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BUSH-IRAQI ARMS DOCUMENT "NOT ENCOURAGING," US "SERIOUS ABOUT
(Reuters 12/20 11:40:28)
KEEPING THE PEACE"
MORE
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08:38 ET S&P futures vs fair value: +7.8. Nasdaq futures vs fair value: +10.0.
The final revision of Q3 GDP remained unchanged at 4.0%, which was in line with the consensus estimate.. Given that the report is old news and that the revision matched the consensus estimate, there has been little response in futures trading.. As such, the cash market remains poised to open on an upbeat note.
Xbox November Console Sales Hit Record Highs for 2002
(PR Newswire 12/19 13:15:19)
Strong Game Portfolio and Xbox Live Launch Fuel Growth
REDMOND, Wash., Dec. 19 /PRNewswire-FirstCall/ -- As Santa's elves hustle
to pack his sleigh in preparation for next week's delivery of holiday loot,
it's clear that the Xbox(TM) video game system has topped the wish lists of
video game enthusiasts worldwide. According to NPD Group Inc. data (NPD
Funworld TRSTS November 2002), Xbox achieved its best month of the year for
console sales in November. Data released today by Microsoft Corp. confirms
that from Seattle to Singapore, Austin to Auckland and Detroit to Dublin,
demand for Xbox has reached a fever pitch this holiday, widening the gap
between Xbox and rival Nintendo GameCube while demonstrating that Xbox
delivers a superior gaming alternative to Sony PlayStation 2.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )
According to market research firm NPD Group, a record number of Xbox
systems flew off store shelves in November. Fueled by the recent launch of
Xbox Live(TM), a game portfolio boasting 200 titles and a special holiday
offering, sales for November nearly doubled the previous month's volume.
November marked the seventh consecutive month in which Xbox console
sell-through outpaced that of Nintendo GameCube.
A distinct winner among shoppers has been the Xbox Holiday Offer, a
specially priced and packaged system complete with the Xbox console, Xbox
Controller S and two of the best Xbox-exclusive games from Sega, "Sega GT
2002" and "Jet Set Radio Future." In the first two months of availability, the
Xbox Holiday Offer outsold Nintendo's GameCube/Mario offering by 131 percent.*
Individual Xbox game titles also have been selling at a breakneck pace
this holiday season. In November, shoppers snatched up more than 2.4 million
Xbox games, making it the second-highest software sales month since the
platform was introduced. Overall, Xbox has sold 34 percent more games than
Nintendo since either console was introduced. "Tom Clancy's Splinter Cell," a
wildly popular Xbox exclusive from developer Ubi Soft Entertainment, tops the
bestseller list, with nearly a quarter million units sold worldwide in just
the last two weeks of November.
"Sales figures confirm that 'Splinter Cell' on Xbox is at the top of every
gamer's wish list this holiday season," said Tony Kee, vice president of
marketing for Ubi Soft Entertainment. "There has never been a game that uses
lighting, shadows and stealth better than 'Splinter Cell,' and the power of
Xbox helps make that possible. You can see it in magazines, newspapers and
broadcast reports that the consensus is 'Splinter Cell' is the best-looking
and -playing game on the market, and it is only on Xbox this holiday."
Perhaps most telling is the dazzling success of the Xbox Live service,
which allows Xbox gamers in different locations to play against each other
using a broadband connection. Launched just last month in the United States,
the Xbox Live Starter Kits have exceeded sales expectations, eclipsing by
86 percent the number of PlayStation 2 Network Adapters Sony sold in their
first month of availability. Titles such as "MechAssault(TM)," "Tom Clancy's
Ghost Recon" and "Unreal Championship" are proving to be immensely popular
with the Xbox Live crowd, with combined sales of more than 300,000 units in
the United States in November. These top three Xbox Live titles attached at
over 80 percent to the Xbox Live Starter Kit.
