DJ MARKET TALK: Yahoo Warns Revenue Will Be Light In 2001
Edited by George Stahl
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
MARKET TALK can be found using code N/DJMT
4:39 (Dow Jones) Yahoo's (YHOO) 4Q earnings met the analysts' consensus, but
it's warning that 1Q and full-year 2001 revenue will be below analysts'
current estimates. It predicted 1Q revenue of $220 million to $240 million and
full-year revenue of $1.2 billion to $1.3 billion. By comparison, U.S. Bancorp
Piper Jaffray analyst had predicted 1Q revenue of $299.3 million and full-year
revenue of $1.396 billion. (PDL)
4:31 (Dow Jones) This probably falls under the you-had-to-see-it-coming
department, but PG&E (PCG), after warning it might be forced to file for
bankruptcy protection, now says it will suspend its dividend, cut off
charitable giving, and defer giving raises. One possible surprise: the
California utility will delay its 4Q earnings release. Shares closed up 6
cents to $13.56 (RJH)
4:22 (Dow Jones) George W. Bush has taken so many people from corporate
America for his cabinet, now the door is swinging the other way. Former Rep.
John Kasich, the House budget chairman, has been named managing director in
the investment banking group at Lehman Brothers (LEH). (RJH)
4:06 (Dow Jones) Now comes the waiting game: earnings due from Motorola
(MOT) and Yahoo (YHOO). (RJH)
4:03 (Dow Jones) N.Y. stocks ended higher after shaking off earlier selling
pressure. Preliminary figures show DJIA up 30.90 points to 10603.45, Nasdaq up
82.85 ro 2524.15, and S&P 500 up 12.49 at 1313.29. (RJH)
3:53 (Dow Jones) Wednesday's market action is definitely being driven by the
so-called New Economy. The DJ Internet Service Index is up nearly 10%. (RJH)
3:47 (Dow Jones) The Congressional Budget Office says tax receipts grew at a
slower rate in the first quarter of fiscal 2001 than in the comparable quarter
from a year ago. "Nevertheless by CBO's estimate the deficit for the first
quarter of 2001 was about $17 billion less than the deficit for the same
quarter last year," CBO said in its monthly budget report. CBO noted it will
issue a new comprehensive budget forecast near the end of January. (MHA)
3:40 (Dow Jones) Headed toward the close, the DJIA, off most of the session,
has turned positive, now up about 35 points. (RJH)
3:37 (Dow Jones) Each day lately, it seems underwriters withdraw two more
potential IPOs. Today is no exception. Blaxxun Interactive and Haht Commerce
are the latest to step aside - and more should come. "There's a lot more
cleaning out to do in these dockets," says Irv DeGraw, research director at
WorldFinanceNet.com. (RJH)
3:32 (Dow Jones) Final Clinton budget, expected to be much slimmed down from
past offerings and more in the nature of a baseline document, is slated to be
released next Tuesday. (JC).
3:26 (Dow Jones) Sen. Olympia Snowe, R-Maine, lands seat on powerful Senate
Finance Committee, becoming only second Republican woman ever to serve on the
committee. The last Maine senator to sit on the tax-writing panel was George
Mitchell, credited/blamed by some for inducing President Bush to break his
no-new-taxes pledge. (JC)
3:21 (Dow Jones) Eurodollars end weaker, with June's last trade at 94.885,
down 8 bp. Traders say the market will continue to take out premium if stocks
show gains. (DMC)
3:16 (Dow Jones) March S&Ps are holding in mid-range between 1309-1311 as
the market appears to be directionless. "There are not a lot of decisions
being made on either side," one trader says, as the market awaits earnings
from Yahoo (YHOO) and Motorola (MOT). Even if earnings come out as expected,
traders say accompanying statements could have more impact. (DMC)
3:11 (Dow Jones) Nymex crude surpasses $29/bbl for the first time since
mid-Dec as traders react to repeat reports of Qatari oil minister comments
that OPEC production cut will be at least 2 million b/d cut from Feb. 1.
