1/12/06: Johnson & Johnson Fires Another Salvo In The Battle For Guidant
JEFF YASTINE: THE HEAT IS ON FOR BOSTON SCIENTIFIC TO UP ITS $25 BILLION BID FOR GUIDANT.
LATE YESTERDAY GUIDANT'S BOARD OF DIRECTORS ACCEPTED JOHNSON & JOHNSON'S SWEETENED $23.2 BILLION TAKEOVER OFFER.
SO FAR BOSTON SCIENTIFIC HASN'T SWEETENED ITS BID, BUT IT HASN'T BOWED OUT OF THE RACE EITHER.
A COMPANY SPOKESMAN SAID, "DON'T COUNT US OUT."
I SPOKE WITH GUIDANT ANALYST SCOTT THOMA OF EDWARD JONES THIS AFTERNOON AND BEGAN BY ASKING HIM WHICH COMPANY IS THE BEST FIT FOR GUIDANT.
SCOTT THOMA OF EDWARD JONES: WELL, I THINK STRATEGICALLY J&J IS PROBABLY THE BETTER FIT FOR GUIDANT IN MY OPINION.
J&J HAS MUCH MORE FINANCIAL RESOURCES ARGUABLY THAN BOSTON DOES.
THEY CAN PROBABLY GET GUIDANT'S BUSINESS BACK ON TRACK.
AND ASIDE FROM THAT, THERE'S A LOT OF SYNERGIES WITH GUIDANT'S STENT BUSINESS.
THEY HAVE A PARTNERSHIP TOGETHER, GUIDANT'S DISTRIBUTING J&J'S DRUG COATED STENT.
THAT'S VIEWED AS... THE KILLER STENT WOULD BE J&J'S TECHNOLOGY, JRX AND JRX'S STENT TECHNOLOGY WITH GUIDANT'S BALLOON.
SO THERE'S A LOT OF SYNERGIES IN THE STENT BUSINESS AND ONE OF THE BIGGEST AREAS J&J IS NOT IN IS CARDIAC RHYTHM MANAGEMENT, WHICH GUIDANT BRINGS TO THE TABLE WITH THEIR PACEMAKER MARKET.
SO STRATEGICALLY WHILE GUIDANT FITS WELL WITH BOTH OF THE COMPANIES, I WOULD THINK J&J GETS THE EDGE BECAUSE OF ITS RESOURCES.
YASTINE: IS THAT WHY WE KEEP SEEING GUIDANT SIDING WITH JOHNSON & JOHNSON DESPITE BOSTON SCIENTIFIC HAVING SOMEWHAT THE HIGHER BUYOUT OFFER HERE IN THIS CASE?
THOMA: WELL, I THINK THAT'S PART OF IT.I MEAN, ASIDE FROM THE FINANCIAL RESOURCES AND MAYBE THE PROSPECT OF GETTING GUIDANT'S BUSINESS BACK ON TRACK A BIT QUICKER, YOU HAVE THE ABILITY FOR A QUICKER CLOSING.
GUIDANT'S SHAREHOLDERS HAVE BEEN THROUGH QUITE A LOT OVER THE PAST YEAR AND AT LEAST THINK THEY SEE LIGHT AT THE END OF THE TUNNEL.
THEY'VE ALREADY RECEIVED REGULATORY APPROVAL. THE SHAREHOLDER VOTE IS AT THE END OF JANUARY, AND SO IF YOU GO WITH J&J, YOU HAVE THE PROSPECT OF A QUICK CLOSING, WHEREBY IF YOU GO WITH BOSTON, YES, BOSTON'S ALREADY TALKED WITH THE REGULATORS, YES, IT APPEARS THEY HAVE A PLAN IN PLACE THAT COULD ALLOW FOR A QUICKER CLOSING BUT THERE'S MORE UNCERTAINTY.
NOW, WHETHER THAT'S WORTH A $4 DIFFERENCE IN THE BID PRICE, THAT'S PROBABLY UP FOR DEBATE BUT I THINK THAT GIVES J&J A BIT OF EDGE AS WELL.
