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by 6/13/2000 2:46 PM
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The Commerce Department released first-quarter U.S. manufacturing after-tax profits. The results show that profits rose to an average of 6.8 percent for sales in the first quarter, up from 6.4 percent in the fourth quarter and 6.0 percent from the first quarter of 1999. The annual rate of return on shareholder's equity increased to 17.9 percent in the first quarter. The fourth-quarter reading was 15.7 percent, and the first quarter of 1999 saw return on shareholder's equity of 15.9 percent.<
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by 6/13/2000 2:45 PM
Stocks quoted in this article:
UST Inc. (UST - 16-9/16), the parent company of U.S. Tobacco, announced today that its second-quarter earnings would fall two percent short of the year-ago period. The company attributed the shortfall to slower sales of moist smokeless tobacco and significantly higher interest costs. UST did say that it expects full-year results to be comparable to 1999's figures. UST earned 70 cents per share last year. Analysts' consensus estimate for 2000 is 74 cents per share. UST has recovered to add 18 percent from an intraday low of 13-15/16 on March 30, but the equity is off almost three percent today.
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by 6/13/2000 2:24 PM
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President Clinton announced today that the federal government's budget is not only running a surplus, but that the projected surplus will be larger than previously thought. The original budget, submitted to Congress in February, projected a surplus for fiscal year 2000 of about $167 billion. In May, the Congressional Budget Office raised its forecasts for the surplus to be more than $200 billion.
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by 6/13/2000 2:23 PM
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Federal Reserve of New York President William McDonough, who is also Vice Chairman of the Federal Open Market Committee, spoke to a group at the College of St. Rose in Albany, New York, this afternoon. In his prepared statements, McDonough repeated views that he expressed a few weeks ago. He warned that inflationary imbalances continue to exist in the U.S. despite gains in productivity. McDonough said that while it might be tempting to sit back and declare victory against inflation, nothing could be more foolish. McDonough cited the need to remain vigilant given the increase in costs in the service sector, an area that comprises the bulk of the Consumer Price Index. He warned that firming global economies have put upward pressure on worldwide commodity prices, causing rising prices in other areas in addition to oil. The FOMC meets on June 27 and 28 to decide the future of short-term interest rates.
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by 6/13/2000 1:42 PM
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Technology stocks are not faring well in today's session. However, the S&P 500 Index (SPX - 1453.41) is up 0.51 percent. Currently on the NYSE, 1,460 advancing issues are just ahead of 1,326 declining issues, while 522 issues are unchanged. Up volume of 289 million shares is outpacing down volume of 229 million shares on total volume of 557 million shares. The 45 new highs are pushing past the 36 new lows. The Nasdaq Composite (COMP - 3739.9) is lower by 0.74 percent. Advancing Nasdaq issues of 1,436 are lagging 2,358 declining issues by a wide margin, while 610 issues are unchanged. Up volume of 279 million shares is being trounced by down volume of 488 million shares. The 32 new highs are being eclipsed by the 49 new lows. <
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