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To: 2MAR$ who wrote (413)	11/14/2000 11:25:47 PM
From: Jack Hartmann	Read Replies (1) \| Respond to of 762

Mitsubishi Electric Swings to a Profit On Strength in Mobile, Chip Products Dow Jones Newswires TOKYO -- Mitsubishi Electric Corp. on Tuesday said it swung to a net profit in its fiscal first half on brisk sales of its semiconductor products and mobile phones. The electric-equipment maker posted group net income of 75.8 billion yen ($704 million), or 35.30 yen a share, for the six months ended Sept. 30. That compares with a loss of 3.31 billion yen, or 1.54 yen a share, a year earlier. Mitsubishi Electric ascribed the strong results to robust demand for information-technology equipment, especially mobile phones and chip products, among consumers and corporations. Group sales rose 13% to 1.901 trillion yen. Group profit before exceptional items soared more than fourfold to 95.18 billion yen, compared with 21.76 billion yen. The company said it will pay an interim dividend payment of four yen a share, compared with 2.50 yen a share a year earlier. Among the company's five business segments, the electronic-device sector accounted for about 51% of total operating profit in the half, bringing in 48.5 billion yen. Strong semiconductor operations helped the sector swing from a year-earlier operating loss of 9.9 billion yen in the sector. Setsuro Okada, senior vice president at Mitsubishi Electric, said first half-results show record highs for consolidated net income, pretax profit and sales. Mr. Okada attributed the solid earnings results to the company's groupwide effort to cut costs and better manage its finances. "We had a hefty special profit from a pension trust in the first half, which also contributed to the record profits," Mr. Okada said. The extraordinary profit from the establishment of the pension trust raised the company's group net income by 38.8 billion yen. Looking ahead to the year ending in March 2001, Mitsubishi Electric predicts group net income of 120 billion yen on sales of 4.2 trillion yen. The projected earnings would be another record, even excluding the 38.8 billion yen in extraordinary profit from the pension trust. Mitsubishi Electric plans to build on its semiconductor unit and invest 150 billion yen to its semiconductor facilities, more than double from the year earlier, the company said. The company also expects to sell 27 million units of mobile-phone handsets in the current fiscal year, which would more than double from the previous year. interactive.wsj.com The phone business looking up. Jack

To: 2MAR$ who wrote (413)	11/15/2000 5:01:20 PM
From: 2MAR$	Read Replies (1) \| Respond to of 762

