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Market briefing---Lane (medium)
Intel---Bob (fast)
NYSE---Deb (fast)
Numbers---Carmen (fast)
the “wall street journal” and “new york times” reporting that j.p. morganchase has agreed to buy bank one for $60 billion. the paper cited an unidentified person familiar with the situation. the purchase of chicago-based bank one would be the biggest by chief executive officer william harrison who combined chase manhattan with j.p. morgan for $32 billion back in 2000 and has since spent $41 billion in acquisitions beginning in 1999 in an attempt to transform a commercial bank into a relationship-driven financial institution. investors were calling for harrison’s ouster in 2002 when j.p. morgan’s market value fell to less than its net worth. the combined bank would have sites―assets over $1 trillion, second only to citigroup’s $1.21 trillion. we’ll have more on the story coming up. in the meantime, another big story for you with intel reporting the best quarterly earnings in three years, bob bowden has been crunching the numbers.

>> intel surpassed the analysts’ consensus estimates for fourth-quarter profits with ease. reporting net income of $2.2 billion, or 33 cents a share, more than doubling the numbers from a year ago. that also exceeds the 25 cents expected by wall street analysts. fourth-quarter revenue bettered expectations coming in at $8.74 billion, up 22% from the figure last year and $80 million more than expected by wall street analysts, looking at $8.66, according to a survey by thomson financial. none of that news explains why intel shares are down in extended hours and they are. we have to turn to details on the forecast. intel seeing first-quarter revenue in a range between $7.9 and $8.5 billion, presenting a midpoint of $8.2 billion, which is in fact below the consensus analysts’ targets of $8.24 billion and this is the closest explanation as to why people may be selling off intel shares in the last few minutes. there could also be the issue of gross margins forecasted by intel in a range of 58% to 62%, down from 63.6% in the fourth quarter of last year. we should point out that fourth-quarter margins should be higher because of the holiday shopping season. the first quarter of 2003 was 52%. so the range of 58% to 62% for the first quarter is higher than would have been a year ago in the first quarter but down sequentially from the fourth quarter. another explanation intel shares might be lower, trader jeff swenson with john hancock investments says intel’s forecast of cap-ex spending in the range of $3.6 to $4 billion might be perceived as light. at this hour, intel shares down 99 cents at $32.40. but for some perspective, intel shares have risen 88% in the last 12 months and are the best performing stock among the dow jones industrial companies but taking off about a dollar in responded hours.

>> we’ll have more on intel’s report coming up when we speak with tim woolston with boston advisers in about 10 minutes from now. the numbers on the closing action at the new york stock exchange, dow jones industrial average up on the day by 1%. currencies, not much action for for the dollar-yen situation but the euro checks in at 1.2649 on the day. lots of news after the closing bell today. and more ahead tomorrow before the opening bell. deborah kostroun is at the new york stock exchange for a preview of what’s ahead.

>> one thing is for sure and that is the financial companies likely to be at the forefront tomorrow. not only this merger news coming out, but also we have a lot of earnings reports coming out before the open of trading. looking at a list of some of the financial companies that i compiled with earnings, bank of america, that’s a big one. fleetboston, union planters and comerica. and more financial earnings coming out tomorrow, as well, including n.c.. f.―n.c.f., wachovia and hibernia, as well. more financial earnings coming out before the open of trading tomorrow. one of the things we saw in today’s session, the major indexes rallied close to their rally highs they set last week and much of that is ahead of all these earnings reports. and in fact, a lot of the positive news we got about the the―earnings coming up really didn’t come from computerland, explaining why the dow jones industrial average outperformed the nasdaq as the airplane industry gained steam from rockwell collins, raising their forecast due to rising demand for parts from the military and commercial planes. s.g. cowen saying that is good news for other companies like united technologies and morgan stanley with a note on boeing, saying the odds are increasing for a recovery in plane deliveries in 2005 and so what we did see, for the dow and many of the airplane-related stocks , all performing well and many of those aerospace and defense companies, as well. walt disney gaining. schwab’s sownted view raising their earnings forecast for the latest quarter, saying not only do they have blockbuster movies like “finding nemo” and espn but a rebound in the theme parks will produce higher-than-expected profits with more people going to the magic kingdom and more visitors to orlando.

>> thanks. apart from the bank news and intel, we also have yahoo at saying fourth-quarter profit rose 62% on higher ad sales tied to its search engine results. carmen roberts has the numbers.%

 >> this is another record-setting quarter for yahoo. it’s one in which the company blew past estimates. fourth-quarter revenue more than doubled to a record $664 million. the key to those record-setting sales is advertising, which accounts for 70% of yahoo’s revenue. as we told you, profit rose 62% to $75 million or 11 cents a sere, in line with estimates. this ask the ninth―this is the ninth straight quarter of profits. before the earnings were released, standard & poor’s equity analyst put it this way.

>> we think one of the things yahoo has done over the last few years is garnered interest from not only dot-com’s but also fortune 500 companies opening up their budgets to spending online.

>> yahoo is competing with google, the most popular search engine, for the number one position in sponsored search ads, where businesses pay to be listed prominently in the results of web searches. and the sponsored search service helped yahoo ad sales almost triple to $546 million. looking ahead, yahoo expects first-quarter profit from separations―operations to reflect sales of $475 to $505 million. shares are lower in extended trading but up more than 145% the past year. although the stock is trading at 90 times estimated 2004 estimated earnings, paul cook, fund manager with munder capital, says the gains are justified if yahoo increases earnings by 50% this year. we have the yahoo conference call underway right now and we will bring you breaking news as it’s available.

>> just ahead, we’ll speak with denis laplante with tim woolston.
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