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Program: Tuesday, October 14, 2003
10/14/03: Intel CFO Andy Bryant On The Chip Maker's Growth Spurt
SUSIE GHARIB: On Wall Street, new yearly highs again for the major stock indexes. And they could go higher thanks to strong earnings news late today from Intel. The Dow rose 48 points, closing above the 9800 level for the first time since May 2002. And the NASDAQ rose 9 to a new 21-month high. After the bell, Intel reported that its fourth-quarter profits surged 142 percent from a year ago. The world's largest semiconductor maker earned $0.25 a share. That's $0.02 better than estimates. Revenues jumped 20 percent to $7.8 billion. Looking ahead, Intel projected that in the fourth quarter it could post revenues as high as $8.7 billion. And it expects gross margins to come in around 60 percent. That's a sign that business is finally improving. In after hours trading, the stock was roughly $0.50 higher. Intel Chief financial Officer Andy Bryant says much of the growth came from overseas ANDY BRYANT, CHIEF FINANCIAL OFFICER, INTEL: Don't discount the fact we've started to see some strength in Western Europe, if you follow our industry for a number of years, the third quarter is typically a flat in Europe. And we're starting to see some growth, and you even start to see some signs from anecdotal evidence of some recovery in the U.S. markets as well. Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
SUSIE GHARIB: Well, in other earnings news, two of the nation's largest financial firms also posted solid third-quarter results. Merrill Lynch and Bank of America (BAC) handily beat Wall Street estimates. Suzanne Pratt takes a look at the story behind the numbers. SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: ... turned in its second best quarter in company history. Excluding a gain from an insurance recovery related to September 11, 2001, Merrill Lynch earned $1.03 a share in the third quarter versus $0.61 a year ago. This year's third-quarter results blew past Wall Street estimates. Aggressive cost-cutting by Merrill's chief executive, Stanley O'Neal, and strength in bond trading helped power profits. In addition, stock market gains lifted investment banking and brokerage fees at the securities firm. And, analysts say Merrill should be able to keep up the good work. REILLY TIERNEY, BROKERAGE ANALYST, FOX-PITT KELTON: Merrill Lynch may be one of the few brokers that actually may have an up year next year because they have done so much more than the other firms in terms of cost cutting. So even in a tougher revenue environment in '04, Merrill Lynch may be able to show up earnings. PRATT: Strong growth in investment banking also boosted profits at Bank of America. The third largest U.S. bank earned a $1.92 a share in the third quarter compared to a $1.45 a year earlier. Third-quarter results were a stunning $0.23 better than Wall Street expectations. Higher fees from mortgages and other business and consumer lending also boosted profits at the money center bank. And analysts say even though mortgage rates are rising, the bank should be able to supply healthy profit growth in the coming quarters. DENIS LAPLANTE, BANKING ANALYST, KEEFE, BRUYETTE & WOODS: The earnings growth was somewhere in the vicinity of 18 to 20 percent depending on what your assessment of operating earnings were in the quarter. And, that's not sustainable. But, I think the company can sustain a high single-digit, low double-digit rate of earnings growth for the next couple of years because they have several levers they will be able to pull. PRATT: Bank of America shares gained a bit today, while Merrill's stock actually fell slightly. On a year-to-date basis, however, both financial firms have done very well, with Bank of America shares up nearly 20 percent and Merrill stock gaining more than 50 percent. Suzanne Pratt, NIGHTLY BUSINESS REPORT, New York.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
10/14/03: SCOTUS Prepares To Take On The Telecomms
