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Dow Jones Business News
GOING MOBILE: Music Industry To Ring Up New Revenues
Tuesday February 11, 6:15 am ET
(This is the first in a series of articles on how companies outside the telecommunications sector see the mobile phone as a vital new outlet for their products.)
By Kay Larsen
Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- The music industry is determined it won't be wrong-footed by new technology this time round.
The new frontier? The world's 1.1 billion mobile phone users and the sales opportunities they represent. It means a change of mindset for an industry that has previously made its money selling tangible products that consumers take out of a store.
"The emphasis is away from physical ownership of music and toward access to it. We're moving away from a single product to a multiple product market," said Dan Whiley, director of business development at the eLabs division of Universal Music, part of French media conglomerate Vivendi Universal .
Part of the attraction of mobile networks for the music industry is that operators have full control over all network traffic. That makes piracy hard - a key issue for an industry ravaged by illegal Internet downloads that may have accounted for around one-third of the 7.2% decline in U.S. compact disc sales in the first half of 2002, according to Forrester Research.
The functions on mobile handsets are more controlled and won't allow their users to forward even something as simple as a ringtone, the song played by a mobile phone when it rings, to another handset.
Legitimate sales of these ringtones, on which full royalties were paid, last year amounted to almost $700 million, and analysts reckon that means total sales were at least $1 billion. That's significant given the music industry's total global revenue of around $30 billion in 2002.
Mobile users are accustomed to paying for content and operators have systems that enable them to collect small sums from their users.
Music executives also say the mobile phone fits with the psychology of when and how people want music.
"People want to be able to listen anywhere, at any time," said Michael Nash, senior vice president Internet strategy and business development at Warner Music Group, part of AOL Times Warner . "On-demand access to music libraries is clearly something that consumers want and the mobile is one solution to that.
"Wireless networks in general are a really critical business opportunity for us," he added.
Some Piracy Possible
"The success of ringtones highlights that, despite what's going on with the recording industry at the moment, the reality is that music is a product that is still highly desirable to consumers in terms of being a lifestyle product," said Helen Snell, music industry analyst at UBS Warburg.
Sony Corp's music operations signalled their interest in mobile opportunities last year by creating a special unit to manage them, buying a New York-based mobile music company named Run Tones for an undisclosed amount to kick-start its campaign.
Sure, there are still problems. First is that some piracy is still possible. Many ringtones, for instance, are offered by small companies and they aren't paying royalties.
Second is that mobile operators want a slice of the revenue too. Although the numbers haven't been disclosed, one industry executive said the operators usually take around half.
Still, having seen how much cash the consumer will pay just for crude ringtones, the industry is keen to up the tempo.
The first move is simply to sell more ringtones. As an example, take Universal's Clubland II CD. Along with the CD, which includes tracks by Sophie Ellis Bextor and Appleton, the buyer gets an insert listing phone numbers to call to download ringtones of each of the 40 or so tracks on the album.
Universal says the CD has sold around 452,000 copies in the U.K. and Ireland since its release in November. But, more importantly, the company has also sold around 44,000 ringtones at GBP2 a go on the back of the CD.
One problem with the simple beep-beep ringtones played by today's phones is that they are, in legal terms, new recordings of the song. To see how that affects revenues, take a recent British hit by Will Young and Gareth Gates, a cover of The Beatles "Long and Winding Road." The revenues from basic ringtones like this would accrue to the publishing company and the writers - Lennon and McCartney - not the fresh-faced pop-stars' record company BMG, which is part of the Bertlesmann group .
But the newer phones play, in effect, mini-recordings of the song, compressed to make them easier to send over the airwaves. They're pricier. And not only does this sound more like the song, it means revenues accrue to owners of the recording rights. That's usually the record company and the recording artists.
But there are more ways to make money out of mobiles than just ringtones. In Europe, Universal has developed a range of services, such as dedications lines.
You can send a personalized birthday greeting or Valentine's Day message by simply calling the voice card line and selecting a message or music clip to be sent to your friend's mobile phone number.