YASTINE: IF YOU'RE BOSTON SCIENTIFIC, DO YOU REASSESS AND COME BACK WITH YET ANOTHER BID HERE?
THOMA:I THINK THAT'S WHAT EVERYBODY ASSUMES IS GOING TO HAPPEN.
GUIDANT STOCK IS AT 7 ON WHICH IS DIRECTLY BETWEEN THE TWO.
IF EVERYBODY THOUGHT J&J WAS GOING TO WIN WITH A $68 BID, THE STOCK WOULD BE LOWER.
J&J HAS LEFT THE DOOR OPEN FOR BOSTON TO COME BACK, AND BOSTON'S BOARD HAS ALREADY SAID... EXCUSE ME, GUIDANT'S BOARD HAS ALREADY SAID THAT THEY ARE STILL GOING TO BE ENTERTAINING OFFERS FROM BOSTON.
SO I THINK EVERYONE FULLY EXPECTS THAT BOSTON IS GOING TO COME BACK WITH SOMETHING.
YASTINE: DO YOU THINK THERE'S A CHANCE GUIDANT WILL EVENTUALLY SIDE WITH BOSTON SCIENTIFIC IF ONLY BECAUSE OF THE DOLLAR AMOUNTS AND BOSTON SCIENTIFIC'S HIGHER BID ON THIS?
WE ALREADY SAW A LATE REPORT HERE FROM A MAJOR SHAREHOLDER, ELLIOT ASSOCIATES.
THEY SAID THEY WILL VOTE AGAINST A RENEGOTIATED DEAL WITH JOHNSON & JOHNSON.
THEY WANT BOSTON SCIENTIFIC'S HIGHER BID.
THOMA: WELL, I THINK THAT'S CERTAINLY POSSIBLE.
THERE HAS TO BE A POINT WHERE, I MEAN, MAYBE $4 IS THE LIMIT.
IF BOSTON MAKES A HIGHER BID AND J&J DOESN'T MOVE IN LOCK STEP, THERE HAS TO BE A POINT WHERE GUIDANT'S BOARD HAS TO ACT IN THE BEST INTEREST OF SHAREHOLDERS AND CHOOSE A HIGHER BID.
NOW, THE PROSPECT OF A QUICKER CLOSE, THE PROSPECT OF MORE FINANCIAL RESOURCES IS WORTH SOMETHING, BUT THERE IS A POINT WHERE YOU HAVE TO LOOK AT THE SHAREHOLDERS AND SAY, "LOOK, THEY'RE OFFERING TOO MUCH FOR OUR COMPANY NOT TO GO WITH THE HIGHER BID."
YASTINE: THE SHAREHOLDER VOTE IS AT THE END OF THE MONTH, JANUARY 31, AS I RECALL.
THOMA:YES. THE SHAREHOLDER VOTE IS AT THE END OF THE MONTH.
YASTINE: SCOTT, WE'LL HAVE TO WAIT AND SEE WHAT HAPPENS WITH BOSTON SCIENTIFIC, JOHNSON & JOHNSON AND WHAT GUIDANT DECIDES AT THE END OF THIS.
SCOTT, APPRECIATE YOUR TIME.
THOMA: THANK YOU VERY MUCH.
YASTINE: OUR GUEST, SCOTT THOMA OF EDWARD AND JONES AND COMPANY.
Nightly
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01/12/06: The New Gold Rush
JEFF YASTINE: WHILE GOLD FUTURES PULLED BACK SLIGHTLY TODAY, THEY'VE HAD A STAGGERING RUN-UP OVER THE LAST FIVE YEARS.
AND SINCE THE START OF THE NEW TRADING YEAR, GOLD IS ALREADY UP ALMOST 6%.
AS ERIKA MILLER REPORTS, ANALYSTS SEE MANY REASONS WHY IT WILL CONTINUE TO SHINE.
ERIKA MILLER, "NIGHTLY BUSINESS REPORT CORRESPONDENT: INVESTORS HAVE BEEN BITTEN BY THE GOLD BUG.
