24 SEP 13:41 AFX *BRENT CRUDE JUMPS ON REPORTS OPEC TO CUT QUOTAS BY 900,000 BPD FROM NOV 1
24 SEP 14:01 AFX *VERIZON CUT TO 'NEUTRAL' AT SOUNDVIEW TECHNOLOGY
Updates, advisories and surprises - UPDATE 4 24.09.2003 14:01 Headlines
Monterrey Pasta lowers Q3 outlook (7:56 AM ET) NEW YORK (AFX) -- Citing a
decline in orders from its two biggest customers, Monterrey Pastalowered its
financial projections for the third quarter. The Salinas, Calif., food products
firm said its largest customer has reduced order by 30 to 35 percent from
year-ago levels, while sales from its second largest customer are anticipated to
come in 3 to 6 percent below the same period a year earlier. The company now
sees between breakeven results and a loss of 2 cents per share for the third
quarter with a year-over-year sales decline of 8 to 10 percent. Analysts are
currently looking for earnings of 7 to 9 cents per share in the period,
Monterrey Pasta said. The stock closed Tuesday at $4.71, down 4.8 percent.
Microsoft estimates, price target upped at Wells Fargo (7:52 AM ET) NEW
YORK (AFX) -- Wells Fargo Securities analyst Eric Upin said he sees evidence
that Microsoft'scurrent quarter is "tracking well," and may lead to some upside
to management and consensus estimates. Upin raised his earnings estimates to
$1.13 a share for 2004 and to $1.26 for 2005 from $1.11 and $1.24, respectively,
and lifted his price target on the stock to $37.50 from $37. The stock closed
Tuesday up 53 cents at $29.60. He maintained his "buy" rating. Upin sees signs
that PC and server shipments will pick up in the second half of 2003, a recovery
in information technology spending is unfolding and continuing, and growth in
new businesses for the long term.
ESS Technology ups Q3 financial forecasts (7:24 AM ET) NEW YORK (AFX) --
ESS Technologyraised its third quarter financial forecasts due to market share
gains and strong demand for digital entertainment products. The chipmaker now
expects to lose 8 to 13 cents a share on revenue of $44 million to $48 million,
versus prior projections of a loss of 18 to 13 cents and revenue of $37 million
to $41 million. Looking ahead, the company expects growth in both video and
imaging markets, increasing average selling prices and design wins will enable
ESS to grow in the fourth quarter and in 2004. The stock closed Tuesday up 20
cents at $10.15.
ICAP sees 1H earns ahead of expectations (3:26 AM ET) LONDON (AFX) --
U.K. interdealer broker ICAPsaid operating earnings for the half year ended
Sept. 30 "is anticipated to be ahead of current market expectations and
significantly ahead of the profit of £58.2 million achieved in the same half
year period in 2002." It said that since its acquisition of the majority of
BrokerTec's trading operations on May 7, that the deal has reported revenue and
profit ahead of ICAP's expectations.
Corus Group 1H loss narrows, cautious on 2H (3:20 AM ET) LONDON (AFX) --
Anglo-Dutch steel maker Corus Groupsaid sales in the six months to June 28 rose
to £4.023 billion from £3.576 billion in the year-ago period, driven by both
higher prices and volumes, particularly in carbon steel. Its operating loss
narrowed to £57 million vs. £207 million in the first half of 2002. The net
loss after tax and minority interests amounted to £125 million and Corus said
it decided that no interim dividend will be paid. The group said it was cautious
on the second half of the year. "Market conditions remain difficult and weak
European demand is expected to limit immediate further progress," it said. Corus
said it was launching the first phase of a restructuring, which will include
disposals, in the U.K. to restore the profitability of its engineering steels
business.
National Grid: 1H pre-tax profits "substantially" ahead (3:13 AM ET)
LONDON (AFX) -- National Grid Transcoon Wednesday said pre-tax profits for the
half year ending Sept. 30 will be "substantially ahead" of the year-ago figure,
benefiting from continued cost reductions and lower interest costs. Operating
profits will be in line with last year's due to a number of one-off benefits
enjoyed in the same period last year, the expected reduction in U.S. stranded
cost
recovery and exchange rate movements. It said the effective tax rate is not
expected to be higher than 27 percent in the year-ago period.
Vivendi 1H loss narrows, but less than expected (3:06 AM ET) LONDON
(AFX) -- French media-to-telecoms owner Vivendi Universalon Wednesday announced
a larger than expected loss of
632 million euros in the first half against a loss of 12.3 billion a year ago.
The group affirmed a target of returning to profitability for the fiscal year
ahead of exceptional items, AFX reported from Paris. Net debt stood at 13.7
billion euro in the first half, down 60 percent.
Mitchells & Butler pubs sees lower avg retail prices (2:59 AM ET) LONDON
(AFX) -- Mitchells & Butler, the recently demerged Six Continents pubs group, on
Wednesday said total sales in the year to date were up 1.7 percent. Sales on a
comparable basis in outlets the company has invested in for 19 weeks since May
10 were 2 percent. Like-for-like sales in those businesses which have not had
investment were down 0.1 percent, it said. Looking ahead, it said: "The
continuation of the second half sales and marketing activity means that average
retail prices net of promotions for 2004 are expected to be around 1 percent
lower than the current year."
AGF 1H profits up 17%, boosted by Credit Lyonnais sale (2:52 AM ET)
LONDON (AFX) -- French insurer AGFon Wednesday said first half net profit rose
17 percent to 491 million euros, as revenues grew 8.6 percent to 9.532 billion
euros. Profits were lifted by its sale of its stake in Credit Lyonnais, which
garnered 904 million euros for the group, although it said net capital gains
overall represented 33 percent of its underlying profit. Operating margin, a key
measure for insurers, rose to 11.8 percent from 11 percent. AGF said it is "more
confident" in its 2003 full year net income target of 650 million euros.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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