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Market Update : 
GE Raises Outlook
Author: Elena Todorova
123jump.com
Last Update: 10:29 AM EST November 18 2005


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Asian-Pacific benchmarks advanced on economic optimism, Wall street rally and falling oil with the Nikkei hitting a new five-year high of 1.5% to 14,623,12. European stocks also gained at mid-day on automotive and airline sectors with each average rising 1.1%. In corporarte news, Cisco Systems Inc announced plans to buy Scientific-Atlanta Inc, the top U.S. maker of cable television set-top boxes, for $6.9 billion.

 
Autodesk Inc., (ADSK: chart), software company, announced that Q3 profit soared 28% to 38 cents a share, up from 30 cents a share in the year-ago period on 26% revenue growth, reflecting strong demand across its product lines and markets. Outside a tax benefit, the company would have gained 31 cents a share, beating analyst expectations by a penny.

Barnes & Noble Inc., (BKS: chart), bookseller, posted Q3 net income of zero cents a share, down from 11 cents a share in the year-earlier period, beating analysts’ forecasts of a net loss of 2 cents a share. Sales advanced 4%.

BEA Systems Inc., (BEAS: chart), software maker, reported net income of 9 cents a share, a penny up vs. 8 cents a share for the same period a year ago. If not for one-time charges, earnings would have been 11 cents a share, topping on that basis analysts’ expectations by a penny.

Foot Locker Inc., (FL: chart), retailer, posted Q3 net earnings of 42 cents a share, down 12% from 47 cents a share in the same period last year on revenue and same-store sales growth, missing the analyst forecasts by a penny. The company expects Q4 income from continuing operations in a range of 53 cents to 61 cents a share, and for same-store sales growth in the low-to-mid single-digit range.
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