1/10/06: Investors Taking A Turn for the Techs
SUSIE GHARIB: THE DOW'S 2006 WINNING STREAK CAME TO AN END TODAY AS THE BLUE-CHIP INDEX LOST A FRACTION.
THE NASDAQ, HOWEVER, EEKED OUT IT'S SIXTH STRAIGHT UP DAY FOR THIS YEAR, GAINING 1-1/2 POINTS.
AS SUZANNE PRATT REPORTS, MANY MARKET PROS ARE ADVISING INVESTORS TO LOAD UP ON TECHNOLOGY STOCKS THIS YEAR.
SUZANNE PRATT, NIGHTLY BUSINESS REPORT, CORRESPONDENT: ON WALL STREET LATELY, THERE'S BEEN A LOT OF FUSS ABOUT THE DOW AND 11,000.
OF COURSE, THE DOW IS THE ELDER STATESMAN OF INDEXES AND PSYCHOLOGICAL MILESTONES ARE IMPORTANT.
BUT, WHILE THE DOW HAS BEEN FLIRTING WITH 11,000 FOR WEEKS, THE NASDAQ SAILED PAST 2,300 LAST WEEK.
IN THE LAST FOUR MONTHS THE NASDAQ IS UP NEARLY 14% THE DOW ONLY 8%.
EXPERTS SAY INVESTORS ARE BUYING TECH FOR THE SAME REASONS THEY'RE BUYING ALL STOCKS: HOPES FOR AN END TO INTEREST RATE HIKES AND GOOD CORPORATE EARNINGS.
BUT, SOME SAY INVESTORS ARE PLAYING CATCH UP AS WELL.
LIZ ANN SONDERS, CHIEF INVESTMENT STRATEGIST, CHARLES SCHWAB: I THINK THERE'S STILL A DECENT AMOUNT OF UNDERINVESTMENT IN TECHNOLOGY CERTAINLY BY INDIVIDUAL INVESTORS THAT WAITED OUT THROUGH THE BEAR MARKET AND HAVEN'T GOTTEN FULLY BACK IN YET.
PRATT: EVER SINCE THE NASDAQ SURGED TO A HIGH OF 5,000 SIX YEARS AGO, TECH INVESTORS HAVE BEEN ON A NASTY RIDE.
BUT, MANY EXPERTS ARE NOW SAYING TECH STOCKS ARE WORTHY OF A SECOND LOOK IN '06.
WHILE 5,000 IS UNLIKELY, THEY BELIEVE THE INDEX WILL OUTPERFORM THE OVERALL MARKET.
SONDERS: I'D SAY ABOUT A TEN PERCENT RETURN FOR THE BROAD MARKET.
I THINK THE NASDAQ PROBABLY COULD DO QUITE A BIT BETTER THAN THAT, MAYBE AT LEAST A 15% RETURN.
PRATT: AN EXPECTED CAPITAL SPENDING BOOM IS THE PRIMARY DRIVER OF THAT OPTIMISM.
ANALYSTS PREDICT CORPORATE CASH PREVIOUSLY EARMARKED FOR STOCK BUYBACKS WILL BE REDIRECTED TO ENTERPRISE SPENDING.
OTHERS BELIEVE THE NASDAQ WILL GET OFF TO A GOOD START IN '06, BUT SAY A ROUGH SECOND HALF WILL TAKE THE INDEX BACK TO WHERE IT BEGAN THE YEAR.
BARRY HYMAN, EHRENKRANTZ KING NUSSBAUM: WE SEE EARNINGS AT RISK FOR THE SECOND HALF OF THE YEAR.
AND, WHEN YOU HAVE THE HIGHEST MULTIPLES IN THE MARKET, WE THINK THAT IN A CORRECTIVE MARKET WHICH WE DO EXPECT AT THAT POINT, THE NASDAQ AND TECH STOCKS WILL NECESSARILY BE HURT THE MOST
PRATT: EXPERTS SAY IT MAY BE WORTH NOTING THAT WHILE THE DOW IS ONLY 6% AWAY FROM ITS ALL-TIME HIGH, THE NASDAQ IS MORE THAN 100% FROM ITS HIGH.