February contract broke Friday resistance at $28.78/bbl. "Momentum could build
for an assault on $29.40," analyst says. Feb crude +$1.44 to $29.08/bbl
(intraday high was $29.20). (MSX)
3:07 (Dow Jones) As expected, Honeywell (HON) shareholders easily approved
the company's $45 billion acquisition by General Electric (GE). Now, investors
are hoping the deal closes in the first quarter as GE Chairman Jack Welch
promised. Some company watchers think international regulatory approval may
take longer than Welch thinks, and a delayed closing may not be good news for
GE's stock. Honeywell shares are marginally higher on the news; GE, a Dow
component, is off slightly on heavy volume. (CCW)
3:02 (Dow Jones) The new House Financial Services Chairman, Rep. Michael
Oxley, R-Ohio, breaks bread with Federal Reserve Chairman Alan Greenspan.
Oxley said he paid Greenspan a courtesy call Wednesday and the two had
breakfast at the Fed chief's office. Later Wednesday, Treasury Secretary
designate Paul O'Neill paid Oxley a visit on Capitol Hill. (JCD)
2:59 (Dow Jones) Edison International (EIX) and PG&E Corp. (PCG) shares gave
back earlier gains Wednesday after PG&E outlined its current financial
condition in a filing with the Securities and Exchange Commission. Even with
the temporary rate increase approved by California PUC on Jan. 4, PG&E will
not have enough money to pay its bills, the company said. Since it cannot
borrow more money, PG&E continues to be at risk of bankruptcy. Officials from
Edison and PG&E continue to meet with government and regulatory officials in
Washington, D.C. (CCC)
2:51 (Dow Jones) Lehman Brothers' Tim Luke says Cisco (CSCO) CEO Chambers
told investors at Morgan Stanley presentation that his company is slowing
hiring and looking to cut costs. Luke sees the remarks "as likely to be
perceived as incrementally more cautious and ... likely to put some pressure
on the shares this afternoon." Looks that way: they're down nearly 8%, though
at $34.25, off their low for the day. (PJM)
--
(MORE) DOW JONES NEWS 01-10-01
16:39 011001
--------------------
TAL News Server History:
ADD : 01/01/10 16:40
--------------------------------------------------
DJ MARKET TALK: Yahoo Warns Revenue Will Be Light In 2001
Edited by George Stahl
Of DOW JONES NEWSWIRES
(Call Us: 201 938-5299; All Times Eastern)
MARKET TALK can be found using code N/DJMT
4:39 (Dow Jones) Yahoo's (YHOO) 4Q earnings met the analysts'
consensus, but it's warning that 1Q and full-year 2001 revenue will be
below analysts' current estimates. It predicted 1Q revenue of $220
million to $240 million and full-year revenue of $1.2 billion to $1.3
billion. By comparison, U.S. Bancorp Piper Jaffray analyst had
predicted 1Q revenue of $299.3 million and full-year revenue of $1.396
billion. (PDL)
4:31 (Dow Jones) This probably falls under the
you-had-to-see-it-coming department, but PG&E (PCG), after warning it
might be forced to file for bankruptcy protection, now says it will
suspend its dividend, cut off charitable giving, and defer giving
raises. One possible surprise: the California utility will delay its
4Q earnings release. Shares closed up 6 cents to $13.56 (RJH)
4:22 (Dow Jones) George W. Bush has taken so many people from
corporate America for his cabinet, now the door is swinging the other
way. Former Rep. John Kasich, the House budget chairman, has been
named managing director in the investment banking group at Lehman
Brothers (LEH). (RJH)
4:06 (Dow Jones) Now comes the waiting game: earnings due from
Motorola (MOT) and Yahoo (YHOO). (RJH)
4:03 (Dow Jones) N.Y. stocks ended higher after shaking off earlier
selling pressure. Preliminary figures show DJIA up 30.90 points to
10603.45, Nasdaq up 82.85 ro 2524.15, and S&P 500 up 12.49 at 1313.29.
