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Program: Wednesday, October 15, 2003
10/15/03: IBM Gives Investors The Blues SUSIE GHARIB: Disappointing sales numbers from IBM late today sent its stock tumbling in after hours trading, down more than $3, or three percent, to $89.70. Big Blue reported that its revenues rose nine percent in the third quarter, but it was below analysts' estimates. The company managed to meet earnings estimates of $1.02 a share, a gain of five percent from a year ago. IBM said it expects to hire 10,000 new workers in 2004. CEO Sam Palmisano said the company is "beginning to see signs that the economy has stabilized," but cautioned that "It's too early to say that a rebound is at hand." 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.
JEFF YASTINE: General Motors also reported better than expected profits, as well, today, as lagging car sales were offset by profit gains at the automaker's GMAC financing unit. General Motors said it earned $0.79 a share in the third quarter. That far exceeding Street estimates and turned around a major loss in the same period last year. Now, profits on its auto making activities plunged sharply in the quarter from year ago levels, but the GMAC financing group notched record profits, thanks largely to new mortgage financing. JOHN DEVINE, CFO, GENERAL MOTORS: We're pleased with the results in the mortgage business. We're delighted with the overall track record of GMAC. It's been great. But make no mistake, we know we have to be successful in the car and truck business. That's our focus. That's where we're geared. We're continuing to cutting costs. That continues. We've been able to keep our profitability in this business over the last couple of years, which has not been an easy issue. YASTINE: Devine also said the rising stock market has helped the company's $25 billion pension funding shortfall. G.M. has also borrowed billions through a contingent convertible bond offering to help close that pension gap. 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: With earnings season well underway, investors have been watching the daily reports for signs of market direction. But through it all, the technical analysts have remained almost unanimously bullish. Scott Gurvey reports. SCOTT GURVEY, NIGHTLY BUSINESS REPORT CORRESPONDENT: With the Dow Jones Industrial average once again approaching the 10,000 mark, traders are beginning to wonder if the bubble is about to burst. The Dow is up 17 percent, the S&P 500 18 percent, since the start of the year. They are both up 32 percent from their March lows. But with each gain, retail customers seem to be getting more nervous, afraid of missing the action on one hand and at the same time afraid of a downturn, which the technical experts say is coming, but not right away. RALPH ACAMPORA, ANALYST, PRUDENTIAL EQUITY GROUP: I see a lot of people very concerned about the month of October. They are concerned about the VIX Index, the insider seller, too many bulls, bull bear numbers, et cetera. So the sentiment side of the technical picture is still very, very negative. But whenever I have a problem like that, I always default to price. And the price action, that tape action is so powerful. The thing you really have to look at is the breadth, the advancers over the declines. It's enormous. GURVEY: The technicians see the Dow reaching 10,400 or 500, and the S&P 500 between 1,120 and 1,150 before a correction, which their charts tell them to watch out for next year. JEFF DEGRAAF, ANALYST, LEHMAN BROTHERS: What we're seeing is low quality stocks rallying, really the benefactors of liquidity, the massive amounts of liquidity, both stimulus from the monetary side and the fiscal side, and that this is sort of a one time shot, if you will. But there a ren't a lot of additional inputs from that. That's why we believe that you will have some issues coming into 2004. GURVEY: How the market reacts to those issues next year, the technicians say, depends a lot upon market fundamentals, such as the outcome of the presidential election and the state of the economy. Scott Gurvey, 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. 10/15/03: SEC Chairman Donaldson Gets Grilled On The Hill SUSIE GHARIB: Practice what your preach, that was the message from the nation's top financial cop for the New York Stock Exchange. Testifying on Capitol Hill today, Securities and Exchange Commission Chairman William Donaldson told lawmakers his views on reshaping the markets in view of the crisis at the NYSE. Stephanie Woods reports. STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: With the New York Stock Exchange under fire, SEC Chairman William Donaldson told the Senate Banking Committee that self-regulatory organizations, or SROs like the New York Stock Exchange, must live by the same rules as the companies they govern. WILLIAM DONALDSON, CHAIRMAN, SEC: SROs play a critical role as the standard setters for sound governance practices. Just as SROs have demanded that their listed companies strengthen their governance practices, we must demand that, at a minimum, SROs match the standards that they set for listed companies. Mentioned Last Change R 30.93 0.47dollars or (1.49%) WOODS: The NYSE and the NASDAQ are the two