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Old 01-07-2004, 09:43 AM
jjgold jjgold is offline
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Join Date: Jan 2002
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Default Stock Reports Wednesday

06:41 ET Oil stocks should have a decent 2004 -- WSJ : The WSJ's Ahead of the Tape column discussing high oil price that sent energy-sector stocks up substantially as the calendar turned. Persistent instability in Nigeria and Venezuela is keeping pressure on oil prices, as has strong economic growth in the U.S. and Asia, especially China. Johnson Rice's Ken Beer adds that OPEC nations, excluding Saudi Arabia, don't have much excess capacity. Iraqi oil production is still below what people expected in the aftermath of the war. Column finds that oil prices aren't likely to head down in the next few weeks.
06:37 ET European Summary : Europeans stocks having a down day despite a positive open. Nokia (NOK), the world's biggest maker of wireless handsets, leading the blue-chip gainers list after upgrade from JP Morgan on optimism demand for phones will improve. European airlines also up after analysts dramatically raised their earnings expectations for British Airways, Europe's biggest airline, as evidence mounted that demand was recovering. Infineon Technologies AG (IFX), Europe's second-biggest chipmaker, finding some buying interest as Dramexchange.com said in a weekly forecast that spot prices of the most widely used computer-memory chips may rise for the first week in 10 as personal-computer makers in China prepare for Lunar New Year holiday sales of computers. Irish drug company Elan (ELN) having an up day after the co told investors its recent Phase III trial for Prialt had met its primary endpoint in patients with severe chronic pain. GlaxoSmithKline Plc (GSK), Europe's largest drugmaker, said on Wednesday that U.S. authorities wanted it to pay up to $5.2 billion in additional taxes and interest and the company would contest the claim. The dollar clawed back ground against the euro, steering away from record lows set in the previous session and taking a breather from its recent nail-biting decline, Reuters reporting... UK -0.46%, France -0.49%, Germany -0.48%.
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