SUSIE GHARIB: A busy day on the docket at the U.S. Supreme Court: The high court decided today to review the constitutionality of reciting the Pledge of Allegiance in schools. It also took up the case of an AT&T (T) customer suing Verizon (VZ) under the 1996 Telecom Act. As Stephanie Woods reports, it's a case that could shape the future of the telecommunications industry. STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: The question before the high court is whether antitrust laws should be used to bolster local telephone competition. The Federal Communications Commission found Verizon failed to open its local network to AT&T. Now AT&T's customers want the right to sue Verizon for anti-competitive conduct. Supporters of the case against Verizon say giving consumers the right to sue will give the local telephone companies incentive to play by the rules. JONATHAN LUBIN, AMERICAN ANTITRUST INSTITUTE: We have a monopolistic industry that Congress is intending to switch over to competition as it were, and with the application of the antitrust laws that is another sort of weapon to insure that competition remains vital. WOODS: An attorney for Verizon told the justices that regulators at the FCC should enforce the rules not the courts. The local telephone company wants to avoid a flood of lawsuits by customers of its competitors. Verizon says the legal uncertainty has business investment on hold. JOHN THORNE, DEPUTY GENERAL COUNSEL, VERIZON: This class of cases suppresses people buying and investing, because if you have to turn over your assets under the antitrust regime, you're deterred from creating those assets in the first place. WOODS: Several of the justices seemed sympathetic to Verizon's argument. Justice Stephen Breyer worries taking power away from regulators would put complex pricing decisions in the hands of hundreds of judges and juries, each potentially reaching different conclusions. Justice Anthony Kennedy likened using antitrust laws to create competition to wielding a sledgehammer instead of a scalpel. But, Justice Ruth Bader Ginsburg was uneasy about consumers not having any recourse if they're shut out from the courts. Analyst Rebecca Arbogast watched the arguments today. She expects the outcome to favor Verizon. REBECCA ARBOGAST, ANALYST, LEGG MASON: The most immediate investor impact is if the court ends up ruling in favor of Verizon and overturns the 2nd Circuit decision, that's immediate good news for the Bells, they can basically breathe a sigh of relief and they don't need to worry about defending against a bunch of different cases that are brought. WOODS: Investors will be in a bit of legal limbo until the court makes its decision, which could come as early as December, but may take until the end of June. Stephanie Woods, NIGHTLY BUSINESS REPORT, Washington.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
10/14/03: The Business of Finding A Job
SUSIE GHARIB: Well, with the U.S. unemployment rate at 6.1 percent, people continue to hunt for work. Job recruiters and online placement agencies are being inundated with resumes. And as Jeff Yastine reports, job fairs are being mobbed by people desperately looking for work. JEFF YASTINE, NIGHTLY BUSINESS REPORT CORRESPONDENT: It is a discouraging sign of the times for the nation's unemployed. At this job fair in Miami today, an estimated 10,000 people showed up to look, listen... UNIDENTIFIED MALE: You'll be working at the White House, carry a federal position. YASTINE: ... and fill out job applications. They're seeking a job, any decent paying job, they can find. GERALD VASTIEN, JOB SEEKER: I'm basically trying to find a job here, because as far as what I've been looking for, just at home or on the Internet, I haven't found any positions available to me. I haven't received any callbacks, so I figured I'd come here and try to find a job. YASTINE: But, like anything else, finding a job depends in large part on what you're looking for. High tech and manufacturing jobs are scarce but spending on all levels of law enforcement is on the increase. The Secret Service, U.S. Customs; even the postal inspectors were here looking for recruits. EUGENE PAYTON, POSTAL INSPECTOR, U.S. POSTAL INSPECTION SERVICE: There's a greater demand for more postal inspectors, but there's also an increase in awareness, from 9/11, like anthrax, that we had a few years ago, we're putting a lot more emphasis on homeland security, just like any other federal agency. Because up until 9/11, nobody really expected this to happen. YASTINE: That bodes well for those with the right education and age requirements, like this college criminology graduate. CHARLES SILVA, JOB SEEKER: I'm definitely getting a good sense from here, not only in this job fair, but at other law enforcement agencies that I've obviously looked at myself, and at the career center at the university. YASTINE: In many ways, job fairs like this one reflect the state of the U.S. economy. There are plenty of law enforcement- and security-related work to go around. But for other kinds of job-seekers, the pickings are slim indeed. BRENDA STEPHENS, JOB SEEKER: It has been three years, and within the three years, it has been very discouraging, because a lot of jobs just not hiring, and a lot of