SUZANNE PRATT, "NIGHTLY BUSINESS REPORT," NEW YORK.
Nightly
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01/10/06: Merrill Lynch's Robert Doll Reveals His 2006 Predictions
SUSIE GHARIB: OUR GUEST TONIGHT SAYS STOCKS WILL EXPERIENCE A 10% CORRECTION IN 2006, BUT STILL END THE YEAR IN POSITIVE TERRITORY.
THAT'S ONE OF HIS TEN PREDICTIONS FOR THE NEW YEAR.
JOINING US NOW ROBERT DOLL, PRESIDENT AND CHIEF INVESTMENT OFFICER, MERRILL LYNCH INVESTMENT MANAGERS.
HAPPY NEW YEAR, BOB.
NICE TO HAVE YOU HERE.
ROBERT DOLL, PRESIDENT AND CHIEF INVESTMENT OFFICER, MERRILL LYNCH INVESTMENT MANAGERS: AND TO YOU, TOO, SUSIE.
GHARIB: FIRST OF ALL, CONGRATULATIONS ON YOUR TEN PREDICTIONS FOR 2005 BECAUSE SEVEN AND A HALF OUT OF THE TEN YOU WERE RIGHT ON TARGET.
SO CONGRATULATIONS FOR THAT.
DOLL: THANK YOU.
GHARIB: LOOKING AT 2006, YOU SOUND A LITTLE BEARISH THAN USUAL.
WHAT'S YOUR THINKING HERE?
DOLL: WELL, WE'RE NOT BEARISH, SUSIE, WE JUST THINK VOLATILITY IS GOING TO PICK UP A LITTLE BIT.
AS YOU POINTED OUT IN INTRODUCING ME, 10% CORRECTION IS PART OF THAT INCREASED VOLATILITY.
WE ANY THAT THE KNEE-JERK REACTION FED FINISHES EVERYTHING'S OKAY GO GUY THEM.
IT'S GOING TO BE INTERRUPTED AT SOME POINT WITH SOME EARNINGS DISAPPOINTMENT WHICH IS COULD CAUSE A PULLBACK.
10% CORRECTIONS IN THE U.S.EQUITY MARKET ARE FAIRLY NORMAL.THEY HAPPEN ABOUT EVERY 19 MONTHS.
WE'RE DUE.
GHARIB: LET'S GO OVER YOUR PREDICTIONS IN MORE DETAIL FOR 2006 BEGINNING WITH PREDICTION NUMBER ONE.
YOU SAY HERE THE U.S. ECONOMY SLOWS TO 3% GROWTH.
AND THEN YOUR PREDICTION FOR NUMBER 2, CORPORATE EARNINGS GROW BETWEEN 5% AND 7%.
THAT'S BELOW CONSENSUS EXPECTATIONS OF DOUBLE DIGITS.NUMBER THREE, THE U.S. YIELD CURVE INVERTS.
NUMBER FOUR, THE STOCK MARKET EXPERIENCES ITS FIRST 10% CORRECTION SINCE 2002.
WE JUST DISCUSSED THAT.AND NUMBER FIVE, GROWTH STOCKS DO BETTER THAN VALUE, LARGE STOCKS OUTPERFORM SMALL STOCKS.
BOB, YOU KNOW, LOOKING OVER THESE FIRST FIVE, IT SOUNDS LIKE A BLEAK YEAR.
WHAT'S THE MESSAGE HERE?
DOLL: WE THINK MARKETS WILL BE UP THIS YEAR DESPITE ALL THAT, SUSIE.
WE THINK THE ECONOMY WILL SLOW TO ABOUT 3% GROWTH AS THE U.S.
CONSUMER SLOWS REACTING TO HIGHER INTEREST RATES, HIGHER OIL PRICES, AND SLOWING GAINS IN HOUSING PRICES.
GHARIB: AND THAT'S EVEN THOUGH YOU SAID THAT THE FED STOPS RAISING RATES?
DOLL: THAT IS CORRECT. AND THAT WILL LEAD, IN OUR OPINION, TO EARNINGS DISAPPOINTMENT WHICH IS CAUSES THE SETBACK IN STOCK PRICES.
