Look Who Reported Record Revenues

October 20, 2003
Vincent Mao

Industrial conglomerate giant
3M
(
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cents a share in the year-ago quarter. Cost cuts, currency gains, and strong
Asian demand contributed to an 18% jump in international sales. International
sales account for more than half of the company’s revenues. The maker of Scotch
tape also raised full-year results to $2.98 to $3 a share, from $2.88 to $2.95.

The world’s largest financial
services company Citigroup
(
C |
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PowerRating) earned 90 cents a share compared to 76 cents a
share in its third quarter. Revenues jumped 10% to a record $19.4 billion.
Shares of Citigroup are down over 1% despite the positive news.

Printer maker Lexmark
(
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PowerRating)
reported a near 13% jump in net income. The company also guided fourth-quarter
results above consensus estimates.

Discount airliner Southwest
Airlines
(
LUV |
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PowerRating) reported a 44% jump in third-quarter earnings on a strong
summer travel season.

In economic news, the Index of
Leading Economic Indicators in September fell by 0.2% vs. an expected decline of
0.1%.

30-year Bonds are +065
at 111 150.

The dollar
is +0.12 at 92.72.

Gold is +1.60 at 373.80.

Crude Oil is -0.25 at
30.43.

Volume is 607,000,000 on
the NYSE, and 899,000,000 on the Nasdaq.

Market breadth is mixed,
with NYSE advancing issues over declining issues by 1.14 and down over up
volume by 1.05; Nasdaq advancing issues over declining issues at 1.07, and up
volume over down volume at 1.68.

Top Dow stocks are:

Stocks in the news:

Communications equipment maker
DSP Group
(
DSPG |
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PowerRating) is trading lower by 9.4% despite reporting
third-quarter results that matched analysts’ estimates. The company earned 32
cents a share or unchanged from year-ago levels. Revenues increased 7% to $47.2
million or above estimates of $46.3 million. Chairman & CEO Eli Ayalon commented
that “we continue to have strong bookings and good visibility into the fourth
quarter of 2003″.

Endo Pharmacuticals
(
ENDP |
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PowerRating)
is lower by nearly 16% after the drug maker announced that the FDA is requesting
more clinical trials and information on the company’s oxymorphone pain killers.
Although the FDA has issued approval letters, the administration requested more
information to confirm the safety of the drugs before granting final approval.
In response, Endo CEO Carol Ammon stated, “We remain confident that these
products are safe and efficacious and will complement the already marketed
injectable and suppository forms of oxymorphone.”

IDEXX Labs
(
IDXX |
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PowerRating)
is trading higher by 3.8% after the company extended a collaboration agreement
with a unit of Johnson & Johnson
(
JNJ |
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PowerRating) through the year 2018. Separately,
the announced third-quarter results of 44 cents a share, compared to 36 cents in
the year-ago quarter. This was 3 cents better than analyst estimates. Looking
ahead, the company sees fourth-quarter results excluding charges of 39 to 40
cents a share, or a penny below consensus estimates.

Lexmark International
(
LXK |
Quote |
Chart |
News |
PowerRating)
is higher by 4.5% after the printer maker reported third-quarter results of 79
cents a share, compared to 70 cents a share in the year-ago quarter. This was 10
cents better than analyst estimates. Looking ahead, the company is projecting
fourth-quarter results between 85 cents to 95 cents a share vs. current
consensus estimates of 82 cents a share.