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MarketPulse
9:41AM Airline stocks higher ahead of Fed meeting ($XAL, JBLU) by August Cole
SAN FRANCISCO (CBS.MW) -- Airline stocks joined the rising broader market ahead of the afternoon conclusion of the latest interest-rate policy meeting by the Federal Open Market Committee. The Amex Airline Index ($XAL) rose 1.1 percent. JetBlue (JBLU) shares rose for a second consecutive session.
9:37AM Merck to reapply for approval for arthritis drug (MRK) by Ted Griffith
BOSTON (CBS.MW) -- Merck & Co. (MRK) plans before the end of December to reapply for U.S. clearance to market a new arthritis medication, Arcoxia, the company's CEO told analysts on Tuesday. CEO Raymond Gilmartin said Arcoxia will be one of the new products that will help the No. 3 drugmaker recover from recent setbacks, including an earnings shortfall for 2003. Shares of the Dow component edged up 32 cents to $43.90.
9:29AM Washington Mutual warns of earns, accelerates job cuts (WM) by Tomi Kilgore
NEW YORK (CBS.MW) - Washington Mutual (WM) warned that full-year 2003 earnings would miss expectations due to lower mortgage loan volumes, increasingly competitive mortgage pricing and a greater emphasis on adjustable-rate mortgages. The company also said it has eliminated 4,500 full-time positions, and plans to cut 900 more by the end of the first quarter of 2004, as current mortgage market conditions have forced an acceleration of cost cutting efforts. The stock took a $2.35, or 5.4 percent dive, to $41.50 in pre-open trading. The company said fourth-quarter mortgage volumes are expected to be half that of third-quarter levels. The company now expects 2003 earnings of $4.15 to $4.25 a share, while analysts surveyed by Reuters Research are expecting earnings of $4.42 a share on average. For 2004, the company widened its earnings forecast to $4.30 to $4.80 a share, vs. current analyst forecasts of $4.76.
9:21AM Pearson education div. CEO to take medical leave (UK:PSON, PSO) by Steve Goldstein
LONDON (CBS.MW) -- Publisher Pearson (PSO) (UK:PSON) on Tuesday said that the CEO of its education division, Peter Jovanovich, will take a leave of absence "for a few months" due to medical advice. During this period, Pearson Education's divisional presidents will report to Marjorie Scardino, group CEO, the company said. Education revenues represented close to two-third's of the company's 2002 sales. Pearson shares were flat in London. Pearson is a signficant investor in MarketWatch.com, the publisher of this report.
9:20AM Hewlett-Packard's Fiorina upbeat at analyst meeting (HPQ) by Greg Robb
WASHINGTON (CBS.MW) -- Hewlett Packard (HPQ) is well positioned for simplicity and integration - the next two big things in the information technology market, according to Carly Fiorina, the company's chairman and chief executive officer. "We are a unique company and a compelling investment," Fiorina said in a speech opening an analyst meeting in New York. The company is participating in the fastest growing "regions, segments and categories." The company is gaining market share and improving operating margins. The company can commit to improving earnings per share on a 27 percent annual basis, she said. The company is maintaining its goal of $6 billion cash flow from operations. The digital photography business is strong and getting stronger, Fiorina said. The company plans to make more acquisitions in the management software segment.
9:18AM Proxim soars on China Unicom sub pact (PROX) by Tomi Kilgore
NEW YORK (CBS.MW) -- Shares of Proxim Corp. (PROX) soared 39 cents, or 24 percent, to $2.02 in pre-open trading after the wireless networking equipment maker said a subsidiary of China Unicom (CHU) has selected its products to establish a high-capacity wireless in network. The network, to be China's largest, will deliver voice over Internet protocol and Internet connections throughout China's Guangdong province.
9:12AM Kroger reaches 'understanding' with W. Va employees (KR) by Tomi Kilgore
NEW YORK (CBS.MW) - Kroger (KR) said it reached an "understanding" with employees concerning issues leading to a work stoppage at 44 stores in the West Virginia area. Employees will vote on the "understanding" on Dec. 11. The retail grocer reported earlier fiscal third quarter results that missed expectations, and warned of a full-year shortfall, due to the negative effects of labor disputes in West Virginia and Southern California. The stock closed Monday up 19 cents at $17.89.
9:04AM New York Times sees ad rev. performance improving (NYT) by Tomi Kilgore
NEW YORK (CBS.MW) - The New York Times (NYT) said that although it still hasn't seen "significant and sustained" advertising revenue growth in 2003, it believes the overall improvement in economic trends will lead to an improved ad revenue performance in 2004. The company added that it expects earnings of 69 to 72 cents a share in the fourth quarter and full-year 2003 earnings "on par or slightly above" the $1.94 a share it earned in 2002, vs. the average analyst forecasts compiled by Reuter Research of 71 cents and $1.93 a share, on average. For the month of November, the newspaper publisher said ad revenue for its newspaper group increased 2.2 percent, while total ad inches fell 3.6 percent. The stock closed Monday down 25 cents at $45.63.
4:22PM Pulitzer's '04 outlook falls short of estimates (TWX, PTZ) by David B. Wilkerson
SAN FRANCISCO (CBS.MW) -- Shares of newspaper publisher Pulitzer Co. fell Monday after the company issued an outlook for 2004 that was lower than analysts had expected. St.-Louis-based Pulitzer (PTZ) said it expects earnings of at least $2.10 a share in 2004. On average, analysts polled by Thomson First Call had been looking for a profit of $2.25 a share for 2004, with the lowest forecast coming in at $2.15 a share. The stock declined 28 cents to close at $52.95. Time Warner (TWX) rose 8 cents to $16.49. The company's Warner Bros. unit topped the weekend box office race with the Tom Cruise period drama "The Last Samurai," which earned $24.4 million in its debut. The sales were partially hampered by snowstorm that hammered the northeastern U.S. |
