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Program: Thursday, October 16, 2003
10/16/03: Mr. Reed of the NYSE Goes To Washington And Gets Grilled
SUSIE GHARIB: The New York Stock Exchange is taking action against five of its largest specialist firms. The exchange said today it will ask the Securities and Exchange Commission to fine five of its floor trading member firms for improper activities, as much as $150 million. The NYSE accused the so-called specialist firms of executing their own trades ahead of customer orders, costing investors millions of dollars. The specialists` fines come as John Reed, the interim head of the big board, testified in front of Congress today on market regulation. And as Stephanie Woods reports, Reed defended the controversial specialist system. STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: In his first appearance before Congress, John Reed told lawmakers the NYSE can be reformed without cutting off its regulatory arm. JOHN REED, INTERIM CHAIRMAN, NYSE: I am going to hope to propose to you and to the American public a governance structure that permits the regulation to work side by side with the exchange in a positive way, and would appear to everybody to be an appropriate governance structure. WOODS: Reed says he will present a reform plan to members of the Exchange by the end of the month, including creating a new board of directors. But critics say that would only paper over the real problem -- a lack of competition in the trading of listed securities. GERALD PUTNAM, CHAIRMAN & CEO, ARCHIPELAGO HOLDINGS: When the monopoly and the regulator are the same, the conflicts exist. One hand washes another. One side doesn`t want to rock the boat to disrupt the other. WOODS: The basic way the Exchange works, with human specialists holding auctions, has been under the spotlight. Today`s NYSE crackdown on five floor trading firms raises questions about whether the specialist system is flawed. Reed defended the 211-year-old exchange, saying some traders broke the rules, but they will be disciplined. REED: Everything I`ve seen says, number one, the current system works pretty well. It has been substantially automated and it is not the position of the New York Stock Exchange that we`re just trying defend history and we are unwilling to make modifications and changes; quite to the contrary. WOODS: But the committee chairman is skeptical the current market system is all that it should be. REP. RICHARD BAKER (R-LA), CHAIRMAN, FINANCIAL MARKETS SUBCOMMITTEE: The difficulty presents an opportunity and we ought not be looking at necessarily just the New York exchange alone, but the rules that govern the function of our capital system to enable us to transition to whatever we all ultimately know it`s going to look like five years from now anyway. WOODS: But more immediate changes are in store. Members of the New York Stock Exchange will vote on a new board by mid November. Reed says he would prefer not to be on the new board, but hasn`t ruled it out altogether. 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.
SUSIE GHARIB: A big day for earnings today and corporate America continues to report better than expected numbers for the third quarter. Few firms have disappointed investors and earnings misses have been strikingly rare. Suzanne Pratt takes a look at whether the good times will continue. SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: Earnings season is off and running on Wall Street and already the numbers are pretty impressive. Earnings for the quarter of S&P 500 companies that have already reported are 7 1/2 percent better than Wall Street expectations. And according to First Call, a 20 percent increase in third quarter profits for the S&P 500 now seems likely. In early October Wall Street analysts were forecasting a gain of just under 16 percent. And in early July they were looking for something closer to 13 percent. CHUCK HILL, DIRECTOR OF RESEARCH, FIRST CALL: This is the best quarter we`ve had in year over year growth since back in the second quarter of 2000, before the recession started. PRATT: Today, five of the 30 Dow components posted their third quarter numbers. And the results were something of a mixed bag. Third quarter earnings per share declined at Altria (MO) and Honeywell (HON), while Caterpillar, United Technologies (UTX) and Coca Cola posted an increase in profits. Coke, with its 22 percent gain, was a standout, although the numbers were helped by a lower tax rate and foreign exchanges rates. And, curiously, the stronger U.S. economy was not a big factor in the Coke report. ROBERT VAN BRUGGE, BEVERAGE ANALYST, SANFORD G. BERNSTEIN: All in all, I would say the economy is not necessarily showing up in their numbers. What is showing up is a low dollar, which is definitely helping their results, and hot weather in Europe always helps, too. PRATT: The big question for Wall Street and Main Street is whether the third quarter`s robust earnings growth in almost all industries will be repeated in the fourth quarter. And the answer is maybe. HILL: We`re going to do at least 25 percent growth year over year, maybe even more. So, it will be even better than this quarter. Whether it`s as strong on a seasonally adjusted sequential quarter basis is a little uncertain. PRATT: Some experts say 2004 profits will be good, but probably not as great as we`re seeing in the second half of this year. They predict slower economic growth will translate into slower sales growth for U.S. companies. 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.