THEY'VE RUSHED TO BUY THE YELLOW METAL THIS YEAR, SEDUCED BY LAST YEAR'S 17% INCREASE.
SOME ANALYSTS ARE CONFIDENT GOLD WILL CONTINUE MOVING HIGHER.
JOE FOSTER, GOLD FUND MANAGER, VAN ECK ASSOC.: SOMETIME THIS YEAR, IT WOULDN'T SURPRISE ME TO SEE IT GO TO 600.
IT'S THAT STRONG OF A MARKET.
AND THE FUNDAMENTALS ARE IN PLACE FOR THAT TO CONTINUE.
MILLER: FOSTER PREDICTS GOLD WILL CROSS THE $1,000 BARRIER BY THE END OF THE DECADE.
HE SAYS INVESTORS ARE FLOCKING TO GOLD BECAUSE IT HAS PERFORMED FAR BETTER THAN STOCKS.
THE PRICE OF GOLD HAS DOUBLED IN THE PAST FIVE YEARS WHILE THE STANDARD & POOR'S 500 IS DOWN 5%.
OTHERS SAY INVESTORS ARE BUYING GOLD FOR MORE TRADITIONAL REASONS, NAMELY AS A HEDGE AGAINST INFLATION.
MICHAEL DUDAS, METALS ANALYST, BEAR STEARNS: I THINK THE REAL DRIVER OF WHAT'S BEEN HAPPENING IN GOLD SOME CONCERN ABOUT INFLATION AND REFLATION GLOBALLY.
WE'VE SEEN GASOLINE PRICES MOVE HIGHER.WE'VE SEEN ELECTRICITY AND HOME PRICES MOVE HIGHER.
WE'VE SEEN COLLEGE TUITIONS MOVE UP, HEALTH CARE COSTS MOVE UP.
MILLER: DUDAS SAYS A WEAKENING DOLLAR COULD ALSO HELP MAKE GOLD MORE ATTRACTIVE AS AN ALTERNATIVE INVESTMENT TO U.S.
STOCKS AND BONDS. SOME ANALYSTS ALSO CREDIT THE GOLD RALLY TO EXPECTATIONS CENTRAL BANKS IN RUSSIA, ARGENTINA, CHINA, SOUTH AFRICA AND SOUTH KOREA WILL BOOST THEIR GOLD POSITIONS THIS YEAR.
THERE HAS ALSO BEEN A BIG INCREASE IN DEMAND FOR GOLD, THANKS TO STRONG JEWELRY SALES IN INDIA, CHINA, AND THE MIDDLE EAST.
SOME ANALYSTS SAY A GOOD WAY TO INVEST IN THE SECTOR IS TO BUY GOLD STOCKS.
FOR INVESTORS WANTING BROAD DIVERSIFICATION, THERE ARE GOLD MUTUAL FUNDS.
AND EXCHANGE-TRADED FUNDS.
DUDAS: I THINK THAT THE GOLD STOCKS ARE POISED TO MOVE HIGHER.
WHAT I BELIEVE, THE EQUITIES-- THE GOLD EQUITIES-- ARE DISCOUNTING IN THEIR CURRENT VALUATIONS IS A PRICE LOWER THAN CURRENT GOLD PRICES.
SO I THINK THAT WILL ALLOW GOLD SHARES TO MOVE HIGHER.
MILLER: IF GOLD OUTPERFORMS STOCKS AGAIN THIS YEAR, IT WOULD BE THE SIXTH YEAR IN A ROW.
THAT WOULD BE THE LONGEST WINNING STREAK SINCE GOLD BEGAN TRADING FREELY IN 1968.
ERIKA MILLER, "NIGHTLY BUSINESS REPORT," NEW YORK.
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1/12/06: Rewriting The Rules On Lobbying
PAUL KANGAS: THE CONTROVERSY SURROUNDING EMBATTLED LOBBYIST JACK ABRAMOFF HAS BOTH SENATE AND HOUSE LAWMAKERS SCURRYING TO PULL TOGETHER LOBBYING REFORM LEGISLATION.
ONE PROPOSAL TAKES ON LOBBYING DISCLOSURE, THAT IS WHO IS DOING THE LOBBYING AND WHAT EXACTLY ARE THEY LOBBYING FOR.