BUT THE SECOND HALF OF THAT PREDICTION IS PAVING THE WAY FOR THE SECOND HALF OF THE EQUITY BULL MARKET WHICH WE THINK COMMENCES.
IN THE MID-'80s AND THE MID-'90s WE HAD A PULLBACK.
WE THINK WE'LL GET ONE THE MIDDLE OF THIS DECADE ON THE WAY TO HIGHER HIGHS IN THE YEARS TO COME.
GHARIB: LET'S LOOK AT THE NEXT OF YOUR PREDICTIONS.NUMBER SIX, THE U.S. DOLLAR RESUMES ITS DOWN TREND.
NUMBER SEVEN, OVERSEAS STOCK MARKETS OUTPERFORM THE U.S.STOCK MARKET.NUMBER EIGHT, YOU PREDICT ANOTHER YEAR OF HIGH DIVIDEND INCREASES, SHARE BUYBACKS AND MERGERS.
NUMBER NINE, COMMODITY PRICES RISE, INCLUDING OIL AND GOLD.AND THEN NUMBER TEN, IN THE MIDTERM ELECTIONS REPUBLICANS RETAIN CONTROL OF CONGRESS.
SO GIVEN WHOLE SET OF PREDICTIONS, WHAT SHOULD INVESTORS DO?
DOLL: WELL, INVESTORS SHOULD REALIZE IT'S PROBABLY GOING TO BE A BUMPIER YEAR THAN THE LAST FEW.
WE'VE HAD VERY CALM MARKETS, SUSIE, AS YOU KNOW, WITH VERY LOW LOWE VOLATILITY.
THAT'S NOT NORMAL.
WE'RE EXPECTING A MORE NORMAL YEAR.
EARNINGS GROWTH, NORMAL, 7%.
ECONOMIC GROWTH, NORMAL, 3%.
AN EQUITY MARKET THAT HAS SOME BUMPS ON THE DOWN SIDE, SOME RISES ON THE UPSIDE AND ENDS THE YEAR UP.
WE THINK SELECTIVITY IS KEY, GROWTH OVER VALUE, BIG OVER SMALL, PRICE SETTERS OVER PRICE TAKERS, CAPITAL GOODS OVER CONSUMER GOODS.
GHARIB: AND MAYBE THEY SHOULD GO MORE GLOBAL GIVEN WHAT YOU SAID ABOUT OVERSEAS MARKETS.
DOLL: WE WOULD AGREE WITH THAT.
WE THINK JAPAN WILL HAVE ANOTHER GOOD YEAR, 15% EARNINGS GROWTH LIKELY TO HAVE A GOOD STOCK MARKET.
CHINA PASSED FRANCE AS THE FIFTH LARGEST ECONOMY IN 2005.
LIKELY TO PASS THE U.K. AS THE FOURTH-LARGEST ECONOMY IN THE WORLD IN 2006.
THAT PART OF THE WORLD'S ON FIRE.
THAT'S GOOD NEWS.
GHARIB: BOB, JUST TO WRAP IT UP, WE HAVE JUST A FEW SECONDS LEFT.
GIVEN WHAT YOU'RE SAYING ABOUT YOUR MARKET OUTLOOK, SHOULD INVESTORS SELL INTO RALLIES OR SHOULD THEY BUY ON DIPS?
DOLL: WELL, I THINK BUYING ON DIPS ABSENT A RECESSION IS ABSOLUTELY THE THING TO DO.
WE'RE JUST SAYING MORE VOLATILITY ON A PULLBACK SHOULD BE A BUYING OPPORTUNITY BECAUSE IT WILL BE ACCOMPANIED BY THE FED ENDING THEIR INCREASE IN RATES.
THAT SHOULD PAVE THE WAY FOR BETTER STOCK PRICES GOING FORWARD.
GHARIB: VERY INTERESTING OUTLOOK.
WE APPRECIATE YOU COMING ON THE PROGRAM AND WE'LL CHECK IN WITH YOU IN A FEW MINUTES.
DOLL: THANK YOU, SUSIE.
GHARIB: WE'VE BEEN SPEAKING WITH ROBERT DOLL, PRESIDENT AND CHIEF INVESTMENT OFFICER, MERRILL LYNCH INVESTMENT MANAGERS.
