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  1. rembrandt

    5,816 Posts.

    Hmmm... Date 21/10/2002

    From the desk of the Australian's Robert Gottliebsen...host of
    Business Daily.

    The strong rise on Wall Street over the last two weeks has
    been caused by one simple factor American companies delivered
    on profits.

    Those that were struggling with sales slashed their costs
    but one way or another the good results came in.

    So far 200 of the S and P top 500 companies have reported
    results for the three months to September 30 and the
    overall profits jumped by 14 per cent.

    About 61 percent have exceeded analysts' forecasts.

    They were led by the world's No.1 software maker Microsoft
    and the world's largest carmaker General Motors .

    As in Australia, good news travels faster than bad, so
    once all companies have reported, overall profit growth
    is expected to drop to 6.4 percent for the quarter.

    Investors are also excited about what companies have
    had to say about their likely fourth quarter results.

    The hazards ahead include the fall in consumer confidence,
    which will be affected by the bond interest rate rise
    which will stop homeowners lowering their mortgage rates;
    the high oil price and the Middle east and South
    American threats.

    But that's ahead.

    The strength of Wall Street obviously helps our
    market although we tend to move in a different orbit.

    Australian corporate should also be favourable because
    of the strong economy.


    This is only my view ... read the red stuff.

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