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Dow Jones News Top Stories Of The Day – February 2, 2007 February 2, 2007

Posted by notapundit in Economic News, Main.
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SOLID JANUARY US JOBS GAIN BUT JOBLESS RATE TICKS UP

U.S. payrolls increase by a healthy 111,000 in January after closing 2006 on a very strong note, while the jobless rate ticks up to 4.6% and wage growth slows, suggesting the favorable mix of solid economic growth and low inflation continues into 2007. Data suggest that Fed policymakers can extend the current pause well into 2007.

WENDY’S 4Q NET INCOME PLUNGES

Fast-food chain’s net falls 90% to $3.03 million, or 3c a share, reflecting a loss from discontinued operations. Income from continuing operations drops 62% to $9.9 million, or 9c a share. Revenue falls 1.1% to $596.4 million. Shares fall 2%.

US FACTORY ORDERS RISE MORE THAN EXPECTED

Factory-goods orders increase 2.4% in December, with November’s reading revised upward to 1.2% higher, from 0.9%. Wall Street had been looking for a 2.0% increase. For all of 2006, factory orders rose 5.3%.

CHEVRON NET SLIPS 9% ON LOWER GAS PRICE

Oil and gas producer earns $3.77 billion, or $1.74 a share, as a sharp decline in natural gas prices offsets improved operating performance from its oil and gas fields and refineries. Revenue and other income falls 11% to $47.75 billion.

BRITISH HEDGE FUND CUTTING STAFF, FEES

SemperMacro, a hedge fund set up by a former star Goldman Sachs trader and the former chairman of the BBC, is cutting staff and fees after investors took cash out following a near 16% loss last year, people familiar with the matter say.

BUSH SEEKS $100B MORE FOR IRAQ, AFGHANISTAN

Bush administration will ask for another $100 billion for military and diplomatic operations in Iraq and Afghanistan this year and seeks $145 billion for 2008, a senior administration official says.

TEXAS ORDERS HPV VACCINES FOR GIRLS

Gov. Rick Perry orders that schoolgirls in Texas must be vaccinated against the sexually transmitted virus that causes cervical cancer, making Texas the first state to require the shots.

YOUTUBE TO REMOVE VIACOM VIDEOS

Google’s free video-sharing Web site says it will comply with Viacom’s request to remove more than 100,000 videos from its site. The clips in question have accounted for about 1.2 billion video streams. Viacom shares rise 1%.

DELTA, AMERICAN, ALASKA AIR RAISE FARES $5

Delta Air Lines raises domestic air fares by $5 each way, a move that is followed by American Airlines and Alaska Air Group. Other airlines considering whether to join the fare hike.

SULZBERGERS MOVES ASSETS FROM MORGAN STANLEY

Ochs-Sulzberger family, which controls the New York Times, is moving most of its personal assets from Morgan Stanley after a prolonged campaign by a Morgan Stanley money manager for changes to publishers’ corporate governance.

MICHIGAN SENTIMENT INDEX AT 96.9

Reuters/University of Michigan’s full-month report on consumer sentiment rises to 96.9 in January from December’s 91.7. Preliminary January reading was 98.0, and economists expected it to hold at 98.0.

NYSE GROUP SWINGS TO 4Q PROFIT

Big Board operator earns $45.5 million, or 29c a share, compared with a year-ago loss of $20.3 million. Results boosted by Archipelago acquisition. Excluding items, it earns 45c a share, a penny shy of expectations. Shares fall 1%.

AMAZON NET SLIDES ON HIGHER TAX BITE

Amazon.com profit is cut in half to $98 million, or 23c a share, despite a 34% rise in sales to $3.99 billion, as the company’s margins are crimped once again by rising costs. The year earlier quarter included a one-time tax windfall. Shares fall 3%.

US BEGINS WTO COMPLAINT AGAINST CHINESE SUBSIDIES

U.S. starts the process of filing a complaint against China at the World Trade Organizaion, alleging the emerging economic power is subsidizing a range of exports such as steel and wood products while discriminating against U.S. imports.

NISSAN CUTS FULL YEAR OUTLOOK

Shares plunge 8% after Japanese car maker posts a 23% drop in fiscal 3Q profit, hit by weak vehicle sales in Japan and Europe, and cuts full year earnings outlook. CEO Ghosn calls 2006 performance ‘a failure.’

EQUITY OFFICE HOLDERS MAY VOTE DOWN BLACKSTONE

A number of major shareholders in Equity Office Properties say they may vote against a plan to sell the company to Blackstone Group for $54 a share in cash in light of a higher cash and stock bid from Vornado Realty Trust.

EX COCA-COLA SECRETARY FOUND GUILTY

Federal jury convicts a former Coca-Cola secretary of conspiring to steal trade secrets from the beverage maker in effort to sell them to Pepsi. Joya Williams, facing up to 10 years in prison, was fired after allegations came to light.

GANNETT 4Q NET UP 3% ON AD SALES

Media company earns $353.5 million, or $1.51 a share, beating views by 2c. Revenue climbs 7.5% to $2.21 billion. Newspaper-ad revenue gains 3.7%, with broadcasting up 30%, helped by stronger local and political ads. Shares rise 2%.

STANDARD PACIFIC OUTLOOK LIFTS HOME BUILDERS

Shares of home-building companies rise after one builder, Standard Pacific, issues a modestly optimistic outlook for housing market, amid slightly higher market sentiment. Standard Pacific rises 6%.

======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======

ANALYSIS
Wireless Firms’ Web-Access Control Irks Users
Wireless carriers talk about the growth opportunities from surfing the mobile Web and downloading content such as music or games, but they haven’t made doing so easy for the consumer, Roger Cheng writes.

NOTICE TO READERS
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Tomorrow’s News Today is a Dow Jones Newswires end-of-day market newsletter emailed shortly after market close. It is complimentary to all Dow Jones News Service subscribers. To sign up, send email to tomorrowtoday@dowjones.com or call (800) 223-2274.

============ U.S. MARKETS ACTION ===========
DJIA down 16.74 points to 12656.78
NASDAQ up 7.27 points to 2475.65
S&P 500 up 7.70 points to 1445.94
10-year T-note up 4/32 at 98 14/32 yield 4.837
NYMEX Spot Crude up $1.72 at $59.02/bbl at close
Dollar/Euro down 0.0056 at 1.2964

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