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Market Update : 
Market Dragged from the Morning's Peak
Author: 123jump.com Staff
123jump.com
Last Update: 2:00 PM ET August 10 2005


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Traders have decided to focus on the positive news in the Fed’s transcript. The belief that the economic growth is on track while labor and other factors of inflation are contained has dictated the morning trading. American Italian Pasta shares are down 34%.

 
Walt Disney Co. reported a 41% jump in earnings to 41 cents a share vs. 29 cents a share a year ago. Revenue was $7.72 billion vs. last year's $7.47 billion.

Panera Bread’s 2Q net earnings rose 61% to 33 cents a share vs. 21 cents a share, in the year-ago period, meeting analysts’ forecasts. The company expects a 3Q per-share profit of 34 - 35 cents, and 4Q net earnings of 46 - 47 cents a share. For 2005, Panera forecast net earnings of $1.57 - $1.59 a share and comparable sales growth of 6.2% - 7.8%

ECost.com, online discount retailer, reported a 2Q net loss of 54 cents a share vs. breakeven last year, citing cited additional operating costs and increased public company costs from its spinoff from PC Mall Inc., as well as a $6.5 million non-cash tax provision.

AIG Inc., posted 2Q profit of $1.53 per share vs. $1.01 per share last year, attributing the increase to large accounting gains booked during the quarter. Analysts expected the New York-based insurer to earn $1.21 per share during the period.

Allianz AG, insurer, said 2Q net income, adjusted for goodwill amortization, climbed 65% to 846 million euros, with revenue up 6.6% to 23.7 billion euros, beating the company’s expectations.

Lenovo Group, PC maker, said 4Q earnings rose 6% to HK$357 million ($46 million), with revenue up 234% to HK$19.6 billion.

Lufthansa, airline company, said it reversed to a 2Q profit of 116 million euros as operating profit rose 87.2% and revenue was up 4.3% on increased sales and better average fares.
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