largest markets that police themselves. Big board Interim Chairman John Reed has already met with the SEC, but will make his first appearance before Congress tomorrow. The head of NASDAQ was in Washington today to lobby for changes in its corporate structure. The NASDAQ spun off its regulatory function from its market in 1997 after a pricing scandal. Now, NASDAQ wants regulators to recognize it as an exchange so it can complete the separation. ROBERT GREIFELD, PRESIDENT, THE NASDAQ STOCK MARKET: We are of a fundamental belief that the regulator has to be separated from the market's center. It's just inconceivable in this post-Enron day that you want the person who is being regulated to have any sort of financial interest in the regulator. WOODS: The NASDAQ applied for exchange recognition w ith the SEC in November of 2000. A decision has yet to be made and that leaves some in Congress wondering what's taking so long. SEN. JIM BUNNING (NYSE:R), KENTUCKY: I am concerned with the length of time it takes for an application to be approved or disapproved. DONALDSON: This is an extremely complex subject. It's not just -- BUNNING: I understand that, sir. I'm just asking you, over a period of two years seems to be plenty of time to make a decision, even though it's complex. DONALDSON: It's not a simple decision for them alone. It's a decision that has ramification for the entire rest of the marketplace. WOODS: Donaldson says the SEC is proceeding carefully. He's concerned big changes could unintentionally damage capital markets. 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. 10/15/03: The Life & Legacy of Malaysia Prime Minister Mahathir Mohamad SUSIE GHARIB: He's Asia's longest serving elected leader, but Mahathir Mohamad's days at the top are coming to an end. The outspoken Malaysian prime minister is due to step down at the end of the month, after almost 23 years in power. From Kuala Lumpur, Rian Maelzer takes a look at Mahathir's legacy. RIAN MAELZER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Mahathir Mohamad has won much praise for Malaysia's rapid economic development and has been accused of allowing rampant cronyism to hurt the economy. He's been credited with preserving harmony in this multi-ethnic country and accused of dividing Malaysia thanks to his heavy-handed leadership. Although broadly speaking a democracy, Malaysia under Mahathir has been accused of human rights violations, including the prosecution five years ago of former Deputy Prime Minister Anwar Ibrahim. Many feel it was politically motivated and the U.S. Government was among those that condemned the jailing of Anwar, Mahathir's protege turned rival. LIM KIT SIANG, DEMOCRATIC ACTION PARTY: It's undermined important institutions of government and affecting the rule of law, the independence of the judiciary, the important rule of parliament. MAELZER: On the economic front, though, even most critics acknowledge many successes. Mahathir's liberalization of the economy prompted a massive influx of foreign investment and rapid industrialization. That, in turn, helped slashed poverty and stimulate the emergence of a thriving middle class. Mahathir has also overseen the creation of impressive physical infrastructure and steered the country up the industrial value chain into areas such as I.T. ZULKIFLI ALWI, UNITED MALAYS NATL. ORGANIZATION: It is undeniable that Dr. Mahathir has been the main architect in the programs that we have chart ed in these fields. MAELZER: All those achievements, though, took a hit with the onset of Asian financial crisis in 1997. Mahathir chose not to follow International Monetary Fund prescriptions, as Malaysia's neighbors did. Instead, he controversially opted to pit the currency to the dollar and institute strict controls to prevent capital flight. Even many long time critics now praise his actions. DR. CHANDRA MUZAFFAR, POLITICAL SCIENTIST: It was a very bold position and it worked. I would regard his ability to protect the nation's economic sovereignty and, indirectly, its political independence, as a major achievement. MAHATHIR MOHAMAD, MALAYSIA PRIME MINISTER: Find some way of protecting yourself from such huge corporations. MAELZER: The financial crisis turned Mahathir into an outspoken critic of global capital. And that criticism has often taken the form of anti-Western tirades, not something people expect from his mild-mannered successor, Abdullah Badawi. TERENCE GOMEZ, UNIVERSITY OF MALAYA: Mahathir has actually upset a lot of people in the West, governments of the West. But now he can play a more conciliatory role, especially in terms of trying to draw in response from the West by toning down some of the rhetoric that Mahathir has been propagating. MAHATHIR: The result of this confrontation between the haves and the have notes, the developed and the developing, is a world that is practically ungovernable. MAELZER: That same anti-Western rhetoric, though, coupled with Malaysia's economic achievements, have made Mahathir a leading spokesman for the developing world and many will be hoping that when the 77-year-old steps down Malaysia's prime minister at the end of this month he won't be stepping out of the international spotlight for good. Rian Maelzer, NIGHTLY BUSINESS REPORT, Kuala Lumpur.