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1/10/06: Korea's Plan For Making It's Mark On The US Car Industry
PAUL KANGAS: BIG NEWS FROM GENERAL MOTORS OUT OF THE NORTH AMERICAN INTERNATIONAL AUTO SHOW IN DETROIT TODAY.
G.M. SAYS IT PLANS TO CUT PRICES ON MOST OF ITS 2006 MODELS.
THE PRICE CUTS WILL COME IN PLACE OF INCENTIVES.
THE SAVINGS WORK OUT TO AN AVERAGE OF $1,300 A VEHICLE OR ABOUT WHAT G.M. SPENT ON INCENTIVES LAST YEAR.
THE KOREAN AUTOMAKERS WERE ALSO MAKING A BIG SPLASH AT THE AUTO SHOW TODAY AS THEY UNVEILED THEIR LATEST MODELS.
TONIGHT, DIANE EASTABROOK LOOKS AT KIA AND HYUNDAI'S PLANS TO INCREASE MARKET SHARE HERE IN THE U.S.
ANNOUNCER: LADIES AND GENTLEMEN INTRODUCING SOUL, FROM KIA.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: THE BOXY, MULTI- FUNCTIONAL SOUL CONCEPT VEHICLE COULD HELP KIA BURST INTO THE RED-HOT MARKET AIMED AT 20- SOMETHING BUYERS.
NOT ONLY WOULD SOUL REACH AN AUDIENCE KIA'S MINI VAN, SPORT UTILITIES, AND CARS DON'T, BUT IT WOULD ALSO REINFORCE THE KOREAN AUTOMAKER'S NEW SPORTY IMAGE.
LEN HUNT, COO, KIA MOTORS AMERICA : CARS LIKE THIS REALLY, REALLY, HAVE SET THE PLACE ON FIRE IN TERMS OF THAT STRONG STANCE AND EXCITING FEATURES AND BENEFITS.
EASTABROOK: KOREAN AUTO COMPANIES ARE CARVING OUT NEW SPACES IN THE U.S. AUTO MARKET.
WHILE KIA WANTS TO BE THE SPORTY BRAND, HYUNDAI WANTS TO BE THE UPSCALE ONE.
YOU'LL FIND LEATHER INTERIORS AND WOOD FINISHES IN MANY HYUNDAI PRODUCTS LIKE THE NEW AZERA SEDAN, AND SAFETY AND TECHNOLOGY IMPROVEMENTS IN THE REDESIGNED SANTA FE SPORT UTILITY.
JOHN KRAFCIK, V.P. DEVELOPMENT HYNDAI MOTORS AMERICA: ONE OF THE THINGS WE'RE TRYING TO DO IN ELEVATING THE BRAND IS ADDING MORE TECHNOLOGY TO IT.
SO JUST ABOUT ALL OF OUR RADIOS NOW HAVE MP3 CAPABILITY.
EASTABROOK: KOREAN AUTO MANUFACTURERS STARTED SELLING VEHICLES IN THE U.S. TWO DECADES AGO.
FOR YEARS THEY WERE AN INEXPENSIVE ALTERNATIVE TO THE DOMESTIC AND JAPANESE AUTO MAKERS.
BUT THEY ALSO HAD A REPUTATION FOR POOR QUALITY.
BUT IN RECENT YEARS THAT HAS CHANGED. J.D. POWER AND ASSOCIATES HAS GIVEN QUALITY AWARDS TO HYUNDAI IN RECENT YEARS AND CONSUMER APPEAL AWARDS TO KIA.
J.D. POWER SAYS THE IMPROVEMENTS THE KOREANS HAVE MADE ARE BREATHTAKING.
JEFFERY SCHUSTER, EXECUTIVE DIRECTOR FORECASTING , J.D. POWER: THE EASY THINGS ARE FIT AND FINISH ISSUES, WIND NOISE.
BUT IT REALLY INVOLVES THE WHOLE MANUFACTURING PROCESS.
EASTABROOK: STILL, THE KOREAN MANUFACTURERS SHARE OF THE U.S.
VEHICLE MARKET IS LESS THAN 5%.
