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Market Update : 
Apple Hits a New High
Author: Elena Todorova
123jump.com
Last Update: 10:59 AM EST December 06 2005


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Time Warner Inc. slid on news that the company''s America Online division is close to a deal with Microsoft Corp. to create an online advertising service in competition with Google Inc. Sears Holdings Corp. posted sharp quarterly profit drop from the prior year, but beat estimates. UBS analyst raised estimates for both Apple''s stock price and Q1 earnings because of the great popularity of iPods with consumers.

 
The U.S. dollar advanced against other major counterparts. The euro was quoted at $1.1761, down from $1.1790. The dollar bought 121.16 yen, up from 120.79. The British pound traded at $1.7321, down from $1.7421.

EARNINGS NEWS

Kroger Co (KR: chart), supermarket chain, announced that Q3 profit advanced to 25 cents a share, from 19 cents a year earlier, matching analysts'' estimate. Sales rose to $14.02 billion from $12.85 billion in last year''s third quarter. Identical supermarket sales rose 6.6% with fuel and 3.7% without fuel.

Brocade Communications Systems, (BRCD: chart), server and storage company, posted Q4 earnings of 8 cents a share, breakeven on a per share basis in the same period a year earlier. If not for non-recurring items, earnings would have been 7 cents a share, topping the analysts’ estimate of 5 cents a share.

Sears Holdings, (SHLD: chart), retailer, announced that Q3 net income fell to 35 cents a share, from $5.45 a share in the same time last year, despite revenue growth. On a proforma basis Sears stated earnings dropped to 35 cents a share from 93 cents a share in the comparable period last year, with revenue down 5%. Analysts were waiting for earnings of 28 cents a share.
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