Joy Global sees strong 2008; shares jump
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Mining equipment maker Joy Global Inc  on Wednesday said strong market conditions would probably drive 2008 sales up as much as 18 percent, sending shares more than 8 percent higher in early trading.
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Across the globe, people gathered for parties, shot off fireworks and held out hopes for a peaceful and prosperous 2008
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International Business Machines Corp. told Wall Street to raise its 2008 estimates Thursday, further boosting a stock that was already buoyed by strong fourth-quarter earnings.
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The worldâs largest soft drink maker reported higher-than-expected quarterly profit on Wednesday, helped by higher sales, acquisitions and foreign exchange rates.
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General Motors Corp  expects the U.S. auto industry to increase incentives and promotions to maintain sales above the 16 million mark in 2008, GM's North American sales chief told Reuters on Tuesday.
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The companyâs strong quarterly results and optimistic outlook suggest that a weakening economy will not slow it down.
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Forbes editors and writers take a look ahead at Washington and the world in 2008
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United Rentals Inc  said on Thursday it expects to earn $2.80 to $3.00 a share in 2008, up from $2.55 to $2.60 a share in 2007.
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Despite financial market volatility, U.S. technology companies had a strong 2007. The rising cost of energy, fears of recession, and forecasts of a slowdown in IT spending, however, point to a rocky 2008.Despite losses at the beginning of the week, the Nasdaq Composite Index, heavily weighted with technology stocks, closed Monday with a 9.8 percent gain for the year -- its biggest increase since 2003. The jump came despite fears that falling housing prices would drag down the economy and that tech companies would not be immune to cautious business and consumer spending.The housing panic caused a slump in the Nasdaq in the third quarter. But IT investors looked to the bottom line: Tech earnings stayed strong throughout the year, buoying trader confidence. In a range of technology sectors, IT bellwethers such as IBM, Google, Apple, and Oracle announced record quarters.But tumult in markets this week could be a harbinger of things to come. Tech shares on the Nasdaq slipped before and after the Jan. 1 holiday. Traders are nervous because the dust has not settled from the housing crisis, which affects consumer spending as well as the financial sector. Rising energy costs also affect both consumers and businesses, and this week the price of oil hit the $100-per-barrel mark, sparking inflation concerns.A U.S. Labor Department report on Friday said that nonfarm industry jobs rose 18,000 last month, the smallest increase in more than four years, while the unemployment rate rose to 5 percent. The Nasdaq responded, dipping by about 2.6 percent by early afternoon. Even industry stalwarts slumped, with Google trading at $668, down 16 percent from its opening, and IBM shares going for $101.76, down by 2.9 percent.Most IT analysts are predicting slower growth for technology. U.S. IT investment, for example, will increase by 4.8 percent in 2008, compared to 5.3 percent in 2007, according to Forrester Research.Coming off a strong earnings year in which hardware sales fared better than expected and consumers continued to flock to the Internet, there are bright spots, however. For example, comScore reported this week that during the Nov. 1 to Dec. 27 holiday season,&#160;U.S. consumers spent about $28 billion online, a 19 percent increase compared with the year-earlier period.Citigroup Global Markets this week said that Amazon, with good margins and attractive digital media offerings, is in a good position. It upgraded its advice on the company from &quot;hold&quot; to &quot;buy&quot; Wednesday, and shares jumped by $3.61 to close at $96.25.Similarly, on the same day, Yahoo shares rose $0.46 to close at $23.72 after ThinkEquity upgraded it to &quot;buy&quot; from &quot;accumulate.&quot;Nevertheless, fears of a downturn are casting shadows over even generally strong sectors such as Internet retail.&quot;The recession risk is one reason why we believe the outlook for U.S. Internet stocks is not as strong going into &#39;08 as it was going into &#39;07,&quot; said Citigroup in a research note.Semiconductor stocks, including Intel and AMD, also declined midweek, after Bank of America issued a report saying that large inventories combined with probable slower growth paints an unfavorable picture for the sector.With the macroeconomic scene in flux, tech investors will anxiously await the first earnings reports of the year, due later this month.
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Japan's Suzuki Motor Corp booked a better-than-expected 23 percent jump in quarterly profit as its Swift, SX4 and other compact cars powered a robust global sales growth amid record-high fuel prices.
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IBM reported a better-than-expected 24 percent rise in preliminary quarterly earnings on Monday on strong sales in overseas markets, driving its shares up 6 percent and spurring a broader tech rally.
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Net income for Sunâs fiscal 2008 second quarter, rose to $260 million, or 31 cents a share, from $133 million, or 15 cents a share, a year earlier.
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A consumer electronics industry group predicted Monday that consumers will buy more gadgets in 2008, despite fears of a recession.
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Switzerland's watchmakers and other luxury goods makers are set for further growth in 2008 as strong demand in Asia and the Middle East offsets economic gloom in the US and Europe.
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Higher prices and increased marketing helped sales, and it raised its full-year 2008 forecast.
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Tech giants IBM, Yahoo and Motorola declared the global economy healthy Tuesday by reporting strong fourth-quarter earnings and worldwide growth. IBM, the world's largest technology company, said sales were up in each of its key businesses  and in all markets worldwide.
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Yum! Brands is a delicious stock for your portfolio in 2008.