"All this data points to the fact that Xbox is well on the way to being a
market leader," said Robbie Bach, chief Xbox officer. "With solid support from
leading developers, more than 300 games in development, 200 games available
for this holiday and many big titles planned for 2003, it is not surprising
that Xbox is at the top of wish lists on several continents."
Holiday highlights for Xbox from around the world include the following:
Europe
-- Sales of the Xbox holiday offering have catapulted Xbox into the No. 2
spot across the continent. (Source: ChartTrack & GfK)
-- In the United Kingdom, the largest video game market in Europe, Xbox is
consistently outselling GameCube by more than two to one this holiday.
(Source: ChartTrack)
-- The Xbox Live Consumer Beta and Test Drive program have been a great
success, and momentum continues to build for the European retail
launch, which is on track for March 14, 2003.
Australia
-- The sales gap between Xbox and Sony PlayStation 2 last week narrowed to
only 4 percent (source: Inform) as Christmas shoppers made Xbox the
home entertainment gift of choice.
-- Xbox weekly market share doubled to 46 percent over the past eight
weeks. In the last two weeks of November alone, gift-givers Down Under
grabbed more than 23,000 Xbox units. (Source: Inform)
Asia
-- Xbox launched in Hong Kong, Singapore and Taiwan last month and is now
available at more than 230 select retail outlets throughout the region.
Xbox will be available in Korea Dec. 23.
-- At an Xbox launch event in Singapore Nov. 21, more than 5,000 people
lined up to buy Xbox systems before the event stocks sold out. At a
similar event the next day in Hong Kong, shoppers cleaned out the
initial stock in just three hours.
-- New Xbox games are arriving in Asia every week. Plans call for up to
50 new games from Microsoft and other leading game publishers.
Japan
-- Holiday sales are going well with competitive holiday offers available
to consumers throughout Japan.
-- There are more than 75 titles available for Xbox in Japan during this
holiday season. New holiday titles include "Shin Megami Tensei Nine,"
"Panzer Dragoon(TM)" and "O-TO-GI," "Blinx(TM): The Time Sweeper(TM)"
and "Kakuto Chojin(TM)."
-- A consumer beta of Xbox Live is successfully underway to 5,000 gamers.
Xbox Live is set to launch Jan. 16, 2003, with Sega's "Phantasy Star
Online Episode I and II" and other exciting launch titles.
Mexico
-- The first launch of a video game platform in Mexico kicked off very
successfully. Xbox officially launched in October and is the
next-generation console most widely available at Mexican retail
(718 outlets).
About Xbox
Xbox ( http://www.xbox.com/ ) is Microsoft's future-generation video game
system that delivers the most powerful games experiences ever. Xbox empowers
game artists by giving them the technology to fulfill their creative visions
as never before, creating games that blur the lines between fantasy and
reality. Xbox is now available in North America, Japan, Europe and Australia.
About Microsoft
Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide leader in
software, services and Internet technologies for personal and business
computing. The company offers a wide range of products and services designed
to empower people through great software -- any time, any place and on any
device.
* NPD Funworld TRSTS November 2002
NOTE: Microsoft, Xbox, Xbox Live, MechAssault, Blinx, The Time Sweeper
and Kakuto Chojin are either registered trademarks or trademarks of Microsoft
Corp. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be the
trademarks of their respective owners.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X14601253
SOURCE Microsoft Corp.
-0- 12/19/2002
/NOTE TO EDITORS: If you are interested in viewing additional information
on Microsoft, please visit the Microsoft(R) Web page at
http://www.microsoft.com/presspass/ on Microsoft's corporate information
pages. Web links, telephone numbers and titles were correct at time of
publication, but may since have changed. For additional assistance,
journalists and analysts may contact Microsoft's Rapid Response Team or other
appropriate contacts listed at
http://www.microsoft.com/presspass/contactpr.asp ./
/CONTACT: Maureen Farley, +1-206-268-2270, or maureen.farley@edelman.com,
or Tara Ward, +1-206-268-2222, or tara.ward@edelman.com, both of Edelman, for
Microsoft Corp./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 1-888-776-6555 or +1-212-782-2840/
/Web site: http://www.xbox.com /
/Web site: http://www.microsoft.com /
(MSFT)
CO: Microsoft Corp.; NPD Group Inc.