This is good news for artist Stevie Wonder: his Happy Birthday and I Just Called To Say I Love You are among the most popular songs on these services.
On a service offered by Deutsche Telekom AG 's T-Mobile International , offerings include a breathy rendition of Happy Birthday sung by a Marilyn Monroe soundalike. In the U.K. T-Mobile charges GBP1.50 for the first minute of the phone call to access the service, and 30p a minute thereafter.
EMI Group PLC is about to pilot a similar service in the U.S. with an as yet unnamed wireless provider and upstream interactive services provider that aims not only to bring in revenues but cross-market with mobile phone companies who can hitch their products to teen singing stars such as Josh Groban and Michelle Branch.
For that special birthday greeting, EMI has the rights to the Beatles' song " They Say It's Your Birthday." But it's not just about birthday songs, it's about giving consumers a wide range of choices, said John Rose, executive vice president of the EMI Group. "We're all excited that there will be a demonstrably large business in nontraditional non CD-based purchases of music," he said.
The industry is reluctant to put a figure on potential revenues from mobile phone music services. But EMI's Rose said it is fair to expect more than the $1 billion that simple ringtones have generated.
Perhaps best of all is that mobile users are used to paying for things - unlike on the Internet, where everything appears free-of-charge.
EMI's Rose said: "Consumers seem to be willing to pay a reasonable amount more for a ringtone on their phone than people believe they will pay for the download of an entire track on the Internet."
Company Web sites: http://www.aoltimewarner.com
OT: Aren't crop circles made by Big Foot? Boy will my wife be upset if this pans out to be untrue.
Philo
Oz: I can see clearly now, the rain has gone.
Philo
Has anyone contacted the "Home Office" to find out what's up with this HD100? Just curious.
By the way......Tolstoy, you hit it right on the head with your assumption of Butt anywhere.
Philo
OT: Oz, thank you, I was looking for my French book to try to translate my post earlier, however I believe I left it in my desk at school 37 years ago!
Philo
Moxa, I don't know about "just English", seems like a post earlier today stated Babsou could speak French to her/him MXP100 and it worked..........but don't tell the French that as they may want to renegotiate to stop this proliferation of information.
Philo
I can't bring up pictures from my local Courthouse one block away. I have a local ISP, not aol or msn, so I don't know what the problem is..............
Philo
I'm also on Server 2 as me! Do you suppose the Taliban took all of the pictures? Probably wanted to take them to heaven and show them to the 72 virgins
Philo
Arkie, I did the same thing as well (cleaned out my cookies and crackers, rebooted, deleted by temporary files), and nothing happens. Do you suppose the Taliban could have something to do with this?
Philo
I can't see it...........that's why I posted my post...sorry
I'm missing something in these posts! Hard to understand mimes on this board
Philo
Chessplayer..........this link tells you how.
Philo
http://www.investorshub.com/boards//faqh2post.asp
Oz..........you ok? Lost your train of thought?
Philo
He does, but not of any players.........close relatives only I think......and those his parents made him put in his wallet.
Philo....
come on D.inkie........we want to see them!!!!!!!!
Please
Duke, maybe our man d.inkie can do a paste up of both players, so we can see and know for sure.........or FOR SURE, DUDE.
Philo
Great find Moxa............it looks like they are being produced and out on the market...........YIPPPEEEEEEEEEEEEEEEEEEEEEEEE
Reuters
Music industry unveils Net sales tracking tag
Monday February 10, 8:56 am ET
LONDON, Feb 10 (Reuters) - A music industry trade body launched on Monday electronic identity tags to keep tabs on Internet music sales in a bid to compensate musicians and song writers as more of their works become available online.
The Global Release Indentifier, or GRid, is a code akin to the Universal Product Code (UPC) bar code found on a CD or cassette tape in stores.
The aim is to track each time a record label, online retailer or distributor such as Microsoft's (NasdaqNM:MSFT - News) MSN or Italian Internet service provider Tiscali (Milan:TIS.MI - News) sells a song in the form of a Web stream or download.