10/16/03: Former HealthSouth Chairman, Richard Scrushy Takes The 5th Ammendment
JEFF YASTINE: A Congressional hearing into financial wrongdoing at Healthsouth got off to a bumpy start today when the company`s former Chairman, Richard Scrushy, refused to testify. Instead, Scrushy exercised his fifth amendment right against self-incrimination and said he would testify in the future if he can face his accusers. RICHARD SCRUSHY, FORMER CHAIRMAN, HEALTHSOUTH: The committee wants me to answer charges without facing my accusers. I do not believe this is fair. I am, therefore, by advice of my counsel, forced to take the fifth amendment today, until I can get a venue where I can face my accusers. YASTINE: Many Healthsouth employees believe the former Chairman led the company in its $2.5 billion accounting fraud. Scrushy has been hit with civil fraud charges by the SEC, and according to Scrushy`s lawyers, criminal charges are expected in the near future.
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.
10/16/03: Ford Motor Company Revs Up Investors With Good Earnings News
JEFF YASTINE: Shares of Ford Motor (F) rising slightly today on better than expected earnings. Ford surprised Wall Street by recording a gain of $0.15 a share on continuing operations. That was $0.03 better than the same period last year, and far surpassed the Wall Street consensus estimates for a loss of $0.11 a share. Profits were helped by cost cutting and strong results at the automaker`s financing unit, Ford Credit. But Ford`s worldwide auto operations still lost nearly $600 million. DON LECLAIR, CFO, FORD MOTOR: We are committed to achieving our financial goals and improving the company long-term. Now, we can`t cost reduce our way to prosperity in the long-term, so now we think ongoing. More and more of our improvement and profit will be reliant on the new products that we`ll be introducing next year, and less so on the cost cutting. YASTINE: Ford also took a $56 million restructuring charge during the third quarter for changes at its European operations. Ford also says it will likely have additional charges of up to $600 million when it reports fourth quarter results.
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. 10/16/03: Commentary: The Hubris Hazard
SUSIE GHARIB: Tomorrow, earnings from publisher Knight-Ridder (KRI) and jet maker Lear Corp. (LEA) In tonight`s commentary, the pitfalls of hubris. Here`s Tom Stewart, Editor of the "Harvard Business Review." TOM STEWART, COMMENTARY: When does a leader become a loser? How is it that Gray Davis can become governor of a wealthy and powerful state, then suffer a humiliating recall just months after being reelected? How is it that Jeffrey Skilling can brilliantly campaign for the top job at Enron, then the hottest company in America, then resign in just half a year and find his reputation in tatters a few weeks after that? Rod Cramer, a professor at Stanford`s Business School, has spent a lifetime studying how leaders rise. He`s also seen many of those high flyers plunge back to earth. In the process, he`s learned how hubris happens. One problem, some of the talents that get you to the top can cause problems when you`re there. To rise, you need to stand out from the crowd. At the top, you need to depend on your team and be good at giving praise. New temptations come at the top. After years of sacrifice and hard work, a leader may suddenly feel a sense of entitlement, or she may bask in glory but start neglecting the little things. As one successful CEO told me, too many people think that the high point of their careers is the day they become CEO Professor Kramer offers some ways to figure out if you`re at risk of losing it. Do you spend much of your time plugging holes and papering over problems? Can you laugh at yourself? Are you jealous about defending your perks -- the car, the first class airline seats? Have you lost touch with the friends who knew you when and who might tell you if your behavior has changed? They`re good questions. Do you have good answers? I`m Tom Stewart.
