Wall St gathers steam after Fed rates decision AMERICAS LONDON 2ND EDITION

May Department Stores, the parent of Lord & Taylor, reversed losses, rising 0.7 per cent to Dollars 26.37 after reporting a quarterly loss of Dollars 110m, compared with net earnings of Dollars 69m last time. However, the results included a Dollars 318m charge for some costs related to the closi...

Full description

Saved in:
Bibliographic Details
Published inThe Financial times (London ed.)
Main Author Chung, Mary
Format Newspaper Article
LanguageEnglish
Published London (UK) The Financial Times Limited 13.08.2003
Subjects
Dow Jones averages
Interest rates
Investments
NEW YORK
Online AccessGet full text

Cover

More Information
Summary:May Department Stores, the parent of Lord & Taylor, reversed losses, rising 0.7 per cent to Dollars 26.37 after reporting a quarterly loss of Dollars 110m, compared with net earnings of Dollars 69m last time. However, the results included a Dollars 318m charge for some costs related to the closing of 34 stores. Excluding the charge, quarterly earnings were Dollars 92m, or 30 cents per share, which beat forecasts. AOL Time Warner rose 0.3 per cent to Dollars 15.57 after investors digested news that the media conglomerate would consider dropping "AOL" from its corporate name. Martha Stewart Living Omnimedia shares, which fell on Monday due to negative earnings news, rebounded 5.5 per cent to Dollars 8.27, bolstered by a ratings upgrade. Axis Capital Holdings, the property and casualty insurer, edged up 0.04 per cent to Dollars 25.01 after Smith Barney and JP Morgan Chase initiated coverage of the company. Smith Barney analyst Marco Pinzon gave a price target of Dollars 27 and said the company had "attractive investment qualities", while David Sheusi at JP Morgan said he thought Axis was "well positioned to leverage the current hard market environment" within the US and abroad.
ISSN:0307-1766