AS DARREN GERSH REPORTS, RIGHT NOW THAT ISN'T ALWAYS CLEAR.
DARREN GERSH, NIGHTLY BUSINESS REPORT, CORRESPONDENT : WASHINGTON'S "K"
STREET POWER CORRIDOR IS HOME TO MANY OF THE 14,000 ACTIVE AND REGISTERED LOBBYISTS IN THE NATION'S CAPITOL.
WE DO KNOW LOBBYING IS A $2 BILLION A YEAR BUSINESS, BUT IN MANY CASES WE DON'T KNOW MUCH ABOUT WHAT THOSE LOBBYISTS ARE DOING AND WHO THEY ARE MEETING WITH.
ALEX KNOTT, LOBBY WATCHING CENTER FOR PUBLIC INTEGRITY: THE BIG PROBLEM IS THAT PEOPLE REALLY DON'T KNOW WHO IS AFFECTING THEIR DEMOCRACY.
THEY DON'T UNDERSTAND THE LEGISLATION THAT IS BEING MOVED, POSSIBLY HOW THE $2.2 TRILLION THAT'S BEING SPENT EVERY YEAR BY OUR GOVERNMENT IS BEING SPENT.
SO RIGHT NOW THERE EXISTS A VOID, AN INFORMATION VOID.
GERSH: A VOID, BECAUSE MANY LOBBYIST DISCLOSURE ACT FILINGS, KNOWN AS L.D.A.s, ARE VAGUE.
THIS ONE NOTES WORK ON PRESCRIPTION DRUGS.
THIS ENERGY LOBBYIST WROTE DOWN "NUCLEAR ENERGY."
ANOTHER, "GLOBAL CLIMATE CHANGE."
BUT THE INSTRUCTIONS FOR FILING THESE FORMS MAKE IT CLEAR LOBBYISTS SHOULD DISCLOSE EXACTLY WHICH PIECES OF LEGISLATION THEY ARE TRYING TO INFLUENCE.
KNOTT: PUTTING DOWN A BILL NUMBER IS NOT SPECIFIC ENOUGH.
YOU HAVE TO STATE HOW YOU ARE LOBBYING ON THAT BILL AND WHAT PROVISIONS OF THE BILL YOU ARE INTERESTED IN LOBBYING ON.
GERSH: MANY LOBBYISTS DON'T BOTHER TO REGISTER AND MANY OF THOSE WHO DO FILE INCOMPLETE FORMS BECAUSE THEY KNOW THE RULES ARE NOT ENFORCED.
SEVERAL HUNDRED EMPLOYEES TRACK CAMPAIGN CONTRIBUTIONS AT THE FEDERAL ELECTION COMMISSION, BUT JUST THREE FULL-TIME STAFFERS TRACK THE 14,000 LOBBYING FORMS FILED IN THE SENATE EVERY YEAR.
LOBBYISTS SAY CONGRESS SHOULD BETTER APPLY THE EXISTING RULES BEFORE CONSIDERING NEW ONES.
PAUL MILLER, PRESIDENT, AMEIRCAN LEAGUE OF LOBBYISTS: ONE OF THE BIGGEST PROVISIONS YOU HAVE IS INCREASING THE FINES FROM $50,000 TO $100,000.
NOBODY'S RUNNING SCARED ABOUT THAT BECAUSE UNTIL YOU START ENFORCING THE $50,000 PENALTY, NOBODY'S GOING TO CARE ABOUT THE $100,000 PENALTY.
GERSH: SOME REFORMERS WANT TO REQUIRE LOBBYISTS TO REPORT MEETINGS WITH GOVERNMENT OFFICIALS AND LAWMAKERS.
LOBBYISTS AGREE SOME REFORMS MAKE SENSE, BUT THEY ARGUE PILES OF UNNECESSARY PAPERWORK WON'T PREVENT CORRUPTION.
DARREN GERSH, "NIGHTLY BUSINESS REPORT," WASHINGTON.
