Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (9166)	10/24/2002 10:27:12 AM
From: Techplayer	Read Replies (2) \| Respond to of 57110

So where do we go today? I flipped my long and went short again on LLTC at 28.80, making back 60 cents. I am out right now and still down about 60 cents on the week on a bunch of shares. NVLS is still in the red as well since I only took back 1/3 of the position that I had yesterday. 27.50 on the shares that I have gets me even.

To: Jorj X Mckie who wrote (9166)	10/24/2002 10:36:27 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 57110

here's more bullish news fo you.... buy mortimer, buy! chron.com Oct. 23, 2002, 5:13AM Cooper plans to close 10 factories No decision on which ones By RALPH BIVINS Copyright 2002 Houston Chronicle Cooper Industries plans to shut down 10 factories as a slowdown in the economy has reduced demand for Cooper's tools, hardware and light fixtures. Cooper, which has 110 manufacturing facilities around the world, has not determined which plants will be closed, a spokesman said Tuesday. "The broad-based economic recovery all of industrial America keeps hoping for has yet to materialize," Chief Executive Officer H. John Riley Jr. said in a written statement. The decline in commercial construction is eroding Cooper's fortunes, and that trend may continue for a while. "At this point, we have no reason to be optimistic regarding fourth-quarter economic conditions," Riley said. "Indeed, we have seen few signs of significant upturn in any of our markets, and activity in the commercial construction sector is likely to deteriorate even further over the near term." Cooper, which is incorporated in Bermuda and has its administrative headquarters in Houston, has one plant in Houston and 200 people at its office downtown. The plant, in northwest Houston, employs about 200 workers who produce pneumatic hand tools. Cooper has plants in 33 states, as well as in Mexico, Europe and Latin America. The company plans to complete the plant closures by the end of 2003, but officials have not determined which plants will be shuttered, said John Breed, a spokesman for Cooper. An undetermined number of employees will be laid off with severance pay when the plants close. The factories likely will be sold or leased to other firms, Breed said. The decision to close plants appears to be a wise move, given the sluggish economy, said industry analyst Edward Wheeler of Buckingham Research Group. "It was a necessary action," Wheeler said. "They are sizing the company for the tough times we have right now." Cooper will take a $30 million charge in the fourth quarter as a result of the closures. The firm will save $35 million a year by 2004 because of the cutbacks. On Tuesday, the firm announced its results for the third quarter, which ended Sept. 30. Cooper's net income slipped to $63.2 million, or 68 cents a share, on revenues of $1 billion. That was down from the third quarter of last year, when Cooper had earnings of $74.3 million, or 78 cents a share, on revenues of $1.05 billion. The company reported success in cutting its tax bill as a result of moving its incorporation to Bermuda. Cooper's quarterly taxes dropped to $19.7 million, from $37.6 million last year. Cooper's stock on Tuesday closed at $31.70, down $1.28. Cooper, which had revenues of $4.2 billion in 2001, has about 30,000 employees.