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Opec---Carmen (fast)
NYSE---Deb (fast)
>> welcome to “world financial report.” i’m matt nesto. let’s get right to the action. rising stocks across the board, three, five, .7% is the move. the dow up .3%. the s&p up half a percent. and the nasdaq, .7% higher. peculiar quote that we’re showing there. i think that’s a bad graphic, folks. apologize for that. if we look at the treasury markets here today, we’re seeing weakness in the treasury bonds today, this after an announce am over a treasury auction today. you see the 10, five, three, and two all falling. this on speculation that alan greenspan will signal that the fed is closer to a rate hike or seeing a stronger economy when he goes to capitol hill tomorrow to testify. and lastly, a quick check on the currencies. no change versus the yen, the euro, and the pound. they’re both inching higher, not by 1% and 2%. again, a little graphical problem. prudential financial said it earned 92 cents a share in the fourth quarter, versus a loss of 10 cents a year earlier. on an operating basis, profit was 64 cents a share, three cents better than expectations. the third biggest u.s. life insurer also says it sees full-year earnings coming in at somewhere between $3.40 and $3.60, well above $3.25 that wall street is expecting. the company also announcing that it’s going to buy back up to $1.5 billion worth of its own stock . checking prudential in after hours, $45.50, up 50 cents on the last tick. here are some of the other top stories that we’re following here today. shares of viacom were on the rise today after the company said it would spin off its 81% stake in blockbuster. the third largest u.s. media company will also take a $1.3 billion writedown to reflect a decline in the value of the video rental chain. the charge led viacom to report a fourth quarter loss of $385 million. sales were up 11% to $7.5 billion, helped by a 24% jump in revenue at its cable unit, which owns mtv and vh-1. and disney’s board says it’s been meeting with chief executive michael eisner to discuss succession. they met with eisner in january and will do so again in april. eisner has led disney since 1984 and is now facing opposition from former director roy disney and stanley gold. eisner, disney, and gold have all been lobbying investors in advance of the company’s march 3 annual meeting. also today, the s.e.c. will propose eliminating the payment of extra commissions to brokers who promote a company’s fund. at a meeting in washington tomorrow, the s.e.c. will also vote on a final rule making -- or final rule, rather, making mutual funds disclose their holdings each quarter and tell investors twice a year how much they’re paying in fees. treasury secretary john snow is calling opec’s decision to cut production quotas “regrettable.” speaking to reporters today in florida, he says the u.s. needs less dependence on opec. that follows the cartel’s unexpected announcement that it will cut production for the second time in less than five months. carmen roberts has more on that decision, which pushed crude prices up 3% today to $33.87 a barrel.

>> it’s all about concerned, those prices. opec ministers say they are concerned prices will fall unless they bring supply more in line with demand as the spring approaches, bringing in warmer weather our way and, of course, less demand. they plan to cut the daily production quotas bid one million barrels and eliminate cheating on quotas by 1.5 million barrels a day. echoing secretary snow’s comments, energy secretary spencer abraham says opec should stop trying to control crude prices.

>> we believe that as opposed to decision making practice like this, that the market ought to be allowed to set production levels in price. if that happens, then what you’re going to see is worldwide economic growth. that means good things, not just for consumer countries like america and others, but for the producers as well.

>> with crude prices averaging $31 a barrel a day over the past year, that’s 15% higher than the average price of the last five years, oil industry watchers such as john at fimat u.s.a. says prices like that will mean opec will have a tough time making this price stick. when you look at how many members are exceeding their quotas. bloomberg estimates show that 10 opec members with quotas, excluding iraq, exceeded their production targets last month by more thanned 1.5 million barrels a day, about 6.5%. opec constantly deals with seasonal demands, but this year iraq’s inability to resume its exports is adding to the uncertainty.

>> you see every single day there is a problem there, specifically the bombs that killed 50 people, scores of injured people, so there is some uncertainty as to when is that country going to turn around.

>> opec likes to keep it between $22 and $28 a barrel. yesterday a basket fell to $28.01, the lowest, matt, since december 1. back to you.

>> cashmen, thanks a lot. while she was reporting, we saw headlines cross the wire from metlife. the insurance company coming out with its fourlts quarter and, of course, thereby, full-year results. the fourth quarter coming in as expected, right in line, 74 cents a share. interestingly, though, the company out with a statement saying that it may meet or exceed 2004 growth objectives. you sea the move in share price in regular trade. after hours, unch, uncle charlie. that opec decision had an impact on stocks today. deb kostroun down at the nyse with the impact. deb?

>> down here at the new york stock exchange, we saw oil and oil service stocks up across the board today. in fact, if you take a look at the s&p energy index today, after a little bit of a rocky opening, got on some pretty good ground and closing pretty well, up 1%. gains in the sector really kind of across the board. and of the 10 economic groups in the s&p 500, the energy definitely leading the way. all 23 stocks in the s&p’s energy index rising. of course, once again, the energy group, the one biggest gainer is in the 10 economic groups. also, oil services performing quite well. we saw some new highs there. that o.s.x. very close to a new 52-week high. that was being propelled by a few stocks like halliburton. also, transocean at its highest level since june of 2002. the reason that oil and oil services performing quite well, higher oil prices could lead to higher than expected profit. and for the markets, overall getting away from oil, definitely the big story today was the wait and see mode as mr. greenspan speaks to congress tomorrow. one of the things that we’ve been talking about all day, that greenspan will probably be upbeat about growth, but he’ll also probably say he’s in no rush to raise interest rates. and take a look at some of the notable movers in today’s session. you’ve been talking about some earnings after the close of trading, but a.i.g. shares, they jumped to a 22-month high today. this before they are expected to report a record profit tomorrow. analysts surveyed by thomson financial expecting a profit of $2.7 billion. that works out to $1.04 a share. back to you in the studio.

>> ok, deb, thanks very, very much. if we check out what else is happening in some after the bell earnings, monster worldwide, of course, the owner of the biggest web site for help wanted ads, posted a $12.6 million profit in the fourth quarter. meanwhile, shares are lower in extended hours trading after the earnings report came out. monster earned 11 cents a share and says this quarter’s earnings will be modestly higher than nine cents. and after-hours trading of priceline.com has been volatile after the internet travel company posted lower than expected sales. revenue fell to $180 million, below the average estimate of two analysts polled by thomson financial. the company earned six cents a share compared with a net loss a year ago. and sycamore networks, the maker of fiberoptic networking equipment, reported a loss of a nickel in the recent quarter. a year earlier it lost six cents. well, the world’s largest soft drinks maker reports its fourth quarter earnings tomorrow. feels like earnings season again. our next guest follows coca-cola and is going to tell us why he’s more bullish coke for the short term.
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