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Market Update : 
Decline in Oil and Gold Drag Markets
Author: 123jump.com Staff
123jump.com
Last Update: 4:48 PM EST February 07 2006

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Gold dropped $20 and oil fell $2 which instead of helping the market dragged the broader averages down. Laskluster earnings from Coca-Cola, Disney and Toll Bros. did not help either. After-the-close Cisco reported 9% rise in sales and earnings of 22 cents vs. 21 cents a year ago. GM cut dividend by 50% to $1 and lowered salaries of executives. GM stock fell 2.2% as market worried that more cuts will be needed. Toyota reported 34% rise in profit and is set to surpass GM in sales.

 
The Walt Disney Co, (DIS: chart), media conglomerate, reported Q1 net income of 37 cents per share, up from 33 cents per share in the same period last year despite a plunge in profits from its studio division. Disney announced that revenue advanced slightly to $8.854 billion from $8.666 billion in the same quarter last year. The current quarter includes a one-time gain of 2 cents per share, related to the sale of assets.

Polo Ralph Lauren Corp, (RL: chart), clothing and accessories company, reported that Q3 profit advanced to 84 cents a share, from 72 cents in the year-ago period on revenue growth, topping analyst estimate of 76 cents a share.

Ariad Pharmaceuticals, (ARIA: chart), pharmaceutical company, reported a Q4 loss of 23 cents a share, down from the year-ago loss of 20 cents a share on higher research and development expenses, beating analyst expectations of a loss of 25 cents a share.

Fortune Brands, (FO: chart), alcohol producer, reported Q4 net income of $1.17 a share, down 30% from $1.68 a share in the year-earlier period. Before charges and gains earnings came to $1.22 a share, topping analyst forecasts of $1.20 a share. Revenue advanced 24%.

Hillenbrand Industries Inc, (HB: chart), health care industry manufacturer reported Q1 net income from continuing operations of 79 cents a share, up from 69 cents a share in the year-earlier period, beating analyst forecasts of 65 cents a share. Adjusted net income came to 79 cents a share, up vs. 71 cents a share. Revenue inched up 0.6% to $477.5 million.

Benchmark Electronics Inc, (BHE: chart), outsourced manufacturing services to the electronics industry provider, reported that Q4 net income advanced 22% to 57 cents a share, while sales grew 19.3%. Analysts were expecting earnings of 51 cents a share.

Performance Food Group Co, (PFGC: chart), food and non-food products producer and distributor, posted earnings of 44 cents a share, nearly three times the year-ago profit of 18 cents a share, beating analyst estimate of 31 cents a share. Consolidated net sales from continuing operations in the fourth quarter advanced 7%, while Q4 inflation was approximately 1%.

MeriStar Hospitality Corp, (MHX: chart), real estate investment fund, reported a Q4 loss of $1.30 a share, down from a year-ago loss of 20 cents a share. On an adjusted basis, the company reported funds from operations of 17 cents a share, beating on that basis analyst predictions of 15 cents a share. Revenue grew to $183.4 million from $159.4 million in the same time a year earlier.
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