As Expected, Rate Rasied to 4.5

Market Update Analysis:

As Expected, Rate Rasied to 4.5%

Author: Elena Todorova
123jump.com
Last Update: 3:32 PM EST January 31 2006

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U.S. stocks traded weak as Fed raised key interest rate for the 14th time in 19 months by a quarter point to 4.5%. Mixed earnings news also weighed on sentiment. Merck, fourth-quarter earnings were up slightly. Altria Group posted higher Q4 earnings but forecast a decline in 2006 earnings due to restructuring charges. Haemonetics posted 155% quarterly profit jump of $1.02 a share, above estimates of 42 cents.

Steris Corp., (STE: chart), medical equipment maker, reported Q3 net income advanced 14.8% to 41 cents a share on 5%. revenue growth. Earnings from continuing operations were steady at 34 cents, in line with analyst forecasts. The group is planning to take a 27 cent Q4 charge connected with its previously announced relocation of a plant. The company expects earnings of 16 cents to 18 cents in Q4. Revenue should rise 5% to 6%.

Knight Ridder Inc., (KRI: chart), newspaper publisher, reported that net income fell 22.2% to $1.24 a share as operating revenue went up 3.1% at $820 million, beating analyst estimate of $1.22 a share

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