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Author: Elena Todorova
123jump.com
Last Update: 9:22 AM EST January 06 2006


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Major Asian-Pacific benchmarks rallied for a fifth consecutive session, boosted by tech shares with South Korean Kospi hitting an all-time high of 1.2% to 1,412.79. The Nikkei gained 16,428.21, the highest level since September 2000. European stocks traded in a tight range at mid-day, led by the CAC 40, up 0.4%. In corporate news, Microsoft was downgraded by Credit Suisse First Boston to neutral from outperform. IBM announced freezing of its pension plan in 2008.

 
AZZ Inc., (AZZ: chart), manufacturer of electrical products, reported a Q3 net income of 30 cents a share, up from 22 cents in the same period in fiscal 2004, beating analyst estimate of 23 cents per share. Quarterly revenue was up 16% from the prior year''s result.

The Great Atlantic & Pacific Tea Company Inc., (GAP: chart), supermarket chain, announced that net loss for Q3 of fiscal 2005 narrowed to $1.74 a share, from $1.96 a share. Its loss from continuing operations narrowed to $1.80 a share vs. $1.89 a share in the comparable period last year. Total sales dropped 37% to $1.58 billion due to $850 million in year-ago sales from A&P Canada, which the company sold in August, but U.S. comparable sales advanced 1.8%. The company said it intends to pursue the implementation of the cost cutting initiative and invest in upgrading its stores.

The Shaw Group Inc. (SGR: chart), engineering and construction company, reported Q1 net income of 41 cents a share, up from 17 cents a share in the same period last year on 40% revenue growth, beating analyst estimate of 36 cents a share. The company attributed the revenue increase to emergency response and disaster relief work in the aftermath of two hurricanes, Katrina and Rita.

Wendy's International Inc. (WEN: chart), restaurant operator, announced that its U.S. Wendy's Q4 same-store sales dropped 2.9% at company stores, and 1.9% at U.S. restaurants. Tim Hortons fourth-quarter same-store sales increased 5.8% in Canada, and 6.7% in the U.S. Baja Fresh Mexican Grill Q4 same-store sales dropped 2.9%. Wendy's announced its strategic initiatives were on track with its original timeline.
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