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1/12/06: "Open For Business"-Nordstrom
JEFF YASTINE: FEDERATED DEPARTMENT STORES SAID TODAY IT WILL PUT ITS LORD & TAYLOR DIVISION UP FOR SALE AS IT FOCUSES ON ITS MACY'S AND BLOOMINGDALE'S BRANDS SEPARATELY.
TONIGHT WE TAKE A CLOSER LOOK AT FEDERATED RIVAL NORDSTROM.
IT'S ONE OF AMERICA'S OLDEST RETAILERS, AND IT HAS ONE OF THE BEST TRACK RECORDS IN THE INDUSTRY WHEN IT COMES TO DIVERSITY IN THE WORKPLACE.
AS WE CONTINUE OUR SERIES "OPEN FOR BUSINESS," DIANE EASTABROOK TAKES US TO SEATTLE, NORDSTROM'S HOME BASE.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: NORDSTROM IS THE DEPARTMENT STORE CHAIN KNOWN FOR ITS ELEGANCE, ITS ATTENTIVE SERVICE...
MAKE UP ARTIST: SO WHAT I'M USING ON YOU IS THE LONG-WEAR GEL LINER.
DIANE EASTABROOK: AND ITS SHOES.
SHOE SALES PERSON: CAN I MEASURE BOTH FEET FOR YOU?
EASTABROOK: BUT THE SEATTLE- BASED RETAILER COULD BE KNOWN FOR SOMETHING ELSE AS WELL: ITS COMMITMENT TO DIVERSITY.
BLAKE NORDSTROM, PRESIDENT, NORDSTROM INC.: AS OUR COUNTRY EVOLVES IT'S A PRETTY DIVERSE COMMUNITY OUT THERE, AND SO IT'S IMPORTANT THAT WE'RE REFLECTIVE OF THAT.
EASTABROOK: NORDSTROM LAUNCHED ITS DIVERSITY PROGRAM NEARLY 20 YEARS AGO WHEN IT BEGAN RAPIDLY EXPANDING OUTSIDE OF WASHINGTON TO 26 OTHER STATES.
THE RETAILER ASSESSES EVERY NEW MARKET IT ENTERS AND THEN SETS HIRING BENCHMARKS THAT REFLECT REGIONAL DEMOGRAPHICS.
TODAY 40% OF NORDSTROM'S 50,000 EMPLOYEES ARE MINORITIES.
30% OF ITS MANAGERS ARE WOMEN AND PEOPLE OF COLOR.
DELENA SUNDAY, EXECUTIVE, VICE PRESIDENT OF DIVERSITY AFFAIRS, NORDSTROM: WE'RE IN THE SERVICE INDUSTRY AND WE WANT TO SERVICE ANYBODY.
WE WANT TO SERVICE EVERYONE, SO IN ORDER TO DO THAT WE HAVE TO HAVE, YOU KNOW, SOMEONE FOR EVERYONE.
SO WHEN OUR CUSTOMERS SHOP WITH US THEY NEED TO SEE PEOPLE WHO REFLECT THEMSELVES-- WHETHER THAT'S ETHNICITY, AGE, WHATEVER.
EASTABROOK: THE KINDS OF SHOPPERS NORDSTROM SEEKS TO ATTRACT ARE REFLECTED IN ITS CATALOGS.
IT ALSO REACHES SHOPPERS THROUGH ADVERTISEMENTS IN MAGAZINES SUCH AS "LATINA," "BLACK ENTERPRISE,"
AND "ESSENCE." NORDSTROM ALSO USES ITS CLOUT AS A RETAILER TO BACK UP ITS COMMITMENT TO DIVERSITY.
THE COMPANY DOES BUSINESS WITH NEARLY 6,000 MINORITY-OWNED SUPPLIERS AND VENDORS.
CLOTHING FROM ASIAN DESIGNER MISOOK TO AFRICAN-AMERICAN DESIGNER TRACEY REESE TO HISPANIC JEWELRY DESIGNER LIZ PALACIOS APPEAR IN MANY NORDSTROM STORES.
