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Market Update : 
Semiconductor Stocks Under Pressure
Author: Elena Todorova
123jump.com
Last Update: 10:55 AM EDT October 12 2005


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The tech sector is a notable decliner in early going on Apple's disappointing outlook and Intel's downgrade. Various Fed officials are to speak during the day and market is nervous. Alan Greenspan said that the economy was weathering the climb in energy prices.

 
In European trading the U.S. dollar traded mixed against its major counterparts. The euro was quoted at $1.1990, down from $1.9993. The dollar changed hands at 114.49 yen, up from 114.42. The British pound was trading at $1.7459, up from $1.7457.

EARNINGS NEWS

Host Marriott (HMT: chart), full-service hotel properties holding company, reported Q3 funds from operations advanced to 19 cents a share, up from 6 cents a share in the year-ago period, as revenue rose 7.7% and comparable hotel revenue per available room went up 8%, topping analysts’ forecasts of 17 cents a share. The company added that insurance coverage should be enough to cover all of the property damage to the New Orleans Marriott and the near-term loss of business.

Regis Corp. (RGS: chart), hair-care service provider, reported Q1 sales rose 15%, with same-store sales up 0.9%. The impact from hurricanes cut down revenue for the period by $2.1 million.

Virginia Commerce Bancorp Inc. (CBI: chart), commercial banking services provider, posted Q3 net income of 35 cents a share, up from 26 cents in the same period last year, beating analyst estimate of 32 cents a share.The company also stated that net interest income were $14.5 million, up almost 34% from the year-ago period.

Media General Inc, media company, posted Q3 earnings of 41 cents a share, down from 66 cents a share a year-earlier on lower operating income from its Publishing and Broadcast divisions. Revenue advanced 1.5% over the same period last year. The company topped analyst estimate by a penny.

Media General Inc (MEG: chart), media company, posted Q3 earnings of 41 cents a share, down from 66 cents a share a year-earlier on lower operating income from its Publishing and Broadcast divisions. Revenue advanced 1.5% over the same period last year. The company topped analyst estimate by a penny.

Lindsay Manufacturing Co (LNN: chart), irrigation systems manufacturer, reported Q4 net profit of 3 cents per share, breakeven with last year’s in the same quarter despite 14% revenue decline, missing analysts’ forecasts of 5 cents per share.

Harley-Davidson Inc. (HDI: chart) motorcycle producer, posted Q3 net income of 96 cents a share up from 77 cents in the year-earlier period on revenue growth as U.S. retail motorcycle sales rose 12%, beating analysts’ forecasts of 90 cents a share.

Apollo Group Inc. (APOL: chart), for-profit education company, reported that Q4 net income advanced to $106.2 million from $15.7 million in the year-ago period. Apart from stock-based compensation charges in both years, income would have been 65 cents a share, up from 52 cents, in same time last year on revenue growth, matching on that basis analyst estimate.

MGIC Investment (MTG: chart), provider of private mortgage insurance, posted Q3 net income of $1.55 a share, up vs. $1.36 a share in the year-earlier period, beating analysts’ expectations of $1.51 a share.

Fastenal Co. (FAST: chart), industrial and construction supplies distributor, posted Q3 net income of 61 cents a share, up from 46 cents a share in the same period last year on 23% sales growth, beating analyst estimate of 57 cents a share.

M&T Bank Corporation (MTB: chart), commercial and retail banking services provider, reported Q3 net profit of $1.64 per share, up 5% from $1.56 in the year-earlier period, missing analysts’ forecasts of $1.70 a share. Q3 results reflect a $29 million non-cash charge related to preferred stock issuances of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
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