Thread: Market News

Dow Chemical Posts 52 Percent Drop in 4th-Quarter Profit on Costs

GRAND RAPIDS, Mich. (AP) -- Dow Chemical Co. said Tuesday its fourth-quarter earnings fell 52 percent due to restructuring and a $1.7 billion rise in spending on materials and energy, the largest year-over-year cost increase in company history.

Net income fell to $472 million, or 49 cents per share, from $975 million, or $1 per share, in the 2006 fourth quarter. Excluding one-time restructuring charges and acquisition-related research and development costs of $334 million, the company earned 84 cents per share in the latest period, down from 98 cents a year ago.

PARIS, Jan 29 (Reuters) - European stocks extended their gains on Tuesday afternoon after U.S. data showed new orders for long-lasting U.S.-made manufactured goods rose by a much bigger-than-expected 5.2 percent last month.

http://www.reuters.com/article/marke...0080129?rpc=44

08:30 am : S&P futures vs fair value: +9.9. Nasdaq futures vs fair value: +9.5. Stock futures extended their gains, and climb higher on a better than expected ecnomic release. December Durable orders rose 5.2%, compared November’s revised reading of 0.5%. Economists expected a rise of 1.6%. Countrywide (CFC) reported a fourth quarter loss of $0.79 per share, $0.49 worse than the consensus estimate. The company issued a dividend of $0.15 on its common shares. It will not be holding a conference call to discuss its results due to its pending merger with Bank of America.

Today 03:00pm

US House voting on $146B Stimulus package underway, appears to be on the way to approval by a wide margin, as expected

- the Senate is expected to add revisions to the bill as it begins debate on the Stimulus

- follow up: bill passes by a 368 to 32 vote in the House

http://www.tradethenews.com/story_details.asp?id=338827

Yahoo 4Q Earnings Fall Over 23 Percent
Tuesday January 29, 5:06 pm ET Yahoo 4th-Qtr Profit Declines Over 23 Percent As Operating Expenses Rise

SUNNYVALE, Calif. (AP) -- Online search engine operator Yahoo Inc. said Tuesday that its fourth-quarter profit declined a bit more than 23 percent as higher operating expenses overshadowed an increase in revenue.

Boeing's 4Q Earnings Rise 4 Percent on Strong Deliveries, Defense Growth; Top Expectations

CHICAGO (AP) -- Boeing Co. said Wednesday that its fourth-quarter profit rose 4 percent on higher commercial airplane deliveries and strong growth in defense earnings, beating Wall Street's expectations despite ongoing concerns over delays in its 787 Dreamliner program.

http://biz.yahoo.com/ap/080130/earns_boeing.html

[BRIEFING.COM] S&P futures vs fair value: -7.6. Nasdaq futures vs fair value: -14.0. Current indications suggest a lower start for the stock market. A disappointing sales forecast from Yahoo! (YHOO) and a $14 billion subprime related dollar write-down at UBS (UBS) is weighing on sentiment in the early-going. In other earnings news, Boeing (BA) and Merck (MRK) topped expectations. UPS (UPS) and Kraft (KFT) reported earnings that were in-line with estimates. The ADP private employment report will be released at 8:15 ET, and has been receiving traders’ attention of late. The market will turn attention to the advanced fourth quarter GDP reading at 8:30 ET (consensus +1.9%) and then to the FOMC announcement at 14:15 ET.

[BRIEFING.COM] S&P futures vs fair value: -4.8. Nasdaq futures vs fair value: -13.0. Futures shed a few points in choppy action on a lower than expected GDP number. The advanced reading of fourth quarter GDP grew by an annualized rate of 0.6%, less than the expected reading of 1.2%. Core PCE rose 2.7% quarter over quarter (consensus 2.5%). In earnings news, Kellogg (K) met expectations and reaffirmed its FY2008 guidance. Dow Component Altria (MO) is still to report this morning.

UPS Reports Hefty Loss in 4Q on Pension Withdrawal Charge

ATLANTA (AP) -- UPS Inc., the world's largest shipping carrier, reported Wednesday that it swung to a hefty loss in the fourth quarter due to a $6.1 billion payment to shift 45,000 of its employees from one pension plan to another.

http://biz.yahoo.com/ap/080130/earns_ups.html?.v=2

Fed funds futures price a 78% chance of a 50 basis point cut with the rest of the bets on a 25 basis point cut.

If one of you that have received the Letter have a scanner. Can you block out your personal info, then scan and post it so we can read it too. Thanks