THE COMPANY THINKS IT HAS BENEFITED FROM THOSE RELATIONSHIPS AS MUCH AS ITS SUPPLIERS HAVE.
NORSDSTROM: WE'VE BEEN ABLE TO HAVE FRESH PRODUCT THAT MAYBE YOU CAN'T FIND SOMEPLACE ELSE, AND SO AS MERCHANTS WE'RE ALWAYS LOOKING FOR NEW THINGS.
EASTABROOK: BUT NORDSTROM'S COMMITMENT TO DIVERSITY OFTEN EXTENDS BEYOND WHAT CUSTOMERS SEE IN ITS MORE THAN 100 STORES.
THE COMPANY OFTEN ACTS AS A MENTOR OF SORTS TO ITS MANY SUPPLIERS, HELPING THEM TO IMPROVE AND EXPAND THEIR BUSINESSES.
PHONE OPERATOR: GOOD MORNING, CHRIS.
HOW ARE YOU?
EASTABROOK: ALLIANCE RELOCATION, A DIVISION OF THE AFFLUENCE GROUP, IS A PRIME EXAMPLE.
BEFORE IT BEGAN DOING BUSINESS WITH NORDSTROM SEVEN YEARS AGO, ALLIANCE HELPED OTHER COMPANIES COORDINATE EMPLOYEE RELOCATIONS BY SIMPLY CONTRACTING WITH LOCAL MOVING COMPANIES.
BUT NORDSTROM WANTED SOMETHING MORE.
IT INSISTED ALLIANCE ALSO HELP RELOCATED EMPLOYEES SELL THEIR HOMES AND BUY NEW ONES.
HERB STOKES, C.E.O. OF THE AFFLUENCE GROUP, SAYS NORDSTROM'S FAITH IN HIS COMPANY HELPED TO TRANSFORM IT.
HERB STOKES, C.E.O. OF THE AFFLUENCE GROUP: NOT MANY CORPORATIONS WOULD GIVE US AN OPPORTUNITY TO PARTICIPATE IN THAT REAL ESTATE COMPONENT, BECAUSE THERE IS A LOT OF EXPERTISE REQUIRED AND A LOT OF FINANCIAL INVESTMENT, AND WE COULDN'T DO THAT.
NORDSTROM, HOWEVER, FELT THAT WE COULD IF GIVEN THE OPPORTUNITY.
EASTABROOK: NORDSTROM'S COMMITMENT TO DIVERSITY SEEMS ALMOST IRONIC, CONSIDERING IT IS HEADQUARTERED IN A CITY WHOSE POPULATION IS MORE THAN 70% WHITE.
STILL, THE COMPANY SAYS ITS COMMITMENT IS PART OF ITS HERITAGE.
FOUNDER JOHN W. NORDSTROM WAS A POOR SWEDISH IMMIGRANT WHO ARRIVED IN THE U.S. IN 1887.
HE OPENED HIS FIRST SHOE STORE IN SEATTLE IN 1901.
BLAKE NORDSTROM SAYS IN A SENSE THE DIVERSITY PROGRAM CARRIES ON HIS GREAT GRANDFATHER'S BUSINESS PHILOSOPHY.
NORDSTROM: TAKING CARE OF EVERY SINGLE PERSON, GIVING THEM THE CARE AND RESPECT THEY DESERVE, THAT IS A KEY COMPONENT OF HOW THIS COMPANY WAS FOUNDED.
EASTABROOK: EXPERTS SAY WHILE DIVERSITY PROGRAMS ARE VERY COMMON IN RETAILING, NORDSTROM'S IS A CUT ABOVE THE REST.
MARY ANN ODEGAARD, MANAGEMENT PROFESSOR, UNIVERSITY OF WASHINGTON: THEY PRACTICE WHAT THEY SAY, WHICH I THINK DIFFERENTIATES THEM SOME FROM SOME OTHER COMPANIES THAT HAVE A POLICY, BUT IT ISN'T NECESSARILY EMBRACED BY EVERYBODY.
EASTABROOK: NORDSTROM SAYS IT IS ALWAYS LOOKING FOR WAYS TO IMPROVE ITS DIVERSITY PROGRAM, EITHER IN ITS STORES, OR IN ITS CATALOGS OR THROUGH ITS SUPPLIERS.