ST: Washington
IN: CPR MLM STW ENT CSE
SU: SVY SLS
S.PN MSFT
BROADDUS-GEOPOLITICAL ISSUES CREATING ECON UNCERTAINTY,DAMPING
(Reuters 12/18 09:10:07)
BUSINESS SPENDING
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MICRON <MU.N> SAYS AVERAGE SELLING PRICE DOWN ABOUT 12 PCT IN
(Reuters 12/17 14:03:20)
Q1 FROM Q4
MORE
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16:48 ET ATVI Activision cuts outlook (15.73 +0.08) -- Update --
Expects third quarter net revenues of $362 million and $0.60 earnings per share -- Multex consensus estimates are $0.79 per share and $421.7 million respectively.
World Bank-Global economy may fall back to recession
(Reuters 12/11 10:05:24)
By Anna Willard
WASHINGTON, Dec 11 (Reuters) - There is a "significant
risk" that the recovering global economy could slip back into
recession, further frustrating efforts to improve conditions
for the world's poorest people, a World Bank report found.
Flagging consumer confidence, weak stock markets, concerns
over Japan's banking system, worries about debt problems in
Latin America and uncertainties over a potential U.S. war with
Iraq and the impact on oil prices are all contributing to a
gloomy economic outlook, the bank said.
"The global rebound might quickly lose momentum and there
is a significant risk that the world could slip back into
recession," the bank's 2003 assessment of global economic
prospects finds.
The bank is predicting the world economy will squeeze out
just 1.7 percent of gross domestic product growth this year, a
slight increase from 1.1 percent in 2001.
The world economy may pick up speed next year, rising to
2.5 percent, but that is still far below potential and there
are risks it could be knocked off course.
"The recovery has been much more hesitant and uneven than we
had expected," said the bank's chief economist, Nicholas Stern.
Rich countries are expected to continue to have sluggish
growth. The United States will lead the way, expanding 2.3
percent this year and climbing to 2.6 percent in 2003. Japan
will not grow at all in 2002 and will be able to muster only
0.8 percent growth next year.
The 12-nation euro area will not fare much better,
expanding only 0.8 percent, climbing to 1.8 percent in 2003.
Economies may steam ahead in some developing countries, but
in most of them this growth will be too low to generate a
marked reduction in poverty.
The most rapid regional expansion by far will be in East
Asia and the Pacific, with growth seen roaring ahead 6.3
percent this year.
Dogged by financial crises in several countries and the
deep recession in Argentina, Latin America comes in bottom of
the pile, the only region to post a contraction -- of 1.1
percent -- in 2002, the worst contraction in two decades.
Most regions are making progress towards meeting the United
Nation's Millennium Development Goals to cut poverty in half by
the year 2015.
But the 2.5 percent growth expected in Sub-Saharan Africa
this year, falls far short of the 5 percent growth the bank
estimates is needed to get the many impoverished countries in
the region on track to meeting the goals.
KETCHUP TARIFFS TOO HIGH
Such disappointing growth numbers do not bode well for the
world's poor. The bank warned the slowing economy may detract
from progress in trade talks that began in Doha last year with
an eye to helping developing countries.
The next round of discussion will take place at a world
trade summit in Mexico next September.
"It would be unfortunate indeed if a myopic focus on
short-term issues permitted protectionist forces to stifle
progress in removing trade barriers," said Uri Dadush, director
of the bank's international trade department.
Developing countries in general face external barriers to
their trade in manufactured goods that are twice that of rich
countries, the bank said.
Fresh Chilean tomatoes exported to the United States have a
tariff of 2.2 percent, but if they are turned into ketchup or
salsa, the tariff is nearly 12 percent.
Stern, who has been highly critical of rich countries'
trade policies, welcomed a recent U.S. proposal to reduce
tariffs on manufactured goods to zero by 2015.
