Microsoft tops after-hours news - UPDATE 1 08.07.2003 22:43 Headlines SAN FRANCISCO (AFX) - Microsoft stock was the most actively traded issue on the Island ECN in late trading Tuesday after the software behemoth announced it would no longer provide its employees with stock options. The Nasdaq-100 After Hours indicator, which tracks the movement of tech stocks after the bell, was down 1.64 points. Microsoft said shortly after the closing bell that instead of giving its employees stock options, it would give them stock awards. The software giant is scheduled to hold a conference call regarding the change at 4:30 p.m. EST. Microsoft said no updated quarterly financial results will be provided on the call. Shares of Microsoft fell 35 cents, or 1.3 percent, to change hands for $27.35 in after-hours dealings. And AMB Property reported its second-quarter results shortly after the close of regular trading. The firm reported net income of $15.9 million, or 19 cents a share, versus earnings of $26.7 million, or 31 cents a share, in the same period a year ago. The results were below the firm's own guidance of 28-33 cents a share. AMB cited the postponement of the sale of one of its retail assets as reason for the shortfall. AMB Property's shares were unchanged from their 4:00 p.m. EST closing price of $28.10 in very light trading. Also reporting, Dow component Alcoa said second-quarter net income slipped 3.7 percent to 26 cents a share from the same quarter last year even as sales rose 6 percent to $5.5 billion. Based on continuing operations, Alcoa earned 27 cents a share, which topped the average analyst's target of 24 cents a share. Also scheduled to report is Innovex , which makes electronics components, which will report results from its third fiscal quarter. Three analysts surveyed by Thomson First Call are expecting the firm to report a loss, on average, of 5 cents a share, narrower than the 8-cents loss it reported a year ago. At last check, Innovex stock was down 7 cents, or 0.6 percent, at $11.23. The latest batch of results will mark the beginning of three weeks of earnings from corporate America with investors hoping that results and expectations for the future will match the stunning rally that has occurred in stocks in the last three months. In regular trading Tuesday, the Dow Jones Industrial Average closed up 6.3 points, or 0.1 percent, at 9,223.09. The Nasdaq Composite , meanwhile, added 25.79 points, or 1.5 percent, to finish the session at 1,746.50. This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.
Apple makes changes among software executives 08.07.2003 22:42 Headlines SAN FRANCISCO (AFX) -- Apple Computer on Tuesday named Avadis Tevanian its chief software technology officer and promoted Bertrand Serlet to senior vice president of software engineering. Tevanian will focus on setting Apple's software-technology directions, while Serlet will report directly to Apple CEO Steve Jobs and lead the company's operating systems software engineering group.
This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.
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