Dow rings up triple-digit gain (Mc Donalds)

Dow rings up triple-digit gain
McDonald's paces Dow higherBy Steve Gelsi, CBS.MarketWatch.com
Last Update: 10:57 AM ET April 28, 2003

NEW YORK (CBS.MW) - The Dow rang up a triple-digit gain as investors gobbled up stocks Monday after McDonald's posted tastier-than-expected earnings and an industry study signaled momentum in the chip sector.

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Another plus is consumer spending, which rose 0.1 percent in March, according to the Commerce Department. It was the first positive number in the index in three months. See Economic Report.

The long-expected $1.4 billion global settlement with investment banks over conflicts of interest involving research reports, initial public offerings and other issues from the bull market may be providing a psychological lift as well.

Under the deal, former star analysts Henry Blodget and Jack Grubman will be required to pay up to $20 million in fines. See full story.

The Dow Jones Industrial Average ($DJ: news, chart, profile) jumped 131 points to 8,437, as the storied index surpassed its starting point of 8,341 for the year.

The Nasdaq ($COMPQ: news, chart, profile) rose 22 to 1,456.

The S&P 500 ($SPX: news, chart, profile) rose 13 to 912.McDonald's Corp. (MCD: news, chart, profile) led the Dow with a jump of 6.3 percent to $16.82. The fast food giant posted first-quarter net income of $327.4 million, or 29 cents a share, vs. $253.1 million in the year-ago quarter. Thomson/First Call had estimated earnings-per-share of 28 cents. Revenue in the quarter rose 6 percent to $3.8 billion, ahead of the $3.6 billion that had been projected by First Call.

Looking ahead, the Dow component said capital spending would be reduced by $800 million in 2003, down 40 percent compared with 2002. Over the next 12 to 18 months, the company said it plans to be "well on its way toward a 2005 goal of annual sales growth of 3 percent to 5 percent" and "operating income growth of 6 percent to 7 percent."

Procter & Gamble (PG: news, chart, profile) rose 85 cents to $89.99 after the Dow component reported earnings of $1.27 billion, or 91 cents per share, up from 1.04 billion, or 74 cents per share in the year-ago period. Excluding a $66 million restructuring charge, P&G earned 96 cents per share, in line with the forecast in a survey of analysts by Thomson First Call. Revenue was $10.66 billion, up 23 percent, and ahead of the forecast of $10.47 billion.

Chip stocks ($SOX: news, chart, profile) rallied 1.8 percent after an industry survey showed a pick up in activity from the previous quarter, but a decrease from the year-ago period. Dow component Intel (INTC: news, chart, profile) rose 9 cents to $18.37.

Chip sales were $12.1 billion in March, up 2.6 percent from February, and up from $10.73 billion last March. For the first quarter, industry sales were $36.4 billion, down 3.2 percent from the prior quarter, but up 13 percent from the $32.19 billion posted last year.

Wal-Mart (WMT: news, chart, profile) stock rose 31 cents to $55.31 after it said April U.S. same-store sales are tracking to the low end of its forecast for growth of 5 to 7 percent. In its weekly sales update, the Bentonville, Ark., retailing giant said "unseasonably cool weather" affected its performance, slowing demand for spring items.

Shares of General Electric (GE: news, chart, profile) rose 34 cents to $29.45 as the Dow component shrugged off a report of greater-than-expected financial exposure in claims related to health problems from people who had contact with asbestos-insulated turbines.

Gold for June delivery traded at $332.50 an ounce, down $1.20 on the New York Mercantile Exchange. The yellow metal held onto its price about $330. See full story.

Bonds rose in the face of weak economic data expected this week. See full story.

Steve Gelsi is a reporter for CBS.MarketWatch.com in New York.

NEW YORK (CBS.MW) - The Dow rang up a triple-digit gain as investors gobbled up stocks Monday after McDonald's posted tastier-than-expected earnings and an industry study signaled momentum in the chip sector.

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Another plus is consumer spending, which rose 0.1 percent in March, according to the Commerce Department. It was the first positive number in the index in three months. See Economic Report.

The long-expected $1.4 billion global settlement with investment banks over conflicts of interest involving research reports, initial public offerings and other issues from the bull market may be providing a psychological lift as well.

Under the deal, former star analysts Henry Blodget and Jack Grubman will be required to pay up to $20 million in fines. See full story.

The Dow Jones Industrial Average ($DJ: news, chart, profile) jumped 131 points to 8,437, as the storied index surpassed its starting point of 8,341 for the year.