Such tracking iniatives are considered vital to an industry that is reeling from lost sales compounded by a slumping global economy and the growth in online music piracy.
With the GRid initiative, resellers would be charged an annual fee of 150 pounds ($245.10), for which they can issue an identity tag to millions of songs sold online.
Each track will be distributed with an individual GRid serial number. Like a bar code, it will be reported back to rights societies and collection agencies so that artists can be compensated for sales.
International Federation of Phonographic Industry (IFPI) and Recording Industry Association of America (RIAA) have been developing the standard for the past two years.
"If this is done properly, the artists and authors of music will be paid adequately for the sale of their works online," said Paul Jessop, chief technology officer of the IFPI.
He added the GRid initiative is a voluntary system, and that the fee would, initially at least, be covered by the resellers.
NO SNOOPING
Jessop cautioned that GRid is not designed, nor is it intended for, keeping track of songs that wind up on online file-sharing networks, a major source of music piracy.
The music industry blames the popularity of such networks, including Kazaa and Grokster, where millions of consumers swap songs for free, for the decline in recorded music sales.
On Monday, the British Phonographic Industry (BPI) reported a 3.7 percent decline in recorded music sales in the fourth quarter of 2002, traditionally the stongest selling period.
In an effort to provide consumers an alternative to illicit file-trading sites, the major record labels, including Sony Music (Tokyo:6758.T - News), Warner Music (NYSE:AOL - News), Universal Music (Paris:EAUG.PA - News), EMI (London:EMI.L - News) and Bertelsmann , have begun selling more of their music online.
But music officials have complained that sales-tracking systems in place at the moment need to be standardised so that online sales, though small at the moment, can be better recorded.
"It's our ambition to evangelise this to the independent music labels and the new generation of online music distributors," Jessop said. "I would expect they'll be part of the second wave of adoptees."
"At first sight, this looks like a really good thing," said Gavin Robertson, general manager of MusicIndie.com, research and development and licensing arm of the Association of Independent Music, a trade body representing 700 independent music labels.
"The industry is really in need of interoperable identification tags and this technology appears to really fill a gap," he said, adding that the independent labels group would consider adopting the GRid technolgy.
I just posted this on Matt's board, the one where we are suppose to argue the merits of having this Basher Free.
I hope it gets back to the way it was intended to be, (moderated by Tinroad and GoSilver) otherwise there will be no one here anymore.
Matt, the edigital board was created as an alternative to Raging Bull. For all practical purposes, to be a Basher Free board, run by Tinroad and GoSilver. They are suppose to be the Moderators of this board and we as investors of e.digital have come to this board to free ourselves of the constant bashing of the stock.
Is this a difficult concept to understand? We don't want to hear their drivel anymore, we've heard over and over again. We came here to divest ourselves of the constant and incessant bashing of this stock.
We don't want them here anymore, and if this is not enough information for you to stay out and let the Moderators do their job, then I guess you will see a mass exodus from Ihub.
Of course this is only my opinion, it may also be the opinion of a number of other members of this board.
The choice is yours, let Tinroad and GoSilver moderate as they have done in the past without your involvement, or leave it as it is and watch the posts dry up to nothing.
Philo
Matt, the edigital board was created as an alternative to Raging Bull. For all practical purposes, to be a Basher Free board, run by Tinroad and GoSilver. They are suppose to be the Moderators of this board and we as investors of e.digital have come to this board to free ourselves of the constant bashing of the stock.
Is this a difficult concept to understand? We don't want to hear their drivel anymore, we've heard over and over again. We came here to divest ourselves of the constant and incessant bashing of this stock.
We don't want them here anymore, and if this is not enough information for you to stay out and let the Moderators do their job, then I guess you will see a mass exodus from Ihub.
Of course this is only my opinion, it may also be the opinion of a number of other members of this board.
The choice is yours, let Tinroad and GoSilver moderate as they have done in the past without your involvement, or leave it as it is and watch the posts dry up to nothing.
