U.S. HEADLINE STOCKS - Issues to watch July 22
Reuters Story - July 22, 1998 08:16
%US %STX %ENT %BUS HWP CD LU QCOM V%REUTER P%RTR
NEW YORK, July 22 (Reuters) - Issues to watch this morning:
-- Hewlett-Packard Co. warned its third-quarter
earnings will probably drop to below analysts' downwardly
revised forecasts due to continued weakness in Asia and new
signs of economic uncertainty in other regions. After the
market close Tuesday, HP shares traded at 57-7/8 on Instinet,
down from a New York Stock Exchange close of 61-13/16.
-- Disney reported fiscal third-quarter earnings of $0.20
per share compared with year-ago pro forma earnings of $0.21.
Industry analysts had expected net income of $0.21 per share
again this quarter, according to First Call.
Shares traded down to 37 on Instinet after the market close
Tuesday compared with the New York Stock Exchange close of
37-3/4.
-- Accounting firm Ernst & Young, commenting on fraud
disclosures involving CUC International Inc., suggested for the
first time that its auditors were misled by company management,
the Wall Street Journal reported Wednesday.
Ernst & Young, which has repeatedly said it stood by its
audits of CUC International Inc., the company that merged with
HFS Inc. last December to form franchising and marketing
concern Cendant Corp , now alleges that it may have been
given bogus information about CUC's financial situation, the
newspaper said.
-- Lucent Technologies Inc. reported better than
expected third-quarter earnings. The company earned $0.32 a
share excluding charges, up from $0.17 in the year-ago period.
Analysts had expected a $0.27 per share profit.
-- QUALCOMM Inc. announced better-than-expected
earnings of $0.33 per share diluted excluding a charge in the
fiscal third quarter. The consensus forecast on the First Call
system for the quarter was $0.26 per share. QUALCOMM traded at
58 on the Instinet system compared with the regular close of
57-9/16.
-- U.S. stocks were little changed in London. |