The Nasdaq ($COMPQ: news, chart, profile) rose 22 to 1,456.

The S&P 500 ($SPX: news, chart, profile) rose 13 to 912.McDonald's Corp. (MCD: news, chart, profile) led the Dow with a jump of 6.3 percent to $16.82. The fast food giant posted first-quarter net income of $327.4 million, or 29 cents a share, vs. $253.1 million in the year-ago quarter. Thomson/First Call had estimated earnings-per-share of 28 cents. Revenue in the quarter rose 6 percent to $3.8 billion, ahead of the $3.6 billion that had been projected by First Call.

Looking ahead, the Dow component said capital spending would be reduced by $800 million in 2003, down 40 percent compared with 2002. Over the next 12 to 18 months, the company said it plans to be "well on its way toward a 2005 goal of annual sales growth of 3 percent to 5 percent" and "operating income growth of 6 percent to 7 percent."

Procter & Gamble (PG: news, chart, profile) rose 85 cents to $89.99 after the Dow component reported earnings of $1.27 billion, or 91 cents per share, up from 1.04 billion, or 74 cents per share in the year-ago period. Excluding a $66 million restructuring charge, P&G earned 96 cents per share, in line with the forecast in a survey of analysts by Thomson First Call. Revenue was $10.66 billion, up 23 percent, and ahead of the forecast of $10.47 billion.

Chip stocks ($SOX: news, chart, profile) rallied 1.8 percent after an industry survey showed a pick up in activity from the previous quarter, but a decrease from the year-ago period. Dow component Intel (INTC: news, chart, profile) rose 9 cents to $18.37.

Chip sales were $12.1 billion in March, up 2.6 percent from February, and up from $10.73 billion last March. For the first quarter, industry sales were $36.4 billion, down 3.2 percent from the prior quarter, but up 13 percent from the $32.19 billion posted last year.

Wal-Mart (WMT: news, chart, profile) stock rose 31 cents to $55.31 after it said April U.S. same-store sales are tracking to the low end of its forecast for growth of 5 to 7 percent. In its weekly sales update, the Bentonville, Ark., retailing giant said "unseasonably cool weather" affected its performance, slowing demand for spring items.

Shares of General Electric (GE: news, chart, profile) rose 34 cents to $29.45 as the Dow component shrugged off a report of greater-than-expected financial exposure in claims related to health problems from people who had contact with asbestos-insulated turbines.

Gold for June delivery traded at $332.50 an ounce, down $1.20 on the New York Mercantile Exchange. The yellow metal held onto its price about $330. See full story.

Bonds rose in the face of weak economic data expected this week. See full story.

Steve Gelsi is a reporter for CBS.MarketWatch.com in New York.
By Steve Gelsi, CBS.MarketWatch.com
Last Update: 10:57 AM ET April 28, 2003

NEW YORK (CBS.MW) - The Dow rang up a triple-digit gain as investors gobbled up stocks Monday after McDonald's posted tastier-than-expected earnings and an industry study signaled momentum in the chip sector.

var ShockMode = 0;var plugin = (navigator.mimeTypes && navigator.mimeTypes["application/x-shockwave-flash"]) ? navigator.mimeTypes["application/x-shockwave-flash"].enabledPlugi­n : 0;if (plugin &&parseInt(plugin.description.substring(plugin.description.indexOf(".")-1)) >=4) {  ShockMode = 1;}else if (navigator.userAgent &&navigator.userAgent.indexOf("MSIE")>=0    && (navigator.userAgent.indexOf("Windows 95")>=0 ||    navigator.userAgent.indexOf("Windows 98")>=0 ||    navigator.userAgent.indexOf("Windows NT")>=0)){  document.write('');  document.writeln('  on error resume next ');  document.write('  ShockMode = (IsObject(CreateObject("ShockwaveFlash.ShockwaveFlash.4")))');  document.write('');}if ( ShockMode ){var s = 's=151770';var wh = '&w=336' + '&h=280';var cltk='http://cbs.marketwatch.com/RealMedia/ads/click_lx.cgi/cbs.marketwatch.com/markets/marketsnap.asp/8055/RMW/MarketWatch/HarrisDirect_APR03_SnapShot_RMW/MarketSnap_RMW.html/64396133303566643365373732626130?';var u = escape(location.href);var src = 'http://s0b.bluestreak.com/ix.e?fl&' + s + wh + "&u=" + u + "&cltk=" + cltk;document.write('');document.write('');      }else if (!(navigator.appName&& navigator.appName.indexOf("Netscape")>=0 &&navigator.appVersion.indexOf("2.")>=0)) {  document.write('');}  on error resume next   ShockMode = (IsObject(CreateObject("ShockwaveFlash.ShockwaveFlash.4")))       CBS MARKETWATCH TOP NEWSDow rings up triple-digit gain on McDonald's rallyRegulators wrap up $1.4 billion Wall St. settlementConsumer spending inches higher in MarchProcter & Gamble posts 23 percent sales growthFree! Sign up here to receive our Before the Bell e-Newsletter!TRACK THESE TOPICSMy PortfolioAlertsIndex: Dow Jones Industrial AverageAddCreateColumn: Market SnapshotCreateIndex: Nasdaq Composite IndexAddCreateIndex: S&P 500 IndexAddCreateGet Breaking News sent directly to your inbox Create A Portfolio | Create An Alert