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: 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. 10/15/03: "Paul Kangas' Stocks In The News" Well, the indexes finally succumbed to profit taking pressures today, despite Intel's (INTC) highly positive earnings report late yesterday. The NASDAQ opened about 23 points higher and the Dow hit 9,850 in the first minutes of trading. And that marked the highs of the day, as traders began cashing in from the rally of recent days. The stocks managed a slight rebound at midday, as bargain hunters stepped in and both indexes pushed back into positive territory. But with about 90 minutes left in the session and perhaps fearing what IBM might have to say, the selling heated up again and continued into the close of trading. The losses weren't too bad, though, the Dow falling nearly 10 points, to close at 9,803. The NASDAQ Composite falling just over 4 points, to 1,939. And the S&P 500 sliding 2 3/4 points. Bonds fell following a pair of reports showing strength in the economy. A New York Fed report on manufacturing showed a sharp rebound in factory activity for October. Also, retail sales for August were revised upward, to about 1.2 percent, and that was double the earlier estimate. So, the 10-year note falling 14/32, to 98 26/32. That pushed the yield up to 4.4 percent. And topping our list, El Paso Corp. (EP) falling $0.45. This happened just before the close of trading. A two and a half million share block sold for $7.25 a share, and that's where the stock closed at. EMC (EMC) falling $0.54. Investors expressing their disapproval of its proposed stock swap acquisition of Documentum (DCTM) for $1.7 billion worth of shares. No change in Lucent Technologies (LU). NorTel Networks (NT) edging up $0.02. Tyco (TYC) losing a $0.05, but still near its two year high, except just recently in the last few trading sessions. GE (GE) losing $0.44. Nokia (NOK) ending up $0.16. Pfizer (PFE) settling $0.28 lower. Micron Technologies (MU) gaining $0.17. Hewlett-Packard (HPQ) advancing a little over $0.50. CarMax (KMX) tumbling a little over $6. The company warned that third quarter earnings will likely come in as low as $0.16 a share. The heavy discounts being offered by auto makers for new cars are apparently making a dent in CarMax's own used car marketplace. St. Jude Medical (STJ) climbing $3.70. Third quarter earnings rose 18 percent and revenues rose 18 percent, as well. The company's implantable defibrillators sold nicely. They were up 28 percent in sales for the quarter. Shares in Harley-Davidson (HDI) skidding $3.30. The company had record third quarter earnings. But revenues were flat with year ago levels and it looks like the company is planning on selling fewer hogs in 2004. Analysts were a little surprised by that. Shares in EDO (EDO) jumping $2.61. The company won a contract to develop passive sonar technology for U.S. Navy submarines. Raymond James (RJF) thinks the company should get a boost with defense contracts for its electronic bomb jamming gear, as well. Here's another defense company, Carlisle Companies (CSL). It surged $6.09. It reported stronger than expected third quarter profits of $0.80 a share. That was $0.08 above Street estimates and the company expects 2003 earnings to come in at the high end of forecasts. Clear Channel Communications (CCU) sliding nearly a $1. The Soundview Brokerage sees continued weakness in the advertising market and so it downgraded Clear Channel and Viacom (VIA). Triad Hospitals (TRI) plunging nearly $4. The stock fell after the company said it will increase its allowance for uncollected debts by $50 million. Those are owed by uninsured patients and the like. Over on the NASDAQ, mostly gainers despite the smaller loss in the broader index. Intel (INTC) gaining $0.68. You heard the earnings news last night. The stock hit its high of the day at $32.75 at the start of the session and sold off from there. Microsoft (MSFT) picked up $0.55. Applied Materials (AMAT) gaining $0.70. Some think this company and other chip equipment makers might get hurt by Intel's decision, which it announced last night, that it'll spend only a small amount extra on chip research and design. It didn't seem to hurt the stock today. Cisco Systems (CSCO) off $0.12. It settled a lawsuit with a Chinese company that was illegally copying Cisco's router software technology. The terms of the settlement were not disclosed. And here's SanDisk (SNDK) surging more than $3. It makes digital camera components. It had healthy third quarter profits of $0.60 a share. That was $0.16 above Wall Street targets. Revenues doubled and it raised its 2003 revenue forecast. Dell (DELL) picked up $0.21. Amgen (AMGN) losing $1.48. KLA-Tencor (KLAC), another chip equipment maker, up $1.22. Amazon (AMZN) losing $1.37. Novellus (NVLS) gaining $1.12. Shares hit a high early today of nearly $40, but could not hold. Last night the company reported a net loss of $0.64 a share. Net sales in the third quarter fell about four percent from year ago levels. ASML Holdings (ASML) moved up $0.87. This is another chip equipment maker and it reported a smaller than expected quarterly loss and it says it has seen equipment orders picking up rather sharply in the last few weeks. And here's a look at SCO Group (SCOX), surging almost $5. A Deutsche Bank (DB) analyst started coverage of the company and put a price target of $45 a share on the stock. For background, SCO is involved in a $1 billion lawsuit with IBM, which it says illegally embedded some of its software in the Linux operating software that IBM itself gives away. Authentidate Holdings (ADAT), this one also moved because of an analyst's recommendation at Roth Capital Partners. The company's software allows users to sign and seal electronic documents. And finally Audiovoxx (VOXX) tumbling $2.02. Analysts were expecting profits of $0.07 a share, but fiscal third quarter profits came in at $0.03 a share and investors sold the stock. And that's a look at our 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.
