TUESDAY BRIEFING


Published: Tuesday, January 13, 2004 at 6:01 a.m.
Last Modified: Monday, January 12, 2004 at 9:52 p.m.

Stocks edge higher as investors await reports

  • NEW YORK - Wall Street edged higher in choppy trading Monday, with investors making few moves as they waited for companies to start reporting their fourth-quarter earnings this week.
    With only a handful of firms issuing profit warnings and some others forecasting year-over-year earnings growth as high as 20 percent, analysts expressed confidence that the market would continue its advance.
    The Dow Jones industrial average closed up 26.29, or 0.2 percent, at 10,485.18. The Nasdaq composite index closed up 24.86, or 1.2 percent, at 2,111.78. This was a new 2 1/2-year closing high for the Nasdaq, which last closed higher on July 3, 2001. The Standard & Poor's 500 index gained 5.37, or 0.5 percent, to 1,127.23.

    Court orders Morgan Stanley to pay LVMH

  • PARIS - The maker of Louis Vuitton handbags and Moet champagne won a court judgment Monday ordering investment bank Morgan Stanley to pay at least $38.5 million in damages for biased research that hurt LVMH's image and helped its rival Gucci.
    In the first major ruling by a European court on conflicts of interest between research and investment banking services, the Paris commercial court said Morgan Stanley had "considerably prejudiced" LVMH and helped Gucci, its own client. LVMH, whose brands include Vuitton bags, the Kenzo and Givenchy fashion lines, Tag Heuer watches and Moet et Chandon champagne, had demanded euro100 million ($128.5 million) in damages.

    Shares tumble at employment company

  • GENEVA - Shares of Adecco, the world's largest employment company, tumbled Monday after it revealed audit and accounting problems in the United States and perhaps elsewhere.
    The problems will delay closing the company's books on 2003. The company, which is based near Geneva in Cheserex, Switzerland, said it could not predict when results for the year would be published. The company said its audit and finance committee has appointed an independent counsel to resolve the issues.

    Company chooses Ohio for new uranium plant

  • COLUMBUS, Ohio - Ohio has been chosen over Kentucky for a $1.5 billion plant that will use updated technology to enrich uranium for power plant reactors, the company building the plant announced Monday.
    The facility at the shuttered Portsmouth Gaseous Diffusion Plant in Piketon, which previously had been used for uranium processing, will employ 500 and will be operating by the decade's end, USEC Inc. President Nick Timbers said.

    SunTrust posts larger profit than expected

  • ATLANTA - SunTrust Banks Inc. Monday posted a larger profit than expected for its fourth quarter, as revenue climbed 7.1 percent.
    The Atlanta-based bank said net income edged up to $342.5 million, or $1.21 a share, from $340.3 million, or $1.20 a share, a year earlier.
    Analysts had on average expected earnings of about $1.19 a share for the latest quarter, according to Thomson First Call.
    Revenue for the quarter increased to $1.46 billion from $1.37 billion.
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