SUNDAY: IT'S NOT ANYTHING WHERE YOU EVER REACH THE FINISH LINE.
YOU NEVER SAY, "OH, MY GOSH, NOW WE CAN TAKE A DEEP BREATH"
BECAUSE OUR CUSTOMERS WILL CONTINUE TO CHANGE, THEIR NEEDS WILL CONTINUE TO CHANGE, AND WE HAVE TO EVOLVE WITH THAT, AND SO WE'LL JUST CONTINUE TO TRY TO GET BETTER.
EASTABROOK: AND THAT, SAYS NORDSTROM, HAS ALWAYS BEEN THE KEY TO ITS SUCCESS.
DIANE EASTABROOK, "NIGHTLY BUSINESS REPORT," SEATTLE.
Nightly
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1/12/06: "Commentary"-Free Trade To Take Root In Agriculture
PAUL KANGAS: IN TONIGHT'S COMMENTARY, A FEW THOUGHTS ON WHAT'S NEEDED TO MAKE FREE TRADE IN AGRICULTURE A GLOBAL REALITY.
HERE'S BARBARA HACKMAN FRANKLIN, PRESIDENT AND C.E.O. OF BARBARA FRANKLIN ENTERPRISES AND FORMER U.S. SECRETARY OF COMMERCE.
BARBARA HACKMAN FRANKLIN, PRESIDENT AND C.E.O. OF BARBARA FRANKLIN ENTERPRISES: DEVELOPING COUNTRIES HAVE LONG CLAMORED FOR FREER TRADE IN AGRICULTURE TO BOOST THEIR EXPORTS.
BUT GLOBAL TRADE ROUNDS HAVE LONG DUCKED THE ISSUE.
SO WHEN THE DOHA ROUND WAS KICKED OFF WITH AN AGREEMENT TO TACKLE TRADE IN AGRICULTURE, ALONG WITH INDUSTRIAL GOODS AND SERVICES, IT WAS WELCOMED HOPEFULLY.
BUT AFTER FOUR YEARS OF NEGOTIATIONS, WE ARE NOWHERE NEAR AN AGREEMENT, AND THE YEAR- END TARGET DATE FOR COMPLETING THE ROUND LOOMS.
THE RECENT MINISTERIAL MEETING IN HONG KONG MADE ONLY MODEST PROGRESS.
THERE WAS AGREEMENT ON A DATE, 2013, TO END FARM SUBSIDIES, BUT THIS WILL YIELD ONLY 2% OF THE GAINS POSSIBLE FROM FREER AGRICULTURE TRADE.
THE REST MUST COME FROM LOWERING TARIFFS.
AND HERE WE ARE AT A STALEMATE.
LAST FALL, THE U.S. PUT FORTH A FAR-REACHING PROPOSAL TO LOWER AGRICULTURE TARIFFS.
THIS WAS SUPPORTED BY THE G-20 GROUP OF DEVELOPING NATIONS.
IN RESPONSE, THE EUROPEAN UNION OFFERED LITTLE.
THE U.S. AND THE LARGE DEVELOPING ECONOMIES-- INDIA, CHINA, BRAZIL-- CALLED THE E.U.
PROPOSAL INADEQUATE.
BUT THE E.U. SAYS IT WON'T OFFER MORE UNTIL THOSE LARGE DEVELOPING ECONOMIES AGREE TO CUT TARIFFS ON GOODS AND SERVICES.
AND THOSE COUNTRIES SAY THEY WON'T UNTIL THE E.U. MOVES ON AGRICULTURE.
TO BREAK THE GRIDLOCK, THE E.U.
SHOULD MAKE THE FIRST MOVE.
THAT TAKES TAKE POLITICAL WILL.
I HOPE THEY FIND IT.
OTHERWISE, WE COULD LOSE A REMARKABLE OPPORTUNITY TO ADVANCE GLOBAL PROSPERITY.
I'M BARBARA HACKMAN FRANKLIN.
