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Market Update : 
GDP Deflator up 3.3%
Author: Elena Todorova
123jump.com
Last Update: 9:42 AM EST February 28 2006


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Asian-Pacific benchmarks finished mixed. The Nikkei edged up 0.1%, supported by overseas demand and new domestic investment funds. Indian shares hit an all-time high of 0.9% tp 10370.24. European averages traded lower at mid-day, hurt by utilities and metals stocks. All indexes fell 0.4%. The government''s second reading of Q4 GDP matched expectations with 1.6% annualized growth. The GDP deflator rose at an annualized pace of 3.3%.

 
Overseas Shipholding Group, (OSG: chart), provider of energy transportation services, reported Q4 earnings of $2.88 a share, down from a profit of $5.35 a share a year-ago. If not for gains on vessel sales and securities transactions, the company earned $2.79 a share in Q4, still missing analyst estimate of $3.63 a share. In addition, the company announced it plans to increase the quarterly dividend by 43% to 25 cents a share, effective with its next payout.

Astec Industries Inc, (ASTE: chart), road building equipment maker, reported that Q4 net income climbed to $1.02 million, or 5 cents a share, up from $268,000 in the year-ago quarter. Revenue in Q4 jumped 21% to $134.5 million. The company stated that Q4 showed seasonal weakness, but added the work backlog is considerably higher than last year. Astec also made it clear that, during its annual audit, it identified significant internal control deficiencies related to inventory controls and accounting system access controls. Despite the weaknesses, the company remains confident in the reliability of its financial statement.

Innkeepers USA Trust, (KPA: chart), real estate investment trust, reported a Q4 breakeven on a per-share basis, up from a loss of 6 cents a share, a year earlier. Funds from operations grew to 21 cents a share from 15 cents a year ago. The company missed analysts’ estimates for earnings of 23 cents a share. Revenue increased to $60.9 million from $50.5 million.

Staples Inc, (SPLS: chart), office products retailer, reported Q4 earnings of 39 cents a share, up from a profit of 33 cents a share a year-ago on sales and 3% same-store sales growth in Q4, topping analyst estimate by a penny.
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