(Comtex 10/06 19:48:52)
B: BS TOP NEWS NOW: WR, LB and Associates Delay Earnings
Oct. 6-MAR--
Oct. 6--2346 GMT/1946 ET
................................................................. TOP STORIES:
US jobless rate falls unexpectedly to 3.9% in September Washington--Oct. 6--The
U.S. unemployment rate unexpectedly fell in September to 3.9%, matching the
30-year low last seen in April, as the economy added 252,000 jobs mostly in the
service sector, the Labor Department reported. The increase in non-farm jobs
followed drops of 40,000 in July and 91,000 in August. The jobless rate was
expected to remain at August's 4.1% level. ( Story .5971 )
US stocks sink amid profit woes, interest rate fears New York--Oct. 6--U.S.
stocks were pummeled, with the Nasdaq falling to levels not seen in over four
months, as earnings pre-announcements and interest rate fears once again gripped
the market. The Nasdaq ended the week down 8% and has fallen about 20% in the
past five weeks alone. The Dow closed down 128.38, or 1.20%, to 10,596.54 and
the Nasdaq was down 111.03, or 3.20%, to 3361.07. The S&P 500 was down 27.29, or
1.9%, to 1408.99. ( Story .1300 )
WR, LB and Associates announced today that they would not release any earnings for the forseeable future. Trading in WRLB in afterhours saw the stock up as much as 80% at one point. President Weaner Rumberger was not available for further comment
US Navy awards $9 bln computer contract to Electronic Data Systems
Washington--Oct. 6--The Navy led the military into a new era of the Information
Age by awarding a contract potentially worth $9 billion to link hundreds of
separate Navy and Marine Corps computer networks into a single, seamless system
designed to be less vulnerable to cyber attacks ashore and at sea. The contract
was awarded to Electronic Data Systems Corp. (EDS) of Plano, Texas. ( Story
.19818)
Home-improvement chain Lowe's sees Q3 sales below projections Chicago--Oct.
6--Shares of Lowe's Cos. (LOW) dropped 5% after the second-largest U.S.
home-improvement chain said third-quarter sales will rise less than forecast.
The Wilkesboro, N.C.-based company said same-store sales, sales at stores open
at least a year, would post a percentage increase for the three months to Oct.
27 in the low single digits, compared with a previously forecast gain of between
4% and 6%. Lowe's said the conversion of Eagle Hardware & Garden Inc. stores,
which it bought in April for $1 billion, is still hurting sales growth. ( Story
.5970 )
Delta Air shares rise on news of possible $7.5 bln takeover bid St. Louis--Oct.
6--Shares of Delta Air Lines Inc. (DAL) climbed on a report that a group of
investors is considering a $7.5 billion bid to acquire the third-largest carrier
in the U.S. Business Week, citing industry sources, said the potential bidder,
which it said includes a major buyout group and two unnamed ex-airline
executives, will offer $61 a share for the Atlanta-based company. ( Story .5974
)
Morgan Stanley shares hit hard amid talk of junk-bond losses New York--Oct.
6--Wall Street's leading investment banks took a beating amid speculation that
the banks may be losing money in the junk bond market. The talk centered on
Morgan Stanley Dean Witter (MWD), although the firm denied the rumors. "It's the
European telecom junk bonds, and rumors that they are under pressure from them,"
said Patrick Boyle, trader with Credit Suisse First Boston. Morgan Stanley,
whose shares were down $8, or 9% at $84.00 in late afternoon trading
"categorically" denied the rumors making the rounds of the financial markets
that it had suffered huge losses from its junk bond operations and was
liquidating inventory. ( Story .6056 )
Milosevic concedes; foes consolidate power in Yugoslavia Belgrade--Oct.
6--Slobodan Milosevic conceded defeat in Yugoslavia's presidential elections, a
day after protesters angry at him for clinging to power stormed parliament and
ended his 13-year autocratic regime. His concession to Vojislav Kostunica
triggered a huge celebration in the streets, with firecrackers exploding and
horns honking throughout the capital. ( Story .222 )
NHL's McSorley found guilty in assault trial, receives no jail time
Vancouver--Oct. 6--Former Boston Bruins enforcer Marty McSorley has been found
guilty of assault with a weapon for hitting Vancouver's Donald Brashear with a
stick in a game this past February. Judge William Kitchen has given McSorley an
18-month conditional discharge, meaning he will not receive jail time. ( Story
.19631 )
................................................................. OF INTEREST:
Weak Q3 trading volumes seen taking toll on e-broker earnings New York--Oct.
6--The third quarter has been a tough one for online brokerage firms as the
market stagnated and trading volumes fell. Analysts say this will be evident
when online brokers report their financial results in the coming weeks, and that
revenues and profits are expected to be well below second quarter levels amid
slower account growth as firms cut back on expenses such as marketing. ( Story
.16368 )
Flights to Iraq testing U.N. sanctions regime Nicosia--Oct. 6--The recent wave
of humanitarian flights to Iraq from European and Arab countries appears to be
testing the spirit, if not the letter, of the U.N. sanctions regime. But opinion
is mixed on whether or not the flights mark the beginning of the end of
international support for sanctions against Iraq. ( Story .13409 )
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