BUT BETSY METER WHO RECENTLY COMPLETED A STUDY ON THE GLOBAL AUTO INDUSTRY FOR K.P.M.G.
THINKS THAT TOO COULD CHANGE.
BETSY METER, PARTNER KPMG: BY AND LARGE THE KOREAN AND CHINESE BRANDS ARE SEEN AS REALLY TAKING MARKET SHARE AND THAT IS IN ASIA INCLUDING JAPAN AND THE OTHER COUNTRIES.
EASTABROOK: FOR NOW, KIA AND HYUNDAI ARE BOTH FOCUSED ON BETTER MARKETING, PENETRATING MORE VEHICLE SEGMENTS AND BECOMING THE BRAND OF CHOICE IN MORE U.S. HOUSEHOLDS.
DIANE EASTABROOK, "NIGHTLY BUSINESS REPORT," DETROIT.
Nightly
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1/10/06: "Open For Business"-Xerox
SUSIE GHARIB: MONDAY IS THE DAY THE NATION OBSERVES THE LEGACY OF DR. MARTIN LUTHER KING JUNIOR.
THIS WEEK, WE'RE TAKING A LOOK AT DR. KING'S IMPACT ON THE AMERICAN BUSINESS SCENE, SPECIFICALLY ON DIVERSITY IN THE WORKPLACE.
WE CALL IT "OPEN FOR BUSINESS."TONIGHT, ERIKA MILLER PROFILES XEROX, ONE OF ONLY SEVEN FORTUNE 500 COMPANIES WITH A FEMALE C.E.O.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: IT'S 3:15 P.M. AND RITA SHERMAN IS HOME TO GREET HER KIDS AS THEY GET OF THE BUS.
IT'S SOMETHING SHE LOOKS FORWARD TO EVERY SCHOOL DAY.
BUT SHERMAN IS NOT A STAY AT HOME MOM, SHE'S A SENIOR MANAGER AT XEROX.
SHE HAS ARRANGED TO WORK JUST 30 HOURS A WEEK DURING THE SCHOOL YEAR AND FULL-TIME DURING THE SUMMER.
SCHEDULE FLEXIBILITY IS ONE REASON XEROX HAS BEEN SUCCESSFUL IN RECRUITING AND RETAINING A DIVERSE POOL OF WORKERS.
RITA SHERMAN, TECHNOLOGY ASSESSMENT MANAGER, XEROX: XEROX HAS UNDERSTOOD THAT IN ORDER TO HAVE THE DIVERSITY IT WANTS, YOU HAVE TO BE FLEXIBLE, I MEAN NOT JUST FOR WOMEN BUT FOR MEN.
WHATEVER THE DIFFERENT NEEDS ARE OF THE DIFFERENT PEOPLE.
MILLER: AT XEROX, DIFFERENCES ARE NOT JUST TOLERATED, THEY ARE CONSIDERED VITAL FOR BUSINESS SUCCESS.
THAT BELIEF STARTS AT THE TOP, WITH ANNE MULCAHY, THE COMPANY'S FIRST FEMALE CHAIRMAN AND C.E.O.
ANNE MULCAHY, CHAIRMAN AND C.E.O., XEROX: WHEN YOU HAVE AN ENVIRONMENT THAT IS DIVERSE, REALLY HAVING IT, ALLOWING PEOPLE TO MAKE THEIR CONTRIBUTION AND REALLY DEVELOP AND BE A PART OF THE DEVELOPMENT SYSTEM OF THE COMPANY, I THINK DELIVERS INCREDIBLE RETURNS IN TERMS OF FULL EMPLOYEE PRODUCTIVITY AND A WORKPLACE THAT REALLY DOES ENABLE GREAT WORK.
MILLER: MULCAHY STARTED AS A SALES REPRESENTATIVE IN 1976.
NOW SHE'S ONE OF ONLY SEVEN WOMEN RUNNING A FORTUNE 500 COMPANY.
MULCAHY: AT TIMES DURING MY CAREER WHILE I WAS, YOU KNOW, HAVING MY CHILDREN AND TRYING TO BALANCE WORK AND FAMILY, XEROX PARTNERED WITH ME TO MAKE SURE I DIDN'T GET OFF TRACK AND THAT THEY HELPED ASSURE THAT I STAY A PART OF XEROX.