(RJH)
3:53 (Dow Jones) Wednesday's market action is definitely being
driven by the so-called New Economy. The DJ Internet Service Index is
up nearly 10%. (RJH)
3:47 (Dow Jones) The Congressional Budget Office says tax receipts
grew at a slower rate in the first quarter of fiscal 2001 than in the
comparable quarter from a year ago. "Nevertheless by CBO's estimate
the deficit for the first quarter of 2001 was about $17 billion less
than the deficit for the same quarter last year," CBO said in its
monthly budget report. CBO noted it will issue a new comprehensive
budget forecast near the end of January. (MHA)
3:40 (Dow Jones) Headed toward the close, the DJIA, off most of the
session, has turned positive, now up about 35 points. (RJH)
3:37 (Dow Jones) Each day lately, it seems underwriters withdraw two
more potential IPOs. Today is no exception. Blaxxun Interactive and
Haht Commerce are the latest to step aside - and more should come.
"There's a lot more cleaning out to do in these dockets," says Irv
DeGraw, research director at WorldFinanceNet.com. (RJH)
3:32 (Dow Jones) Final Clinton budget, expected to be much slimmed
down from past offerings and more in the nature of a baseline
document, is slated to be released next Tuesday. (JC).
3:26 (Dow Jones) Sen. Olympia Snowe, R-Maine, lands seat on powerful
Senate Finance Committee, becoming only second Republican woman ever
to serve on the committee. The last Maine senator to sit on the
tax-writing panel was George Mitchell, credited/blamed by some for
inducing President Bush to break his no-new-taxes pledge. (JC)
3:21 (Dow Jones) Eurodollars end weaker, with June's last trade at
94.885, down 8 bp. Traders say the market will continue to take out
premium if stocks show gains. (DMC)
3:16 (Dow Jones) March S&Ps are holding in mid-range between
1309-1311 as the market appears to be directionless. "There are not a
lot of decisions being made on either side," one trader says, as the
market awaits earnings from Yahoo (YHOO) and Motorola (MOT). Even if
earnings come out as expected, traders say accompanying statements
could have more impact. (DMC)
3:11 (Dow Jones) Nymex crude surpasses $29/bbl for the first time
since mid-Dec as traders react to repeat reports of Qatari oil
minister comments that OPEC production cut will be at least 2 million
b/d cut from Feb. 1. February contract broke Friday resistance at
$28.78/bbl. "Momentum could build for an assault on $29.40," analyst
says. Feb crude +$1.44 to $29.08/bbl (intraday high was $29.20). (MSX)
3:07 (Dow Jones) As expected, Honeywell (HON) shareholders easily
approved the company's $45 billion acquisition by General Electric
(GE). Now, investors are hoping the deal closes in the first quarter
as GE Chairman Jack Welch promised. Some company watchers think
international regulatory approval may take longer than Welch thinks,
and a delayed closing may not be good news for GE's stock. Honeywell
shares are marginally higher on the news; GE, a Dow component, is off
slightly on heavy volume. (CCW)
3:02 (Dow Jones) The new House Financial Services Chairman, Rep.
Michael Oxley, R-Ohio, breaks bread with Federal Reserve Chairman Alan
Greenspan. Oxley said he paid Greenspan a courtesy call Wednesday and
the two had breakfast at the Fed chief's office. Later Wednesday,
Treasury Secretary designate Paul O'Neill paid Oxley a visit on
Capitol Hill. (JCD)
2:59 (Dow Jones) Edison International (EIX) and PG&E Corp. (PCG)
shares gave back earlier gains Wednesday after PG&E outlined its
current financial condition in a filing with the Securities and
Exchange Commission. Even with the temporary rate increase approved by
California PUC on Jan. 4, PG&E will not have enough money to pay its
bills, the company said. Since it cannot borrow more money, PG&E
continues to be at risk of bankruptcy. Officials from Edison and PG&E
continue to meet with government and regulatory officials in
Washington, D.C. (CCC)
2:51 (Dow Jones) Lehman Brothers' Tim Luke says Cisco (CSCO) CEO
Chambers told investors at Morgan Stanley presentation that his
company is slowing hiring and looking to cut costs. Luke sees the
remarks "as likely to be perceived as incrementally more cautious and
... likely to put some pressure on the shares this afternoon." Looks
that way: they're down nearly 8%, though at $34.25, off their low for
the day. (PJM)
--
(MORE) DOW JONES NEWS 01-10-01
04:39 PM
- - 04 39 PM EST 01-10-01
-------------------- |