<font color=red>FED DAY..U.S. stocks end up but off highs as Fed warns of inflation (UPDATE: Updates to official close) By Haitham Haddadin NEW YORK, Nov 15 (Reuters) - U.S. stocks closed up but off their highs on Wednesday, after the Federal Reserve stymied an early rally when it signaled inflation still poses enough risk to the economy that it may hike interest rates in the future. The Fed, as expected, left key U.S. rates unchanged. Immediately after the Fed news at 2:15 p.m. EST (1915 GMT), the major stock indexes cut sizable gains and eventually fell into negative territory, with interest-rate-sensitive financials like Citigroup (NYSE:C - news) leading the way. But a late bout of buying saved the day, and sent the indexes back above water. ``Keeping rates where they did and still warning about inflation, really not backing down, has really unnerved the markets a little bit,'' said Barry Berman, head of equity trading at Robert W. Baird & Co. The technology-laced Nasdaq Composite Index (^IXIC - news) closed up 27.22 points, or 0.87 percent, at 3,165.49. Earlier in the day, the Nasdaq rose over 2 percent on the back of solid corporate earnings from high-tech firms like computer chip maker Analog Devices (NYSE:ADI - news), adding to Tuesday's sharp rally. The blue-chip Dow Jones industrial average (^DJI - news) eked out a gain of 26.54 points, or 0.25 percent, to finish at 10,707.60, well off its session peak of 10,799.37. The broader Standard & Poor's 500 Index (^SPX - news) ended the day up 7.09 points, or 0.51 percent, at 1,390.04. Wall Street had bet the U.S. central bank would at least hint it was done raising rates for now, or adopt a neutral stance, analysts said. The decision by the policy-setting Federal Open Market Committee left the federal funds overnight lending rate, which banks charge each other, at 6.50 percent. The Fed has increased rates six times since June 1999 but has stayed put in its last few meetings. The last rate increase was this May. ``The Fed probably had enough justification to move to a neutral stance, given the slowdown in the U.S. economy,'' said Gary Thayer, chief economist at A.G. Edwards & Sons, in St. Louis. ``The fact that they didn't this time is a little out of the ordinary and may cause us problems down the road.'' Higher rates hurt stocks because they can eat into Corporate America's bottom line by increasing companies' borrowing costs. One sector immediately hit were financial stocks. Among the Dow components, J.P. Morgan & Co. (NYSE:JPM - news) lost $4-15/16 to $150-5/8, Citigroup (NYSE:C - news) shed 9/16 to $50-3/16. Both were trading higher before the Fed announcement. The financial sector also was hit by bad news from Bank of America Corp. (NYSE:BAC - news), which said fourth-quarter charge-offs for bad loans could be more than double third-quarter levels. Analysts blamed the rise, in part, on a problem loan to troubled consumer products maker Sunbeam Corp.(NYSE:SOC - news). Bank of America's stock sank $3-7/8, or 8.45 percent, to $42. Sunbeam lost 1/8 to close at 5/8. Two other large U.S. banking companies -- First Union Corp. (NYSE:FTU - news) and The Bank of New York Co. Inc. (NYSE:BK - news) -- also raised a red flag about potential fourth-quarter loan losses earlier this week. The Philadelphia Stock Exchange's Bank Index (^BKX - news) dropped 3.10 percent. Technology stocks had led the early gains amid upbeat earnings reports from Analog Devices Inc. and Sycamore Networks (NasdaqNM:SCMR - news), which makes advanced gear for data transmission. The solid results gave more juice to the tech sector, a day after the Nasdaq racked up its 10th-largest percentage gain ever. Tuesday's sharp rally came on the back of better earnings news and optimism that the disputed U.S. presidential election will be resolved soon. The Nasdaq broke its recent losing streak, which had taken it down as much as 17 percent since early November. Analog Devices skyrocketed as much as 20 percent on Wednesday on the Big Board. By the close, it had trimmed those gains, but still ended up $7-3/4 at $63-1/4 -- up about 14 percent. The stock's climb came after the company boosted its outlook for 2001 and reported a quarterly profit that topped expectations. The news helped chip makers hold gains. The Philadelphia Semiconductor Index (^SOXX - news) rose 3.86 percent in line with gains by industry leaders like No. 1 chip maker Intel Corp. (NasdaqNM:INTC - news), up 9/16 $41-1/2, and Applied Materials (NasdaqNM:AMAT - news), up $1-5/16 at $42-3/4. Sycamore Networks also helped, rising $4 to $68-7/16 on Nasdaq, after it posted a quarterly profit, reversing a year-ago loss, while beating forecasts. But computer network storage provider Network Appliance (NasdaqNM:NTAP - news) slumped nearly 21 percent after it beat expectations with triple-digit earnings and sales growth, but forecast slower sales growth ahead. It fell $20-1/8 to $76-1/8. Campbell Soup Co. (NYSE:CPB - news), the world's largest soup maker, on Wednesday said a big promotional push in its U.S. soup and Pepperidge Farm cookie and cracker businesses drove quarterly earnings down 13 percent, but results beat estimates as the extra spending pumped sales. Its stock gained 15/16 to $30-3/4. Twenty-one of the Dow's 30 components finished in the black. Weakness continued, however, throughout the session in the shares of computer manufacturers, which analysts said were still pressured by recent news of weak growth at big computer makers Hewlett-Packard (NYSE:HWP - news) and Dell Computer (NasdaqNM:DELL - news). Among Dow components, International Business Machines Corp. (NYSE:IBM - news) fell 1/8 to $99-3/8, and Hewlett-Packard (NYSE:HWP - news) lost $1-11/16 to $35-5/16. ``Most of the electronic boxmakers are still suspect ... There's still some concern there that they're not moving the merchandise,'' said Doug Myers, vice president of equity trading at Wachovia Securities in Atlanta. Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- More Quotes and News: Analog Devices Inc (NYSE:ADI - news) Applied Materials Inc (NasdaqNM:AMAT - news) BANK INDEX (Philadelphia Stock Exchange) (^BKX - news) Bank of America Corp (NYSE:BAC - news) Bank of New York Company Inc, The (NYSE:BK - news) Campbell Soup Co (NYSE:CPB - news) Citigroup, Inc (NYSE:C - news) Dell Computer Corp (NasdaqNM:DELL - news) DJ INDU AVERAGE (Dow Jones & Company Inc) (^DJI - news) First Union Corp (NYSE:FTU - news) Hewlett-Packard Co (NYSE:HWP - news) Intel Corp (NasdaqNM:INTC - news) International Business Machines (NYSE:IBM - news) JP Morgan & Company Inc (NYSE:JPM - news) NAS/NMS COMPSITE (NASDAQ Stock Exchange) (^IXIC - news) Network Appliance Corp (NasdaqNM:NTAP - news) S&P 500 INDEX (Standard & Poor's Corp) (^SPX - news) SEMICONDUCTOR (Philadelphia Stock Exchange) (^SOXX - news) Sunbeam Corp (NYSE:SOC - news) Sycamore Networks Inc (NasdaqNM:SCMR - news)