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Market Update : 
New Decade Low for GM
Author: Elena Todorova
123jump.com
Last Update: 9:16 AM EST November 10 2005


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Asian-Pacific Markets closed mixed with the Nikkei unchanged on economic data and China''''s Shanghai Composite the biggest decliner, down 1.8%. European stocks traded higher at mid-day, led by the German DAX 30, up 0.6%. Siemens AG posted a 88% decline in Q4 profit. General Motors said it will have to restate earnings after overstating 2001 profit by up to $400 million.

 
W&T Offshore Inc. (WTI: chart), oil and gas company, said that Q3 net income climbed 40% to 80 cents a share from 58 cents a share in the same period last year on 27% higher revenue, missing analysts’ forecasts of 86 cents a share. The company also said that on account of Hurricanes Katrina and Rita, it deferred 5.3 billion cubic feet equivalent of production in Q3 and will defer 11.7 Bcfe in Q4.

Green Mountain Coffee Roasters, Inc. (GMCR: chart), roasted coffee distributor, reported that Q4 net income rose to 31 cents a share, up from 27 cents a share in the same period last year on 14.6% sales growth. Total coffee pounds shipped were up 9.3%. The Company''s net income in Q4 includes recognition of non-cash income of $0.01 per share as a result of its equity investment in Keurig, Inc. as compared to a non-cash loss of $0.04 per share in Q4 of fiscal 2004.

ING Group (ING: chart), insurance and banking services company, reported that Q3 net profit advanced to 1.88 billion euros on 44.6% rise in banking profit while insurance profit increased only 4.9%. Sequential growth of 41% at its Internet savings bank ING Direct helped banking results, while year-ago earns of 348 million euros from equity sales weighed on insurance results.
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