Philo
WEll, I have to admit........this board is going to the dogs. I've waded through a bunch of posts and I for the life of me cannot understand that if this is the e.digital board, run by Tinroad and GoSilver why can't the likes of austonia and butanyway be banned from this site? I just TOS'ed Falked235 for Spam and I think everyone else should too.
It's just too bad that this is turning into RB.
Philo
Here some gooder news:
Reuters
After scandals, 8K filings take on more importance
Friday February 7, 3:47 pm ET
By Peter Ramjug
WASHINGTON, Feb 7 (Reuters) - Stock and bond investors are poised to get more information on the companies they follow, get it more quickly and get it without combing through pages and pages of legal gobbledygook.
Just thank the U.S. Securities and Exchange Commission.
The SEC wants to expand the number of items that companies must report in the 8K filing, which is used to disclose current events ranging from the routine to the stunning.
The SEC is aiming to add more than 11 items to the 8K from the current nine and shorten the filing deadline to two business days from a range of 5-15 days. It has not yet scheduled a date to vote on the proposal.
The new disclosures would include the termination of a business relationship with a big customer. Companies would also have to report a new decision by a rating agency and any stock sales or purchases by executive insiders.
Currently, investors must flip through long quarterly or annual reports to find some of this information. Other times, as in the case of stock transactions by an executive, they'd have to wait several days or perhaps weeks to learn about it.
Regulators are "trying very hard to have this disclosure system be more concise, and so these things will not be buried, they'll be reported quicker," said Frank Goldstein, a securities lawyer in Washington with Sidley Austin Brown & Wood.
"There's really no point in waiting until your (annual report) for some of these disclosures. If you're going to disclose it, disclose it timely."
That seems to be the sentiment at the SEC, which feels that 8Ks can be an effective red flag for shareholders to track corporate hijinks.
"Although no disclosure regime can eliminate all fraud in the securities markets, more prompt disclosure by companies of significant events should reduce the opportunities for deception and manipulation that stem from delayed disclosure," SEC lawyers said in the June proposal.
Investor advocates cheer the move, saying it could lead to fewer scandals like the one involving Enron Corp. But some companies, while generally supporting the 8K efforts, have also raised concerns.
AvalonBay Communities Inc. (NYSE:AVB - News), a real estate investment trust, told the SEC that requiring companies to disclose terms of material non-binding agreements could severely hinder negotiating positions and competitiveness.
It also argued that requiring such disclosures on a real-time basis would be burdensome.
Health insurer Cigna Corp. (NYSE:CI - News) said the SEC should give more than two business days for reporting certain items, an opinion echoed by computer chip maker Intel Corp. (NasdaqNM:INTC - News) and airplane maker Boeing Co. (NYSE:BA - News).
The 8K additions are part of the government's move to restore investor confidence after a series of accounting scandals and questions about Wall Street stock research.
Busy day for the MM's today. A paltry $13,000 and some change, changed hands today. Heck, Packers had that much in his socks at one time......or two, or six......you pick a number, cause it's sure to change.....at least the number, I don't know about his socks.
Phreezing Philo of the Nord
Dougal, get something with Bollinger Bands in them..........the tighter the better.
Phreezing Philo of the Nord
Kind of like a gradual bloodletting? This way, you don't know that you're dying.........you're just getting sleepy.
Phreezing Philo of the Nord
WOW, with the volume we're having today, we'll be luck to break 100000 shares.
Phreezing Phil of the Nord
U.S. raises terrorism threat level
Friday, February 7, 2003 Posted: 2:01 PM EST (1901 GMT)
U.S. Attorney General John Ashcroft announces an increase in the terrorism threat level to 'high.' (February 7)
WASHINGTON (CNN) -- The federal government on Friday raised the national terrorism threat level to "orange," indicating a "high risk of terrorist attacks."
The move is only the second time since the September 11 terror attacks that the level has risen above "yellow," or elevated risk.
Attorney General John Ashcroft, Homeland Security Secretary Tom Ridge and FBI Director Robert Mueller made the announcement at a Washington news conference.