But he cautioned it was a much bigger challenge for
developing countries to reduce their tariffs to zero than it is
for the rich countries, so they may need more time to make
changes.
"We have to bear that in mind when we think about the pace
of change," he cautioned.
He also urged rich countries to rethink their policies on
trade barriers for agricultural goods, often the key export for
the world's poorest nations.
INVESTMENT FLOWS EVAPORATING
Capital flows to developing countries are also continuing
to sink as the world economy struggles to get back on its feet.
Net commercial bank lending has turned negative and foreign
direct investment flows have shown the most sustained fall
since 1981-83.
Investors are becoming averse to long-term projects and
accounting scandals in industrial countries have driven major
players such as Enron and Worldcom out of the market.
But poor countries must also play a part in helping to
attract investment, the bank said.
Improving the investment climate by breaking up monopolies,
designing better regulations, removing legal restrictions to
foreign investment, could all help attract capital.
((anna.willard@reuters.com Tel-202 898 8309 Fax-202 898
8383))
REUTERS
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12:57 ET KO Coca-Cola estimates reduced by Morgan Stanley -- volume trends (46.27 -0.23)
Morgan Stanley reduces its volume estimate for Coke-Japan to flat from its previous estimate of +4%. Firm notes that N. American and Japan account for more than 40% of profits and believes that volume trends are coming in below plan. Morgan reduces its Q4 est by a penny to $0.39 (Multex consensus $0.40).
11:51 ET Electronic Arts defended by Pacific Crest (ERTS) 60.95 -2.04: Pacific Crest is defending ERTS, saying the rumors that the Sims Online game could be late and/or distribution numbers may be weak are unfounded.
12:10 ET NSM National Semi halted: news pending (17.34 -0.31)
08:31 ET Non-Farm Payrolls -40K vs +35K consensus -- Employment Rate 6.0% vs 5.8% consensus
TEVA gets FDA approval:
09:16 ET TEVA Teva Pharm: FDA approves ANDA for Amoxicillin (78.69)
Announces that the FDA has approved TEVA's ANDA for Amoxicillin for Oral Suspension, which is the generic equivalent of GSK's broad spectrum antibiotic Amoxil for Oral Suspension; branded product has annual sales of about $63 mln.
09:05 ET AMD Advanced Micro guides higher (7.85)
Company guides Q4 revenues up to $700 mln vs the Multex consensus of $600 mln; cites stronger than expected PC processor demand and continuing strength in flash memory.
AMD <AMD.N> RAISES Q4 SALES VIEW
(Reuters 12/05 06:03:11)
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Blasts hit Indonesia McDonald's,showroom, one dead
(Reuters 12/05 05:59:22)
JAKARTA, Dec 5 (Reuters) - Explosions ripped through a
McDonald's <MCD.N> restaurant and a car show room in the
Indonesian city of Makassar on Thursday, killing one person and
wounding several, the state-run Antara news agency reported.
The first explosion occurred at the McDonald's restaurant at
a shopping centre in the city on Sulawesi island in the early
evening. The second blast occurred about two hours later in the
show room at another shopping centre.
The report did not say if the person killed had been at the
McDonald's or the car show room and gave no other details.
There have been clashes, including bomb attacks, between
Muslims and Christians on parts of Sulawesi and elsewhere in the
sprawling, predominantly Muslim country in recent years.
((Jakarta newsroom +6221 384-6364; Fax +6221 344-8404,
jakarta.newsroom@reuters.com))
REUTERS
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08:47 ET Solly cuts 2003 forecasts for GDP growth, S&P 500 growth : Salomon Smith Barney cuts their 2003 forecast for both U.S. and Global GDP to 2.5% from 2.6%, saying they do not anticipate a smooth continuation of the recovery due to a high probability of a Middle East conflict early in 2003; firm also cuts their 2003 S&P 500 EPS growth forecast to 7.0% from 7.7%.