AND I HAD SOME FLEXIBILITIES AT TIMES THAT KEPT ME WITH XEROX.
THERE'S NO QUESTION ABOUT IT.
MILLER:FROM THE CORNER OFFICE, TO THE FACTORY FLOORS, DIVERSITY IS EVIDENT THROUGHOUT THE ORGANIZATION.
XEROX EMPLOYEES ARE ROUGHLY 15% AFRICAN-AMERICAN, 8% HISPANIC, 5% ASIAN AND 1% NATIVE AMERICAN.
MORE THAN 40% OF SENIOR EXECUTIVES ARE WOMEN, PEOPLE OF COLOR, OR BOTH. XEROX'S EFFORT TO ENCOURAGE DIVERSITY BEGAN IN THE 1960'S HERE IN ROCHESTER.
AT THAT TIME, RACE RIOTS SHOOK THE CITY, PROMPTING XEROX TO BEGAN AN AGGRESSIVE CAMPAIGN TO RECRUIT AND HIRE AFRICAN AMERICANS.
OVER TIME, THE FIRM'S DIVERSITY EFFORTS HAVE EXTENDED TO INCLUDE OTHER UNDERREPRESENTED GROUPS.
CURRENTLY, THE COMPANY HAS ACTIVE CAUCUSES FOR ASIANS, HISPANICS, BLACKS, BLACK WOMEN, WOMEN AND HOMOSEXUALS.
EACH GROUP HAS ITS OWN CHAMPION WITH CLOUT.
PHILIP HARLOW, CHIEF DIVERSITY OFFICER, XEROX: WE ASSIGN A SENIOR LEVEL CORPORATE EXECUTIVE TO EACH OF OUR CAUCUS GROUPS THAT ARE REPRESENTED WITHIN THE XEROX CULTURE.
AND THE PURPOSE OF THAT IS TO HAVE SOMEONE WHO IS DIRECTLY CONNECTED TO THE C.E.O. OF THE COMPANY TO ALLOW FOR ONGOING EXCHANGE OF COMMUNICATIONS.
MILLER: FOR EXAMPLE, XEROX SAYS THE BLACK EMPLOYEE CAUCUS HELPED IT DEVELOP A CONSISTENT PERFORMANCE EVALUATION FORMAT COMPANYWIDE.
THE WOMEN'S ORGANIZATIONS ADVOCATED FAMILY-FRIENDLY POLICIES LIKE FLEXTIME, JOB SHARING, AND TELECOMMUTING.
XEROX SAYS\ALL\THE GROUPS HELP WITH MINORITY RECRUITMENT.
THEY ALSO FOSTER INFORMAL MENTORING AND NETWORKING.
SHERMAN: I FEEL THAT BEING ONE OF FEWER FEMALE MINORITIES IN THE COMPANY, I HAVE SOMETHING TO OFFER.
I'VE HAD A LOT OF EXPERIENCE.
I'VE BEEN IN A LOT OF DIFFERENT GROUPS.
AND I CAN HELP PEOPLE UNDERSTAND, YOU KNOW, HERE ARE THE POSSIBLE OPPORTUNITIES.
MILLER: ANOTHER WAY XEROX PROMOTES DIVERSITY IS THROUGH COMMUNITY OUTREACH PROGRAMS.
WILLIE ROBINSON STARTED AS AN ENGINEER THERE 13 YEARS AGO.
NOW HE OVERSEES A PROGRAM THAT PLACES COMPANY ENGINEERS IN ROCHESTER PUBLIC SCHOOLS TO TEACH SCIENCE.
WILLIE ROBINSON, MGR. COMMUNITY EDUCATION PROGRAMS: WE GO IN, LET THEM KNOW THAT THERE IS DIFFERENT CAREER OPPORTUNITIES THAT YOU MIGHT WANT TO CONSIDER REGARDLESS OF WHERE YOU COME FROM, WHETHER OR NOT YOU ARE A MALE OR A FEMALE.