jobs are low-paying jobs. And I'm going to just have to keep looking until that door opens for me. YASTINE: Despite the slack labor market, some job seekers remain picky about salaries. ELIZABETH CABEZAS, H.R. MGR., SEABOARD MARINE: There are more people coming in for positions, but requiring higher pay, I guess because of the economy, requiring higher pay than what the position will normally pay for. And some are willing to adjust, some are not. YASTINE: And so, those who are without work, and those looking for a job change, pour in to job fairs like this one, whether they'll find new jobs depends in large part on how the economy plays out over the next six months. Jeff Yastine, NIGHTLY BUSINESS REPORT, Miami. Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
SUSIE GHARIB: In tonight's commentary, the long-term effects of current fiscal policy. Here's Charles Schultze, senior fellow emeritus of the Economics Study Program at the Brookings Institution. CHARLES SCHULTZE, COMMENTARY: The massive tax cuts of the last several years and a major boost in the defense budget, are generating a surge in consumer and government spending that's invigorating a heretofore sluggish recovery. For now, while the economy has some slack in it, that's welcome. But unfortunately neither the defense increases nor the tax cuts are temporary. While the tax laws were written to have them expire at or before the end of nine years, that was a transparent ploy to hide their long-term effect. But nobody believes the cuts will be allowed to expire. Moreover, in today's international environment, the defense budget is unlikely to decline soon. Under a realistic evaluation of current tax policies and expenditure trends, we face continuing federal budget deficits, averaging above $350 billion a year, adding almost $4 trillion to the national debt over the next 10 years. And just about then, the Baby Boomers will begin retiring in vast numbers, leading to soaring levels of Social Security and especially Medicare spending, even after any reasonable reforms that may be adopted. In the coming 10 years we ought at least to be paying our own way, so as not to worsen the already large financial burdens that demographic changes will be imposing on our children and grandchildren. Instead, national policy-makers have been irresponsibly piling new burdens on them. For shame. I'm Charles Schultze.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use. 10/14/03: Last Word: Building A Space Elevator
SUSIE GHARIB: And finally tonight, scientists at the Los Alamos National Laboratory want to give "Jack and the Beanstalk" a run for its money. The scientists are working on plans to build an elevator reaching 62,000 miles into the sky so they can launch payloads like satellites into space. They're doing the elevator research on their own time and trying to come up with a proposal for the Department of Energy. The space elevator would be made of carbon nano-tubes and be attached to the Earth's equator on an oil rig type platform. The scientists say a space elevator would dramatically cut the cost of launching payloads into space: shuttle payloads currently cost about $15,000 a kilogram. But payloads launched by the space elevator would cost around $1000 a kilogram, Paul? KANGAS: Nano-tubes, the whole thing sounds way out of this world to me. GHARIB: It's another language, that's for sure. KANGAS: Crazy. Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use. 10/13/03: "Paul Kangas' Stocks In The News"
PAUL KANGAS: Wall Street opened slightly lower on a little profit-taking after yesterday's nice rally, but there wasn't much motivation to sell aggressively in the face of those good earnings from Merrill Lynch and Johnson & Johnson. After a half hour of trading, the Dow and NASDAQ indices were showing just single-digit losses. The market continued to churn in a narrow range for the rest of the morning, getting support from a continuing flow of solid earnings reports and brokerage upgrades on such stocks as State Street Corp. (STT) and General Dynamics (GD). At midday, the Dow was up 2 points, NASDAQ down only a point. Optimism over Intel prompted a pickup in late-day buying. The result was a closing gain in the Dow Jones Industrial Average of 48.60 points, putting at 9812.98. The NASDAQ Composite rose 9.66 points to 1943.19. Standard & Poor's 500 Index gained 4.13 points, ending at 1049.48. Over in the bond market, a lot of weakness, the 10-year note fell 23/32 to 99 7/32, bringing the yield up to 4.35 percent. There it is, EMC (EMC) on $34.2 million shares. It topped the active list. The stock down $1.11. That's an 8 percent drop on