Asian Stocks Extend Losses

Elena
08 Mar, 2006
New York City

Asian-Pacific benchmarks extended losses Wednesday as the Bank of Japan started re-examining the monetary policy. The leading decliner was Shanghai Composite, down 1.6%. South Korean Kospi fell 1.1% with Samsung Electronics down 2.4%. The Nikkei slipped 0.8%.

A Couple of Companies Reverse to Profit
Powell Industries Reverses to Profit
Powell Industries, ((POWL)), electrical energy equipment maker, reported it reversed to a Q1 profit of 10 cents a share on 76% revenue growth. The company is set to report Q2 earnings between 8 cents and 12 cents a share and 2006 earnings between 45 cents and 55 cents a share, incorporating stock option expenses. Revenue is anticipated to be between $300 million and $325 million.

Dynegy Inc, ((DYN)), power generator, reported Q4 net income of 75 cents a share, swinging from a loss of 46 cents a share year-ago. Q4 profit reflected income from discontinued operations of $1.74 a share. The company's loss from continuing operations increased to 98 cents a share, from 60 cents a share. Dynegy topped analysts’ forecasts for a quarterly loss of 12 cents a share.

Six Flags, ((PKS)), theme park operator, reported a Q4 loss of $1.55 a share, down from a loss of $1.24 a share year-ago despite revenue growth. On a continuing operations basis, the company lost $1.31 a share, down from a year-ago loss of $1.20 a share. The company missed analysts’ estimate for a loss 73 cents a share. The company added attendance slipped 1% in Q4 to 3.6 million, and operating costs and expenses grew 12%.

Gander Mountain Co, ((GMTN)), outdoor products retailer, reported Q4 earnings of $1.45 a share, up from a profit of $1.21 a share a year-earlier on sales growth, topping analysts’ estimate for a profit of 87 cents.

8:00AM Asian markets extended recent weakness ahead of BOJ decision on monetary policy.
Asian-Pacific benchmarks closed Wednesday session lower to extend recent weakness. Stocks declines on cautiousness as the Bank of Japan started re-examining the monetary policy with the Nikkei losing 0.8%. Across the region, Shanghai Composite was the biggest loser, falling 1.6%, followed by South Korea’s Kospi, down 1.1%, and Taiwan Weighted index, down 0.4%. The dollar bought 117.54 yen, down 37 yen.