OTC HALT <IBM.N> NEWS PENDING LAST 83.69
(Reuters 12/04 13:06:48)
.
REUTERS
S.RT IBM IBM-T IBM-L IBMC-L IBM-R IBMC-T IBM-Z IBM-F
ATVI reaffirms guidance:
Activision president reiterates 2003 revenue view
(Reuters 12/04 09:14:47)
SCOTTSDALE, Ariz., Dec 4 (Reuters) - The president of
Activision Inc.<ATVI.O>, the No. 2 independent video game
publisher, on Wednesday reiterated the company's 2003 revenue
forecast, which is lower than Wall Street's current view.
Ron Doornink, president of Activision and chief executive
of Activision Publishing, also said video game-related holiday
sales appear to be picking up.
Activision still sees revenue of $934 million for its
fiscal year ended March, Doornink said in a Web cast from the
Credit Suisse First Boston's annual technology conference in
Scottsdale, Arizona. The conference is closed to media.
That view is below Wall Street analysts' average forecast
for annual revenues of $942.6 million, as compiled by research
firm Thomson First Call.
Doornink said sales of video game hardware, which help
drive game sales, appear to be accelerating.
"We're really seeing a pickup across the board," he said.
Game sellers also are making a big holiday advertising
push, Doornink said.
"This is the highest level of marketing support the
industry has ever seen," he said, noting that television ads
for the company's popular "Tony Hawk's Pro Skater 4" are
currently running.
Activision shares fell 75 cents to $20.15 at midday on the
Nasdaq. The stock remains off its 52-week high of $35.10.
(lisa.baertlein@reuters.com or 650-906-8381))
REUTERS
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MOT reaffirms guidance:
11:55 ET MOT Motorola reaffirms Q4 guidance (10.00 -0.51)
Sources attending MOT's presentation at the CSFB tech conference tell us that the co reaffirmed their Q4 guidance of $0.10 in EPS and $7.1 bln in revs; however, we have no confirmation from the co on this.
Disney Lowers 2002 Earnings, Citing `Treasure Planet' (Update2)
By Alex Armitage
Burbank, California, Dec. 3 (Bloomberg) -- Walt Disney Co. lowered its fiscal 2002 earnings to 60 cents a share after ticket sales for its film ``Treasure Planet' were lower than expected, the company said in a statement.
The second-biggest entertainment company said dim prospects for ``Treasure Planet' will cut first-quarter 2003 earnings by about 1 cent per share from a Nov. 7 earnings announcement. The company lowered fourth-quarter profit to 9 cents a share, from a previously reported $222 million, or 11 cents.
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_top....
HEWLETT-PACKARD <HPQ.N> CEO SAYS MARKET UNCERTAIN, IT SPENDING
(Reuters 12/03 13:37:44)
TEPID
REUTERS
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16:36 ET IDTI Integrated Device lowers Q3 guidance (9.78 -1.02)
Co now expects Q3 loss of $0.17-$0.21 and revs to be down 12-14% sequentially, vs previous guidance of a loss of $0.05-$0.07 and a 5-7% rev decline; co cites general softness across business segments and customer inventory adjustments related to IP co-processor products as the reasons for their lower guidance.
16:07 ET HPQ Hewlett-Packard halted; news pending (19.19 -0.64)
09:45 ET Bernstein cautious on semis; pre-open
In a pre-open note, Bernstein says that the typical Dec strength in semi stocks is unlikely to be as large this year as in prior years given the nearly unprecedented run-up in these stocks during Oct and Nov; firm would look to lighten exposure going into the end of the year, and would view any positive catalysts as good exit points, particularly for NSM and TXN.
ZRAN (DVD chipmaker) mentioned positively on CNBC as DVD sales soared over the Thanksgiving holiday...
09:14 ET S&P futures vs fair value: +13.4. Nasdaq futures vs fair value: +27.5.