Ridge outlined how the public might be affected by the heightened security level.
"...increased security personnel at points of entry," Ridge said. "In fact, limited points of entry and exit, enhanced identification checks, restrictions to travel around federal facilities and airports ... will be implemented."
Ashcroft described the threat. "Recent intelligence reports suggests that al Qaeda leaders have emphasized planning for attacks on apartment buildings, hotels and other soft or lightly secured targets in the United States," he said.
In addition, the heads of the nation's military branches on Friday were considering raising security levels at bases across the country.
"There is a large spike in threat reporting that shows al Qaeda cells are possibly close to attacks," a senior military official told CNN.
Also, state security officials said security will be increased at major bridges and tunnels. The officials said they would be calling authorities in the private sector and asking them to heighten security at key pieces of infrastructure such as nuclear power plants, railroad lines, and ports.
State Department officials told CNN that arrests of suspected terrorists in Britain with the chemical agent ricin, in France with cyanide compounds and in Spain with other chemicals prompted the caution.
Decision follows days of debate
Earlier sources told CNN that U.S. government officials had recommended to the president that he raise the threat level, following several days of debate within the government about whether to take such an action.
Counterterrorism officials have said they are more worried about a possible terrorist attack due to several factors, including an increase in the so-called "chatter" level.
Worldwide chatter prompted the State Department on Wednesday to issue a new worldwide warning that cautions Americans to be vigilant and aware of their surroundings. The chatter concerned possible a chemical or bioweapons terror attack against the United States.
The stepped-up chatter indicates a greater amount of intelligence coming in about a possible attack, especially by al Qaeda, the culmination beginning this weekend of the Hajj pilgrimage to Mecca, Saudi Arabia, and the continuing confrontation with Iraq, according to officials.
"Recent reporting indicates an increased likelihood that al Qaeda may attempt to attack Americans in the United States and/or abroad in or around the end of the Hajj, a Muslim religious period ending mid-February 2003," Ashcroft said.
Ridge called governors
Sources said that Ridge had been calling state governors and emergency preparedness officials to brief them on the threat, telling them that the level of chatter was at its highest level since the terrorist attacks of September 11, 2001.
Ridge has also contacted officials in 13 sectors of private industry which control 85 percent of the critical infrastructure in the nation, including the energy, finance and transportation sectors. The officials said they were particularly concerned about chemical, biological and radiological threats.
On Wednesday, sources told CNN that the FBI is closely watching a "handful" of people believed to be Iraqi intelligence officers in the United States. There is also surveillance of at least several hundred Iraqi nationals living in the United States who are thought to be supporters of Iraqi President Saddam Hussein.
Also worrisome to U.S. officials is increased intelligence from a variety of sources in recent weeks suggesting a possible future attack in the United States that could include chemical or biological weapons.
The information does not single out any specific chemical agent or target, but officials said they are mostly concerned about the vulnerability of so-called "soft targets," such as apartment buildings, sports arenas and amusement parks.
Since the inception of the color-coded threat level system -- officially called the Homeland Security Advisory System -- in March 2002, the status has been yellow the whole time except for a short period around July 4 when it was raised to orange.
CNN's Kelli Arena and Jeanne Meserve contributed to this report.
OT; Hey Berge, are you like the matron at the jail? I see you're in there every now and then. Or was it just to keep Packers 1-6 in line?
Philo
thanks for the update Sent., as you stated, time will tell and that's about all we got is time. Hope you won your volleyball games. oops, guess that part was OFF TOPIC......sorry!!
Phreezing Philo of the Nord
I don't think that's a lamp that he's rubbing. Bollinger Bands
Phreezing Philo of the Nord
Very true, they should be buying some to show support for the company and the shareholders. This really is hard for me to fathom, if these players are so good and Fujitsu and other events are "around the corner" then they should be money where their mouths are. Of course this is just my opinion.
Phreezing Philo of the Nord
Tony would be Tony Clifton, the alter ego of Andy Kaufman
OT:
Today is Ronald Reagans birthday. 92. It's also Zsa Zsa Gabors 86. 60 years ago Errol Flynn was acquitted of three counts of statutory rape.