MILLER: BECAUSE DIVERSITY IS SEEN AS A BUSINESS IMPERATIVE, MANAGERS ARE EVALUATED ON WHETHER THEY ACHIEVE DIVERSITY TARGETS.
AND WHEN LAYOFFS TAKE PLACE, THE COMPANY STRIVES TO MIRROR BALANCED WORKFORCE GOALS. STILL, XEROX SAYS THIS COMMITMENT TO DIVERSITY DOES NOT CONFLICT WITH ITS GOAL OF FINDING THE BEST EMPLOYEES.
HARLOW: THIS IS NOT ABOUT QUOTAS. THIS IS ABOUT TRYING TO CREATE AN ENVIRONMENT THAT IS INCLUSIVE AND REPRESENTATIVE, BASED ON THE MARKETS THAT YOU OPERATE IN.
XEROX IS A COMPANY THAT HAS VERY HIGH STANDARDS AS IT RELATES TO THE CAPABILITIES THAT WE LOOK FOR PEOPLE TO HAVE TO COME IN.
MILLER: XEROX SAYS ITS EFFORT TO PROMOTE DIVERSITY REMAINS A TOP PRIORITY.
THE COMPANY IS CURRENTLY WORKING TO RECRUIT MORE HISPANICS AND FEMALE ENGINEERS.
IT ALSO WANTS TO SEE MORE WOMEN WORKING FOR XEROX ABROAD.
ERIKA MILLER, "NIGHTLY BUSINESS REPORT," ROCHESTER, NEW YORK.
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1/10/06: "Commentary"-Getting Over Google
SUSIE GHARIB: IN TONIGHT'S COMMENTARY, ONE TECH PUNDIT SAYS HE'S NOT SOLD ON GOOGLE.
HERE'S ROBERT X. CRINGELY, COLUMNIST FOR PBS.ORG.
ROBERT X. CRINGELY, COLUMNIST FOR PBS.ORG: THE HOTTEST COMPANY BY FAR AT THE JUST-FINISHED CONSUMER ELECTRONICS SHOW IN LAS VEGAS WAS GOOGLE, AN IRONY GIVEN THAT THE INTERNET SEARCH COMPANY DOESN'T MAKE CONSUMER ELECTRONICS.
STILL, GOOGLE WAS EVERYWHERE, ANNOUNCING THAT IT WAS ENTERING THE INTERNET VIDEO BUSINESS AS WELL AS OFFERING A SUITE OF SOFTWARE PRODUCTS FOR FREE TO HELP US ALL BE BETTER AT OUR GOOGLING.
ON TOP OF THAT, MOTOROLA IS PUTTING GOOGLE SEARCH ON SOME OF ITS MOBILE PHONES AND VARIOUS TV SET-TOP BOX MAKERS ARE ADDING GOOGLE TO THEIR PRODUCTS SO WE CAN HAVE ALL-GOOGLE ALL THE TIME.
LUCKY US.
AND GOOGLE SHARES SHOWED HOW HAPPY WE WERE BY HITTING A NEW ALL-TIME HIGH NORTH OF $460 PER SHARE.
IF GOOGLE WERE A NORMAL SILICON VALLEY TECH COMPANY IT WOULD HAVE LONG AGO SPLIT THE STOCK, ATTRACTING MORE DEMAND AND RATCHETING-UP THE PRICE EVEN FURTHER.
BUT GOOGLE ISN'T LIKE OTHER SILICON VALLEY COMPANIES.
TECHNOLOGY PUNDITS, THAT WOULD BE ME, SAY THAT THE LOGICAL TEN OR 20-TO-1 SPLIT WILL COME, BUT NOT UNTIL THE COMPANY IS READY FOR A SUPPLEMENTAL OFFERING TO FUND ITS DRIVE RIGHT INTO OUR LIVING ROOMS AS GOOGLE REMAKES MEDIA AS WE KNOW IT TODAY.
THAT WILL REQUIRE MICROSOFTESQUE AMOUNTS OF CASH, AT LEAST $10 BILLION OF WHICH GOOGLE WILL SQUEAK OUT OF THAT SPLIT-CUM- SUPPLEMENTAL OFFERING.
AND WHAT'S IT ALL FOR?