Nightly
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1/12/06: "Paul Kangas' Stocks In The News"
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01/12/06:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10962.36 -81.08 - .7
HIGH 11045.84
LOW 10951.23
NASDAQ COMP. 2316.69 -14.67 -.6
HIGH 2330.31
LOW 2313.22
VOLUME 1,704.3
PREVIOUS 1,746.2
UP VOLUME 493.5
DOWN VOLUME 1,178.8
DOW TRANSPORTS 4148.38 -50.91 - 1.2
DOW UTILITIES 412.81 +.30 + .1
CLOSING TICK +449
S&P 500 1286.06 -8.12 - .6
S&P 100 584.25 -4.11 - .7
MIDCAP 400 767.04 -5.37 - .7
REUTERS/CRB 334.71 -1.00 - .3
NYSE COMPOSITE 8008.09 -55.42 - .7
VALUE LINE 428.07 -2.68 - .6
RUSSELL 2000 706.79 -4.40 - .6
DJW 5000 12928.57 -82.66 - .6
U.S. TREASURIES
5-YEAR NOTE 4.25%
Jan. 15,2011 99 19/32 +7/32 4.34
10-YEAR NOTE 4.50%
Nov. 15,2015 100 23/32 +13/32 4.41
30-YEAR NOTE 5.375%
Feb. 15, 2031 111 22/32 +23/32 4.59
LEHMAN BROS.
LONG BOND INDEX 1762.62 +3.26
DOW CLOSE 10962.36 -81.08 - .7
ADVANCES 1188
DECLINES 2160
NEW HIGHS 216
NEW LOWS 24
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
LU Lucent Tech 2.71 +.05 +1.9
F Ford Motor Co 8.56 -.37 -4.1
PFE Pfizer 24.58 -.17 -.7
VZ Verizon Comm 32.11 +.12 +.4
XOM Exxon Mobil 59.64 -.69 -1.1
NWSa News Corp "A" 15.98 -.22 -1.4
GE General Electric 35.00 -.43 -1.2
S Sprint Nextel 22.78 -.26 -1.1
EMC EMC Corp 13.60 +.09 +.7
AMD Advanced Micro 35.35 -.92 -2.5
NASDAQ CLOSE 2316.69 - 14.67 - .6
VOLUME 2,057.1
PREVIOUS 2,421.2
ADVANCES 1178
DECLINES 1837
NASDAQ ACTIVES
GOOG Google 463.63 -8.00 -1.7
AAPL Apple Computer 84.29 +.39 +.5
SNDK SanDisk 77.22 +.96 +1.3
INTC Intel 25.97 -.17 -.7
MSFT Microsoft 27.14 -.15 -.6
CSCO Cisco Systems 19.20 -.20 -1.0
AMAT Applied Matl 20.82 +.17 +.8
BRCM Broadcom 56.95 -1.64 -2.8
NTAP Netwk Appliance 32.67 +2.23 +7.3
SIRI Sirius Satellite 6.20 +.08 +1.3
AMEX CLOSE 1792.82 - 20.25 - 1.1
INDEX SHARES
DIA DIAMONDS TRUST 109.76 -.62 -.6
QQQ NASDAQ 100 43.00 -.21 -.5
SPY S&P DEP.RECEIPTS 128.80 -.51 -.4
STOCKS IN THE NEWS
JPM JPMorgan Chase 39.95 -.75 -1.8
KO Coca-Cola Co 41.44 -.23 -.6
BUD Anheuser Busch 42.41 -.70 -1.6
BGP Borders Group 24.70 +2.29 +10.2
KFT Kraft Foods 28.90 +1.08 +3.9
FRX Forest Labs 42.89 +2.74 +6.8
VC Visteon 5.59 -1.08 -16.2
AXL American Axel 18.40 -1.45 -7.3
BWA BorgWarner 56.00 -2.30 -4.0
DCN Dana 7.07 -.72 -9.2
MGA Magna Intl 69.58 -5.58 -7.4
IDNX Identix 6.98 +1.20 +20.8
APOL Apollo Group 57.54 -4.61 -7.4
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