Another plus is consumer spending, which rose 0.1 percent in March, according to the Commerce Department. It was the first positive number in the index in three months. See Economic Report.

The long-expected $1.4 billion global settlement with investment banks over conflicts of interest involving research reports, initial public offerings and other issues from the bull market may be providing a psychological lift as well.

Under the deal, former star analysts Henry Blodget and Jack Grubman will be required to pay up to $20 million in fines. See full story.

The Dow Jones Industrial Average ($DJ: news, chart, profile) jumped 131 points to 8,437, as the storied index surpassed its starting point of 8,341 for the year.

The Nasdaq ($COMPQ: news, chart, profile) rose 22 to 1,456.

The S&P 500 ($SPX: news, chart, profile) rose 13 to 912.McDonald's Corp. (MCD: news, chart, profile) led the Dow with a jump of 6.3 percent to $16.82. The fast food giant posted first-quarter net income of $327.4 million, or 29 cents a share, vs. $253.1 million in the year-ago quarter. Thomson/First Call had estimated earnings-per-share of 28 cents. Revenue in the quarter rose 6 percent to $3.8 billion, ahead of the $3.6 billion that had been projected by First Call.

Looking ahead, the Dow component said capital spending would be reduced by $800 million in 2003, down 40 percent compared with 2002. Over the next 12 to 18 months, the company said it plans to be "well on its way toward a 2005 goal of annual sales growth of 3 percent to 5 percent" and "operating income growth of 6 percent to 7 percent."

Procter & Gamble (PG: news, chart, profile) rose 85 cents to $89.99 after the Dow component reported earnings of $1.27 billion, or 91 cents per share, up from 1.04 billion, or 74 cents per share in the year-ago period. Excluding a $66 million restructuring charge, P&G earned 96 cents per share, in line with the forecast in a survey of analysts by Thomson First Call. Revenue was $10.66 billion, up 23 percent, and ahead of the forecast of $10.47 billion.

Chip stocks ($SOX: news, chart, profile) rallied 1.8 percent after an industry survey showed a pick up in activity from the previous quarter, but a decrease from the year-ago period. Dow component Intel (INTC: news, chart, profile) rose 9 cents to $18.37.

Chip sales were $12.1 billion in March, up 2.6 percent from February, and up from $10.73 billion last March. For the first quarter, industry sales were $36.4 billion, down 3.2 percent from the prior quarter, but up 13 percent from the $32.19 billion posted last year.

Wal-Mart (WMT: news, chart, profile) stock rose 31 cents to $55.31 after it said April U.S. same-store sales are tracking to the low end of its forecast for growth of 5 to 7 percent. In its weekly sales update, the Bentonville, Ark., retailing giant said "unseasonably cool weather" affected its performance, slowing demand for spring items.

Shares of General Electric (GE: news, chart, profile) rose 34 cents to $29.45 as the Dow component shrugged off a report of greater-than-expected financial exposure in claims related to health problems from people who had contact with asbestos-insulated turbines.

Gold for June delivery traded at $332.50 an ounce, down $1.20 on the New York Mercantile Exchange. The yellow metal held onto its price about $330. See full story.

Bonds rose in the face of weak economic data expected this week. See full story.

Steve Gelsi is a reporter for CBS.MarketWatch.com in New York.

NEW YORK (CBS.MW) - The Dow rang up a triple-digit gain as investors gobbled up stocks Monday after McDonald's posted tastier-than-expected earnings and an industry study signaled momentum in the chip sector.

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