IT IS FOR WHAT'S CALLED THE MONETIZATION OF YOUR CONSUMER BEHAVIOR AND MINE.
MONETIZATION USED TO MEAN GOVERNMENTS MINTING MONEY, BUT NOW GOOGLE DOES THAT, TOO, BY SELLING OUR ATTENTION TO ADVERTISERS.
I'M BOB CRINGELY.
Nightly
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1/10/06: "Paul Kangas' Stocks In The News"
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01/10/06:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 11011.58 -.32 unch.
HIGH 11013.98
LOW 10949.87
NASDAQ COMP. 2320.32 +1.63 +.1
HIGH 2320.32
LOW 2303.93
VOLUME 1,730.1
PREVIOUS 1,669.9
UP VOLUME 872.7
DOWN VOLUME 838.7
DOW TRANSPORTS 4218.69 -19.65 - .5
DOW UTILITIES 413.80 +.59 + .1
CLOSING TICK +803
S&P 500 1289.69 -.46 - .0
S&P 100 586.10 -.59 - .1
MIDCAP 400 771.34 +2.63 + .3
REUTERS/CRB 336.45 -.88 - .3
NYSE COMPOSITE 8030.59 -22.83 - .3
VALUE LINE 430.13 +1.20 + .3
RUSSELL 2000 710.99 +4.75 + .7
DJW 5000 12974.76 +11.76 + .1
U.S. TREASURIES
5-YEAR NOTE 4.375%
Dec. 15,2010 100 1/32 -8/32 4.36
10-YEAR NOTE 4.50%
Nov. 15,2015 100 17/32 -15/32 4.43
30-YEAR NOTE 5.375%
Feb. 15, 2031 111 6/32 -1 1/32 4.62
LEHMAN BROS.
LONG BOND INDEX 1765.64 - 8.06
DOW CLOSE 11011.58 -.32 unch.
ADVANCES 1853
DECLINES 1546
NEW HIGHS 275
NEW LOWS 11
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
EMC EMC Corp 13.31 -.29 -2.1
VZ Verizon Comm 31.61 +.13 +.4
F Ford Motor Co 8.77 +.15 +1.7
PFE Pfizer 24.44 -.41 -1.7
S Sprint Nextel 23.04 -.09 -.4
AA Alcoa 29.60 -.95 -3.1
GTK GTECH Holdings 33.25 -.25 -.8
GM General Motors 22.06 -.35 -1.6
BSX Boston Scientific 26.48 +.60 +2.3
LU Lucent Tech 2.69 -.04 -1.5
NASDAQ CLOSE 2320.32 + 1.63 + .1
VOLUME 2,022.7
PREVIOUS 2,030.5
ADVANCES 1738
DECLINES 1297
NASDAQ ACTIVES
AAPL Apple Computer 80.86 +4.81 +6.3
GOOG Google 469.76 +2.86 +.6
MSFT Microsoft 27.00 +.14 +.5
CSCO Cisco Systems 18.97 -.09 -.5
INTC Intel 26.12 -.35 -1.3
SNDK SanDisk 76.95 -.16 -.2
BRCM Broadcom 55.73 +1.69 +3.1
CEPH Cephalon 75.74 +6.10 +8.8
YHOO Yahoo! 42.98 -.44 -1.0
QCOM Qualcomm 47.38 -.19 -.4
AMEX CLOSE 1814.85 + 5.83 + .3
INDEX SHARES
DIA DIAMONDS TRUST 110.08 +.10 +.1
QQQ NASDAQ 100 42.88 +.03 +.1
SPY S&P DEP.RECEIPTS 128.90 +.13 +.1
STOCKS IN THE NEWS
HUG Hughes Supply 45.61 +7.06 +18.3
AMD Advanced Micro 34.93 +1.68 +5.1
PD Phelps Dodge 146.58 -7.97 -5.2
TDW Tidewater 50.70 +3.40 +7.2
RGS Regis 42.59 +3.07 +7.8
HAS Hasbro 21.56 +1.37 +6.8
CBI Chicago Bridge 25.47 +2.54 +11.1
PVH Phillips-Van Heus 36.41 +2.96 +8.9
RRGB Red Robin Gourmet 38.29 -13.69 -26.3
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