TOP NEWS NOW: Motorola reports bigger-than-expected loss
Apr 10, 2001 (FWN Select via COMTEX) -- TOP STORIES:
US stocks end higher; Dow industrials closes above 10,000
New York, April 10 (BridgeNews) - The Nasdaq surged 6% and the Dow Jones
industrials closed above the 10,000 level for the first time since March 15, as
investors determined that stock prices now more accurately reflect the outlook
for weak corporate earnings. The Nasdaq closed up 106 points, or 6.09%, at 1851,
the Dow industrials was up 257 points to 10,102, and the S&P 500 ended up 30
points, or 2.71%, at 1168. ( Story .1300 )
Motorola reports bigger-than-expected loss
New York, April 10 (BridgeNews) - Motorola Inc., the giant maker of
semiconductors and mobile phones, reported a first-quarter loss of 9 cents per
share, disappointing analysts and investors who had expected a loss of 7 cents
per share. The weaker-than-expected result came even though Motorola had warned
the market about its prospects twice in recent months. ( Story .21437 )
Aetna profit to fall short of forecasts as medical costs rise
New York, April 10 (BridgeNews) - Aetna Inc. (AET), the largest health care
insurer in the U.S., said its first-quarter and full-year earnings will fall
short of its initial estimates because of higher-than-expected medical costs and
a one-time charge for exiting a Medicare market in January. The health insurer
expects medical costs for the first quarter to be about $90 million. ( Story
.5970 )
E*Trade Group breaks even despite plunge in trading activity
New York, April 10 (BridgeNews) - E*Trade Group (ET), the United States'
second-biggest online stockbroker, broke even in the first quarter even though
the plunge in stock prices has slashed trading activity. The average number of
trades per day fell to 136,000 from 232,000 a year earlier. The result matched
Wall Street forecasts. ( Story .20898 )
Merrill says examining job cuts due to weak market environment
London, April 10 (BridgeNews) - Merrill Lynch & Co. (MER), the largest U.S.
brokerage, said it is considering a plan that would cut staff globally in an
effort to combat a market downturn that has forced many of its rivals to take
similar actions in recent weeks. The New York-based brokerage giant said it will
examine business-by-business ways to slash expenses, including money spent on
employees. Merrill would not confirm how many workers it seeks to cut, but one
analyst speculated it could be around a thousand. ( Story .19341 )
Roadway Express profits decline as economy slows
New York, April 10 (BridgeNews) - Earnings at Roadway Express Inc. (ROAD) fell
in the first quarter as the slowing economy caused the trucking company's
customers to ship fewer goods. The Akron, Ohio-based company said operating
income for the period was $14.1 million, or 44 cents per share, down 18.7% from
the $17.3 million, or 55 cents, reported a year earlier. ( Story .5971 )
Aluminum producer shares surge as smelters urged to remain shut
New York, April 10 (BridgeNews) - Shares of aluminum producers rose as investors
gambled that the price of the metal will rise if the Bonneville Power
Administration (BPA) succeeds in pressuring smelters in the Pacific Northwest to
save electricity by shutting down for the next two years. Most of the
smelters, which use vast amounts of power to produce aluminum, had already
agreed to stay closed until October in order to make more electricity available
for other uses. ( Story .5973 )
Cypress Semiconductor warns again on first quarter profit
New York, April 10 (BridgeNews) - Canceled purchases offset nearly every new
order Cypress Semiconductor Corp. (CY) received in the first quarter, forcing
the chip maker to tell investors for the second time that it would earn less
than expected. The company now expects to report first-quarter earnings of 23
cents to 26 cents a share, substantially less than the 30 cents per share
analysts expected. ( Story .5972 )
OF INTEREST:
Chinese allow US plane crew more privileges
Haikou, China, April 10 (AP) - The U.S. air crew detained on this Chinese island
has been granted extra privileges, including freedom to exercise in the building
where they are being held by Chinese authorities, an American official said. As
the standoff dragged into its 10th day, China welcomed U.S. Secretary of State
Colin Powell's weekend statement that Washington was "sorry" for the fate of a
Chinese fighter pilot missing since a collision with the spy plane. But it
repeated its insistence on a formal apology for the incident. ( Story .16522 )
Gillette restates results on accounting changes, Oral-Care unit
New York, April 10 (BridgeNews) - Gillette Co. (G) restated its income statement
for 1999 and 2000 to reflect accounting changes. The changes will not affect the
company's earnings figures. Gillette will include certain sales promotion and
advertising expenses in cost of sales, instead of under selling, general and
administrative expenses. It also formed a new "Oral Care" segment, which will
include the earlier "Oral-B" segment and all Braun Oral-B power oral care
products. ( Story .15903 )
(C) Copyright 2001 FWN
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