Global Newsbrokers Stockmarket Service
Wall Street market report at 20:42:01
WALL ST OFF LOWS AS INTEL HOLDS FIRM
Wednesday, January 12
The Dow Jones is down 9.39 at
10,546.83.
The losses in New York have been
trimmed in afternoon trade as buyers
have come off the sidelines at the
market's lower levels. Sustained
gains in Intel are also helping, with
other technology stocks attracting
demand as well. The NASDAQ is down 4
points.
However, the overall mood remains
subdued by the dollar's slide in the
wake of today's poor November trade
data.
But Intel remains a key positive
influence, holding firm after last
night beating expectations with a 9.8
per cent rise in Q4 revenues to
$9.6bn. EPS held steady at 33c, while
the group also forecast Q1 revenues of
$8.8-9.4bn.
Also, Intel's plans to raise capital
expenditure by up to 40 per cent this
year is supporting other chip
equipment stocks like Applied
Materials.
Apple remains higher ahead of its
fiscal Q1 figures after the close,
with the results expected to be
boosted by iPod sales.
Ciena is also firm as it benefits from
a broker ratings upgrading.
But UPS remains sharply lower after
warning that Q4 profits will be hit by
higher operating costs and fewer US
deliveries.
Verizon Communications is also weaker
as it is hit by a broker ratings
downgrading on competition concerns.
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