that Documentum news. Lucent Technologies (LU) fell $0.03. Then First Data Corp. (FDC) down $2.66. Third-quarter earnings were a bit higher, $0.49 versus $0.45 last year. But the company scaled back its revenue targets from growth of 17 percent to only 14 percent. And JMP Securities downgraded First Data's stock from outperform to just market perform. General Electric (GE) moved up $0.36. Motorola (MOT), a $0.29 loss there. Fifth in big board volume. Pfizer (PFE) was up $0.21. Nokia (NOK), a $0.19 loss. And Johnson & Johnson (JNJ) moving up $1.14. As you heard, third quarter earnings up 20 percent for J&J. Micron Technology (MU) a $0.10 gainer. And AOL Time Warner (AOL) was down $0.04. It will become just Time Warner the day after tomorrow. General Dynamics (GD) had a good day, rising $2.45, almost a 3 percent gain. Morgan Stanley upgraded the stock from equal weight to overweight, and also increased its price target for General Dynamics stock from $95 a share to $100 a share. State Street Corp. (STT) rising $2.87. Third-quarter earnings nicely higher, $0.66 versus $0.57 in the same period a year ago. And that was $0.09 above the Wall Street estimate. And a nice reaction in the stock. Dow Jones Company (DJ) down $1.11 even though its third-quarter earnings were sharply higher, $0.11 versus only $0.03 the year prior. But the company made a rather cautious outlook. And Merrill Lynch downgraded it from buy to neutral on valuation concerns. Gannett Company (GCI) stock was up nearly a dollar. Third-quarter earnings a bit higher, $1.03 versus $0.99 last year, but that was only in-line with Wall Street estimates. And yet another media company reporting today, Scripps (SSP) up $4.89. Third- quarter earnings, $0.64, up from $0.57 last year. Revenues up 24 percent. And those earnings for Scripps were $0.02 above the Wall Street estimate. On the downside, Lubrizol (LZ) falling $2 exactly. The company cut its 2003 earnings estimate from around $2.25 all the way down to $2.05 per share. Moody's Corporation (MCO) down $3.01. Merrill Lynch downgraded it from neutral to sell. And J.P. Morgan began covering Moody's stock with only a neutral rating. CEC Entertainment (CEC), parent company of Chuck E. Cheese, up nearly $3. The Morgan Keegan brokerage upgraded it from market perform to outperform, and increased earnings estimates for both this year and next year. Dr. Reddy's Labs (RDY) did well today, up $1.80. "The Wall Street Journal today had an article suggesting the FDA is close to speeding up the generic drug approval process. And that would help a lot of the generic makers. Guess Incorporated (GES), the casual apparel company, up $1.47. That was the biggest percentage gainer on the big board today. Yesterday Morgan Keegan began coverage with an outperform rating on optimism that the company is in the midst of a turnaround. NASDAQ's most active issue was Intel (INTC), rising $0.28. And then in after hours I saw it as high as $0.60 higher than this close after reporting those better-than-expected earnings. Microsoft (MSFT) was down a dime. And then Documentum (DCTM) up $4.12 on EMC's stock bid which today is worth about $29 a share. It's almost 2.2 shares of EMC for each share of Documentum. Cisco Systems (CSCO) up $0.14. A big loser, United Online (UNTD) down $5.48. That's on word that AOL is about to offer a low-cost dial-up service for about $10 a month. Amgen (AMGN), a $0.33 loss. Yahoo! (YHOO) down $0.60. eBay (EBAY), a $0.46 drop. Applied Materials (AMAT) was off a dime. But Amazon.com (AMZN) bucking that trend with a gain of $1.61. Lumenis Limited (LUME) rose $1.19. Look at that percentage move, 93 3/4 percent. The news, the FDA has approved the company's eye laser treatment. Big move there. Avid Technology (AVID) tumbling $4.76. The U.S. Bancorp downgraded Avid stock from outperform to just market perform. And moving over the American Stock Exchange, Greenbriar (GBR) up another $2.77. Yesterday we reported the stock was up $1.78 on news of a two-for-one stock split. This company owns Assisted Living Facilities. And a two-for-one split has really sent that stock way up. And those are the "Stocks in the News" tonight.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use. 10/14/03: Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 9812.98 +48.60 + .5
HIGH 9812.98
LOW 9732.31
NASDAQ COMP. 1943.19 +9.66 +.5
HIGH 1943.33
LOW 1922.82
VOLUME 1,253.5
PREVIOUS 1,040.6
UP VOLUME 702.4
DOWN VOLUME 530.5
DOW TRANSPORTS 2881.66 +6.94 + .2
DOW UTILITIES 255.01 +1.10 + .4
CLOSING TICK +554
S&P 500 1049.48 +4.13 + .4
S&P 100 523.30 +2.33 + .5
MIDCAP 400 544.92 +1.47 + .3
REUTERS/CRB 247.75 unch. unch.
