Intel's (INTC) Craig Barrett: There's no recession in high-tech 29 Jan 08
"I have only one request. Don't ask me whether a recession is possible. I've...given more than 25 interviews, and the first question in all of them was, 'How long will the US recession last?'" said Intel chairman Craig Barrett.
"My answer is that we've only just now published our financial report for the fourth quarter and there's no sign of a slowdown...There may be problems in the banking and financial sectors, but everything seems all right in high-tech. The results published by Microsoft also show no signs of a slowdown.
Cisco Systems Inc (CSCO)
TEL AVIV (Reuters) - John Chambers, chief executive of network equipment maker Cisco Systems Inc (CSCO), said on Tuesday service providers will continue to upgrade and build out their networks for a decade. "I see this generation of build-out going for a decade," he said. "Video loads are what is driving this...
Chambers said that at Cisco, network loads are growing as much as 500 percent year-over-year to meet demand for next generation networks.
CSX Corp (Railroads)
CHICAGO, Jan 22 (Reuters) CSX Corp (CSX.N) on Tuesday reported a better-than-expected quarterly net profit as strong pricing offset higher fuel costs and weaker freight volumes, sending its shares up more than 4 percent. The results came on a day when U.S. markets slid due to investor fears of a recession.
CSX Chief Executive Michael Ward said that he did not expect a downturn, and the U.S. Federal Reserve's 75-basis-point interest rate cut should boost the economy. "We still see growth in the economy this year," Ward told Reuters... "It will be slower growth, but I don't think we'll see a recession." Fourth-quarter net income rose more than 5 percent to $365 million, or 86 cents a share, from $347 million, or 75 cents a share, a year earlier....
Profit increased to 85 cents a share from 57 cents. Wall Street analysts had expected 64 cents before one-time items, according to Reuters Estimates.
"Any way you slice it, this was another solid quarter of double-digit earnings growth driven by improved productivity and solid pricing," CSX reported surface transportation operating income of $609 million, compared with $505 million a year earlier.
CHTT
CHATTANOOGA, Tenn. - (CHTT) Over-the-counter drug maker Chattem Inc. on Tuesday boosted its profit guidance for fiscal 2008.
The company now expects 2008 earnings per share of $4 to $4.20, excluding stock option expenses and any loss on debt extinguishment. Including the costs, the company expects earnings of $3.79 to $3.99 per share.
Previously, Chattem (nasdaq: CHTT - news - people ) expected earnings of $3.90 to $4.10, excluding the costs, or $3.69 to $3.89 per share including the costs.
Analysts polled by Thomson Financial estimate earnings per share of $3.83 for the year. Analysts typically exclude charges.
The company plans "robust advertising support" for its six biggest brands - Gold Bond, Icy Hot, ACT, Cortizone-10, Selsun and Unisom to help boost profit and sales during 2008.