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. 10/16/03: Last Word-The Monopoly Championship Gets Underway
SUSIE GHARIB: And finally tonight, the 2003 national Monopoly championship is under way. The battle for Park Place is taking place this year on an Amtrak train dubbed the Redding Railroad. The games will go for the next three days and cover over a thousand miles, as players travel from Chicago to Atlantic City, all while trying to win the top prize: $15,140. That`s the exact amount of play money included in a standard issue Monopoly game. And, Jeff, the winner of this week`s championship will go on to represent the United States in the world Monopoly championship. And that`s scheduled for Hong Kong next October. YASTINE: How about that. I always loved playing that game. It`s a lot of fun. GHARIB: Be sure you get that get out of jail free card, you know? It comes in handy. YASTINE: Instead of becoming a banker, you know, and controlling all the pieces, I became a journalist.
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. 10/16/03: Last Word-The Monopoly Championship Gets Underway
SUSIE GHARIB:And finally, the 2003 national Monopoly championship is under way. The battle for Park Place is taking place this year on an Amtrak train dubbed the Redding Railroad. The games will go for the next three days and cover over a thousand miles, as players travel from Chicago to Atlantic City, all while trying to win the top prize: $15,140. That`s the exact amount of play money included in a standard issue Monopoly game. And, Jeff, the winner of this week`s championship will go on to represent the United States in the world Monopoly championship. And that`s scheduled for Hong Kong next October. YASTINE: How about that. I always loved playing that game. It`s a lot of fun. GHARIB: Be sure you get that get out of jail free card, you know? It comes in handy. YASTINE: Instead of becoming a banker, you know, and controlling all the pieces, I became a journalist.
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. 10/16/03: "Paul Kangas' Stocks In The News"
JEFF YASTINE: Well, a volatile day on Wall Street, with many stocks struggling to stay on a bullish course and instead being pulled down by sporadic profit taking. The charts telling the tale, as the Dow had the worst of it, hurt by weakness in shares of IBM (BM) and Caterpillar (CAT), which reported weaker than expected results this morning. And by late morning, the Dow was down 70 points. Then bargain hunters stepped in, taking the NASDAQ up about 15 points. The Dow rallied back 80. And by early afternoon, it was the bears` turn, as both Indexes gave back much of their earlier gains. But in the last hour of trading, the buyers returned and boosted stocks back up off of their lows, and the Dow going on to close with a small loss of 11 points, at 9,791. In contract, the NASDAQ Composite rising just over 11, to 1,950. And the S&P 500 ending 3 1/3 points higher. And a look at bond prices registering sharp losses again today. A survey on manufacturing in the mid-Atlantic region showing a sharp gain, confirming a similar report yesterday in the New York area. Also, weekly jobless claims fell for a second week, and that did not help bonds The 10-year note falling 15/32, to 98 10/31. And that pushed the yield back up to 4 1/2 percent. Topping our list today, EMC (EMC) gaining $0.55. The data storage company out with stronger than expected third quarter earnings, $0.07 a share. That was $0.02 above estimates. The company noted gains in its hardware and services areas and continued cost cutting, and management thinks it`ll see more of the same in the fourth quarter. Nokia (NOK), though, losing $0.61. Third quarter profits jumped 35 percent, but sales fell three percent because of price cuts on handsets. Nokia does not think sales will improve much in the fourth quarter either. Lucent Technologies (LU) holding steady today. But Pfizer (PFE) gaining $0.28. Not much news. There was an article on the msn.com service highlighting the drug maker`s two percent earnings yield. And a reaction in IBM (IBM) after