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Market Update : 
Day's Gain Lost on Nasdaq Fall
Author: 123jump.com Staff
123jump.com
Last Update: 9:51 PM EDT October 11 2005


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FOMC minutes revelaed little that surprised the market. The minutes noted that the aggregate demand is strengthening and rising energy prices are contributing to inflation pressures. Infosys quarterly earnings rose 36% on the strength in European outsourcing contracts. Gannett earnings dropped 4% on weakness in broadcasting advertising revenue.

 
Alcoa Inc. (AA)), aluminum producer, posted Q3 net earnings of 33 cents a share, up from 32 cents in the same time last year on revenue growth, beating analysts’ expectations of 29 cents a share.

Genentech Inc. (DNA: chart), biotechnological products producer, announced that Q3 net earnings advanced to 33 cents a share, up from 21 cents a share in the same time last year on operating revenue growth, topping analyst estimate of 30 cents a share. Excluding one-time items, earnings totaled 35 cents a share.

Ault Inc. (AULTE: chart), power conversion product maker, posted a Q1 net loss of 9 cents a share, down vs. a net loss of 2 cents a share in the same period last year on revenue decline.

Robbins & Myers, Inc. (RBN: chart), pharmaceutical, energy, and industrial products maker, posted Q4 net income per share of 16 cents, including restructuring expenses of 10 cents per share, or income of 26 cents per share on a pre- restructuring basis. Q4 sales were $10.5 million higher than sales in the comparable period a year ago. The income per share in the comparable period last year was 24 cents.

Sycamore Networks Inc. (SCMR: chart), provider of telecommunications switching technology, announced that net income for Q4 advanced to 1 cent a share, up from a loss of 3 cents in the year-ago period on revenue growth.

The Dress Barn Inc. (DBRN: chart), women's apparel retailer, reported Q4 net income of $1.08 per share, up from 45 cents per share in the same time a year ago. Apart from a number of exceptional items, the company would have gained 45 cents a share, in line with analysts’ expectations. Sales advanced 48% to $307.1 million.

Gannett Co., Inc. (GCI: chart), media company, posted Q3 net income of $1.13 a share, down vs. $1.16 a share in the comparable period last year despite 4% revenue growth, but in line with analysts’ forecasts. Earnings in the most recent quarter were $1.14 a share including income from discontinued operations. The company also announced September pro forma operating revenues of nearly $670 million, up 1.1%.

Helen of Troy (HELE: chart), cosmetics firm, announced that Q2 net income dropped to 30 cents a share down from 57 cents a share in the year-ago period on net sales decline, missing analyst forecasts of 50 cents a share.

Temple-Inland Inc (TIN: chart) announced that net income would amount to 32 cents a share for Q3, including a 13-cents-a-share charge in items, related mostly to Hurricanes Katrina and Rita, missing the analyst estimate of 42 cents per share. The company stated that hurricane damage would cut the lumber company's pre-tax income by $27 million. About $12 million of the amount will be recorded as reduced operating income, primarily in the company's corrugated packaging operation.


CORPORATE NEWS

Inco Ltd., the world's second largest producer of nickel, offered to acquire Falconbridge Ltd., one of the world's top miners and smelters of copper and nickel. in a cash and stock deal. The deal will combine two of Canada's top mining companies and form the world's largest nickel producer. Under terms of the deal, Falconbridge shareholders will receive 0.6713 Inco shares, a cash payment or a combination of shares and cash valued at 33.94 Canadian dollars ($28.80) for each Falconbridge share they own. The companies said the acquisition should lead to annual savings of $350 million per year by the end of 2007.
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