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Technology Stocks : Hewlett-Packard (HPQ) -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (412)	5/15/2002 11:48:26 AM
From: Night Writer	Read Replies (1) \| Respond to of 4345

PRESS DIGEST - Wall Street Journal - May 15 NEW YORK, May 15 (Reuters) - The following stories were reported on the front page of The Wall Street Journal on Wednesday: * Hewlett-Packard <HPQ.N> posted a fivefold increase in profit as it filed its last earnings report as a stand-alone company before completing its Compaq acquisition. * Former Arthur Andersen [ANDR.UL] partner David Duncan testified that he ordered Enron-related <ENRNQ.PK> documents destroyed because he feared an SEC probe of Andersen's audits. * Retail sales surged a higher-than-expected 1.2 percent in April, suggesting that consumer spending will keep the recovery going. * Stocks surged on the strong retail report. The Dow Jones Industrial Average rose 1.9 percent to 10298.14; the Nasdaq Composite Index jumped 4 percent to 1719.05. * The SEC is backing the formation of a panel to safeguard the interests of shareholders of Kmart <KM.N>, which filed for bankruptcy-law protection in January. * Wal-Mart's <WMT.N> earnings rose 20 percent on robust sales. J.C. Penney, Zale and Tiffany also posted strong results. * Top Napster executives quit and the firm is considering a bankruptcy filing after a deal to be acquired by Bertelsmann collapsed. * KPMG's [KPMG.UL] chief said he never discussed a pending SEC probe of Xerox <XRX.N> by name, in the latest account of his meeting with Harvey Pitt. * A metals-trading scam may have bilked over $600 million from some of the world's biggest banks, including J.P. Morgan <JPM.N>, FleetBoston <FBF.N> and PNC <PNC.N>. * PPG <PPG.N> agreed to pay $2.7 billion to resolve all of its asbestos litigation through Pittsburgh Corning's bankruptcy proceedings. * News Corp. <NCP.AX> reported a $3.99 billion loss after writing down the value of its Gemstar-TV Guide stake. But profit at the company's Fox studio nearly quadrupled. * BCE's <BCE.TO> telecom arm is expected to seek bankruptcy protection in a Canadian court as early as Wednesday, joining a growing roster of long-distance upstarts to buckle under excessive debt. * Disney's <DIS.N> ABC network unveiled plans for nine new prime-time programs for the fall season, as it canceled once-popular series "Dharma & Greg" and "Spin City." * Two Senate panels began exploring additional steps the government might take to prevent manipulation of electricity markets. * Standard & Poor's unveiled a new definition of operating earnings in a bid for consistency in financial reports. * Computer Associates' <CA.N> board named Lewis Ranieri as lead director, adding a counterweight to Chairman Charles Wang's power. Separately, the software maker said its net loss narrowed. * Applied Materials' <AMAT.O> profit fell 84 percent from the year-earlier quarter but results edged analyst expectations by a penny a share. The chip-equipment firm sees demand picking up for its products. * Levitt blasted the accounting profession as having little concern for the public interest. The former SEC chairman warned that big accounting firms and their allies in Congress are trying to block reform. * SBC Communications <SBC.N> plans to eliminate 5,000 jobs in the second quarter, blaming the weak economy and a "burdensome regulatory environment." * Sun, IBM <IBM.N> and H-P each gained market share in sales of servers during the first quarter, while Dell <DELL.O> and Compaq lost market share, according to a new Gartner Dataquest survey. * KLM <KLM.AS> completed a deal with International Lease Finance to lease six new Boeing 777-200ER jets, twice as many as originally announced, in a deal valued at $1.5 billion. * NTT <9432.T> posted a record loss for a nonfinancial company in Japan, citing restructuring charges and foreign-investment losses. The company also said Norio Wada will become president in June. * Blackstone Group agreed to acquire a majority stake in Columbia House, a music and video direct-marketing firm jointly owned by AOL Time Warner <AOL.N> and Sony. * The nine states pursuing a tough antitrust remedy against Microsoft <MSFT.O> in court are still trying to convince a judge to admit a Microsoft e-mail into evidence despite having rested their case last month. * A new study by the Highway Loss Data Institute, a group funded by auto insurers, has found that the Acura Integra had the highest frequency of theft-related insurance claims of any vehicle in the country. * Ziff Davis Media reported a sharp drop in quarterly profit and revenue, and announced it will stop publishing Smart Business magazine. (New York Newsroom, 646-223-6000)) MORE * end of story *