it reported results last night. It fell nearly $3.50 on disappointment about its third quarter revenue targets and cautioned it was not yet convinced the rebound in technology spending was firmly under way. NorTel Networks (NT) rising $0.03. No change in Time Warner (TWX), as Susie mentioned. The symbol is now TWX, so don`t punch in AOL on your computer anymore. Hewlett-Packard (HPQ) losing $0.65. And G.E. (GE) rising $0.17. Ford (F) gained $0.20. You heard the news earlier about its better than expected earnings. Investors taking a bite out of Caterpillar (CAT). The stock off over $4. Third quarter profits were flat at $0.62 a share versus year ago levels. That missed estimates by $0.12 a share. Investors also expecting better guidance from the company. It upped earnings for the year to $3 a share versus Wall Street`s expectation of $3.18. And here`s a look at Coca`s (KO) shares, which fell a $0.10 on the day. But the company did beat estimates. Strong international growth made up for flat North American demand. Shares in Sears (S) heading south, losing nearly $3. The heavy product discounting being seen there hurting the company`s margins and the company said it started the quarter with too much inventory. And operating profits came in at $0.84 a share. That was still $0.02 better than estimates. Allstate (ALL) climbing $0.73. Profits at the property and casualty insurance company more than doubling, to $0.91 a share despite catastrophe losses from Hurricane Isabel and others. And here`s another insurer, UnitedHealth (UNH) rising more than $2. This health insurance company earning $0.77 a share. The company is collecting higher premiums on its policies and it expects to sign up as many as 400,000 new members next year. Shares in Maytag (MYG) spinning lower, off $2.61. The appliance maker noted a 40 percent drop in profits caused by a plant closing and continued weakness at its Hoover vacuum unit. The company also confirmed it doesn`t see fourth quarter results being much better. Millipore (MIL) tumbling $6. The company warned fourth quarter revenue growth at its biotech unit would not match third quarter results. And Iomega (IOM) plunging $1.06. Demand for its Zip Drive products showing a sharp decline in sales. Revenues fell 33 percent and Iomega reported a loss of $0.25 a share. Now the company`s chairman has announced he will not stand for reelection and another board member has also resigned. Shares in Van der Moolen (VDM) buckling almost 15 percent. This is a NYSE specialist trading firm. And as you heard earlier, the NYSE stepping up its crackdown on firms accused of front running, executing their orders ahead of other customers. There are just two of the five firms that are accused, Van der Moolen and LaBranche (LAB), that are accused in those trading violations. Shares in Timberland (TBL) high stepping today, rising nearly $5. The footwear maker posting stronger than expected results, $1.47 a share, up from $1.30 a year ago. The company also doubled the size of its stock buy back program from four million shares to eight million shares. Over on the NASDAQ, mostly gainers. Intel (INTC) gaining $0.47. Microsoft (MSFT) rising $0.16. Nextel Communications (NXTL) gaining $0.24. Oracle (ORCL) down a bit for the day. Cisco Systems (CSCO) up $0.02. And here`s a look at shares in eBay (EBAY), which fell a $0.10 in regular trading, but are now down more than $3 in after hours. The online auctioneer posting a 70 percent jump in third quarter earnings, to $0.18 a share. That was in line with Wall Street estimates but it guided full year 2004 forecasts, that`s next year, guided them lower, to $0.91 a share. Applied Materials (AMAT) advancing $0.27. Dell Computer (DELL), actually, I should just say Dell, it`s not Dell Computer anymore, gaining $0.26. Apple Computer (AAPL) up -- or, excuse me, falling about $1.50. The company topped earnings estimates, but the guidance for the fourth quarter was not as good as what investors wanted to hear. Apple was talking 10 percent growth, the bulls wanted more. QLogic (QLGC) rising $2.41 for the day. And here`s