NYSE COMPOSITE 5960.28 +19.53 + .3
VALUE LINE 342.28 +1.69 0.5
RUSSELL 2000 531.84 +4.27 0.81
WILSHIRE 5000 10211.14 +43.38 0.43
U.S. TREASURIES
5-YEAR NOTE 3.125%
Sept. 15,2008 99 18/32 -12/32 3.22
10-YEAR NOTE 4.25%
Aug. 15,2013 99 7/32 -23/32 4.35
30-YEAR NOTE 5.375%
Feb. 15, 2031 101 23/32 -1 2/32 5.26
LEHMAN BROS.
LONG BOND INDEX 1700.42 -13.19
DOW CLOSE 9812.98 +48.60 + .5
ADVANCES 1867
DECLINES 1384
NEW HIGHS 416
NEW LOWS 8
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
EMC EMC Corp 13.34 -1.11 -7.7
LU Lucent Tech 2.35 -.03 -1.3
FDC First Data 37.20 -2.66 -6.7
GE GE 29.29 +.36 +1.2
MOT Motorola 13.58 -.29 -2.1
PFE Pfizer 30.88 +.21 +.7
NOK Nokia 17.07 -.19 -1.1
JNJ Johnson&Johnson 50.93 +1.14 +2.3
MU Micron Tech 12.64 +.10 +.8
AOL AOL Time Warner 15.71 -.04 -.3
NASDAQ CLOSE 1943.19 + 9.66 + .5
VOLUME 1,763.1
PREVIOUS 1,500.5
ADVANCES 1997
DECLINES 1181
NASDAQ ACTIVES
INTC Intel 31.08 +.28 +.9
MSFT Microsoft 28.68 -.10 -.4
DCTM Documentum 28.54 +4.12 +16.9
CSCO Cisco Systems 21.14 +.14 +.7
UNTD United Online 25.44 -5.48 -17.7
AMGN Amgen 66.81 -.33 -.5
YHOO Yahoo! 42.30 -.60 -1.4
EBAY eBay 58.53 -.46 -.8
AMAT Applied Matl 20.90 -.10 -.5
AMZN Amazon.com 59.91 +1.61 +2.8
AMEX CLOSE 1023.63 - .06 - .0
INDEX SHARES
DIA DIAMONDS TRUST 98.36 +.46 +.5
QQQ NASDAQ 100 35.32 +.08 +.2
SPY S&P DEP.RECEIPTS 105.26 +.36 +.3
STOCKS IN THE NEWS
GD General Dynamics 85.07 +2.45 +3.0
STT State Street 52.66 +2.87 +5.8
DJ Dow Jones & Co 50.50 -1.11 -2.2
GCI Gannett Co 80.92 +.98 +1.2
SSP EW Scripps 92.88 +4.89 +5.6
LZ Lubrizol 32.00 -2.00 -5.9
MCO Moody's 56.67 -3.01 -5.0
CEC CEC Entertainment 44.36 +2.99 +7.2
RDY Dr Reddys Labs 28.05 +1.80 +6.9
GES Guess 12.71 +1.47 +13.1
LUME Lumenis Ltd 2.46 +1.19 +93.7
AVID Avid Tech 54.03 -4.76 -8.1
GBR Greenbriar 10.25 +2.77 +37.0
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