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 9803.05 -9.93 - .1
HIGH 9850.01
LOW 9764.46
NASDAQ COMP. 1939.10 -4.09 -.2
HIGH 1966.87
LOW 1933.03
VOLUME 1,474.3
PREVIOUS 1,253.5
UP VOLUME 515.5
DOWN VOLUME 925.3
DOW TRANSPORTS 2863.64 -18.02 - .6
DOW UTILITIES 252.43 -2.58 - 1.0
CLOSING TICK +323
S&P 500 1046.76 -2.73 - .3
S&P 100 522.14 -1.16 - .2
MIDCAP 400 540.71 -4.21 - .8
REUTERS/CRB 247.64 -.11 - .0
NYSE COMPOSITE 5935.61 -24.67 - .4
VALUE LINE 340.61 -1.67 -0.49
RUSSELL 2000 527.35 -4.49 -0.84
WILSHIRE 5000 10174.82 -36.32 -0.36
U.S. TREASURIES
5-YEAR NOTE 3.125%
Sept. 15,2008 99 7/32 -11/32 3.30
10-YEAR NOTE 4.25%
Aug. 15,2013 98 26/32 -14/32 4.40
30-YEAR NOTE 5.375%
Feb. 15, 2031 101 7/32 -16/32 5.29
LEHMAN BROS.
LONG BOND INDEX 1692.68 -7.74
DOW CLOSE 9803.05 -9.93 - .1
ADVANCES 1245
DECLINES 1985
NEW HIGHS 395
NEW LOWS 7
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
EP El Paso Corp 7.25 -.45 -5.8
EMC Emc Corp 12.80 -.54 -4.1
LU Lucent Tech 2.35 unch. unch.
NT Nortel Networks 4.64 +.02 +.4
TYC Tyco Intl 21.90 -.05 -.2
GE GE 28.85 -.44 -1.5
NOK Nokia Corp 17.23 +.16 +.9
PFE Pfizer 30.60 -.28 -.9
MU Micron Tech 12.81 +.17 +1.3
HPQ Hewlett-Packard 21.92 +.53 +2.5
NASDAQ CLOSE 1939.10 - 4.09 - .2
VOLUME 2,019.9
PREVIOUS 1,763.1
ADVANCES 1299
DECLINES 1850
NASDAQ ACTIVES
INTC Intel 31.76 +.68 +2.2
MSFT Microsoft 29.07 +.55 +1.9
AMAT Applied Matl 21.60 +.70 +3.4
CSCO Cisco Systems 21.02 -.12 -.6
SNDK Sandisk 78.65 +3.21 +4.3
DELL Dell Inc 36.25 +.21 +.6
AMGN Amgen 65.33 -1.48 -2.2
KLAC KLA Tencor 60.03 +1.22 +2.1
AMZN Amazon.com 58.54 -1.37 -2.3
NVLS Novellus Sys 38.54 +1.12 +3.0
AMEX CLOSE 1017.54 - 6.09 - .6
INDEX SHARES
DIA DIAMONDS TRUST 98.22 -.14 -.1
QQQ NASDAQ 100 35.18 -.14 -.4
SPY S&P DEP.RECEIPTS 104.99 -.27 -.3
STOCKS IN THE NEWS
KMX Carmax 32.31 -6.94 -17.7
STJ St Jude Medical 57.40 +3.70 +6.9
HDI Harley-Davidson 49.15 -3.30 -6.3
EDO Edo Corp 22.85 +2.61 +12.9
CSL Carlisle Cos 52.88 +6.09 +13.0
CCU Clear Channel 40.91 -.94 -2.3
TRI Triad Hospitals 28.90 -3.97 -12.1
ASML ASML Holding NV 15.65 +.86 +5.8
SCOX SCO Group Inc 20.50 +4.97 +32.0
ADAT AuthentiDate 10.87 +3.00 +38.1
VOXX Audiovox 11.98 -2.02 -14.4 |
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