Disney Shareholders Vote; Domestic Diva Jurors Debate
Stocks
were mixed Wednesday. The Beige Book
indicated that the economy is improving, showing that
consumer spending rose in most if the 12 districts
reporting and that the job market was stronger.
Toys ‘R’ Us
(
TOY |
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PowerRating)
reported a 48% decline in net income from store-closing charges and earnings
dropping to $144 million or 67 cents a share. Fourth-quarter sales rose 1.4% to
$4.94 billion with same-store sales declining 5.1%. Excluding one-time charges,
full-year earnings would have been $203 million. Costco
(
COST |
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PowerRating)
reported earnings of $226.8 million for the second quarter on sales of $11.33
billion with same-store sales rising 11%.
In a vote of no confidence at the company’s annual meeting, forty three percent
of Disney
(
DIS |
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PowerRating) shareholders withheld their support for CEO Michael
Eisner. Comcast said they wanted a meeting with independent Disney directors to
present a new merger proposal. Eisner rejected a proposal several weeks ago.
Former Worldcom CEO Bernard Ebbers was arrested and pled not guilty to
conspiring to commit the largest corporate fraud in American history. In the
Martha Stewart case, the jury began its deliberations.
After the close, Hot Topic
(
HOTT |
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PowerRating) beat by a penny; Aeropostale
(
ARO |
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News |
PowerRating) February same store
sales rose 26%; Michael’s Stores
(
MIK |
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PowerRating) beat by 0.03 and guided
higher.
| Dow | +1.63 | 10593.11 |
| S&P 500 |
+1.93 | 1151.03 |
| Nasdaq | -6.29 |
2033.36 |
The day’s leading sectors were
Gold
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +0.83%,
Healthcare
(
HMO.X |
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Chart |
News |
PowerRating) +0.71%, and Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +0.69%.
Weak today were Semis
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -1.89%, and
Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -0.55%,
Economic news releases today
included ISM services index falling to 61.4.
10-year Notes were -025
at 114 260
The dollar
was +20 at 88.93.
Gold was +1.46 at 392.06
Crude Oil was -0.83 at
35.80
Volume was
1,325,935,000 on
the NYSE, and 1,809,535,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1609 | Up Vol 641 |
| Declining | 1666 | Down Vol 654 |
| Ratio | 1.03 | 1.02 |
| Nasdaq | ||
| Advancing | 1554 | Up Vol 804 |
| Declining | 1589 | Dow Vol 947 |
| Ratio | 1.02 | 1.17 |
Stocks in the news:
Ligand Pharmaceuticals
(
LGND |
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Chart |
News |
PowerRating) reported earnings of $5.9 million on revenue that doubled to $57.6
million. Strong sales of its Avinza treatment for pain helped to boost bottom
lines. The company expects to earn 14 cents a share on revenue of $255 million
for fiscal year 2004.
Nabi Biopharmaceuticals
(
NABI |
Quote |
Chart |
News |
PowerRating) rose 8% after receiving fast-track designation for its Altastaph
product for Staph aureus infections.
AutoZone
(
AZO |
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Chart |
News |
PowerRating) reported earnings
of $91.7 million on sales of $1.16 billion with no change in same-store sales.
Retailer Wal-Mart
(
WMT |
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Chart |
News |
PowerRating) announced
plans to raise its dividend by 44% to 52 cents per share.