I hope all of the Odyssey 1000's are working great, looking forward to hearing about them.
Phreezing Philo of the Nord
austonia's final pargraph:
\FINAL THOUGHTS. Generally, I think what sets the Odyssey apart from the others is that it runs off filenames instead of ID3 tags, making the full contents available on any PC without software. This makes it much easier to take music and files between home and work/school. Depending on the user, the focus on simplicity over ID3 tag support may be an advantage or a disadvantage. But IMO most of the people willing to shell out $350 for an MP3 player would at least want to the option to see ID3 tag information and play/sort songs by ID3 field (genre, composer, album, etc). The VoiceNav function will not be useful to me. My biggest gripe is the cheap/ugly case, and that without a case this unit is not portable, if you don't want to get the clear face of the player scratched. At the moment I keep it in a small pleather pouch that comes with Koss headphones (get it with these $13 earphones which are excellent for the price). The Odyssey looks very attractive on its face, and the screen and controls are excellent. The O1000 excells in many areas but as you can see from the rankings it rarely comes out in the #1 position. The competition is tough and there are several more competitors (RCA; Samsung; Neuros) due out by mid-year.
We haven't heard much from anyone yet on the Odyssey 1000, hopefully they're getting them loaded up with all of their music and no problems are occuring.
But yes, it would be nice to hear something on them. Perhaps, SOON.
Philo
way off topic......for some anyways
Amazing Rose Colored Glasses
Hurry and grab this special offer! Yes, you too can own a pair of the Amazing Rose Colored Glasses. Are the conditions not launchable? Do you face another drive down the mountain? Put on our patent pending Amazing Rose Colored Glasses and you will witness an incredible transformation. You will see exactly what you want to see.
That is right, The wind will be blowing up, at a more than perfect direction and velocity! Do the acid test, raise your glasses above your eyes and then replace the Amazing Rose Colored Glasses. See the amazing difference!
Never again be skunked at your favorite flying site, you will fly every time. No, I take that back, you will soar high above launch every time! Stare down at launch and laugh at those who refuse to buy the Amazing Rose Colored Glasses.
Listen to the comments from some satisfied customers:
A pilot from Santa Barbara writes "Yes I remember being stuck on the ground, not able to fly because of unsatisfactory, dismal conditions. I have doubled my air time since purchasing the Amazing Rose Colored Glasses.
Listen to Fred from Pittsburgh "I remember watching Bill flying constantly, when I didn't have enough wind to even get out of bed, let alone launch. I asked Bill one time, how do you do it?. He pointed out his secret Amazing Rose Colored Glasses. I had to buy me some! I bought them and I've been a flying ever since."
What's more, the Amazing Rose Colored Glasses glasses are absolutely FREE, just 40 payments of ten dollars each for shipping and handling.
And that's not all! Order now, and get the Amazing Rose Colored Monocle at no extra charge. This new technology will amaze you!. The Amazing Rose Colored Monocle will add or subtract velocity by an actual 5 miles an hour.
Put the Amazing Rose Colored Monocle in your right eye lowers the velocity 5 miles per hour. Put the Amazing Rose Colored Monocle in your left eye, and the wind increases 5 mph.
The Amazing Rose Colored Glasses also work around the home. Put them on, and instantly your lawn is mowed, the hedges pruned, and the trash is taken out. Nothing will impede your quest for air time.
Notice how the pilots in the top photo (and the photographer!) have found a perfect, soarable day in the middle of the inverted, foggy drizzle while the pilot in the lower photo shows clearly how upset he is that he has not made his shipping and handling payment for his Amazing Rose Colored Glasses.
Warning! Any attempt to wear the Amazing Rose Colored Glasses glasses while looking at your spouse will be considered hazardous tampering and thus will void the warranty.
by James Maddox
Oz, I hope you are right.........that would make one hell of a difference all the way around. Even in my household... I could walk upright again!!!