a look at Netflix (NFLX), which soared more than 15 percent on a huge short covering rally. The volume was about four times greater than normal. Shares, shorts, rather, were betting that the DVD rental company would disappoint on earnings. Instead, it reported a net profit of $0.10 a share, compared to a loss of $0.13 in the same period last year. Netflix also notching a 13 percent increase in subscribers from last quarter. And the shorts had to cover on that one. Sun Micro (SUNW) falling $0.16. The network computer company reporting a big loss of $286 million, more than double the losses seen a year ago. INAMED (IMDC) surging more than $15.50, a nice gain here. The company making silicon filled breast implants. An FDA advisory panel voted to allow those to be used once again in breast enhancement surgery after being off the market since 1992 because of health concerns. The FDA will still have to sign off on the panel`s decision. Northwest Air (NWAC) rising nearly a $1. The shares soared as high as $15.25 after the company reported better than expected earnings results, but the company downplayed those expectations, saying the third quarter is traditionally a good one and a lot of the profit came from the sale of a ticket processing company and government reimbursement of security fees. And Interpore International (BONZ) tumbling $3.36. A bad break for the company. It beat third quarter forecasts, but management said the fourth quarter in yearly 2004 earnings would likely come in below estimates, and the stock sold off. And, Susie, one last one, AMD (AMD) reported a smaller than expected quarterly loss after the close. It moved up more than a $1 in after hours trading. That`s about a seven percent gain. Those are 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. 10/16/03: Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 9791.72 -11.33 - .1
HIGH 9823.42
LOW 9730.38
NASDAQ COMP. 1950.14 +11.04 +.6
HIGH 1951.76
LOW 1930.28
VOLUME 1,378.2
PREVIOUS 1,474.3
UP VOLUME 833.1
DOWN VOLUME 506.6
DOW TRANSPORTS 2872.58 +8.94 + .3
DOW UTILITIES 253.21 +.78 + .3
CLOSING TICK +857
S&P 500 1050.07 +3.31 + .3
S&P 100 523.51 +1.37 + .3
MIDCAP 400 543.41 +2.70 + .5
REUTERS/CRB 245.99 -1.65 - .7
NYSE COMPOSITE 5952.25 +16.64 + .3
VALUE LINE 341.83 +1.22 0.36
RUSSELL 2000 529.64 +2.29 0.43
WILSHIRE 5000 10210.84 +36.02 0.35
U.S. TREASURIES
5-YEAR NOTE 3.125%
Sept. 15,2008 98 23/32 -16/32 3.41
10-YEAR NOTE 4.25%
Aug. 15,2013 98 10/32 -15/32 4.46
30-YEAR NOTE 5.375%
Feb. 15, 2031 100 31/32 -8/32 5.31
LEHMAN BROS.
LONG BOND INDEX 1685.86 -6.82
DOW CLOSE 9791.72 -11.33 - .1
ADVANCES 1902
DECLINES 1320
NEW HIGHS 297
NEW LOWS 9
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
EMC EMC Corp 13.35 +.55 +4.3
NOK Nokia Corp 16.62 -.61 -3.5
LU Lucent Tech 2.35 unch. unch.
PFE Pfizer 30.88 +.28 +.9
IBM IBM 89.28 -3.46 -3.7
NT Nortel Networks 4.67 +.03 +.7
TWX Time Warner 15.92 unch. unch.
HPQ Hewlett-Packard 21.27 -.65 -3.0
GE GE 29.02 +.17 +.6
F Ford Motor Co 12.34 +.20 +1.7
NASDAQ CLOSE 1950.14 + 11.04 + .6
VOLUME 1,772.3
PREVIOUS 2,019.9
ADVANCES 1821
DECLINES 1327
NASDAQ ACTIVES
INTC Intel 32.23 +.47 +1.5
MSFT Microsoft 29.23 +.16 +.6
NXTL Nextel Comms 22.36 +.24 +1.1
ORCL Oracle 11.97 -.15 -1.2
CSCO Cisco Systems 21.04 +.02 +.1
EBAY eBay 57.50 -.10 -.2
AMAT Applied Matl 21.87 +.27 +1.3
DELL Dell Inc 36.51 +.26 +.7
AAPL Apple Computer 23.25 -1.57 -6.3
QLGC QLogic 53.89 +2.41 +4.7
AMEX CLOSE 1020.94 + 3.40 + .3
INDEX SHARES
DIA DIAMONDS TRUST 98.18 -.04 -.0
QQQ NASDAQ 100 35.44 +.26 +.7
SPY S&P DEP.RECEIPTS 105.41 +.42 +.4
STOCKS IN THE NEWS
CAT Caterpillar 74.33 -4.02 -5.1
KO Coca Cola Co 45.00 -.32 -.7
S Sears 48.80 -2.61 -5.1
ALL Allstate 39.90 +.73 +1.9
UNH Unitedhealth 53.38 +2.05 +4.0
MYG Maytag 26.02 -2.61 -9.1
MIL Millipore 41.92 -6.00 -12.5
VDM Van Der Moolen 9.05 -1.56 -14.7
IOM Iomega 6.02 -1.06 -15.0
TBL Timberland Co 55.26 +4.66 +9.2
NFLX Netflix 51.85 +7.15 +16.0
SUNW Sun Micro 3.63 -.16 -4.3
IMDC Inamed 84.31 +15.57 +22.7
NWAC Northwest Air 13.70 +.95 +7.5
BONZ Interpore Intl 11.32 -3.36 -22.9
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