are pressuring their union to unilaterally decline a pending 4.5% wage increase as the loss-plagued carrier continues to seek cost cuts. But the union is resisting the move.
SYBASE WARNS ON 1Q, CITES DEAL DELAYS
Shares fall 5% after data software provider sees EPS of 18c-20c on revenue of $183 million to $185 million, below Wall Street's estimate of 24c on revenue of $191.1 million. Says several telecom transactions didn't close in period.
CHARTER SEES 1Q REVENUE UP 5%, PRO FORMA
Broadband communications company says on pro forma basis, it expects 5% increase compared to year-ago levels. Sees 2004 capital expenditures steady at $850 million to $950 million. Shares advance 2%.
GLOBAL CHIP SALES RISE IN FEB
Semiconductor Industry Association says worldwide semiconductor sales rose 30.8% from year ago. Group attributes growth to steady improvement in business conditions, which SIA expects will continue throughout year.
ZURICH FINANCIAL TARGETS IMPROVED PROFITABILITY
Shares rise more than 1% in Switzerland as company unveils revamped strategy aimed at ensuring profitable growth and helping it regain top credit rating. Will reshuffle life and non-life operations.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
ANALYSIS
Jobs Boost Stocks, But 1Q Earnings Also Factor
Stocks soaring on non-farm payrolls report, virtually popping corks, but traders say coming earnings season will be telling point of whether strength can continue.
FED WATCH
Jobs Surprise On Upside, Finally
Bond markets greet the data by upping the odds significantly of a rate hike in August, but economists are more cautious about moving up their rate-hike forecasts, waiting for more evidence, says Michael S. Derby.
============ U.S. MARKETS ACTION ===========
DJIA up 85.33 points to 10458.66
NASDAQ up 26.74 points to 2041.75
S&P 500 up 7.58 points to 1139.75
10-year T-note down 1 27/32 at 99 4/32 yield 4.108
NYMEX Spot Crude down $0.32 at $33.95/bbl
Dollar/Euro down 0.0223 at 1.2139
(2004/04/02 11:00AM)
JOBS GROWTH SURGES IN MARCH; STOCKS, DOLLAR JUMP
Non-farm business payrolls grow by 308,000 in March, handily topping economists' expectations for rise of 120,000. Stocks and dollar surge, while Treasurys slip and Fed Fund futures are pricing in a 100% chance of an interest rate hike in August. Still, unemployment rate inches up a tenth of a percentage point to 5.7% as 179,000 people enter work force in search of jobs.
SUN MICRO SOARS ON RESTRUCTURING;
MICROSOFT PAYS $1.6B TO END FEUD
Shares jump 14% on news Sun plans to cut 3,300 jobs and will bury hatchet with arch rivals Microsoft, which will pay Sun nearly $2 billion to settle long-standing disputes. Sees cost cuts boosting bottom line by $350 million in '05.
GATEWAY UP; TO CLOSE STORES, CUT JOBS
Shares rise 10% as PC maker says it will close its 188 retail stores and lay off 2,500 workers in move seen as effort to reduce conflicts with retailers. Company will continue to sell wares via Web site and through phone orders.
OIL PRICES PLUNGE AFTER JOBS DATA
Fund investors bail out of commodities after sharp increase in U.S. payrolls data lifts dollar. Nymex crude futures fall more than $1 a barrel.
POWELL DOESN'T SEE NATO IRAQ ROLE BY HANDOVER
U.S. secretary of state says he does not expect NATO to decide whether to accept role in Iraq before Washington hands over power to Iraqi government on July 1.
PATHMARK 4Q NET RISES 22%, SHARES JUMP
Shares rise 7% after supermarket chain posts net of $9.6 million, or 32c a share, benefiting from merchandising and expense control initiatives launched early in year. Excluding charge, earns 35c a share, topping expectations.
FIRST NIAGARA TO BUY HUDSON RIVER FOR $620M
Hudson River shares slide 5%, while First Niagara edges lower after banks agree to merge in cash-and-stock deal that creates company with combined assets of $7.8 billion.
