From Briefing.com: Jobless Claims lower than expected Jobless Claims were lower than expected, though the prior week's number was revised higher to 401K from 388K, so this looks more like a one-week dip than a two-week trend. Nevertheless, the 376K level is encouraging, and the 4-week moving average has slipped to a sub-400K reading of 396K. This still doesn't point to a strong labor market, but it might be an early sign that we're heading in the right direction.
BofA would not chase semi equipment rally Banc of America says that sharp declines in chipmakers' profitability due to excess capacity and a collapse in pricing suggests a slow recovery in capex investments; believes the trajectory and size of the semi equipment industry recovery will fall short of the cycles in the 1990s, and the current rally seems to be discounting much of the potential good news of the next several years; firm does not advocate chasing the current rally.
GE General Electric guidance, charge expected (24.80) -- Update -- Charge announced this morning for co's ERC biz had been well-advertised. On Tues, the WSJ reported that a charge of $1-$2 bln would be announced at today's investor meeting. Solly cut 2003 estimates the same day to $1.65 from $1.70 and also predicted co would take a billion dollar charge. This morning, before the announcement, Deutsche lowered its 2003 est to $1.70 from $1.80 ahead of the investor meeting, predicting that GE would cut guidance to the $1.65-$1.70 range. In sum, GE's 2003 guidance of $1.55-$1.70 was pretty much in-line with analysts' lowered outlook and the $1.4 bln charge fell within the range of expectations. What may be considered somewhat of a surprise is the reduced 2002 guidance to $1.51 from $1.65... GE shares are trading up 1% in pre-market.
7:39AM General Electric lowers 2002 guidance (GE) 24.80: Co reduces 2002 outlook to $1.51 from $1.65 (Multex consensus $1.65). GE says current business results for Q4 are in line with the previous outlook, with one major exception: GE is now planning to increase reserves at Employers Reinsurance Corporation and to take a charge of approx. $1.4 bln after tax, or $0.14 per share. GE is targeting 2003 earnings of $1.55-$1.70 (consensus $1.71). Co to increase its quarterly dividend 6% to $0.19 per share.
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