Poised for a strong open as traders cheer the favorable economic implications of the solid retail sales results following the Thanksgiving holiday
09:08 ET ORCL Oracle price target raised at Prudential (12.15)
Prudential raises price target to $14 from $13 and maintains Buy rating; says during the last few days of the qtr firm got a good sense that the typical large deal flow at qtr-end was materializing normally, and that qualitative commentary derived from checks was bullish.
07:02 ET WMT Wal-Mart, other retailers report record post-Thanksgiving sales (53.90)
Co reported on Saturday record single-day sales for Nov 29 of more than $1.43 bln at domestic stores, compared to $1.25 bln recorded for the similar post-Thanksgiving day in 2001; sales increase was driven by improvements in both customer count and avg ticket, and top-selling categories were home electronics, small appliances, and toys. Separately, the Wall Street Journal reports that U.S. retail sales were better than expected during the Thanksgiving holiday weekend, as estimated sales jumped 12.3% on Friday and 9% on Saturday, with discount chains the biggest winners.
07:13 ET Intel, AMD upgraded at Lehman
Lehman upgrades INTC to Overweight from Equal-Weight and AMD to Equal-Weight from Underweight based on the following factors: 1) improving corporate profits should drive increased business investment, 2) the installed base continues to age with about 180 mln PCs over 4 yrs old, and 3) Win95 enters end of life at the end of this year and Windows 98 and NT4.x enters the non-support phase for MSFT on June 30.
09:47 ET Univ of Michigan sentiment 84.2 vs 85.0 consensus
Morgan Stanley raises Novellus price target
(Reuters 11/27 05:50:24)
NEW YORK, Nov 27 (Reuters) - Morgan Stanley said on
Wednesday it has raised its price target on Novellus Systems
Inc. <NVLS.O> to $40 from $27 after the company repeated its
revenue and earnings outlook for the current quarter and said
bookings had improved from its previous forecast.
Shares in Novellus, which makes equipment used in
semiconductor production, closed on Tuesday at $34.48 on
Nasdaq.
((Thi Nguyen; Wall Street Desk 646 223 6153))
REUTERS
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11:25 ET GE GE Capital to sell $20 bln in bonds to retail investors (26.55 +0.10)
anyone confirm the rumor that NVLS is going to guide lower on tomorrow's conference call?
20 ET BofA would not chase semi equipment rally
Banc of America says that sharp declines in chipmakers' profitability due to excess capacity and a collapse in pricing suggests a slow recovery in capex investments; believes the trajectory and size of the semi equipment industry recovery will fall short of the cycles in the 1990s, and the current rally seems to be discounting much of the potential good news of the next several years; firm does not advocate chasing the current rally.
08:38 ET Soundview raises price targets for select semi equipment stocks
Soundview believes that more evidence is mounting that Q1 could be the turn in the order picture for the semi capital equipment industry; favorites include KLAC, AMAT, RTEC, and TER; raises NVLS price target to $38 from $31, LRCX to $18 from $15, KLAC to $45 from $35, and TER to $20 from $12.
QLGC up AH, must've been something good said at Comdex.
13:16 ET MU Micron trades up on guidance rumor (13.96 -0.11)
Stock has spiked in recent trading, due we're told to a rumor that the co will raise guidance during tomorrow's presentation to the Lehman semi conference; however, we would be skeptical of this rumor, as yesterday there was similar chatter that TXN would guide higher, which turned out to be false.
09:32 ET SUPG SuperGen NDA approved by FDA (4.39 +0.30)
08:24 ET ITWO i2 Tech upgraded by SoundView (1.05)
SoundView upgrades to NEUTRAL from Underperform, citing cost reductions and sees closer profitability.
14:53 ET CHKP Check Point Sftwr: positive comments at UBS conference (14.49 +0.58)
We're told that CHKP's presentation at the UBS tech conference was very positive; reportedly, co is starting to see an uptick in business and visibility is improving for Q4 (co confirmed that some large deals will close then); co also said it may use its $1.4 bln in cash to fund acquisitions. (Briefing.com did not attend the presentation.)