Look Who’s Restating Earnings
Stocks are
slightly higher. Freddie
Mac
(
FRE |
Quote |
Chart |
News |
PowerRating) restated its earnings for 2000 to 2002 to $5 billion. The
restatement will increase income by $4.4 billion for 2000-2002 and by $600 million before 2000. Time Warner
(
TWX |
Quote |
Chart |
News |
PowerRating) chose Edgar Bronfman Jr.
as the preferred candidate to buy Warner Music Group. TWX expects to fetch $2.5
billion in this sale. Worldwide delivery carrier UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) announced
it would raise ground delivery rates by 1.9% next year, the smallest hike in
seven years. Air rates would rise 2.9%, all increases are effective January 5.
| Dow | +0.14% | 9633.42 |
| S&P 500 | +0.22% | 1035.99 |
| Nasdaq | +0.58% | 1892.98 |
The day’s leading sectors are
Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), +2.41%, Telecoms
(
$XTC.X |
Quote |
Chart |
News |
PowerRating),
+1.04%, Internet Commerce
(
$ECM.X |
Quote |
Chart |
News |
PowerRating), +0.99%, Semiconductors
(
$GSM.X |
Quote |
Chart |
News |
PowerRating), +0.65%.
Weak today are Health
Provider [RXH.X|RXH.X] -2.41%, Oil
Service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating), -2.20% and Healthcare
(
$HCX.X |
Quote |
Chart |
News |
PowerRating),
-1.02%
Economic news releases for
today will include Treasury Budget numbers that was not available at the time
this article was written.
10-year Notes are +50
at 113 305.
The dollar
is +0.08 at 90.80.
Gold is +0.11 at 394.80
Crude Oil is -0.06 at
32.86.
Volume is 569,000,000 on
the NYSE, and 831,000,000 on the Nasdaq.
Market breadth is Positive
| NYSE | Issues | |
| Advancing | 1807 | Up Vol 284112K |
| Declining | 1196 | Down Vol 200652K |
| Ratio | 1.49 | 1.37 |
| Nasdaq | ||
| Advancing | 1487 | Up Vol 377339K |
| Declining | 1353 | Down Vol 290001K |
| Ratio | 1.08 | 1.31 |
Top Dow stocks are:
McDonalds [MCD|MCD],
+1.82% at 25.13, AT&T |T|T],
1.4% at 19.36, Citigroup [C|C],
+0.59% at 46.36, and J.P Morgan Chase
(
JPM |
Quote |
Chart |
News |
PowerRating), +0.58% at 35.07
Stocks in the news:
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating)
announced it would cease Phase III clinical program for its diabetes treatment
MK-767. It was previously licensed from a Japanese company Kyorin
Pharmaceutical. Tests were halted due to reports of a rare type of malignant
tumor.
Gap
(
GPS |
Quote |
Chart |
News |
PowerRating) posted a
profit of $262.6 million on a 7.8% increase in revenue. Revenue jumped to $3.93
billion, well ahead of Wall Street estimates. Same-store sales were up 6% for
the quarter.
Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating),
maker of the AutoCAD design software, reported a net income of $22.6 million on
sales of $233.9 million. It expects revenue for fiscal year 2005 to be in the
range of $940 million to $975 million with earnings of $1.00.
Barnes & Noble
(
BKS |
Quote |
Chart |
News |
PowerRating) reported
third-quarter earnings of $10.2 million on sales of $1.27 billion. It expects
earnings to be $2.00 to $2.07 a share for the full year.
If you have any comments or questions, please
feel free to email me.
bricew@tradingmarkets.com