Laptop Battery Dow Chemical Co.'s (DOW.N) quarterly profit rose sixfold on robust sales of farm chemicals and plastics, but high energy costs and worries over Chinese demand clouded the future of the leading U.S. chemicals maker.
laptop computers is driving strong sales for notebook computers, according to the latest quarterly sales figures from the research firm IDC, which reported a 37% computer sales for the second quarter, compared with a year earlier. In the U.S., laptop sales grew 17.7%, while sales of desktop computers and servers fell 4%. The New York Times ( 10), CNET ( 10)
Thinkpad Despite its strong results, Dow's stock fell for the second day in a row, ending down more than 3 percent.
According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
Microsoft Dow, whose products are found in everything from plastic bags to auto parts, also said it expects to cut about 3,000 jobs this year. The 7 percent work force reduction follows last year's roughly 3,500 job cuts, which helped hold down costs before the economic rebound.
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Laptop Computers The Midland, Michigan-based company blamed the latest cuts on historically high energy costs, which increased $400 million from the fourth quarter, more than Dow expected.
Owned by the Dow Chemical Company, the two firms said the move is designed to align their business growth strategies with direct market and customer focus.
Laptop Computer ``Energy costs continue to remain a critical issue for the chemical industry and for Dow, and managing them successfully is a priority,'' said J. Pedro Reinhard, Dow's chief financial officer.
"Computer industry analysts estimate that some 60 percent of all corporate data exists only on desktop and laptop computers, " said Walter Scott, CEO of Acronis. "Incorporating Acronis True Image with New Mexico Software backup server is the ideal solution to capture that corporate data and ensure that it is not lost. While traditional server backups are effective for protecting server data, every company should have a combination of server and workstation backup plans."
Desktop Computer Still, Dow posted first-quarter net income of $469 million, or 50 cents per share, compared with $76 million, or 8 cents a share, a year earlier.
Notebooks Revenue rose 15 percent to $9.31 billion as volumes climbed 7 percent. Prices increased 8 percent, more than offsetting a nearly $100 million increase in raw material and energy costs above the very high levels of a year ago.
Lenovo CHINA CONCERNS
Hard Drive ``Dow confirms that the industrial recovery is under way,'' said Michael Barr, analyst with Victory Capital Management, which manages $47 billion in assets, including Dow shares.
Travelstar The big question is whether Dow's sales volume can continue at its current pace a year from now, further into the expansion, when growth comparisons get tougher, Barr said.
Gateway ``That's what investors are really going to have to decide on,'' he said. ``These stocks are getting toward the expensive side.''
Laptop Parts Dow's stock hit a 52-week high of $44.21 on March 1.
Software But shares of raw material stocks, such as Dow, have fallen the last two days on worries that credit restrictions in China could cool its economy and cut into strong demand for steel, chemicals, copper and other metals that has helped underpin the profits of many companies.
Hard Drives The world's most populous nation represents a huge market for U.S. chemical producers, which export $5 billion of products there.
Electronics Dow shares closed down $1.25, or 3.05 percent, at $39.67, on the New York Stock Exchange.
Canon Even with the China concerns, global economic growth has sparked a recovery in chemicals, with increased demand from builders, chipmakers and auto companies giving producers leverage to raise prices.
Desktop Pc Sales of plastics for autos, food packaging and other consumer goods increased 17 percent, boosted by car makers in Europe.
Desktop Computers In Dow's seeds and farm chemicals division, a strong springtime planting season lifted sales 20 percent, especially in insect control products and herbicides. Volume growth was led by sales in Latin America and Europe.
Think Pad Dow's jump in quarterly profits echoed the impressive results earlier this week by No. 2 U.S. chemicals maker DuPont Co. (DD.N).
Repair ``While volume gains make us more confident that industry conditions are improving, one must be mindful that historically high levels of feedstock and energy costs are still an issue,'' said Dow's Reinhard.
Data Recovery Reuters - 4/29/2004
Topic: Toxics
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