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By Brice Wightman
Stocks are mixed on light volume, with fewer new highs and a weaker advance/decline line today, but no real selling pressure. Approximately 30% of the companies listed in the S&P 500 index are expected to report earnings this week. Drug manufacturer Schering-Plough (SGP) reported a disappointing fourth quarter as as it lost $181 million on revenues of $8.33 billion. SGP also warned analysts to expect lower numbers for 2004 due to increased competition from the generic drug industry. Consumer goods maker Kimberly-Clark (KMB) reported a 24% increase in profit despite a major price war with competitor Proctor & Gamble (PG). Net income rose to $459.5 million on sales of $3.7 billion. Top battery and razor maker Energizer (ENR) reported higher earnings with its sales rising 42% to $811.7 million. Earnings for the quarter rose 33% to $115 million. Lastly, the Federal Reserve is expected to meet tomorrow and is expected to leave interest rates unchanged at the 45-year low of 1%.
After the bell, McDonalds (MCD), Novellus (NVLS), and Texas Instruments (TXN) are expected to report earnings. They are expected to earn $0.35, $0.06, $0.19 a share respectively.
Stocks are mixed on light volume, with fewer new highs and a weaker advance/decline line today, but no real selling pressure. Approximately 30% of the companies listed in the S&P 500 index are expected to report earnings this week. Drug manufacturer Schering-Plough (SGP) reported a disappointing fourth quarter as as it lost $181 million on revenues of $8.33 billion. SGP also warned analysts to expect lower numbers for 2004 due to increased competition from the generic drug industry. Consumer goods maker Kimberly-Clark (KMB) reported a 24% increase in profit despite a major price war with competitor Proctor & Gamble (PG). Net income rose to $459.5 million on sales of $3.7 billion. Top battery and razor maker Energizer (ENR) reported higher earnings with its sales rising 42% to $811.7 million. Earnings for the quarter rose 33% to $115 million. Lastly, the Federal Reserve is expected to meet tomorrow and is expected to leave interest rates unchanged at the 45-year low of 1%.
After the bell, McDonalds (MCD), Novellus (NVLS), and Texas Instruments (TXN) are expected to report earnings. They are expected to earn $0.35, $0.06, $0.19 a share respectively.