Phreezing Philo of the Nord
This might be considered OFF TOPIC, but we'll know shortly I think.
Reuters
Stocks Up, Powell Makes Case Against Iraq
Wednesday February 5, 11:52 am ET
By Denise Duclaux
NEW YORK (Reuters) - Stocks rose on Wednesday as Secretary of State Colin Powell tried to rally global support for disarming Iraq by offering evidence the United States said shows Baghdad is hiding banned weapons.
Wall Street tuned into Powell's presentation before the U.N. Security Council, which was broadcast live, that offered satellite photos and recorded conversations that he said showed Iraq was hiding weapons of mass destruction from inspectors.
Traders said his speech seemed to boost the odds of a military strike against Iraq, lifting some of the uncertainty that has plagued Wall Street for months.
"We are finally hearing some evidence of Iraqi behavior regarding the U.N. resolution which has meat on the bone," said Alan Ackerman, a market strategist at Fahnestock & Co. "The veil of uncertainty is being lifted and the mask of deception is being removed."
The market pared some gains during Powell's speech, but remained in positive ground. The blue-chip Dow Jones Industrial average climbed 46 points, or 0.58 percent, to 8,059. The broad Standard & Poor's 500 index rose 3 points, or 0.45 percent, to 852. The tech-loaded Nasdaq Composite jumped 12 points, or 0.92 percent, to 1,318. The major market gauges had been up about 0.2 percent before the speech.
"There's no more doubt," said John Kornitzer, fund manager at Kornitzer Capital Management, which oversees $2.5 billion. "He's making a very convincing case that Iraq has been deceitful, dishonest and not living up to its obligations, and that Hussein has been constantly lying to the public and the world,"
Powell told the U.N. Security Council that the United Nations risked irrelevance if it did not react to Iraqi violations of U.N. resolutions. His speech grabbed the spotlight in a market that has been grappling for months with the threat of war and its impact on the sluggish U.S. economy.
Few companies have been willing to offer upbeat outlooks for the year ahead in such a murky geopolitical environment.
Cisco Systems Inc. ticked up 20 cents to $13.40 and ranked as the most active on Nasdaq. The technology bellwether joined a slew of corporate giants offering a cautious forecast in an economy facing a slack recovery and a possible war, but the No. 1 maker of gear that directs Internet traffic posted a record quarterly profit that topped estimates.
Alcoa Inc. rallied 76 cents, or almost 4 percent, to $19.93. Investment bank Prudential Securities raised its rating for the world's largest aluminum producer to "buy" from "hold," saying "price appreciation can be expected as Alcoa begins to execute its debt- and cost-reduction programs."
Sprint Corp., the No. 4 U.S. long-distance telephone company, said it swung to a profit in the fourth quarter from a loss a year earlier as cost-cutting outweighed weak demand and stiff competition for long-distance and data services.
Sprint PCS, the wireless unit, rallied 31 cents, or 8 percent, to $4. Sprint FON, which represents Sprint's long distance and local phone and data businesses, jumped 39 cents, or 3 percent, to $12.75.
El Paso Corp., the largest U.S. pipeline company, tanked $1.67, or 20 percent, to $6.33 and topped the New York Stock Exchange's most active list. The company said it would slash its dividend about 82 percent and sell nearly $3 billion in assets to conserve cash and shore up its finances.
Annie, thanks for filling me in. al;dj I'm jumping akl;s up and down as slkja;f well.
I hope to hear some positive fedback from those that have theirs.
Phreezing Philo in the Nord
Bomba, that is a good analogy, NO ONE IS JUMPING UP AND DOWN with their Odyssey.........why is that?
Are they having the same ISSUES as Fred did at the shareholders meeting?
We haven't really heard anything of substance from anyone, with the exceptance of the blow by blow description of unpacking it.
SO, the question is, what is your (meaning those that have gotten their Odyssey already) first impressions and second thoughts about it?
Thanks a bunch, looking foward to hearing some good reviews from those that have theirs inhand.
Yes, still cold and phreezing in the Nord
Philo