ZIMMER SEES 1Q TOPPING STREET VIEW
Shares rise nearly 6% after orthopedic device maker says it expects 1Q sales of $740 million, handily topping Wall Street estimates of $704 million. Company also expects to "significantly" exceed First Call EPS estimates of 49c.
TERADYNE NAMES BRADLEY CEO
Michael Bradley replaces George Chamillard, who will continue as chairman. Bradley was named president of semiconductor testing equipment supplier in May. Shares rise 3.5%.
HUTCHINSON TECH CUTS 2Q GUIDANCE
Shares fall 3% after company slashes guidance for fiscal 2Q earnings and revenue due to sharply weaker demand in March. Now sees EPS of 30c-33c on revenue of $113 million. Wall Street expects EPS of 42c.
AO SMITH CUTS FORECASTS ON HIGHER COSTS
Motor and water heater maker trims first half and full-year earnings guidance after price increases fail to keep pace with cost increases for steel and other materials, and several conversion programs cut into profits. Shares add 2%.
JEAN COUTU HALTED; ECKERD DEAL EXPECTED
Canadian drug-store operator is expected to acquire 1,500 Eckerd drug stores in U.S. from J.C. Penney for about $2.29 billion. CVS is expected to buy the remaining Eckerd stores.
SPAIN POLICE FIND BOMB ON RAIL LINE
Explosive device found on Madrid to Seville high-speed rail link, near city of Toledo. Interior Minister says it isn't known who placed the bomb. Police sources quoted saying explosives might be same as used in Madrid bombings.
US SOLDIER, MARINE KILLED IN IRAQ
A roadside bomb kills a U.S. soldier and wounds another in Baghdad, and a U.S. Marine dies as a result of hostile action west of the capital a day earlier, the military says. Three of four American civilians killed in Fallujah identified.
RETRIAL OF 9/11 SUSPECT MAY COLLAPSE
German court says there is a possibility the retrial of only Sept. 11 suspect ever convicted may collapse, the first time it has publicly raised doubts about the government's case. Mounir el Motassadeq won retrial after appeals court ruling.
SOME DELTA PILOTS SEEK TO FORGO RAISE
Shares gain 4% as airline says some pilots are pressuring their union to unilaterally decline a pending 4.5% wage increase as the loss-plagued carrier continues to seek cost cuts. But the union is resisting the move.
SYBASE WARNS ON 1Q, CITES DEAL DELAYS
Shares fall 5% after data software provider sees EPS of 18c-20c on revenue of $183 million to $185 million, below Wall Street's estimate of 24c on revenue of $191.1 million. Says several telecom transactions didn't close in period.
CHARTER SEES 1Q REVENUE UP 5%, PRO FORMA
Broadband communications company says on pro forma basis, it expects 5% increase compared to year-ago levels. Sees 2004 capital expenditures steady at $850 million to $950 million. Shares advance 2%.
GLOBAL CHIP SALES RISE IN FEB
Semiconductor Industry Association says worldwide semiconductor sales rose 30.8% from year ago. Group attributes growth to steady improvement in business conditions, which SIA expects will continue throughout year.
ZURICH FINANCIAL TARGETS IMPROVED PROFITABILITY
Shares rise more than 1% in Switzerland as company unveils revamped strategy aimed at ensuring profitable growth and helping it regain top credit rating. Will reshuffle life and non-life operations.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
ANALYSIS
Jobs Boost Stocks, But 1Q Earnings Also Factor
Stocks soaring on non-farm payrolls report, virtually popping corks, but traders say coming earnings season will be telling point of whether strength can continue.
FED WATCH
Jobs Surprise On Upside, Finally
Bond markets greet the data by upping the odds significantly of a rate hike in August, but economists are more cautious about moving up their rate-hike forecasts, waiting for more evidence, says Michael S. Derby.
============ U.S. MARKETS ACTION ===========
DJIA up 85.33 points to 10458.66
NASDAQ up 26.74 points to 2041.75
S&P 500 up 7.58 points to 1139.75
10-year T-note down 1 27/32 at 99 4/32 yield 4.108
NYMEX Spot Crude down $0.32 at $33.95/bbl
Dollar/Euro down 0.0223 at 1.2139